The following is a summary of the MoneyLion Inc. (ML) Q1 2024 Earnings Call Transcript:

Financial Performance:

• MoneyLion reported Q1 2024 record revenue of $121 million, a 29% YoY increase, surpassing guidance of $115-$118 million.

• Adjusted EBITDA was recorded at $23 million, reflecting a 19.4% margin, an improvement from 14.6% in Q4 2023.

• GAAP net income for the quarter was $7 million, with earnings per share at $0.60, marking significant progress in profitability.

• Closed the quarter with $93 million in cash, a minor increase from $92 million in Q4 2023.

Business Progress:

• Significant customer growth was reported, with total customers at the end of Q1 standing at 15.5 million, a 98% YoY increase.

• Extended product offerings led to 25.3 million total products consumed on the platform, compared to 14.7 million in the prior-year quarter.

• Continued investment in artificial intelligence and machine learning to enhance user engagement and cross-selling.

• Identified growth opportunities in partnership expansion and deepening integration with financial institutions.

• Outlined four growth pillars for 2024: continued growth in consumers, funnel optimization, product vertical expansion, and distribution expansion.

• Future growth to be driven by optimizing the sales funnel, expanding in verticals, such as credit cards, auto insurance, and mortgages, and widening distribution via new channel partners. Anticipated growth from alliance with EY and the WOW offering.

More details: MoneyLion IR

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