Executive Summary

Q1 2023 revenue rose 17.7% year over year to $12.15M, gross margin expanded to 78%, and loss from operations narrowed to $3.42M; net income of $5.33M was driven by an $8.28M unrealized gain on Kaixin (non-operating), not core SaaS profitability .
Subscription growth across Chime and Trucker Path underpinned top-line improvement; advertising revenue declined modestly YoY and operating cash flow remained negative at -$2.83M, a watchpoint for sustainability .
No formal guidance was issued; management emphasized focus on SaaS platform investment (Rentancy) and prudent capital allocation, with ~$49.9M in cash and short-term investments at quarter-end .
Estimates and earnings call transcript were not available via S&P Global or company materials for Q1 2023; comparison to Street consensus cannot be made (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well
- Subscription-driven revenue increased to $12.15M (+17.7% YoY), with gross profit up 20% to $9.43M and margin rising to 78% .
- Segment strength: Chime revenue climbed to $6.83M and Trucker Path to $5.25M; both segments expanded gross profit YoY .
- Management focus and liquidity: “We remain focused on unlocking the full potential of both our SaaS platforms… with nearly $50 million cash and short-term investments to support our future growth” — Chris Palmer, CFO .
What Went Wrong
- Core operations still loss-making: loss from operations narrowed but remained -$3.42M; net income was predominantly from a non-operating fair value gain (+$8.28M) on Kaixin, not underlying business profitability .
- Operating cash flow negative (-$2.83M), with increases in accounts receivable and lease liabilities contributing; financing inflows included a one-time settlement-related dividend .
- Advertising revenue fell 9% YoY; research and development spending rose 36% YoY as headcount increased, pressuring near-term margins despite long-term product roadmap benefits .

Financial Results

Metric	Q1 2022	Q4 2022	Q1 2023
Revenue ($USD Millions)	$10.32	— (not disclosed in available filings)	$12.15
Gross Profit ($USD Millions)	$7.87	— (not disclosed in available filings)	$9.43
Gross Margin (%)	76%	— (not disclosed in available filings)	78%
Operating Income ($USD Millions)	-$4.79	— (not disclosed in available filings)	-$3.42
Net Income ($USD Millions)	-$3.68	— (not disclosed in available filings)	$5.33
Diluted EPS (per ordinary share)	-$0.003	— (not disclosed in available filings)	$0.005

Segment breakdown

Segment	Q1 2022 Revenue ($USD Millions)	Q1 2022 Gross Profit ($USD Millions)	Q1 2023 Revenue ($USD Millions)	Q1 2023 Gross Profit ($USD Millions)
Chime	$5.63	$4.90	$6.83	$5.82
Trucker Path	$4.63	$2.93	$5.25	$3.61
Other Operations	$0.06	$0.04	$0.07	$0.00

KPIs

KPI	Q1 2022	Q1 2023
Chime paying subscriptions (units)	3,300	3,700
Trucker Path paying subscriptions (units)	83,100	99,000
Chime purchased seats (units)	24,800	39,500

Cash flow and liquidity

Metric	Q1 2022	Q1 2023
Cash from Operations ($USD Millions)	-$1.82	-$2.83
Cash & Equivalents ($USD Millions)	$27.96 (end of period)	$25.61 (end of period)
Short-term Investments ($USD Millions)	$24.00 (as of 12/31/22)	$24.27 (as of 3/31/23)

Notes:

Net income improvement vs prior year reflects an $8.28M unrealized gain on Kaixin recorded in “gain from fair value change of a long-term investment” .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	N/A	N/A	No guidance provided	Maintained (no formal guidance)
Gross Margin	N/A	N/A	No guidance provided	Maintained (no formal guidance)
Operating Expenses	N/A	N/A	No guidance provided	Maintained (no formal guidance)
Tax Rate	N/A	N/A	No guidance provided	Maintained (no formal guidance)

We found no formal guidance in the Q1 2023 press release or 10-Q .

Earnings Call Themes & Trends

No Q1 2023 earnings call transcript was available in the document catalog; thematic tracking leverages the Q1 2023 10-Q and prior period press disclosures.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q1 2023)	Trend
Subscription growth & product performance	Nine months 2022 release highlighted continued SaaS development and operating updates (context)	Strong YoY subscription growth across Chime and Trucker Path; purchased seats surged (+36.2%)	Improving
R&D execution	Ongoing investment in features and infrastructure (context)	R&D spend up 36% YoY to support new project development and headcount	Elevated investment
Regulatory/legal	Domestic issuer status effective Jan 1, 2023 ; settlement cash distribution updates in Q4 2022	Settlement-related dividend received ($2.63M) impacted financing cash flows	Largely resolved/managed
Capital allocation	Board-authorized repurchase program effective Jan 16, 2023	678,882 ADSs repurchased in Q1 2023 ($1.25M)	Active buybacks
Macro/operational costs	Rising cloud hosting/software costs affecting cost of revenue (context)	Cost of revenues up 11.3% YoY; operating cash flow negative	Persistent cost pressure

Management Commentary

Strategic focus: “We remain focused on unlocking the full potential of both our SaaS platforms, Chime and Trucker Path, while making prudent investments in new initiatives such as our property management software and services platform Rentancy.” — Chris Palmer, CFO .
Liquidity posture: “We remain financially strong, with nearly $50 million cash and short-term investments to support our future growth and innovation.” — Chris Palmer, CFO .
MD&A context: Revenue growth driven by subscription services; advertising down; loss from operations narrowed; net income uplift from Kaixin fair value change .

Q&A Highlights

No earnings call transcript was available for Q1 2023; therefore, no Q&A highlights or clarifications can be provided based on primary sources (company materials do not include a Q1 2023 call transcript) [List check returned none for Q2 2023 timeframe].

Estimates Context

Wall Street consensus (S&P Global) for Q1 2023 EPS and revenue could not be retrieved due to missing CIQ mapping for MTBL in the SPGI dataset; consensus comparisons are therefore unavailable at this time (S&P Global consensus unavailable).
Given the absence of estimates, we do not classify beats/misses. The quarter’s net income was primarily non-operating (Kaixin mark-to-market), which would complicate apples-to-apples EPS comparisons even if estimates were accessible .

Key Takeaways for Investors

Subscription-led growth with margin expansion is positive, but core operations remain loss-making; watch for conversion of top-line gains into operating profitability .
Net income was buoyed by a non-operating fair value gain on Kaixin; underlying business performance is better measured by operating income and cash from operations, both still negative .
Cash and short-term investments (~$49.9M) provide runway; monitor working capital (AR growth) and continued negative operating cash flow .
R&D intensity is increasing to drive product roadmap (e.g., Rentancy, Trucker Path features); near-term OpEx pressure should be weighed against expected subscription and ARPU growth .
Capital returns via buybacks are ongoing; assess their impact on per-share metrics versus investment needs .
With advertising revenue softness and rising infrastructure costs, sustaining 75–80% gross margin will be an execution focus .
Lack of formal guidance and unavailable Street estimates heighten the need to track organic KPIs (subscriptions, seats, churn) and core margin trajectory each quarter .

Sources: Q1 2023 8-K/Press Release and Exhibit 99.1 ; Q1 2023 10-Q financial statements and MD&A ; Domestic issuer status 8-K ; Prior-period press releases (context) .

Moatable, Inc. (MTBL)·Q1 2023 Earnings Summary