MoneyLion Inc. (NYSE: ML) shares went skyward Tuesday, as the company, a leader in financial technology powering the next generation of personalized products, content and marketplace technology, today announced financial results for the first quarter ended March 31.
“MoneyLion is off to a great start to 2024. We generated record revenue, record Adjusted EBITDA, and record GAAP net income, and generated $0.60 of diluted EPS, a significant profitability milestone for MoneyLion as we continue to scale. Moreover, our Q1 results exceeded the high end of our guidance range across all metrics. For the second quarter of 2024, we expect revenue of $125 to $130 million and Adjusted EBITDA of $17 to $20 million,” said Chief Financial Officer Rick Correia.
Total revenues, net increased 29% to $121.0 million for the first quarter of 2024 compared to the first quarter of 2023.
MoneyLion recorded net income of $7.1 million for the first quarter of 2024 versus a net loss of $9.2 million in the first quarter of 2023. Adjusted EBITDA was $23.5 million for the first quarter of 2024 versus $7.3 million in the first quarter of 2023, when adjusted for the following non-operating costs.
Shares in ML rocketed $10.16, 14.2%, first thing Tuesday, to $81.56.
