In a recent filing with the SEC, MoneyLion Inc., a company specializing in financial services, reported the results of its 2024 Annual Meeting of Stockholders held on Thursday, June 13, 2024. The approval of the directors and the company’s independent registered public accounting firm for the next fiscal year.
The elected Class III Directors are Matt Derella, Annette Nazareth and Michael Paull to serve through the 2027 Annual Meeting. The shareholder votes were as follows: Matt Derella received 3,920,344 votes in favor and 1,500,557 abstained; Annette Nazareth received 3,991,379 votes in favor and 1,429,522 abstained; Michael Paull received 3,740,208 votes in favor and 1,680,693 votes remained. . The broker-free total for each candidate was 2,271,315 votes.
In addition, shareholders also approved the appointment of RSM US LLP as MoneyLion Inc.’s independent registered public accounting firm for the fiscal year ending December 31, 2024.
The company is headquartered in New York, incorporated in Delaware, and is listed on the New York Stock Exchange under the ticker symbol ML for its Class A common stock and the ticker symbol ML WS for its redeemable warrants. MoneyLion Inc. markets itself as an emerging growth company, a designation that allows for reduced reporting requirements under U.S. securities laws.
In other recent news, MoneyLion Inc. reported record first-quarter 2024 results, with quarterly revenue up 29% year over year to $121 million. The fintech company has also seen significant growth in its customer base, with the total number of customers increasing by 98% to 15.5 million. The company’s adjusted EBITDA reached a record $23 million, with profit margins of 19.4%.
MoneyLion attributed this strong performance to product expansion, strategic partnerships and a focus on becoming a unified consumer platform. The company expects revenue and adjusted EBITDA to continue to grow next quarter, with second-quarter revenue expected to be between US$125 million and US$130 million, and adjusted EBITDA between US$17 million and US$20 million.
MoneyLion remains confident in maintaining strong EBITDA margins despite market conditions affecting the conversion rate of its loan business. These are the latest updates from MoneyLion Inc.
Investment Professional Insights
MoneyLion Inc. has performed well in the market and achieved impressive results 675.72% One-year total price return to mid-2024. The rise in the share price reflects investor confidence and is consistent with one of InvestingPro’s tips, which states that share prices have risen significantly over the past six months, 84.11%. In addition, the company’s revenue shows healthy growth, 23.6% The increase over the last 12 months to Q1 2024 signals a positive trajectory for the company’s financial health.
InvestingPro Tips also indicates that MoneyLion Inc. is expected to be profitable this year, which could be a turning point for investors considering the company’s past performance. While the current P/E ratio of -31.95 indicates that the company is no longer profitable, forward-looking optimism is reflected in the stock’s volatility, which may appeal to some investors looking for high-growth opportunities.
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