Record Revenue of $135 Million, Up 23% Year-over-Year
Net Income before Income Taxes of $0.5 Million, Net Loss of $2.8 Million
Adjusted EBITDA of $24 Million, Representing 18.0% Adjusted EBITDA Margin
Management Raises FY 2024 Revenue and Adjusted EBITDA Guidance
NEW YORK, NY, November 7, 2024 – MoneyLion Inc. (“MoneyLion”) (NYSE: ML), a digital ecosystem for consumer finance that empowers everyone to make their best financial decisions, today announced financial results for the third quarter ended September 30, 2024. MoneyLion will host a conference call and webcast at 8:30 a.m. ET today. An earnings presentation and link to the webcast are available at investors.moneylion.com.
“Our record third-quarter results reflect MoneyLion’s ongoing ability to grow rapidly and take market share through our differentiated solutions for consumers and enterprises alike,” said Dee Choubey, MoneyLion’s Co-Founder and Chief Executive Officer.
Choubey continued, “Our land and expand strategy is working, we’re scaling our customer base while maintaining profitability and reinvesting in technology and revenue growth acceleration. The launch of new products and partnerships, such as our new MoneyLion Checkout offering and our new or expanded partnerships with Nova Credit, TransUnion and Plaid, underscore that MoneyLion is in the early innings of a new horizon in its evolution as a leading digital ecosystem for consumer finance. Moreover, these developments align with our growth pillars and position MoneyLion for accelerating revenue growth.”
“MoneyLion generated record revenue of $135 million and Adjusted EBITDA of $24 million in the third quarter. These results met or exceeded our guidance across all metrics. Building on this momentum, we are happy to announce we are raising our full-year 2024 guidance, which implies revenue growth acceleration exiting the year. For full-year 2024, we now expect revenue of $536 million to $541 million and Adjusted EBITDA of $88 to $93 million. Accordingly, for the fourth quarter of 2024, we expect revenue of $149 to $154 million and Adjusted EBITDA of $22 to $27 million. This reflects revenue growth of 34% year-over-year at the midpoint, a significant acceleration from 23% growth in Q3 2024,” said Rick Correia, MoneyLion’s Chief Financial Officer.
Financial Results(1)
Total revenue, net increased 23% to $135.5 million for the third quarter of 2024 compared to the third quarter of 2023.
MoneyLion recorded a net income before income taxes of $0.5 million for the third quarter of 2024 versus a net loss before income taxes of $3.7 million for the third quarter of 2023. MoneyLion recorded a net loss of $2.8 million for the third quarter of 2024 versus a net loss of $4.1 million for the third quarter of 2023. Adjusted EBITDA was $24.4 million for the third quarter of 2024 versus $13.4 million in the third quarter of 2023, when adjusted for the following non-operating costs:
Customer, Product and Origination Growth
Total Customers grew 54% year-over-year to 18.7 million in the third quarter of 2024. Total Products grew 51% year-over-year to 30.7 million in the third quarter of 2024. Total Originations grew 38% year-over-year to $776 million for the third quarter of 2024.
Financial Guidance:
For the full year of 2024, MoneyLion expects:
● Total revenue, net of $536 to $541 million (revised upwards from previous guidance of $525 to $535 million), reflecting 27% - 28% growth vs. FY 2023 (from 24% - 26%)
● Adjusted EBITDA of $88 to $93 million (revised upwards from $80 to $87 million), reflecting 16.3% - 17.4% Adjusted EBITDA margin (from 15.0% - 16.6%)
This implies that for the fourth quarter of 2024, MoneyLion expects:
● Total revenue, net of $149 to $154 million, reflecting 32% - 36% growth vs. Q4 2023
● Adjusted EBITDA of $22 to $27 million, reflecting 14.1% - 17.9% Adjusted EBITDA margin
(1) Adjusted EBITDA is a non-GAAP measure. Refer to the definition of Adjusted EBITDA in the discussion of non-GAAP financial measures and the accompanying reconciliation below.
Conference Call
MoneyLion will hold a conference call today at 8:30 a.m. ET to discuss its third quarter 2024 results. A live webcast will be available on MoneyLion’s Investor Relations website at investors.moneylion.com. Please dial into the conference 5-10 minutes prior to the start time and ask for the MoneyLion third quarter 2024 earnings call.
Toll-free dial-in number: 1-800-715-9871
International dial-in number: 1-646-307-1963
Conference ID: 6861045
Following the call, a replay and transcript will be available on the same website.
About MoneyLion
MoneyLion is a leader in financial technology powering the next generation of personalized products, content, and marketplace technology, with a top consumer finance super app, a premier embedded finance platform for enterprise businesses and a world-class media arm. MoneyLion’s mission is to give everyone the power to make their best financial decisions. We pride ourselves on serving the many, not the few; providing confidence through guidance, choice, and personalization; and shortening the distance to an informed action. In our go-to money app for consumers, we deliver curated content on finance and related topics, through a tailored feed that engages people to learn and share. People take control of their finances with our innovative financial products and marketplace - including our full-fledged suite of features to save, borrow, spend, and invest - seamlessly bringing together the best offers and content from MoneyLion and our 1,200+ Enterprise Partner network, together in one experience.
MoneyLion’s enterprise technology provides the definitive search engine and marketplace for financial products, enabling any company to add embedded finance to their business, with advanced AI-backed data and tools through our platform and API. Established in 2013, MoneyLion connects millions of people with the financial products and content they need, when and where they need it.
For more information about MoneyLion, please visit www.moneylion.com. For information about Engine by MoneyLion for enterprise businesses, please visit www.engine.tech. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on X.