Moatable, Inc. reported a significant increase in revenue for the third quarter of 2025, with total revenues rising to $20.4 million, up 22.2% from $16.7 million in the same period of 2024. For the nine months ending September 30, 2025, revenues reached $57.7 million, a 25.4% increase from $46.0 million year-over-year. However, the company experienced a net loss of $1.5 million for the third quarter of 2025, compared to a net income of $1.2 million in the prior year. The nine-month net loss also narrowed slightly to $2.2 million from $2.5 million in 2024. The increase in revenue was primarily driven by growth in the company's Software as a Service (SaaS) businesses, Lofty and Trucker Path.
The company's operational metrics showed mixed results. The number of paying subscriptions for Trucker Path increased by 26% to 152,000, while Lofty saw a slight decline in paying subscriptions to 3,900. The total number of purchased seats for Lofty rose to 87,600, reflecting a 6% increase. Despite the revenue growth, Moatable's cost of revenues also increased, rising 29.3% to $5.3 million in Q3 2025, which contributed to a decrease in gross margin from 75.7% to 74.1%. Operating expenses surged by 25.8% to $16.6 million, driven by higher research and development and general administrative costs.
In terms of strategic developments, Moatable completed the acquisition of Truckers Best Insurance LLC on May 1, 2025, for a total consideration of $2.8 million, which includes contingent earn-out considerations. This acquisition is expected to enhance the company's offerings in the insurance brokerage sector. Additionally, the company initiated a cash tender offer on September 3, 2025, to repurchase up to 225 million Class A ordinary shares, with 85 million shares accepted for purchase at a total cost of approximately $5.7 million. The repurchase was funded through a new $9.75 million senior secured credit facility with PNC Bank.
As of September 30, 2025, Moatable's cash and cash equivalents stood at $22.0 million, with an additional $9.9 million in restricted cash. The company reported a net current asset position of $14.6 million, indicating a stable liquidity position to support its operations. However, the company also noted three material weaknesses in its internal control over financial reporting, which remain unremediated. Management is actively working on remediation plans, including enhancing personnel expertise and improving internal processes.
Looking ahead, Moatable anticipates continued growth in its SaaS businesses, particularly through the expansion of its customer base and product offerings. The company plans to invest further in research and development to enhance its platforms and improve customer experience. However, the ongoing challenges related to internal controls and the need for effective risk management remain critical areas for the company as it navigates its growth trajectory.
About Moatable, Inc.
Moatable, Inc. operates SaaS businesses in the U.S. and U.K., providing real estate and trucking industry solutions. Its platforms, Lofty and Trucker Path, offer CRM, lead generation, property management, trip planning, and logistics services. Serving professionals and small businesses, the company focuses on product innovation, customer acquisition, and strategic partnerships to enhance operational efficiency and market reach.
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