Summary by Moomoo AI
Mynd AI, Inc. (Mynd), a global leader in interactive technology, has reported its financial results for the fiscal year ended December 31, 2023. The company announced a revenue of $413.6 million, a decrease from the previous year's $584.6 million, attributed to the normalization of the education market. Despite the lower revenue, Mynd saw an improvement in gross margin to 24.9% and an increase in cash flow from operations by $3.0 million. The year-end cash balance also rose significantly to $91.8 million from $29.3 million in 2022. However, the company experienced an adjusted EBITDA loss of $6.9 million, compared to a profit of $12.8 million in the prior year, mainly due to lower sales volumes. Mynd's CEO, Vin Riera, highlighted the successful completion of a merger transaction and the...Show More