MoneyLion Inc. (NYSE:ML) Q2 2023 Earnings Conference Call August 8, 2023 8:30 AM ET

Company Participants

Sean Horgan - Head of IR

Diwakar Choubey - CEO

Richard Correia - CFO

Conference Call Participants

Hal Goetsch - B. Riley Securities

Will Carlson - Cantor Fitzgerald

Operator

Greetings, and welcome to the MoneyLion Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host Sean Horgan, Head of Investor Relations from MoneyLion. Thank you. You may begin.

Sean Horgan

Thank you, Operator. Good morning, everyone, and welcome to MoneyLion's second quarter 2023 earnings conference call. Joining me today to discuss our results are MoneyLion's CEO, Dee Choubey; and CFO, Rick Correia.

You can find the presentation accompanying our earnings release on our Investor Relations website, investors.moneylion.com. Please note that any forward-looking statements made in this commentary are subject to our Safe Harbor statement found in our SEC filings and in our earnings press release.

Now, I will turn the call over to Dee.

Diwakar Choubey

Thank you, Sean. Good morning, and thank you fall for joining us for our second quarter 2023 earnings presentation.

I am pleased to share with you that MoneyLion delivered yet another quarter of strong performance in Q2 '23. This quarter we reached additional important milestones and our path to profitability. And we saw the healthy operating markers we were looking for as we execute for growth and profitability for the long run.

This performance is a reflection of our ecosystem advantage, which is driving tangible results compounding on the inherent flywheels embedded in our business model. We are incredibly proud of the team's execution and the progress we've made, which reflects our deeper mission and vision to help every consumer make their best financial decision.

Now let's dive into the key takeaways for Q2 2023. The first item to highlight is that we achieved record revenue of $107 million in the quarter. We exceeded our quarterly revenue guidance of $95 million to $100 million. This represents 14% quarter-over-quarter growth and 22% year-over-year. Importantly, our consumer and enterprise businesses both achieved record quarterly revenue, reflecting the strength and scalability of our business model.

The second takeaway is our gross profit margin expansion. Gross profit margin was 59%, up 4 points from 55% in Q1 2023. This exceeded the high end of her guidance of 54% to 58%. This margin expansion was driven by our combined consumer plus enterprise ecosystem advantage.