Record Revenue of $131 Million, Up 23% Year-over-Year

GAAP Net Income of $3.1 Million; Diluted EPS of $0.26

Adjusted EBITDA of $18.5 Million, Representing 14.2% Adjusted EBITDA Margin

Management Provides Q3 & FY 2024 Guidance

MoneyLion Inc. ("MoneyLion") (NYSE:ML), a digital ecosystem for consumer finance that empowers everyone to make their best financial decisions, today announced financial results for the second quarter ended June 30, 2024. MoneyLion will host a conference call and webcast at 8:30 a.m. ET today. An earnings presentation and link to the webcast are available at investors.moneylion.com.

"Our second quarter 2024 results reflect MoneyLion's leading position as the first digital ecosystem for consumer finance and continued progress towards becoming the number one destination for Americans to make financial decisions," said Dee Choubey, MoneyLion's Co-Founder and Chief Executive Officer.

Choubey continued, "We have all the ingredients needed to build a digital ecosystem and disrupt consumer finance, and the success of this approach is already reflected in our numbers. We are putting our ecosystem approach into action through a number of products, services, and technologies that serve our partners and consumers alike, with features like AI-driven financial product search, MoneyLion checkout, content-as-a-service, web services, and much more."

"While other business models are seeing weakness, we are enjoying growth and profitability given our unique ecosystem position. We expect to finish strong in each of the next two quarters and create significant momentum going into 2025," said Rick Correia, MoneyLion's Chief Financial Officer.

Correia continued, "We generated record revenue of $131 million and Adjusted EBITDA of $18.5 million in the second quarter. Importantly, our Q2 results met or exceeded our guidance across all metrics. For the third quarter of 2024, we expect revenue of $133 to $138 million and Adjusted EBITDA of $18 to $21 million. For full-year 2024, we expect revenue of $525 million to $535 million and Adjusted EBITDA of $80 to $87 million."

Financial Results⁽¹⁾

		Three Months Ended June 30,
			2024			2023		% Change
(in thousands)		(unaudited)
Financial Metrics
	Total revenues, net	$	130,846		$	106,541		23	%
	Net income (loss)		3,137			(27,723	)	—
	Adjusted EBITDA		18,518			9,233		101	%
	Adjusted EBITDA margin		14.2	%		8.7	%	63	%

(in millions)
Key Operating Metrics
	Total Customers		17.0			9.9		73	%
	Total Products		27.7			17.3		60	%
	Total Originations	$	770		$	550		40	%

Total revenues, net increased 23% to $130.8 million for the second quarter of 2024 compared to the second quarter of 2023.

MoneyLion recorded net income of $3.1 million for the second quarter of 2024 versus a net loss of $27.7 million in the second quarter of 2023. Adjusted EBITDA was $18.5 million for the second quarter of 2024 versus $9.2 million in the second quarter of 2023, when adjusted for the following non-operating costs:

	Three Months Ended June 30,
		2024			2023
(in thousands)	(unaudited)
Net income (loss)	$	3,137		$	(27,723	)
Add back:
Interest related to corporate debt		2,576			3,475
Income tax benefit		(1,824	)		(262	)
Depreciation and amortization expense		6,331			6,113
Changes in fair value of warrant liability		81			(162	)
Change in fair value of contingent consideration from mergers and acquisitions		—			(6,367	)
Goodwill impairment loss		—			26,721
Stock-based compensation expense		7,531			5,250
Other expenses		686			2,188
Adjusted EBITDA	$	18,518		$	9,233

Customer, Product and Origination Growth

Total Customers grew 73% year-over-year to 17.0 million in the second quarter of 2024. Total Products grew 60% year-over-year to 27.7 million in the second quarter of 2024. Total Originations grew 40% year-over-year to $770 million for the second quarter of 2024.

Financial Guidance:

For the third quarter of 2024, MoneyLion expects:

Total revenues, net of $133 to $138 million, reflecting 21% - 25% growth vs. Q3 2023
Adjusted EBITDA of $18 to $21 million, reflecting 13.0% - 15.8% Adjusted EBITDA margin vs. 12.1% in Q3 2023

For the full year of 2024, MoneyLion expects:

Total revenues, net of $525 to $535 million, reflecting 24% - 26% growth vs. FY 2023
Adjusted EBITDA of $80 to $87 million, reflecting 15.0% - 16.6% Adjusted EBITDA margin vs. 11.0% in FY 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.

Conference Call

MoneyLion will hold a conference call today at 8:30 a.m. ET to discuss its second quarter 2024 results. A live webcast will be available on MoneyLion's Investor Relations website at investors.moneylion.com. Please dial into the conference 5-10 minutes prior to the start time and ask for the MoneyLion second quarter 2024 earnings call.

Toll-free dial-in number: 1-877-502-7184

International dial-in number: 1-201-689-8875

Following the call, a replay and transcript will be available on the same website.

About MoneyLion

MoneyLion is a leader in financial technology powering the next generation of personalized products, content, and marketplace technology, with a top consumer finance super app, a premier embedded finance platform for enterprise businesses and a world-class media arm. MoneyLion's mission is to give everyone the power to make their best financial decisions. We pride ourselves on serving the many, not the few; providing confidence through guidance, choice, and personalization; and shortening the distance to an informed action. In our go-to money app for consumers, we deliver curated content on finance and related topics, through a tailored feed that engages people to learn and share. People take control of their finances with our innovative financial products and marketplace - including our full-fledged suite of features to save, borrow, spend, and invest - seamlessly bringing together the best offers and content from MoneyLion and our 1,200+ Enterprise Partner network, together in one experience.

MoneyLion's enterprise technology provides the definitive search engine and marketplace for financial products, enabling any company to add embedded finance to their business, with advanced AI-backed data and tools through our platform and API. Established in 2013, MoneyLion connects millions of people with the financial products and content they need, when and where they need it.

For more information about MoneyLion, please visit www.moneylion.com. For information about Engine by MoneyLion for enterprise businesses, please visit www.engine.tech. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on X.

Forward-Looking Statements

The information in this press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding, among other things, MoneyLion's financial position, results of operations, cash flows, prospects and growth strategies. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MoneyLion's management, are subject to a number of risks and uncertainties and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of MoneyLion.

Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, among other things: factors relating to the business, operations and financial performance of MoneyLion, including market conditions and global and economic factors beyond MoneyLion's control; MoneyLion's ability to acquire, engage and retain customers and clients and sell or develop additional functionality, products and services to them on the MoneyLion platform; MoneyLion's reliance on third-party partners, service providers and vendors, including its ability to comply with applicable requirements of such third parties; demand for and consumer confidence in MoneyLion's products and services, including as a result of any adverse publicity concerning MoneyLion; any inaccurate or fraudulent information provided to MoneyLion by customers or other third parties; MoneyLion's ability to realize strategic objectives and avoid difficulties and risks of any acquisitions, strategic investments, entries into new businesses, joint ventures, divestitures and other transactions; MoneyLion's success in attracting, retaining and motivating its senior management and other key personnel; MoneyLion's ability to renew or replace its existing funding arrangements and raise financing in the future, to comply with restrictive covenants related to its long-term indebtedness and to manage the effects of changes in the cost of capital; MoneyLion's ability to achieve or maintain profitability in the future; intense and increasing competition in the industries in which MoneyLion and its subsidiaries operate; risks related to the proper functioning of MoneyLion's information technology systems and data storage, including as a result of cyberattacks, data security breaches or other similar incidents or disruptions suffered by MoneyLion or third parties upon which it relies; MoneyLion's ability to protect its intellectual property and other proprietary rights and its ability to obtain or maintain intellectual property, proprietary rights and technology licensed from third parties; MoneyLion's ability to comply with extensive and evolving laws and regulations applicable to its business and the outcome of any legal or governmental proceedings that may be instituted against MoneyLion; MoneyLion's ability to establish and maintain an effective system of internal controls over financial reporting; MoneyLion's ability to maintain the listing of MoneyLion's Class A common stock and its publicly traded warrants to purchase MoneyLion Class A common stock on the New York Stock Exchange and any volatility in the market price of MoneyLion's securities; and factors discussed in MoneyLion's filings with the Securities and Exchange Commission. There may be additional risks that MoneyLion presently knows or that MoneyLion currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

In addition, forward-looking statements reflect MoneyLion's expectations, plans or forecasts of future events and views as of the date of this press release. MoneyLion anticipates that subsequent events and developments will cause its assessments to change. However, while MoneyLion may elect to update these forward-looking statements at some point in the future, MoneyLion specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing MoneyLion's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Financial Information; Non-GAAP Financial Measures

Adjusted EBITDA has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). MoneyLion management historically used and uses Adjusted EBITDA for various purposes, including as measures of performance and as a basis for strategic planning and forecasting. MoneyLion believes presenting Adjusted EBITDA provides relevant and useful information to management and investors regarding certain financial and business trends relating to MoneyLion's results of operations. MoneyLion's method of calculating Adjusted EBITDA may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and MoneyLion does not recommend the sole use of Adjusted EBITDA to assess its financial performance. MoneyLion management does not consider Adjusted EBITDA in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in MoneyLion's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining non-GAAP financial measures. In order to compensate for these limitations, management presents Adjusted EBITDA in connection with MoneyLion's GAAP results. You should review MoneyLion's financial statements, which are included in MoneyLion's filings with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate MoneyLion's business.

A reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, is set forth below. To the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, which could be material based on historical adjustments. Accordingly, a reconciliation is not available without unreasonable effort.

Definitions:

Adjusted EBITDA: A non-GAAP measure, defined as net income (loss) plus interest expense related to corporate debt, income tax expense (benefit), depreciation and amortization expense, change in fair value of warrant liability, change in fair value of contingent consideration from mergers and acquisitions, goodwill impairment loss, stock-based compensation and certain other expenses that management does not consider in measuring performance.

Total Customers: Defined as the cumulative number of customers that have opened at least one account, including banking, membership subscription, secured personal loan, Instacash advance, managed investment account, cryptocurrency account and customers that are monetized through our marketplace and affiliate products. Total Customers also include customers that have submitted for, received or clicked on at least one marketplace credit offer.

Total Products: Defined as the total number of products that our Total Customers have opened, including banking, membership subscription, secured personal loan, Instacash advance, managed investment account, cryptocurrency account and monetized marketplace and affiliate products, as well as customers who signed up for our financial tracking services (with either credit tracking enabled or external linked accounts), whether or not the customer is still registered for the product. Total Products also include marketplace credit offers that our Total Customers have submitted for, received or clicked on through our marketplace. If a customer has funded multiple secured personal loans or Instacash advances or opened multiple products through our marketplace, it is only counted once for each product type.

Total Originations: Defined as the dollar volume of the secured personal loans originated and Instacash advances funded within the stated period. All originations were originated directly by MoneyLion.

Enterprise Partners: Composed of Product Partners and Channel Partners. Product Partners are the providers of the financial and non-financial products and services that we offer in our marketplaces, including financial institutions, financial service providers and other affiliate partners. Channel Partners are organizations that allow us to reach a wide base of consumers, including but not limited to news sites, content publishers, product comparison sites and financial institutions.

MONEYLION INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollar amounts in thousands, except per share amounts)
	Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
Revenue
Service and subscription revenue	$	127,890		$	103,237		$	245,963		$	193,978
Net interest income on loan receivables		2,956			3,304			5,889			6,232
Total revenue, net		130,846			106,541			251,852			200,210
Operating expenses
Provision for credit losses on consumer receivables		33,431			25,562			53,661			42,073
Compensation and benefits		24,852			22,572			49,638			46,980
Marketing		10,530			6,549			21,396			12,941
Direct costs		34,449			32,230			65,838			62,032
Professional services		11,007			4,518			16,773			9,517
Technology-related costs		6,512			5,611			13,098			11,649
Other operating expenses		4,338			11,219			14,658			20,214
Total operating expenses		125,119			108,261			235,062			205,406
Net income (loss) before other (expense) income and income taxes		5,727			(1,720	)		16,790			(5,196	)
Interest expense		(6,714	)		(7,330	)		(13,531	)		(14,841	)
Change in fair value of warrant liability		(81	)		162			—			13
Change in fair value of contingent consideration from mergers and acquisitions		—			6,367			—			6,613
Goodwill impairment loss		—			(26,721	)		—			(26,721	)
Other income		2,381			1,257			4,740			2,906
Net income (loss) before income taxes		1,313			(27,985	)		7,999			(37,226	)
Income tax benefit		(1,824	)		(262	)		(2,213	)		(286	)
Net income (loss)		3,137			(27,723	)		10,212			(36,940	)
Reversal of previously accrued dividends on preferred stock		—			2,667			—			690
Net income (loss) attributable to common shareholders	$	3,137		$	(25,056	)	$	10,212		$	(36,250	)

Net income (loss) per share, basic	$	0.29		$	(2.71	)	$	0.95		$	(4.05	)
Net income (loss) per share, diluted	$	0.26		$	(2.71	)	$	0.85		$	(4.05	)
Weighted average shares used in computing net income (loss) per share, basic		10,862,853			9,234,238			10,694,635			8,944,836
Weighted average shares used in computing net income (loss) per share, diluted		12,091,421			9,234,238			11,954,975			8,944,836

MONEYLION INC
CONSOLIDATED BALANCE SHEETS
(dollar amounts in thousands, except per share amounts)
	June 30,			December 31,
		2024			2023
Assets
Cash	$	98,361		$	92,195
Restricted cash, including amounts held by variable interest entities (VIEs) of $1,585 and $128		4,749			2,284
Consumer receivables		237,358			208,167
Allowance for credit losses on consumer receivables		(40,523	)		(35,329	)
Consumer receivables, net, including amounts held by VIEs of $150,174 and $131,283		196,835			172,838
Enterprise receivables, net		23,045			15,978
Property and equipment, net		1,961			1,864
Intangible assets, net		168,302			176,541
Other assets		52,490			53,559
Total assets	$	545,743		$	515,259
Liabilities and Stockholders' Equity
Liabilities:
Secured loans, net	$	64,482		$	64,334
Accounts payable and accrued liabilities		48,984			52,396
Warrant liability		810			810
Other debt, net, including amounts held by VIEs of $129,932 and $125,419		129,932			125,419
Other liabilities		23,079			15,077
Total liabilities		267,287			258,036
Commitments and contingencies (Note 15)
Stockholders' equity:
Class A Common Stock, $0.0001 par value; 66,666,666 shares authorized as of June 30, 2024 and December 31, 2023, 10,977,991 and 10,945,658 issued and outstanding, respectively, as of June 30, 2024 and 10,444,627 and 10,412,294 issued and outstanding, respectively, as of December 31, 2023		1			1
Additional paid-in capital		980,662			969,641
Accumulated deficit		(692,507	)		(702,719	)
Treasury stock at cost, 32,333 shares as of June 30, 2024 and December 31, 2023		(9,700	)		(9,700	)
Total stockholders' equity		278,456			257,223
Total liabilities and stockholders' equity	$	545,743		$	515,259

MONEYLION INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
Cash flows from operating activities:
Net income (loss)	$	3,137		$	(27,723	)	$	10,212		$	(36,940	)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Provision for losses on receivables		33,431			25,562			53,661			42,073
Depreciation and amortization expense		6,331			6,113			12,543			12,297
Change in deferred fees and costs, net		322			782			678			1,398
Change in fair value of warrants		81			(162	)		—			(13	)
Change in fair value of contingent consideration from mergers and acquisitions		—			(6,367	)		—			(6,613	)
Loss (gain) on foreign currency translation		44			(171	)		(53	)		(178	)
Goodwill impairment loss		—			26,721			—			26,721
Stock compensation expense		7,531			5,250			14,028			10,955
Deferred income taxes		235			(400	)		471			(493	)
Changes in assets and liabilities:
Accrued interest receivable		(38	)		(211	)		(76	)		(238	)
Enterprise receivables, net		(5,527	)		1,708			(7,067	)		(2,422	)
Other assets		3,117			5,610			1,753			4,360
Accounts payable and accrued liabilities		(1,103	)		1,156			(3,359	)		(8,649	)
Other liabilities		237			(2,505	)		(1,354	)		(4,215	)
Net cash provided by operating activities		47,798			35,363			81,437			38,043
Cash flows from investing activities:
Net originations and collections of finance receivables		(41,676	)		(33,185	)		(69,398	)		(52,832	)
Purchase of property and equipment and software development		(2,244	)		(1,638	)		(4,401	)		(2,675	)
Settlement of contingent consideration related to mergers and acquisitions		—			(766	)		—			(1,116	)
Net cash used in investing activities		(43,920	)		(35,589	)		(73,799	)		(56,623	)
Cash flows from financing activities:
Net proceeds from (repayments to) special purpose vehicle credit facilities		—			—			4,000			(24,000	)
Repayments to secured/senior lenders		—			(5,000	)		—			(5,000	)
Payment of deferred financing costs		—			(154	)		—			(154	)
Payments related to the automatic conversion of redeemable convertible preferred stock (Series A) in lieu of fractional shares of common stock and dividends on preferred stock		—			(3,007	)		—			(3,007	)
Payments related to issuance of common stock related to exercise of stock options and warrants, net of tax withholdings related to vesting of stock-based compensation		(2,670	)		(183	)		(3,007	)		(782	)
Other		—			(12	)		—			(12	)
Net cash (used in) provided by financing activities		(2,670	)		(8,356	)		993			(32,955	)
Net change in cash and restricted cash		1,208			(8,582	)		8,631			(51,535	)
Cash and restricted cash, beginning of period		101,902			110,756			94,479			153,709
Cash and restricted cash, end of period	$	103,110		$	102,174		$	103,110		$	102,174



MONEYLION INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(dollar amounts in thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
Net income (loss)	$	3,137		$	(27,723	)	$	10,212		$	(36,940	)
Add back:
Interest related to corporate debt		2,576			3,475			5,371			7,035
Income tax benefit		(1,824	)		(262	)		(2,213	)		(286	)
Depreciation and amortization expense		6,331			6,113			12,543			12,297
Changes in fair value of warrant liability		81			(162	)		—			(13	)
Change in fair value of contingent consideration from mergers and acquisitions		—			(6,367	)		—			(6,613	)
Goodwill impairment loss		—			26,721			—			26,721
Stock-based compensation expense		7,531			5,250			14,028			10,955
Other expenses		686			2,188			2,062			3,373
Adjusted EBITDA	$	18,518		$	9,233		$	42,003		$	16,529

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