MoneyLion Inc. (“MoneyLion”) (NYSE: ML), a leading provider of financial technology for the next generation of personalized products and content, today announced fourth quarter and full year financial results ended December 31, 2023.
“MoneyLion had its strongest year ever in 2023,” said Dee Choubey, co-founder and chief executive officer of MoneyLion. “Our unique consumer and business ecosystem has supported our path to profitability. We experienced record revenue, record customer growth, margin expansion and a $110 million year-over-year improvement in Adjusted EBITDA. Not to mention, our consumer product with the pillars of advice and community has never been better. We are now expanding the range of offerings for our corporate partners to include insights, audience optimization tools and content-as-a-service.”
Choubey continued: “We are positioned for accelerated growth in 2024 as we capitalize on the significant opportunity presented to us. Our structural advantages as a marketplace make us an indispensable partner for every financial service provider. We have lasting advantages in customer acquisition costs, widening the data and technology moats, and expanding revenue generation opportunities. The work we have done in 2023 enables us to focus on growth while remaining disciplined and focused on profitability.”
“After a record year of revenue and adjusted EBITDA, we are targeting our first positive GAAP EPS quarter in 2024. Based on recent performance and management competencies, we say this with a high degree of confidence. Gross margin and adjusted EBITDA were above the high end of our guidance, while revenue was in the middle of our range. For the first quarter of 2024, we expect revenue of $115 million to $118 million and adjusted EBITDA of $15 million to $18 million,” said Rick Correia, Chief Financial Officer of MoneyLion.
Total net sales increased 19% to $113.0 million in the fourth quarter of 2023 compared to the fourth quarter of 2022 and increased 24% to $423.4 million for the full year 2023 compared to the full year 2022.
Gross profit increased 24% to $71.4 million in the fourth quarter of 2023 compared to the fourth quarter of 2022 and increased 29% to $252.3 million for the full year 2023 compared to the full year 2022.
MoneyLion recorded a net loss before other expenses and income taxes of $1.3 million in the fourth quarter of 2023 compared to a net loss before other expenses and income taxes of $17.0 million in the fourth quarter of 2022 and a net loss before other expenses and income taxes of $5.3 million for the full year 2023 versus a net loss before other income and income taxes of $98.7 million for the full year 2022. In the fourth quarter of 2023 there was a net loss of $4.2 million versus a Fourth quarter 2022 net loss of $135.0 million and a full year 2023 net loss of $45.2 million compared to a full year 2022 net loss of $189.1 million. Adjusted EBITDA was $16.5 million for the fourth quarter of 2023 versus $(5.6) million in the fourth quarter of 2022 and was $46.4 million for the full year 2023 versus $(63.3) million in Full year 2022, adjusted for the following non-operating costs:
Customer, creation and product growth
Total number of customers increased 115% year-over-year to 14.0 million for full-year 2023. Total number of products increased 79% year-over-year to 23.1 million for full-year 2023. Total originations increased 30% year-over-year to 644 U.S. Dollar Revenue was $2.3 billion in the fourth quarter of 2023, increasing 27% year-over-year to $2.3 billion for full-year 2023.
Financial forecast for the first quarter of 2024:
For the first quarter of 2024, MoneyLion expects:
Total net sales of $115 million to $118 million, representing growth of 23% to 26% over the first quarter of 2023
Adjusted EBITDA of $15 million to $18 million, representing an adjusted EBITDA margin of 13.0% to 15.3% compared to 7.8% in the first quarter of 2023
(1) Adjusted EBITDA is a non-GAAP measure. See the definition of Adjusted EBITDA in the discussion of non-GAAP financial measures and related reconciliations below.