“MoneyLion had its strongest year ever in 2023,” said Dee Choubey, MoneyLion’s co-founder and Chief Executive Officer. “Our unique consumer and enterprise ecosystem supported our path to profitability. We had record revenue, record total customer adds, margin expansion and a $110 million improvement in Adjusted EBITDA from the prior year. Not to mention, our consumer product with pillars around guidance and community has never been better. We’re now expanding the suite of offerings to our enterprise partners to include insights, audience optimization tools and content-as-a-service.”

Choubey continued, “We are positioned for accelerating growth in 2024 as we capitalize on the large opportunity in front of us. Our structural advantages as a marketplace make us a must-have partner for any financial services provider. We have enduring advantages on customer acquisition costs, increasing data and technology moats and expanding revenue generation opportunities. The work we did in 2023 positions us to lean into growth while remaining disciplined and focused on profitability.”

“After a record-setting year across revenue and Adjusted EBITDA, we are setting our sights on our first positive GAAP EPS quarter in 2024. Based on recent performance and management execution capabilities, we say this with a high degree of confidence. Gross profit margin and Adjusted EBITDA were above the high end of our guidance, while revenue was in the middle of our range. For the first quarter of 2024, we expect revenue of $115 to $118 million and Adjusted EBITDA of $15 to $18 million,” said Rick Correia, MoneyLion’s Chief Financial Officer. 

Total revenues, net increased 19% to $113.0 million for the fourth quarter of 2023 compared to the fourth quarter of 2022 and increased 24% to $423.4 million for the full year 2023 compared to the full year 2022.

Gross profit increased 24% to $71.4 million for the fourth quarter of 2023 compared to the fourth quarter of 2022 and increased 29% to $252.3 million for the full year 2023 compared to the full year 2022.

MoneyLion recorded a net loss before other expense and income taxes of $1.3 million for the fourth quarter of 2023 versus a net loss before other income and income taxes of $17.0 million in the fourth quarter of 2022, and a net loss before other expense and income taxes of $5.3 million for the full year 2023 versus a net loss before other income and income taxes of $98.7 million in the full year 2022. There was a net loss of $4.2 million for the fourth quarter of 2023 versus a net loss of $135.0 million in the fourth quarter of 2022 and a net loss of $45.2 million for the full year 2023 versus a net loss of $189.1 million in the full year 2022. Adjusted EBITDA was $16.5 million for the fourth quarter of 2023 versus ($5.6) million in the fourth quarter of 2022 and was $46.4 million for the full year 2023 versus ($63.3) million in the full year 2022, when adjusted for the following non-operating costs:

Customer, Origination and Product Growth

Total Customers grew 115% year-over-year to 14.0 million for the full year 2023. Total Products grew 79% year-over-year to 23.1 million for the full year 2023. Total Originations grew 30% year-over-year to $644 million for the fourth quarter of 2023 and grew 27% year-over-year to $2.3 billion for the full year 2023.

Q1 2024 Financial Guidance:

For the first quarter of 2024, MoneyLion expects:

Total revenues, net of $115 to $118 million, reflecting 23 - 26% growth vs. Q1 2023
Adjusted EBITDA of $15 to $18 million, reflecting 13.0 - 15.3% Adjusted EBITDA Margin vs. 7.8% in Q1 2023
(1) Adjusted EBITDA is a non-GAAP measure. Refer to the definition of Adjusted EBITDA in the discussion of non-GAAP financial measures and the accompanying reconciliation below.