MoneyLion (NYSE:ML) reported earnings this past week, which were received positively by investors. Following the earnings release, MoneyLion shares rocketed by almost 30%, and shares are expected to move higher following jobs data released this morning.
MoneyLion is a Fintech that serves both retail and institutional customers. Its neobank offerings include cards, loans, savings and investing – including crypto. MoneyLion has also benefited from the shift to embedded financial services with its business offerings.
As for earnings, fiscal year 2023 delivered top-line revenue of $423.4 million, or 24% year-over-year growth—a record for the company.
The company generated a net loss for 2023 of $45.2 million.
As for Q4 2023, MoneyLion reported revenue of $113 million – a 19% increase versus the same period the year prior. Q4 saw a net loss of $4.2 million
Regarding EBITDA, MoneyLion recorded $46.4 million for the year and $16.5 million for the quarter.
During 2023, MoneyLion added about 7.5 million customers. In total, MoneyLion reports over 12 million customers.
Dee Choubey, MoneyLion’s co-founder and CEO, said they had the strongest year ever, pointing to their unique consumers and enterprise ecosystem.
“We had record revenue, record total customer adds, margin expansion and a $110 million improvement in Adjusted EBITDA from the prior year. Not to mention, our consumer product, with pillars around guidance and community, has never been better. We’re now expanding the suite of offerings to our enterprise partners to include insights, audience optimization tools, and content-as-a-service,” said Choubey, adding that they are on the path to profitability.
The company expects their first positive GAAP EPS in Q1 2024, with revenue between $115 to $118 million and Adjusted EBITDA of $15 to $18 million.
The Fintech sector has been choppy overall but MoneyLion shows that agile firms that can work both sides of the ecosystem can better manage the environment when compared to retail or enterprise only.
The MoneyLion 2023 earnings presentation is available here.