Mynd Announces Fiscal Year 2024 Results
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: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, issuedand 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,
