Thursday, April 03, 2025
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q4 results. The company reported Q4 revenue of $97.5 million, modestly lower than our estimate of $101.0 million, but adj. EBITDA of $12.2 million was substantially better than our estimate of a loss of $1.9 million, as illustrated in Figure #1 Q4 Results. The adj. EBITDA beat was largely driven by the company’s efficient use of selling and marketing expenses, which was 25% lower than our estimate.
Key operating metrics. In Q4, the company generated $94 million in bookings and had 292,000 monthly paying users (MPU). Bookings were largely in line with our expectations, while MPUs were modestly lower than we anticipated. Importantly, the decrease in MPU’s moderated from the quarter-over-quarter decrease experienced in Q3, and the company’s strategic marketing efforts appear to be gaining traction.
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