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MI

MONEYLION INC. (ML)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 revenue was $158.6M, up 40% year over year and above Q3 guidance high end ($149–$154M); adjusted EBITDA was $25.6M with a 16.1% margin, both record levels for MoneyLion’s strongest year ever .
  • Management did not host a Q4 earnings call and withdrew guidance due to the pending acquisition by Gen Digital; closing is expected in H1 GEN FY26 (Apr–Sep 2025), providing the key stock narrative catalyst .
  • FY 2024 results: revenue $545.9M (+29% YoY), net income $9.1M, diluted EPS $0.76, and record adjusted EBITDA $92.0M (16.8% margin), demonstrating scale and profitability .
  • Operating KPIs continued to scale: Total Customers reached 20.4M (+46% YoY), Total Products 34.1M (+48% YoY), and Q4 Originations $853M (+32% YoY), underscoring ecosystem traction .
  • Prior quarters set the trajectory: Q3 revenue $135.5M and adjusted EBITDA $24.4M (18.0% margin), with raised guidance then; Q2 revenue $130.8M and adjusted EBITDA $18.5M (14.2% margin) .

What Went Well and What Went Wrong

What Went Well

  • Record FY revenue ($545.9M, +29% YoY) and record FY adjusted EBITDA ($92.0M, 16.8% margin), with Q4 revenue growth +40% YoY; CEO: “2024 was MoneyLion’s strongest year ever” .
  • KPIs scaled materially: Total Customers 20.4M (+46% YoY), Total Products 34.1M (+48% YoY), Q4 Originations $853M (+32% YoY), showing marketplace and product adoption .
  • Q3 momentum carried into Q4: Q3 adjusted EBITDA beat guidance and management raised FY guidance then; strong enterprise revenue trends and Checkout pilot metrics (CTR +25%, conversions +2.5x) highlighted strategy execution .

What Went Wrong

  • No Q4 earnings call and withdrawal of guidance due to pending GEN transaction, limiting visibility and near‑term disclosures .
  • Quarterly EPS not disclosed for Q4 in the press release; only FY diluted EPS ($0.76) supplied, constraining per‑quarter GAAP EPS comparisons .
  • S&P Global consensus estimates for Q4 were unavailable via our data connector (missing CIQ mapping), limiting direct “vs Street” comparison in tables; note explicitly below.

Financial Results

MetricQ4 2023Q2 2024Q3 2024Q4 2024
Revenue ($USD Millions)$113.0 $130.8 $135.5 $158.6
Adjusted EBITDA ($USD Millions)$16.5 $18.5 $24.4 $25.6
Adjusted EBITDA Margin (%)14.6% 14.2% 18.0% 16.1%
Net Income ($USD Millions)$(4.2) $3.1 $(2.8) $1.7

Notes:

  • Quarterly diluted EPS for Q4 2024 was not disclosed in the press release; FY diluted EPS was $0.76 .
  • Management did not conduct a Q4 earnings call; no incremental Q4 disclosures beyond the press release .

KPIs

KPIQ4 2023Q2 2024Q3 2024Q4 2024
Total Customers (Millions)14.0 17.0 18.7 20.4
Total Products (Millions)23.1 27.7 30.7 34.1
Total Originations ($USD Millions)$644 $770 $776 $853

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueQ4 2024$149–$154M No guidance provided (pending GEN transaction) Withdrawn
Adjusted EBITDAQ4 2024$22–$27M No guidance provided (pending GEN transaction) Withdrawn
RevenueFY 2024$536–$541M (raised in Q3) No guidance provided (pending GEN transaction) Withdrawn
Adjusted EBITDAFY 2024$88–$93M (raised in Q3) No guidance provided (pending GEN transaction) Withdrawn

Context:

  • Actuals vs Q4 guidance: Revenue $158.6M, above the prior high end; adjusted EBITDA $25.6M, within the prior range .
  • Management explicitly did not provide guidance in Q4 due to the announced acquisition by Gen Digital .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
AI/technology initiatives (MoneyLion AI; Checkout)Unveiled “MoneyLion labs” and embeddable AI search; end‑to‑end Checkout vision Checkout pilots: +25% CTR, +2.5x conversions, +30%+ revenue per lead; broader rollout Press release focuses on results and pending acquisition; no call detail Positive execution; narrative overshadowed by deal process
Macro/credit cycle & ratesStabilization; forward flow for Instacash; provision at 3.6% of originations Conversion rates modestly improving post Fed cut; enterprise revenue +18% QoQ to $45M No call; headline focus on FY records Improving through 2H; Q4 narrative muted by no call
Regulatory/legal (EWA/CFPB)Frameworks evolving; Pathward extension to 2029; overdraft capability added Management expects continued ability to offer Instacash despite CFPB proposal No incremental Q4 regulatory update Managed risk posture; stable
Enterprise revenue diversification17% QoQ growth; expanding verticals (credit cards, auto, mortgage) 18% QoQ growth; expected acceleration in Q4 Not quantified in Q4 release; overall FY strength Strong; continued diversification
R&D execution & brand investmentsBrand build in 2H; labs pipeline across commerce/services/content/dev kits Direct‑to‑consumer brand spend to drive 90% contribution journeys No call commentary; emphasis on record year Ongoing execution, strategy intact

Management Commentary

  • “2024 was MoneyLion’s strongest year ever, with a number of records driven by exceptional execution. Revenue growth accelerated by nearly 30% year-over-year to $546 million, and we achieved record Adjusted EBITDA, demonstrating clear proof of our thriving ecosystem.” — Dee Choubey, CEO .
  • Q3 strategic highlights: “Our pilot partners leveraging MoneyLion Checkout have seen… a 25% improvement in click-through rate, a 2.5x increase in conversions and a 30%-or-more increase in revenue.” — Dee Choubey .
  • On guidance posture and growth prioritization in Q3: “While we can throttle back growth to drive near-term margin expansion, now is not the time… we are focused on increasing marketing to drive acquisition and importantly, take market share.” — Rick Correia, CFO .
  • Deal context: MoneyLion entered into a definitive agreement to be acquired by Gen Digital; closing expected in H1 GEN FY26; no Q4 call or guidance provided .

Q&A Highlights

  • Enterprise momentum and macro tailwinds: Management cited improving conversion rates with rate cuts and reiterated enterprise revenue growth, supported by Checkout adoption and tooling for partners .
  • Regulatory posture (EWA/CFPB): Firm expects continued ability to offer Instacash under evolving frameworks; long‑standing compliance investments and multi‑delivery models support unit economics and continuity .
  • EBITDA adjustments: Elevated “other expenses” in Q3 primarily reflected one‑time legal expenses; otherwise operating leverage continues to expand .
  • Checkout rollout and P&L impact: Early pilots already showing higher conversions/revenue; broader rollout expected to enhance pricing power and reduce leakage; timing medium‑term as partner integrations progress .
  • Brand investments vs margin: Management can flex brand spend and expects Q4 adjusted EBITDA within 14.1%–17.9% range; emphasis on growth and mix shift to high contribution margin journeys .

Estimates Context

  • S&P Global consensus estimates for Q4 2024 (Revenue, EPS, EBITDA) were unavailable due to a missing Capital IQ mapping for ML in our connector; consequently, “vs Street” comparison is not provided here. We explicitly searched for Q4 2024 consensus via S&P Global and could not retrieve values owing to this mapping limitation (tool error).
  • We will update “vs estimates” tables when mapping is available; for now, note Q4 revenue exceeded prior company guidance high end ($154M) and adjusted EBITDA landed within the prior range .

Key Takeaways for Investors

  • Q4 2024 revenue beat prior guidance high end and FY results set records, reinforcing operating leverage and marketplace scale; narrative turning point into deal closure with GEN .
  • Absence of Q4 guidance and no call limit near‑term visibility, but FY profitability (GAAP net income, diluted EPS $0.76) strengthens the platform’s durability .
  • Ecosystem KPIs (Customers/Products/Originations) imply sustained demand and cross‑sell potential; Checkout’s early metrics point to conversion uplift and monetization tailwinds as rollout broadens .
  • Enterprise diversification across credit cards, auto insurance, mortgage reduces cyclicality and positions ML to benefit from easing rates and improving credit conversions .
  • Regulatory risk around EWA appears manageable given compliance infrastructure and multi‑delivery options; Pathward extension to 2029 and overdraft capabilities expand liquidity toolkit .
  • Deal catalyst: GEN acquisition timeline (H1 GEN FY26) and integration prospects dominate near‑term stock narrative; expect limited updates until closing; traders should watch regulatory/stockholder approvals and any interim operating updates .
  • With estimates unavailable via our connector, focus on company‑reported beats vs internal guidance and KPI momentum for near‑term positioning; update “vs Street” overlays when S&P mapping is resolved.

Additional Relevant Press Releases (Q4 2024 context)

  • Acquisition announcement: “Gen Digital Inc. entered into a definitive agreement to acquire MoneyLion” (Dec 10, 2024); closing expected H1 GEN FY26; see company disclosure within the Q4 8‑K press release . Public confirmation and transaction overview were reported broadly; example coverage: (verify specifics upon access).

Prior Quarter Source Documents Read in Full

  • Q3 2024 8‑K and press release; earnings call transcript –.
  • Q2 2024 8‑K and press release; earnings call transcript –.

Sources: Q4 2024 8‑K and Exhibit 99.1 press release ; Q3 2024 8‑K and press release ; Q3 2024 call transcript –; Q2 2024 8‑K and press release –; Q2 2024 call transcript –.