Life360 reports positive financial results for CY 2023

San Francisco area-based Life360, Inc. (Life360) (ASX: $360) has reported audited financial results for the quarter and year ended December 31, 2023. The company achieved a major milestone by delivering its first full year of positive Adjusted EBITDA and Operating Cash Flow. Life360 Co-founder and Chief Executive Officer Chris Hulls expressed pride in the company's achievement, highlighting the significant strides made in member experience and the reduction of net loss. The company also announced the creation of a new advertising revenue stream for CY24, offering partners unparalleled reach to its enormous free user base and more than 20 million daily active users.

Executive Commentary on CY23 Results and CY24 Outlook

Chris Hulls, Co-founder and Chief Executive Officer of Life360, expressed pride in the company's achievements in CY23, emphasizing the significant progress made towards profitability. He highlighted the company's commitment to balancing fiscal responsibility and prudent investment, resulting in YoY revenue growth of 33% and a reduction in net loss by $63.5 million from CY22. Hulls also outlined the company's ambitions for CY24, including the creation of a new advertising revenue stream and the pursuit of new value-added revenue streams. He emphasized the company's excitement about the potential of their investment in the core user experience and the scaling of their monthly active user base, expressing confidence in delivering an attractive platform to advertisers while maintaining a great user experience.

Summary of CY23 Financial Highlights and CY24 Outlook

Life360 delivered positive financial results for CY23, achieving a major milestone by delivering its first full year of positive Adjusted EBITDA and Operating Cash Flow. The company reported a YoY revenue growth of 33% and a reduction in net loss by $63.5 million from CY22. Looking forward to CY24, Life360 is pursuing new value-added revenue streams, including advertising, and expects consolidated revenue of $365-$375 million, positive Adjusted EBITDA of $30 million - $35 million, and a year-end cash balance of $80 million - $90 million. The company aims to continue being Adjusted EBITDA positive on a quarterly basis going forward and to achieve positive EBITDA in the first half of CY25. With a focus on broadening their reach and deepening engagement with their members, Life360 is optimistic about the future and the opportunities that lie ahead.