MARIN SOFTWARE INC

CIK:0001389002|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues, net	$ 4,282	$ 4,438	$ 12,358	$ 13,381
Cost of revenues	1,703	3,087	5,136	9,501
Gross profit	2,579	1,351	7,222	3,880
Operating expenses
Sales and marketing	1,091	1,482	3,384	5,442
Research and development	1,760	2,860	5,440	8,599
General and administrative	1,860	2,119	5,144	6,897
Total operating expenses	4,711	6,461	13,968	20,938
Loss from operations	(2,132)	(5,110)	(6,746)	(17,058)
Other income (expense), net	(176)	158	66	598
Loss before income taxes	(2,308)	(4,952)	(6,680)	(16,460)
Provision for income taxes	18	2	75	194
Net loss	(2,326)	(4,954)	(6,755)	(16,654)
Foreign currency translation adjustments	(45)	25	(40)	1
Comprehensive loss	$ (2,371)	$ (4,929)	$ (6,795)	$ (16,653)
Net loss per share basic (Note 7)	$ (0.74)	$ (1.66)	$ (2.19)	$ (5.7)
Net loss per share diluted (Note 7)	$ (0.74)	$ (1.66)	$ (2.19)	$ (5.7)
Weighted-average shares basic	3,135	2,985	3,089	2,920
Weighted-average shares diluted	3,135	2,985	3,089	2,920

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (6,755)	$ (16,654)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation of property and equipment	5	17
Amortization of internally developed software	0	1,278
Amortization of right-of-use assets	1,165	1,162
Amortization of deferred costs to obtain and fulfill contracts	267	277
Loss on disposals of property and equipment	0	2
Unrealized foreign currency losses	199	43
Stock-based compensation related to equity awards	957	2,594
Provision for credit losses	(7)	(388)
Deferred income tax benefits	(3)	0
Changes in operating assets and liabilities
Accounts receivable	113	872
Prepaid expenses and other assets	(235)	345
Accounts payable	(102)	21
Accrued expenses and other liabilities	(85)	(1,041)
Operating lease liabilities	(1,165)	(1,162)
Net cash used in operating activities	(5,646)	(12,634)
Investing activities:
Capitalization of internally developed software	0	(1,511)
Net cash used in investing activities	0	(1,511)
Financing activities:
Employee taxes paid for withheld shares upon equity award settlement	(116)	(199)
Proceeds from employee stock purchase plan, net	0	(3)
Net cash used in financing activities	(116)	(202)
Effect of foreign exchange rate changes on cash and cash equivalents	(13)	(13)
Net decrease in cash and cash equivalents	(5,775)	(14,360)
Cash and cash equivalents and restricted cash:
Beginning of period	11,363	27,957
End of the period	$ 5,588	$ 13,597

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,588	$ 11,363
Accounts receivable, net	3,661	3,864
Prepaid expenses and other current assets	1,479	1,548
Total current assets	10,728	16,775
Property and equipment, net	115	120
Right-of-use assets, operating leases	819	1,912
Other non-current assets	518	508
Total assets	12,180	19,315
Current liabilities:
Accounts payable	579	664
Accrued expenses and other current liabilities	2,089	2,099
Operating lease liabilities	819	1,518
Total current liabilities	3,487	4,281
Operating lease liabilities, non-current	0	394
Other long-term liabilities	1,015	1,001
Total liabilities	4,502	5,676
Commitments and contingencies (Note 9)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value - 10,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value - 47,619 shares authorized, 3,143 and 3,011 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	3	3
Additional paid-in capital	359,718	358,884
Accumulated deficit	(351,006)	(344,251)
Accumulated other comprehensive loss	(1,037)	(997)
Total stockholders’ equity	7,678	13,639
Total liabilities and stockholders’ equity	$ 12,180	$ 19,315