Mynd AI reported revenue of $166 million for H1 2024, down 25.4% YoY from $222.5 million, primarily due to reduced education technology customer demand across key markets following the end of COVID-related government funding. Gross profit decreased 22.4% to $45.4 million, though gross margin improved slightly to 27.3%.The company recorded a net loss of $47.8 million, compared to $15.7 million in H1 2023, largely impacted by a $39.6 million tax expense from recording a full valuation allowance against U.S. deferred tax assets. Operating expenses decreased 26.1% to $57.5 million, reflecting lower R&D and sales costs. Cash and equivalents stood at $69.4 million as of June 30, 2024.Management expects the downward market trend to continue through 2024 and is exploring strategic alternatives including potential financings and cost-saving measures. The company maintains sufficient liquidity for at least the next 12 months despite challenging market conditions.

Mynd AI reported revenue of $166 million for H1 2024, down 25.4% YoY from $222.5 million, primarily due to reduced education technology customer demand across key markets following the end of COVID-related government funding. Gross profit decreased 22.4% to $45.4 million, though gross margin improved slightly to 27.3%.The company recorded a net loss of $47.8 million, compared to $15.7 million in H1 2023, largely impacted by a $39.6 million tax expense from recording a full valuation allowance against U.S. deferred tax assets. Operating expenses decreased 26.1% to $57.5 million, reflecting lower R&D and sales costs. Cash and equivalents stood at $69.4 million as of June 30, 2024.Management expects the downward market trend to continue through 2024 and is exploring strategic alternatives including potential financings and cost-saving measures. The company maintains sufficient liquidity for at least the next 12 months despite challenging market conditions.