Life360, Inc. reported significant financial growth in its third quarter of 2024, with total revenue reaching $92.9 million, an 18% increase from $78.6 million in Q3 2023. Subscription revenue, a key component of the company's business model, rose by 27% to $71.8 million compared to $56.6 million in the same period last year. For the nine months ending September 30, 2024, total revenue was $256.0 million, up from $217.6 million in the prior year, while subscription revenue increased to $199.1 million from $161.0 million.
The company achieved a gross profit of $70.0 million in Q3 2024, a 21% increase from $57.9 million in Q3 2023. Despite this growth, Life360 reported a loss from operations of $4.9 million, although this was an improvement from a loss of $6.5 million in the same quarter of the previous year. The net income for Q3 2024 was $7.7 million, a significant turnaround from a net loss of $6.5 million in Q3 2023.
Life360's total assets increased to $427.4 million as of September 30, 2024, up from $321.7 million at the end of 2023. Cash and cash equivalents also saw a substantial rise, reaching $159.0 million compared to $69.0 million at the end of the previous fiscal year. The company reported net cash provided by operating activities of $20.3 million for the nine months ended September 30, 2024, a notable improvement from a net cash used of $1.4 million in the same period of 2023.
Strategically, Life360 completed its U.S. IPO on June 6, 2024, raising net proceeds of $93.0 million. The IPO involved the sale of 3,703,704 shares at an offering price of $27.00 per share. The company also entered into a Manufacturing Services Agreement with Jabil, Inc. in October 2024, designating Jabil as the sole contract manufacturer for Tile products and the primary manufacturer for Jiobit products.
Despite these positive developments, Life360 faces challenges, including a decrease in hardware revenue due to delays in new product launches and increased discounts. The company reported a 24% decrease in hardware units sold in Q3 2024 compared to the same period in 2023. Additionally, the company is navigating competitive pressures in the family safety and location-based services markets, which could impact future growth and profitability.
About Life360, Inc.
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