Mynd Announces Fiscal Year 2024 Results

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March 26, 2025 7:15 AM EDT

Highlights Include Sale of a Non-strategic Business Unit, Significant Reduction of Debt, and Implementation of a Share Repurchase Program to Strengthen the Company and Enhance Long Term Shareholder Value 

SEATTLE, March 26, 2025 /PRNewswire/ -- Mynd.ai, Inc. (the "Company" or "Mynd") (NYSE American: MYND) today announced financial results for the fiscal year ended December 31, 2024.

  • Revenue of $267.4 million for the full year, compared to $411.8 million in the prior year with the decrease primarily driven by the headwinds in the overall education market due to normalization to pre-pandemic levels

  • Gross Margin improved 40 basis points versus 2023 to 24.8%, largely due to optimization of cost of materials, warranty, and freight costs

  • Operating loss improved by $8.0 million to $38.0 million, as compared to $46.0 million in 2023

  • Net loss from continuing operations, before income taxes totaled $35.7 million, a $12.7 million improvement compared to 2023

  • Cash balance at year-end of $75.3 million, compared to $87.8 million in 2023

  • Reduced outstanding indebtedness at year-end by $21.0 million

  • Repurchased 151,923 American Depositary Shares, representing 1,519,230 ordinary shares, pursuant to our share repurchase program

"We are very pleased with the progress our team made during 2024, our first full year as a public company," said Vin Riera, Chief Executive Officer. "We feel that completing the sale of our non-strategic early childhood development business unit in October 2024, paying down debt, optimizing our cost structure, and initiating a share repurchase program were all meaningful steps towards strengthening our company. Despite a number of industry-wide challenges in the education sector stemming from inflation, threat of tariffs and uncertainty around Federal funding for education, we were able to capitalize on our brand loyalty, significant install base of over one million classrooms and strong distributor and partner network to maintain our strong market presence."  

Arthur Giterman, Chief Financial Officer, added, "Our financial performance in 2024 reflects our commitment to improving operational efficiency to help combat significant industry headwinds impacting our interactive flat panel display business. Year over year, the Company made improvements in our gross margin and significantly reduced both our operating loss as well as our net loss from operations. Although we expect economic headwinds to continue during 2025, we are actively responding by continuing to optimize our operating cost structure, enhancing our go-to-market strategy and expanding our portfolio of product offerings. We are excited about the warm reception that our recently launched ActivPanel 10 and its modular infrastructure has received, and believe that providing our customers with the ability to select their preferred operating system will better position the Company to more effectively compete in the market."

Forward-Looking Statements

This press release contains "forward-looking statements," as defined by federal securities laws. Forward-looking statements reflect Mynd's current expectations and projections about future events at the time and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," "optimistic," and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in Mynd's Annual Report on Form 20-F, filed with the SEC on March 26, 2025, as such factors may be updated from time to time in Mynd's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Mynd's filings with the SEC. While forward-looking statements reflect Mynd's good faith beliefs, they are not guarantees of future performance. Mynd disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Mynd (or to third parties making the forward-looking statements).

Discussion of non-GAAP Financial Measures

We believe that providing non-GAAP ("Generally Accepted Accounting Principles") information to investors, in addition to the GAAP presentation, allows investors to view the financial results in the way management views the operating results. We further believe that providing this information allows investors not only to better understand our financial performance, but more importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. The non-GAAP information included in this press release should not be considered superior to, or a substitute for, financial statements prepared in accordance with GAAP.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of the business, for making operating decisions and for forecasting and planning for future periods. Our annual financial plan is prepared both on a GAAP and non-GAAP basis, and the non-GAAP annual financial plan is approved by our board of directors. Continuous budgeting and forecasting for revenue and expenses are conducted on a consistent non-GAAP basis, in addition to GAAP, and actual results on a non-GAAP basis are assessed against the non-GAAP annual financial plan. In addition, and as a consequence of the importance of these measures in managing the business, we use non-GAAP measures and results in the evaluation process to establish management's compensation. For example, our annual bonus program payments are based in part upon the achievement of consolidated revenue and Adjusted EBITDA targets.

About Mynd.ai, Inc.

Seattle-based Mynd is a global leader in interactive technology offering best-in-class hardware and software solutions that help organizations create and deliver dynamic content; simplify and streamline teaching, learning, and communication; and facilitate real-time collaboration. Our award-winning interactive displays and software can be found in more than 1 million learning and training spaces across 126 countries. Our global distribution network of more than 4,000 reseller partners and our dedicated sales and support teams around the world enable us to deliver the highest level of service to our customers.

Financial Tables Follow

 

Mynd.ai. Inc.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share and per share data, or otherwise noted)




As of December 31,



2024


2023

ASSETS





Current assets:





Cash and cash equivalents


$               75,317


$               87,804

Accounts receivable, net of allowance for credit losses of $211 and $2,599, respectively


30,506


63,736

Inventories


28,638


53,944

Prepaid expenses and other current assets


11,601


14,408

Due from related parties


1,561


1,683

Current assets of discontinued operations


—


5,590

Total current assets


147,623


227,165






Non-current assets:





Goodwill


44,130


44,928

Property, plant, and equipment, net


14,595


7,037

Intangible assets, net


39,521


43,700

Right-of-use assets


3,448


2,413

Deferred tax assets, net


34


58,035

Other non-current assets


3,268


1,810

Non-current assets of discontinued operations


—


21,949

Total non-current assets


104,996


179,872






Total assets


$             252,619


$             407,037






LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities:





Accounts payable


$               40,485


$               59,138

Accrued expenses and other current liabilities


45,959


49,134

Loans payable, current


10,931


31,942

Contract liabilities


11,281


14,004

Accrued warranties


15,749


17,871

Lease liabilities, current


1,047


1,618

Due to related parties


4,621


5,061

Current liabilities of discontinued operations


—


7,404

Total current liabilities


130,073


186,172






Non-current liabilities:





Loans payable, non-current


58,077


64,859

Loans payable, related parties, non-current


5,006


4,670

Contract liabilities, non-current


18,581


21,762

Lease liabilities, non-current


2,761


1,030

Deferred tax liabilities


9,756


—

Non-current liabilities of discontinued operations


—


7,950

Total non-current liabilities


94,181


100,271






Total liabilities


224,254


286,443






Shareholders' equity:





Ordinary shares par value of $0.001; 990,000,000 shares authorized. 456,477,820
shares issued and 454,958,590 shares outstanding as of December 31, 2024.
456,477,820 shares issued and outstanding as of December 31, 2023.

 

10,000,000 shares, $0.001 par value, without designation; none authorized, issued
and outstanding as of December 31, 2024 and 2023.


456


456

Treasury shares, at cost, 1,519,230 and none shares, respectively


(342)


—

Additional paid-in capital


479,480


473,590

Accumulated other comprehensive income


3,344


3,513

Accumulated deficit


(454,573)


(358,854)

Total Mynd.ai, Inc. shareholders' equity


28,365


118,705

Non-controlling interest


—


1,889






Total shareholders' equity


28,365


120,594






Total liabilities and shareholders' equity


$             252,619


$             407,037

 

Mynd.ai. Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share and per share data, or otherwise noted)




Year Ended December 31,



2024


2023


2022

Revenue


$             267,381


$             411,757


$             584,684

Cost of revenue


201,140


311,272


443,598

Gross profit


66,241


100,485


141,086

Operating expenses, net:







General and administrative


33,427


30,964


34,608

Research and development


25,253


34,604


41,459

Sales and marketing


42,115


51,477


60,848

Transaction-related costs


—


19,288


502

Restructuring


3,484


10,195


238

Total operating expenses


104,279


146,528


137,655

Operating (loss) income


(38,038)


(46,043)


3,431

Other income (expense):







Interest expense


(10,371)


(4,658)


(1,833)

Interest income


2,659


223


6

Gain on embedded derivative


11,389


432


—

Gain on forgiveness of debt


—


—


4,923

Other (expense) income


(1,384)


1,598


591

Total other income (expense)


2,293


(2,405)


3,687








Net (loss) income from continuing operations, before income taxes


(35,745)


(48,448)


7,118

Income tax (expense) benefit


(68,732)


9,658


25,982

Net (loss) income from continuing operations


(104,477)


(38,790)


33,100

Income (loss) from discontinued operations, net of tax


8,725


(605)


(12,637)

Net (loss) income


(95,752)


(39,395)


20,463

Net (loss) income from continuing operations attributable to non-
controlling interests


—


—


—

Net (loss) income from discontinued operations attributable to
non-controlling interests


(33)


33


—

Net (loss) income attributable to non-controlling interests


(33)


33


—








Net (loss) income from continuing operations attributable to
ordinary shareholders


(104,477)


(38,790)


33,100

Net income (loss) from discontinued operations attributable to
ordinary shareholders


8,758


(638)


(12,637)

Net (loss) income attributable to ordinary shareholders


$             (95,719)


$             (39,428)


$               20,463








Net (loss) income per ordinary share







From continuing operations: Basic and Diluted


$                (0.23)


$                (0.09)


$                  0.08

From discontinued operations: Basic and Diluted


$                  0.02


$                (0.00)


$                (0.03)

Total basic and diluted


$                (0.21)


$                (0.09)


$                  0.05








Weighted average shares outstanding used in calculating net (loss)
income per share: Basic and diluted


456,471,923


427,986,755


426,422,220

 

Mynd.ai. Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in thousands)




Year Ended December 31,



2024


2023


2022

Net (loss) income


$             (95,752)


$             (39,395)


$               20,463

Other comprehensive (loss) income, net of tax of nil:







Change in foreign currency translation reserve


497


(1,033)


(3,367)

Release of foreign currency translation reserve to net loss as a
result of disposition


(566)


—


—

Total comprehensive (loss) income


(95,821)


(40,428)


17,096

Less: comprehensive income attributable to non-controlling
interest


67


33


—

Comprehensive (loss) income attributable to Mynd.ai Inc.


$             (95,888)


$             (40,461)


$               17,096

 

Mynd.ai. Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)




Year Ended December 31,



2024


2023


2022

CASH FLOWS FROM OPERATING ACTIVITIES:







Net (loss) income


$              (95,752)


$              (39,395)


$                20,463

(Income) loss from discontinued operations, net of tax


(8,725)


605


12,637

Net (loss) income from continuing operations


(104,477)


(38,790)


33,100

Adjustments to reconcile net (loss) income from continuing operations to net
cash (used in) provided by operating activities:







Depreciation and amortization


5,698


4,973


4,520

Deferred taxes


67,669


(10,828)


(25,982)

Non-cash lease expense


1,737


1,958


1,818

Non-cash interest expenses


4,844


325


—

Gain on forgiveness of debt


—


—


(4,923)

Share-based compensation


3,698


—


—

Amortization of RDEC credit


(1,182)


(839)


(460)

Accrued tax credit RDEC


—


(1,732)


—

Change in fair value of derivative liability


(11,389)


(432)


—

Increase in inventory provision


—


4,630


3,951

Write-off of prepaid subscriptions


—


5,668


—

Other


90


71


30

Change in operating assets and liabilities:







Accounts receivable


33,365


(679)


25,346

Inventories


25,251


54,734


(20,003)

Prepaid expenses and other assets


1,270


(5,482)


701

Prepaid subscriptions


—


1,632


(7,300)

Due from related parties


533


482


(4,376)

Accounts payable


(17,675)


(23,651)


(1,820)

Accrued expenses and other liabilities


(2,439)


(1,329)


(10,225)

Accrued warranties


(2,037)


3,883


3,266

Due to related parties


1,491


1,083


3,469

Contract liabilities


(5,743)


6,966


7,779

Lease obligations - operating leases


(1,579)


(1,903)


(2,084)

Net cash (used in) provided by operating activities - continuing operations


(875)


740


6,807

Net cash provided by (used in) operating activities - discontinued operations


1,661


(3,098)


(12,079)

Net cash provided by (used in) provided by operating activities


786


(2,358)


(5,272)








CASH FLOWS FROM INVESTING ACTIVITIES:







Acquisition of property, plant and equipment


(1,283)


(389)


(829)

Internal-use software development costs


(8,465)


(4,434)


(1,028)

 Repayment (issuance) of loan receivable, related party


—


8,019


(7,919)

Proceeds from disposition of GEH Singapore


20,000


—


—

Acquisition of businesses, net of cash


—


10,375


(6,000)

Net cash provided by (used in) investing activities - continuing operations


10,252


13,571


(15,776)

Net cash used in investing activities - discontinued operations


(5,942)


5,763


—

Net cash provided by (used in) investing activities


4,310


19,334


(15,776)








CASH FLOWS FROM FINANCING ACTIVITIES:







Repayment of Revolver


(38,000)


(80,300)


(49,305)

Debt issuance costs paid


(90)


—


—

Proceeds from Revolver


17,000


62,000


63,000

Proceeds from convertible note


—


64,884


—

Contingent consideration payments


(1,007)


(2,174)


—

Repayment of Paycheck Protection Program Loan


(192)


(192)


(5)

Repayment of NetDragon group loans


—


—


(3,210)

Proceeds from NetDragon group loans


—


219


869

Share repurchase


(342)


—


—

Net cash (used in) provided by financing activities - continuing operations


(22,631)


44,437


11,349

Net cash provided by financing activities - discontinued operations


—


—


—

Net cash (used in) provided by financing activities


(22,631)


44,437


11,349








Net change in cash


(17,535)


61,413


(9,699)








Cash and cash equivalents, beginning of year


91,784


29,312


40,508

Exchange rate effects


1,068


1,059


(1,497)

Cash and cash equivalents, end of year


$                75,317


$                91,784


$                29,312








Supplemental disclosure of non-cash investing and financing activities
transactions:







Continuing operations:







Convertible notes issued in exchange for accrued PIK interest


$                  3,309


$                      —


$                      —

Decrease in goodwill due to measurement period adjustments relating to
business acquisition, net


$                  1,228


$                      —


$                      —

Lease assets acquired in exchange for lease liabilities


$                  2,838


$                      —


$                      —

Forgiveness of related party payables


$                  2,412


$                      —


$                      —

Accrued purchase price related to acquisition of businesses


$                      —


$                      —


$                  1,688

Accrued value of earnout related to acquisition of businesses


$                      —


$                      —


$                    377

Noncash consideration transferred for acquisition of businesses


$                      —


$                22,848


$                      —

Discontinued operations:







Lease assets acquired in exchange for lease liabilities


$                  5,044


$                      —


$                      —








Supplemental disclosure of cash transactions:







Cash paid for interest


$                  5,387


$                  5,223


$                      —

Cash received for tax refunds, net


$                  1,397


$                    914


$                    969

Cash flows are presented on a consolidated basis and cash and cash equivalents presented in current assets of discontinued operations in the consolidated balance sheets as of December 31, 2023 were $3,980.

Mynd.ai. Inc.
SUPPLEMENTAL FINANCIAL INFORMATION
Reconciliation of Net Income to Adjusted EBITDA
(in thousands)



Year Ended December 31,


2024


2023


2022


(in thousands)

Net (loss) income

$            (95,752)


$            (39,395)


$             20,463

(Income) loss from discontinued operations, net of tax

(8,725)


605


12,637

Interest expense

10,371


4,658


1,833

Interest income

(2,659)


(223)


(6)

Income tax expense (benefit)

68,732


(9,658)


(25,982)

Depreciation and amortization

5,698


4,973


4,520

Share-based compensation

3,698


—


—

Gain on embedded derivative

(11,389)


(432)


—

Other expense (income), net

1,384


(1,598)


(591)

Transaction-related costs(1)

—


19,288


502

Restructuring costs(2)

3,484


10,195


238

Litigation costs and penalties(3)

1,021


405


1,046

Gain on forgiveness of debt(4)

—


—


(4,923)

Adjusted EBITDA

$            (24,137)


$            (11,182)


$                9,737


(1) Transaction-related costs are non-recurring costs related to one or more acquisitions.

(2) Refers to employee severance costs, contract termination costs, facility restructuring, and business restructuring efforts undertaken by management.

(3) Refers to costs incurred to defend against, opportunistically settle, and establish a reserve for claims associated with litigation, as well as any related penalties incurred for such litigation.

(4) Refers to forgiveness of loan provided by the U.S. Small Business Administration provided under the Payroll Protection Program (PPP).

 

Cision View original content:https://www.prnewswire.com/news-releases/mynd-announces-fiscal-year-2024-results-302411370.html

SOURCE Mynd.ai


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