MoneyLion Inc. reported significant financial developments in its Q3 2024 10-Q filing, highlighting a robust increase in revenue and improvements in profitability compared to the previous fiscal period. For the three months ended September 30, 2024, total revenue reached $135.5 million, up from $110.3 million in Q3 2023, marking a 22.8% increase. Service and subscription revenue also rose to $132.1 million from $107.0 million, reflecting a 23.4% growth. For the nine months ended September 30, 2024, total revenue was $387.3 million, compared to $310.5 million in the same period of 2023, an increase of 24.8%.
The company's net loss for Q3 2024 was $2.8 million, an improvement from a loss of $4.1 million in Q3 2023. For the nine months ended September 30, 2024, MoneyLion reported a net income of $7.4 million, a significant turnaround from a net loss of $41.1 million in the same period of the previous year. This improvement in profitability was attributed to increased consumer and banking revenues, which rose by 26.9% and 33.5%, respectively, driven by higher fee income from instant transfer fees and tips from Instacash advances.
Operating expenses for Q3 2024 totaled $131.5 million, up from $109.2 million in Q3 2023, primarily due to increased marketing expenses, which surged by 50.7% to $10.6 million. The total operating expenses for the nine months ended September 30, 2024, were $366.5 million, compared to $314.6 million in the same period of 2023.
As of September 30, 2024, MoneyLion's total assets increased to $530.7 million from $515.3 million at the end of 2023, while total liabilities decreased to $248.2 million from $258.0 million. This resulted in total stockholders' equity rising to $282.5 million, up from $257.2 million.
Strategically, MoneyLion announced a share repurchase program on August 26, 2024, authorizing the purchase of up to $20 million of its Class A common stock. The company repurchased 24,405 shares for a total of $976,000 during the nine months ended September 30, 2024. Additionally, the company is winding down its MoneyLion Crypto operations by the end of 2024, transitioning to third-party cryptocurrency providers.
The company continues to face challenges, including ongoing litigation related to regulatory compliance and disputes from former equity owners. However, it remains focused on expanding its customer base, which grew to 18.7 million as of September 30, 2024, up from 12.1 million a year earlier.
About MONEYLION INC.
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