Executive Summary

Q1 2024 revenue was $36.0M, down 63% YoY; net loss improved to $59.0M, or $2.43 per share, versus a net loss of $89.0M and $3.83 per share in Q1 2023 .
The company completed the sale of substantially all operating assets (Wish platform) to Qoo10 on April 19, 2024; as a result, guidance was discontinued and the business has exited e-commerce operations .
Liquidity remains solid: cash and cash equivalents were $250.0M at quarter-end; marketable securities were $55.0M; post-closing cash and securities were ~$161.0M immediately after the asset sale .
Strategic focus pivots to monetizing ~$2.7B of NOLs and redeploying post-closing cash into assets that could utilize tax attributes; management expects a ticker change to LOGC within 30 days of closing .

What Went Well and What Went Wrong

What Went Well

Net loss narrowed year over year to $59.0M (from $89.0M) as operating loss improved to $53.0M (from $93.0M), reflecting tighter OpEx (Q1 OpEx $59.0M vs $113.0M in Q1 2023) .
Liquidity improved QoQ: cash increased to $250.0M from $238.0M in Q4 2023, supported by $90.0M maturities of marketable securities and a net increase in cash of $12.0M during the quarter .
Asset sale closed, transferring substantially all liabilities to the buyer; management set a clear strategic path around NOL monetization and capital deployment (quote: “We are very pleased to have completed... value-maximizing transaction... focus on identifying and executing strategic opportunities”) .

What Went Wrong

Revenue contracted sharply: total revenue -63% YoY to $36.0M; Core Marketplace -61% to $11.0M; ProductBoost -63% to $3.0M; Logistics -63% to $22.0M .
Profitability remained challenged: net loss margin worsened to -164% of revenue vs -93% in Q1 2023, highlighting deleveraging on lower volumes despite OpEx cuts .
Cash flow from operations was -$75.0M in Q1, underscoring continued cash burn pre-asset sale; marketable securities fell to $55.0M (from $144.0M at 12/31/23) .

Financial Results

Metric	Q3 2023	Q4 2023	Q1 2024
Revenue ($USD Millions)	$60.0	$53.0	$36.0
Net Loss ($USD Millions)	$(80.0)	$(68.0)	$(59.0)
EPS ($USD)	$(3.35)	$(2.82)	$(2.43)
Net Loss Margin (%)	(133)%	(128)%	(164)%

Metric	Q1 2023	Q4 2023	Q1 2024
Revenue ($USD Millions)	$96.0	$53.0	$36.0
Net Loss ($USD Millions)	$(89.0)	$(68.0)	$(59.0)
EPS ($USD)	$(3.83)	$(2.82)	$(2.43)
Net Loss Margin (%)	(93)%	(128)%	(164)%

Segment revenue breakdown

Segment ($USD Millions)	Q3 2023	Q4 2023	Q1 2024
Core Marketplace	$19.0	$15.0	$11.0
ProductBoost	$5.0	$5.0	$3.0
Logistics	$36.0	$33.0	$22.0
Total Revenue	$60.0	$53.0	$36.0

Key operating and liquidity indicators

KPI ($USD Millions unless noted)	Q3 2023	Q4 2023	Q1 2024
Cash & Cash Equivalents	$303.0	$238.0	$250.0
Marketable Securities	$142.0	$144.0	$55.0
Total Operating Expenses	$94.0	$81.0	$59.0
Loss from Operations	$(80.0)	$(72.0)	$(53.0)
Cash from Operations	$(86.0)	$(75.0)	$(75.0)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company-wide Financial Guidance	Q2 2024	None	Discontinued	Discontinued
Revenue	Q4 2023	$50M–$60M	N/A (historical reference)	N/A
Adjusted EBITDA	Q4 2023	$(55)M–$(65)M	N/A (historical reference)	N/A

Note: Wish discontinued guidance due to the asset sale and exit from e-commerce operations .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2023, Q4 2023)	Current Period (Q1 2024)	Trend
Strategic alternatives / Asset sale	Q3: Board initiated strategic alternatives review ; Q4: Announced agreement to sell operating assets to Qoo10 for ~$173M cash, with plan to monetize NOLs post-close	Asset sale closed April 19, 2024; focus shifts to leveraging NOLs and redeploying ~$161M post-closing cash	Accelerated transition to tax-asset monetization platform
Guidance policy	Q3: Provided Q4 2023 ranges (Revenue, Adj. EBITDA)	Guidance discontinued post-close; no Q2 2024 guidance	Guidance eliminated
Liquidity	Q3: Cash $303M; marketable securities $142M ; Q4: Cash $238M; marketable $144M	Q1: Cash $250M; marketable $55M; post-close cash/securities ~$161M	Cash preserved; securities reduced; post-close liquidity defined
Profitability	Q3: Adj. EBITDA loss $(54)M; net loss $(80)M	Q1: Net loss narrowed YoY to $(59)M; net loss margin worsened to (164)% on lower revenue	Mixed—loss improves YoY but margin pressure persists
Operations / Business model	Q3/Q4: Wish operating platform with declining revenue mix across segments	Company exited platform operations after asset sale; buyer assumed substantially all liabilities	Wind-down completed

Management Commentary

“We are very pleased to have completed the previously announced sale of the Wish ecommerce platform to Qoo10… Looking ahead, our reconstituted Board and management team will focus on identifying and executing strategic opportunities for the benefit of ContextLogic and its stockholders.” — Rishi Bajaj, CEO & Chairman .
“We closed the third quarter with revenue in-line with our expectations and adjusted EBITDA above the high end of our guidance… Our performance in the quarter reflects our heightened focus on operational efficiency and expense discipline.” — Joe Yan, CEO (Q3 2023) .

Q&A Highlights

Wish did not host a conference call in Q4 2023 due to the pending transaction .
The Q1 2024 earnings call transcript could not be retrieved due to a document database inconsistency; no Q&A highlights are available from primary sources at this time.

Estimates Context

S&P Global consensus estimates for Q1 2024 were unavailable for WISH within our SPGI/CIQ mapping; therefore, no “vs. consensus” comparison is provided.
Values retrieved from S&P Global would be the default source for consensus; however, in this case they were unavailable.

Key Takeaways for Investors

The company has fully pivoted from operating the Wish platform to a strategy focused on monetizing ~$2.7B in NOLs and deploying ~$161M of post-closing cash/securities to acquire assets that enable utilization of tax attributes .
Q1 2024 revenue decline (-63% YoY) reflects pre-closing operational headwinds across all segments; net loss improved YoY but net loss margin deteriorated given lower scale .
Liquidity remains adequate: cash $250.0M at quarter-end and additional post-closing liquidity; marketable securities reduced to $55.0M as maturities funded operations .
Guidance is discontinued; valuation and narrative will be driven by capital allocation decisions, acquisition strategy to unlock NOLs, and listing/ticker transition to LOGC .
Operating cash burn persists pre-close (CFO -$75.0M); investors should monitor future OpEx framework and any new asset acquisitions for cash runway and tax utilization pathway .
Segment revenue trends (Marketplace, ProductBoost, Logistics) show broad-based declines, underscoring the rationale for the asset sale and exit .
Near-term trading implications likely hinge on clarity of strategic transactions to monetize NOLs and any shareholder returns contingent on tax strategy outcomes .

Appendix: Additional Financial Detail (Cross-References)

Balance Sheet snapshots (Assets/Liabilities/Equity) provided in Q1 2024 and Q4 2023 filings for liquidity and leverage context .
Cash flow bridges show CFO of -$75.0M in both Q4 2023 and Q1 2024, and $90.0M maturities of marketable securities in Q1 2024 .

S&P Global disclaimer: Consensus estimates were unavailable for this issuer at the time of analysis; when available, consensus values are sourced from S&P Global.

ContextLogic Inc. (WISH)·Q1 2024 Earnings Summary