Mynd Announces Fiscal Year 2023 Results
Mynd.ai, Inc. American Depositary Shares (MYND)
US:NASDAQ Investor Relations:
ir.stockpr.com/myndanalytics
Company Research
Source: PR Newswire
Delivers Revenue of $413.6 Million and Successfully Completes Transformational Merger TransactionSEATTLE, March 27, 2024 /PRNewswire/ -- Mynd.ai, Inc. (the "Company" or "Mynd") (NYSE American: MYND) today announced financial results for the fiscal year ended December 31, 2023.Revenue of $413.6 million for the full year, compared to $584.6 million in the prior year with the decrease primarily driven by the normalization of the education market returning to pre-pandemic levelsGross Margin improved 30 basis points versus 2022 to 24.9%, largely due to lower materials and freight costsCash flow from operations improvement of $3.0 million compared to 2022Cash balance at year end was $91.8 million compared to $29.3 million at year end 2022Adjusted EBITDA1 loss of $6.9 million compared to profit of $12.8 million in 2022, primarily driven by lower sales volumes"We are incredibly pleased with the progress our team made during 2023. We successfully completed our merger transaction, we listed our
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