AUSTIN, Texas - Mondee Holdings, Inc. (NASDAQ:MOND), a travel marketplace and AI technology company, announced its preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2023, showcasing significant growth in revenue and profitability.
The company recorded a 78% increase in net revenues for the fourth quarter, reaching $61.1 million, up from $34.2 million in the same period the previous year. Gross bookings for the quarter stood at $619 million, a 24% rise from the fourth quarter of 2022. Mondee also reported a substantial increase in its adjusted EBITDA, which climbed 338% to $6.9 million in the fourth quarter compared to $1.6 million in the prior-year quarter.
For the full year 2023, Mondee's gross bookings grew by 19% to $2.6 billion, and net revenues increased by 39% to $222.3 million, exceeding the company's guidance. The adjusted EBITDA for the year nearly doubled to $21.0 million, surpassing the guidance of $19.7 million.
Despite the growth in revenue and adjusted EBITDA, the company experienced a net loss of $12.5 million in the fourth quarter, which included $11.3 million of non-cash and/or non-recurring items. The full year's net loss showed improvement, with a decrease of $30.1 million from the previous year, ending at $(60.1) million.
Mondee attributes its financial performance to product and geographic expansion, advancements in AI technology, and sustained leisure travel demand. The company's take rate, the revenue as a percentage of gross bookings, reached nearly 10%, indicating successful monetization strategies.
The company also highlighted its acquisition of Purplegrids, an AI platform, and its inaugural share buyback program, which repurchased $10 million in shares. Looking ahead, Mondee provided a 2024 financial outlook, forecasting net revenues between $250 million and $255 million and adjusted EBITDA between $30 million and $35 million.
These results are based on a press release statement.
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