Altisource Q2 net loss widens to $18.9M; service revenue down 12% YoY

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

2023-Q2 EPS reported -$1.62 revenue$74,696,000

Q2 service revenue $33.2M (down 12% YoY); net loss attributable to Altisource $(18.9)M vs $(15.5)M a year ago.
Adjusted EBITDA $(3.5)M, improved 47% from $(6.6)M in Q2 2022; year-to-date Adjusted EBITDA $(2.0)M, up 81%.
Cash and equivalents $35.0M at period end; net debt $194.7M.
Expects roughly break-even Adj. EBITDA in Q3 and positive Adj. EBITDA for Q4 and full year.
Company-wide cost reduction plan launched in July to cut annual cash operating expenses by $13.5M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ALTISOURCE PORTFOLIO SOLUTIONS S.A. reported the second quarter 2023 results: revenue $33.2 million, net income $(18.9) million. Guidance initiated.

Period: the second quarter 2023
Revenue: $33.2 million
Net income: $(18.9) million
Guidance: initiated
Result: reported results

Exact text from the filing

Second Quarter 2023 Financial Results • Service revenue of $33.2 million • Loss before income taxes and non-controlling interests of $(18.2) million • Net loss attributable to Altisource of $(18.9) million • Adjusted EBITDA (2) of $(3.5) million

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Source: SEC EDGAR

accession 0001462418-23-000048

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