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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Restricted cash	$ 9,945		$ 9,945
Cash collateral	9,750		9,750
Interest reserve	195		$ 195
Percentage of cash held as collateral			100.00%
Provision for credit loss for accounts receivable	(12)	$ 140	$ 55	$ 140
Provision for credit loss for other receivable	0	$ 176	0	$ 913
Contract assets	0		0		$ 0
Deferred revenue current	$ 4,904		$ 4,904		4,577
Revenue recognized					$ 4,235	$ 3,666
Employee Stock Option
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ordinary shares excluded from computation of diluted net (loss) income per share		250,000
Nonvested restricted shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ordinary shares excluded from computation of diluted net (loss) income per share		6,782,962

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2025

LONG-TERM DEBT

LONG-TERM DEBT

6. LONG-TERM DEBT

The long-term debt as of December 31, 2024 and September 30, 2025 were as follows:


	As of December 31,		As of September 30,
	2024		2025
PNC Bank		—		9,750
Total long-term debt	$	—	$	9,750

On September 11, 2025, Moatable US Holdco, Inc., Lofty and Trucker Path (collectively, the “Borrowers”), each a wholly owned subsidiary of the Company entered into a senior secured credit facility with PNC Bank, National Association for an aggregate amount of up to $9.75 million, under which the Borrowers drew the full amount under the line on September 18, 2025. The credit facility bears interest at the Daily Simple SOFR plus 1.50%, plus a credit spread adjustment of 0.1%, and matures on October 31, 2026. The credit facility is 100% cash collateralized, with an interest reserve equal to three months of interest payments. The proceeds were used to fund a portion of the Company’s share repurchase of Class A ordinary shares (including Class A ordinary shares represented by ADSs) in the Offer commenced in September 2025. The amount drawn under the credit facility may be repaid at any time without penalty and does not permit reborrowing once repaid.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 22,049	$ 26,642
Restricted cash	9,945	5,280
Short-term investments		4,980
Accounts receivable, net	5,228	3,705
Amounts due from related party	$ 678	$ 663
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Prepaid expenses and other current assets, net	$ 2,950	$ 2,672
Total current assets	40,850	43,942
Non-current assets
Property and equipment, net	6,065	6,105
Intangible assets, net	3,223	1,927
Goodwill	4,840	2,658
Long-term investments	13,666	13,286
Right-of-use assets	1,430	1,340
Other non-current assets	306	210
Total non-current assets	29,530	25,526
TOTAL ASSETS	70,380	69,468
Current liabilities
Accounts payable	1,671	2,413
Accrued expenses and other current liabilities	16,930	13,615
Operating lease liabilities - current	584	473
Amounts due to related party	$ 639	$ 623
Other Liability, Current, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Deferred revenue	$ 4,904	$ 4,577
Income tax payable	1,498	1,889
Total current liabilities	26,226	23,590
Non-current liabilities
Operating lease liabilities - non-current	838	763
Deferred tax liabilities	378	354
Long-term debt	9,750
Other non-current liabilities	898
Total non-current liabilities	11,864	1,117
TOTAL LIABILITIES	38,090	24,707
Commitments and contingencies (Note 14)
Shareholders' equity
Treasury stock	(2,359)	(2,929)
Additional paid in capital	772,889	784,598
Accumulated deficit	(722,412)	(720,810)
Statutory reserves	6,712	6,712
Accumulated other comprehensive loss	(8,810)	(9,199)
Total Moatable, Inc. shareholders' equity	46,916	59,253
Non-controlling interest	(14,626)	(14,492)
Total equity	32,290	44,761
TOTAL LIABILITIES AND EQUITY	70,380	69,468
Class A Ordinary shares
Shareholders' equity
Ordinary shares	726	711
Class B Ordinary shares
Shareholders' equity
Ordinary shares	$ 170	$ 170

LONG-TERM INVESTMENTS - Additional information (Details) $ in Thousands, ¥ in Millions	1 Months Ended							3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2025 CNY (¥)	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CNY (¥)	Oct. 31, 2014 USD ($)	May 31, 2014 USD ($)	May 31, 2014 CNY (¥)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024
Equity method investments:
Share of income								$ 255	$ 165	$ 500	$ (133)
Revenues								20,425	16,686	57,701	45,998
Operating income								(1,452)	(571)	(1,980)	(2,791)
Net income								$ (1,291)	1,164	$ (1,602)	(2,411)
Fundrise, L.P.
Equity method investments:
Total consideration					$ 10,000
Ownership percentage	98.04%	98.04%						98.04%		98.04%		98.04%
Share of income								$ 165	165	$ 410	455
Beijing Fenghou Tianyuan Investment and Management Center L.P. (Tianyuan L.P.)
Equity method investments:
Total consideration						$ 1,385	¥ 10.0
Ownership percentage	12.38%	12.38%						12.38%		12.38%		12.38%
Share of income								$ 0	0	$ 0	0
Recognized an impairment loss								0	0	0	588
Cash dividends	$ 90	¥ 0.6
Suzhou Youge Interconnection Venture Capital Center
Equity method investments:
Total consideration			$ 697	¥ 5.0
Ownership percentage			2.98%	2.98%
Fundrise, L.P.
Equity method investments:
Revenues								178		502
Operating income								168		471
Net income								$ 168	$ 168	$ 418	$ 464

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Class A Ordinary shares
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized (in shares)	3,000,000,000	3,000,000,000
Ordinary shares, shares issued (in shares)	726,595,513	710,414,011
Ordinary shares, shares outstanding (in shares)	653,561,413	632,894,266
Class B Ordinary shares
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized (in shares)	500,000,000	500,000,000
Ordinary shares, shares issued (in shares)	170,258,970	170,258,970
Ordinary shares, shares outstanding (in shares)	170,258,970	170,258,970
Number of shares into which each Class B ordinary share is convertible	1	1

SHARE-BASED COMPENSATION - Summary of activity of stock options granted (Details)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of shares
Balance at the beginning of the period (in shares) \| shares	11,250,000
Balance at the end of the period (in shares) \| shares	11,250,000
Exercisable, at the end of the period (in shares) \| shares	3,750,000
Expected to vest, at the end of the period (in shares) \| shares	7,500,000
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 0.01
Balance at the end of the period (in dollars per share)	0.01
Exercisable, at the end of the period (in dollars per share)	0.01
Expected to vest, at the end of the period (in dollars per share)	$ 0.01
Stock options \| Trucker Path
Number of shares
Balance at the beginning of the period (in shares) \| shares	49,015
Balance at the end of the period (in shares) \| shares	49,015
Exercisable, at the end of the period (in shares) \| shares	41,115
Expected to vest, at the end of the period (in shares) \| shares	7,900
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 57.96
Balance at the end of the period (in dollars per share)	57.96
Exercisable, at the end of the period (in dollars per share)	55.04
Expected to vest, at the end of the period (in dollars per share)	73.05
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	28.23
Balance at the end of the period (in dollars per share)	$ 28.23
Renren stock options \| Lofty Inc
Number of shares
Balance at the beginning of the period (in shares) \| shares	46,748
Forfeited (in shares) \| shares	(194)
Balance at the end of the period (in shares) \| shares	46,554
Exercisable, at the end of the period (in shares) \| shares	38,928
Expected to vest, at the end of the period (in shares) \| shares	7,626
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 30.79
Forfeited (in dollars per share)	73.35
Balance at the end of the period (in dollars per share)	30.61
Exercisable, at the end of the period (in dollars per share)	29.26
Expected to vest, at the end of the period (in dollars per share)	37.48
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	18.21
Forfeited (in dollars per share)	33.48
Balance at the end of the period (in dollars per share)	$ 18.15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and with the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2025, and its results of operations for the three and nine months ended September 30, 2024 and 2025, and cash flows for the nine months ended September 30, 2024 and 2025. The condensed balance sheet at December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with audited consolidated financial statements and accompanying notes in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Principles of consolidation

The condensed consolidated financial statements of the Company include the financial statements of Moatable, Inc., its subsidiaries, its VIE and VIE’s subsidiaries. All inter-company transactions and balances are eliminated upon consolidation.

Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, valuation allowance for deferred income tax assets and probabilities associated with the potential for contingent consideration.

Business combination

In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Company applies a “screen test” that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

Transactions in which the acquired is considered a business are accounted for as a business combination as described below. Conversely, transactions not considered as business acquisition are accounted for as acquisition of assets and liabilities. In such transactions, the cost of acquisition is allocated proportionately to the acquired identifiable assets and liabilities, based on their proportionate fair value on the acquisition date. In an assets acquisition, no goodwill is recognized on the acquisition date.

Business combinations are recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling interests of the acquiree at the acquisition date, if any, are measured at their fair values as of the acquisition date. Goodwill is recognized and measured as the excess of the total consideration transferred plus the fair value of any non-controlling interest of the acquiree and fair value of previously held equity interest in the acquiree, if any, at the acquisition date over the fair values of the identifiable net assets acquired. Common forms of the consideration made in acquisitions include cash and common equity instruments. Consideration transferred in a business acquisition is measured at the fair value as of the date of acquisition. Acquisition-related expenses and restructuring costs are expensed as incurred.

For acquisitions involving additional consideration to be transferred to the selling parties in the event certain future events occur or conditions are met (“contingent consideration”), the Company recognizes the acquisition date fair value of contingent consideration as part of the consideration transferred in exchange for the business combination. The Company determines the acquisition date fair value of contingent consideration using a scenario-based method under which a set of payoffs are calculated using the term of the earnout, projections, and an appropriate metric risk premium. These payoffs are then discounted back from the payment date to the valuation date using a payment discount rate. Finally, the discounted payments are summed together to arrive at the value of the contingent consideration. The scenario-based method incorporates the following key assumptions: (i) the forecasted achievement against certain operational metrics, (ii) the remaining contractual term, (iii) a metric risk premium, and (iv) a payment discount rate. The fair value measurement includes revenue forecasts which are a Level 3 measurement as defined in ASC Topic 820, Fair Value Measurement. The fair value of the contingent consideration is reviewed quarterly over the earn-out period to compare actual revenue earned to the estimated revenue used in the forecasts. Changes in the estimated fair value of the contingent consideration, up to the total contractual amount, are reflected in the results of operations in the periods in which they are identified. Changes in the fair value of the contingent consideration may materially impact and cause volatility in the Company’s future operating results.

Fair value

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

Level 1-inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets.

Level 2-inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3-inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

Cash and cash equivalents

Cash and cash equivalents generally consist of cash and highly liquid investments with an original maturity of three months or less. The Company acts as an agent for its property management clients in managing specific cash and cash equivalents. These amounts are excluded from the accompanying consolidated balance sheets.

Restricted Cash

On August 28, 2023, the Company entered into an Escrow Agreement with U.S. Bank National Association to enhance directors and officers’ insurance coverage. The escrow account with U.S. Bank was closed in September 2025. As of September 30, 2025, the Company had $9,945 restricted cash, consisting of $9,750 which is 100% cash collateralized for the credit facility and was used to fund a portion of the Company’s share purchases of its Class A ordinary shares (including Class A ordinary shares represented by ADSs) in the Offer (as defined below), and an additional $195 deposited as an interest reserve.

Long-term debt

Long-term debt represents the Company’s borrowing from PNC Bank, National Association to fund a portion of the Company’s share repurchase in the Offer commenced in September 2025 with maturity term longer than one year.

Accounts receivable

Accounts receivable are stated at the original amount less a provision for credit loss. Accounts receivable are recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional.

Provision for credit loss

In accordance with Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses, the Company evaluates its accounts receivable, and other current receivable included in other current assets for expected credit losses on a regular basis. The Company maintains an estimated provision for credit losses to reduce its receivables to the amount that it believes will be collected. The Company considers factors in assessing the collectability of its receivables, such as the age of the amounts due, the customer’s payment history, credit-worthiness, current market conditions, reasonable and supportable forecasts of future economic conditions, and other specific circumstances related to the accounts. The Company determines to use aging schedule method in combination with current situation adjustment as the current expected credit losses (CECL) model to estimate the provision for credit loss. The Company adjusts the provision percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the receivables are likely to be unrecoverable, the Company also makes a specific provision in the period in which a loss is determined to be probable. Receivable balances are written off after all collection efforts have been exhausted. For the three months ended September 30, 2024 and 2025, the Company recorded $140 and reversed $12 provision for credit loss for accounts receivable, respectively and $176 and nil provision for credit loss for other receivable, respectively. For the nine months ended September 30, 2024 and 2025, the Company recorded $140 and $55 provision for credit loss for accounts receivable, respectively, and $913 and nil provision for credit loss for other receivable, respectively.

Revenue recognition

The Company recognizes revenue when control of the good or service has been transferred to the customer, generally upon delivery to a customer. The contracts have a fixed contract price and revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company collects sales taxes and value-added taxes from customers on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in revenues and cost of revenues. The Company generally expenses sales commissions when incurred because the amortization period is less than one year. These costs are recorded within selling and marketing expenses. The Company does not have any significant financing payment terms as payment is received at or shortly after the point of sale.

Revenue from Contracts with Customers (“ASC 606”) prescribes a five-step model that includes: (1) identify the contract; (2) identify the performance obligations; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) performance obligations are satisfied.

The Company generated the majority of revenue from SaaS services.

SaaS revenue: SaaS revenue mainly includes the revenue generated from (1) subscription services, (2) advertising services provided by Lofty and Trucker Path, and (3) other SaaS revenue. The Company recognizes revenue for subscription services over the life of the subscription. For Lofty’s advertising service, the Company acts as an agent to place advertisements on third-party websites or platforms. For Trucker Path’s advertising service, the Company acts as principal to place advertisements on Trucker Path’s platform. The Company recognizes revenue for advertising services over the advertising periods.

Other services: Other services mainly include revenue from the provision of back-office services to Oak Pacific Investment (“OPI”) and revenue from non-recurring sources. The Company provides back-office services including accounting, legal, and business-related consulting services, which is a single performance obligation provided over the contract periods with pre-determined stand-alone selling price. The Company recognizes revenue over the contract periods.

The following tables disaggregate revenue by subscription, advertising, and other services:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Lofty
Subscription services	$	8,442	$	8,709	$	24,001	$	25,865
Advertising services		386		412		1,120		1,217
Other SaaS services		388		935		535		2,680
Subtotal	$	9,216	$	10,056	$	25,656	$	29,762
Trucker Path
Subscription services	$	6,823	$	9,786	$	18,695	$	26,385
Advertising services		398		456		1,279		1,252
Other SaaS services		204		90		242		184
Subtotal	$	7,425	$	10,332	$	20,216	$	27,821
Other operations
Other services	$	45	$	37	$	126	$	118
Total revenues	$	16,686	$	20,425	$	45,998	$	57,701

Contract balances: Timing of revenue recognition may differ from the timing of invoicing to customers. A contract asset is recorded when the Company has transferred services to the customer before payment is received or is due, and the Company’s right to consideration is conditional on future performance or other factors in the contract. There were no contract assets recorded as of December 31, 2024 and September 30, 2025.

Deferred revenue mainly represents payments received from customers related to unsatisfied performance obligations for SaaS. The Company’s total deferred revenue was $4,577 and $4,904 as of December 31, 2024 and September 30, 2025, respectively, which is substantially recognized as revenue within one year. The amount of revenue recognized during the nine months ended September 30, 2024 and 2025 that was previously included in the deferred revenue as of December 31, 2023 and 2024 was $3,666 and $4,235 respectively.

Income (loss) per share

Income (loss) per share

Basic income (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Diluted income (loss) per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Company had stock options and non-vested restricted shares, which could potentially dilute basic earnings per share in the future. All stock options and nonvested restricted shares in the diluted loss per ordinary share computation were excluded in periods of loss for the nine months ended September 30, 2024 and for the three and nine months ended September 30, 2025, as their impact is anti-dilutive. 250,000 stock options and 6,782,962 nonvested restricted shares in the diluted income per ordinary share computation were excluded for the three months ended September 30, 2024 because their inclusion would have been anti-dilutive.

Recent accounting pronouncements

Recent accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Company adopted the new disclosures for the annual periods beginning on January 1, 2025. The Company will include the applicable and relevant required disclosures in the Income Taxes footnote in the Form 10-K for the year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures about an entity’s expenses including more detailed information about the types of expenses in commonly presented expense captions. At each interim and annual reporting period, entities will disclose in tabular format disaggregating information about prescribed categories underlying relevant income statement captions, as well as the total amount of selling expense and a description of the composition of its selling expense. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. Public business entities are required to adopt the ASU prospectively. However, public business entities are permitted to apply the amendments in the ASU retrospectively. In January 2025, the FASB issued ASU 2025 - 01 to clarify the effective date of ASU 2024 - 03 (Expense Disaggregation Disclosures). The amendment confirms that all public business entities must adopt ASU 2024 - 03 in annual periods beginning after December 15, 2026, and in interim periods beginning after December 15, 2027, addressing ambiguity for non - calendar year - end entities. Early adoption of ASU 2024 - 03 remains allowed. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statement.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The amendments in ASU 2025-05 provide entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”) by allowing the assumption that current conditions as of the balance sheet date will not change during the remaining life of the asset. ASU 2025-05 is effective for the Company for its for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact ASU 2025-05 will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. Therefore, an entity is required to start capitalizing software costs when both of the following occur: Management has authorized and committed to funding the software project. It is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to complete recognition threshold”). In evaluating the probable-to-complete recognition threshold, an entity is required to consider whether there is significant uncertainty associated with the development activities of the software (referred to as “significant development uncertainty”). The two factors to consider in determining whether there is significant development uncertainty are whether: The software being developed has technological innovations or novel, unique, or unproven functions or features, and the uncertainty related to those technological innovations, functions, or features, if identified, has not been resolved through coding and testing. The entity has determined what it needs the software to do (for example, functions or features), including whether the entity has identified or continues to substantially revise the software’s significant performance requirements. The amendments in this Update specify that the disclosures in Subtopic 360 10, Property, Plant, and Equipment—Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements. Additionally, the amendments clarify that the intangibles disclosures in paragraphs 350-30-50-1 through 50-3 are not required for capitalized internal-use software costs. Furthermore, the amendments in this Update supersede the website development costs guidance and incorporate the recognition requirements for website-specific development costs from Subtopic 350-50 into Subtopic 350-40. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

Recently issued ASUs by the FASB, except for the ones mentioned above, have no material impact on the Company’s consolidated results of operations or financial position.

SHARE-BASED COMPENSATION - Summary of Nonvested restricted shares activity (Details) - Nonvested restricted shares	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Nonvested restricted shares
Outstanding at the beginning of the period (in shares)	2,493,075
Vested (in shares)	(763,335)
True-up (in shares)	11,520
Forfeited (in shares)	(30)
Outstanding at the end of the period (in shares)	1,741,230
Weighted average fair value per ordinary share at the grant dates
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 0.03
Vested (in dollars per share) \| $ / shares	0.03
Forfeited (in dollars per share) \| $ / shares	0.1
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 0.03

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amount due to related parties (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Amounts due to related parties
Total	$ 639	$ 623
Infinities
Amounts due to related parties
Total	$ 639	$ 623

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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+ Details

ORDINARY SHARES (Tables)

9 Months Ended

Sep. 30, 2025

ORDINARY SHARES

Schedule of repurchase activity under the stock repurchase program

The following table sets forth repurchase activity under the Stock Repurchase Program for the nine months ended September 30, 2025 (amount in thousands, except share and per share amounts):


				Approximate Dollar
				Value of ADSs That		Approximate Dollar
				Purchased as		Value of ADSs That
				Part of Publicly		May Yet Be
	Total Number of	Average Price Paid		Announced		Purchased Under
	ADSs Purchased	Per ADS		Programs		the Programs
Periods
January 2025:
Open market purchases	29,667	$	1.71	$	50	$	3,104
February 2025:
Open market purchases	4,053	$	1.76	$	7	$	3,097
May 2025
Open market purchases	7,066	$	1.02	$	7	$	3,090
June 2025
Open market purchases	20,393	$	1.06	$	22	$	3,068
July 2025
Open market purchases	9,672		1.26		13		3,055
August 2025
Open market purchases	2,488		1.81		5		3,050
Total	73,339			$	104

ORDINARY SHARES (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 05, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Oct. 13, 2023

Nov. 07, 2022

ORDINARY SHARES

Dividends declared (in dollars per share)

$ 0.01346

Authorized stock repurchased

$ 104,000

Repurchase of ordinary shares

12,160

73,339

231,019

Change of shares withheld for payroll taxes into treasury stock

$ 400

$ 300

$ 674,000

True-up adjustment of treasury stock (in shares)

7,816,005

Special dividend

ORDINARY SHARES

Dividends payable declared date

Mar. 05, 2025

Dividends declared (in dollars per share)

$ 0.01346

Dividends payable, date of record

Mar. 17, 2025

Dividends cash

$ 11,000,000

Dividends payable date to be paid

Mar. 27, 2025

Maximum

ORDINARY SHARES

Authorized stock repurchased

$ 15,000,000

Change of shares withheld for payroll taxes into treasury stock

$ 1,000

Minimum

ORDINARY SHARES

Authorized stock repurchased

$ 10,000,000

Class A Ordinary shares

ORDINARY SHARES

Ordinary shares, par value (in dollars per share)

$ 0.001

Number of Ordinary shares in an ADS

Change of shares withheld for payroll taxes as treasury stock (in shares)

10,980

9,450

9,675

7,809,660

True-up adjustment of ordinary shares (in shares)

15,418,167

Ordinary shares, shares issued (in shares)

726,595,513

710,414,011

Ordinary shares, shares outstanding (in shares)

653,561,413

632,894,266

Class A Ordinary shares | Board of Directors

ORDINARY SHARES

Number of Ordinary shares in an ADS

Class A Ordinary shares | Common Stock

ORDINARY SHARES

Exercise of share option and restricted shares vesting (in shares)

255,420

^[1]

251,370

^[1]

256,545

^[1]

512,235

5,207,580

96,104,340

763,335

101,824,155

True-up adjustment of ordinary shares (in shares)

15,418,167

Class A Ordinary shares | Stock Repurchase

ORDINARY SHARES

Stock issued during period value repurchase of open market shares

$ 18,000

$ 0

$ 104,000

$ 187,000

Stock issued during period share repurchase of open market shares

547,200

3,300,255

10,395,855

Weighted average price of repurchased shares

$ 1.43

$ 0

$ 1.39

$ 0.81

Class A Ordinary shares | Stock Repurchase | Board of Directors

ORDINARY SHARES

Authorized stock repurchased

$ 10,000,000

Ordinary shares, par value (in dollars per share)

$ 0.001

ADS

ORDINARY SHARES

Change of shares withheld for payroll taxes as treasury stock (in shares)

244

210

215

173,548

Change of shares withheld for payroll taxes into treasury stock at a weighted average price per share

$ 1.59

$ 1.46

$ 1.53

$ 3.89

ADS | Special dividend

ORDINARY SHARES

Dividends declared (in dollars per share)

$ 0.6057

[1]	The amount of Class A Ordinary shares is less than one thousand dollars.

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Accrued expenses and other current liabilities	$ 16,930			$ 13,615	$ 15,135
Total current liabilities	26,226			23,590	26,377
Total liabilities	38,090			24,707	27,486
Accumulated deficit	(722,412)			(720,810)	(721,084)			$ (718,673)
Total Moatable, Inc. shareholders' equity	46,916			59,253	59,296
Total equity	$ 32,290	$ 33,772	$ 32,796	$ 44,761	45,020	$ 44,232	$ 44,092	45,713
As reported
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Accrued expenses and other current liabilities					11,842
Total current liabilities					23,084
Total liabilities					24,193
Accumulated deficit					(717,791)			(716,315)
Total Moatable, Inc. shareholders' equity					62,589
Total equity					48,313
Adjustments
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Accrued expenses and other current liabilities					3,293
Total current liabilities					3,293
Total liabilities					3,293
Accumulated deficit					(3,293)			$ (2,358)
Total Moatable, Inc. shareholders' equity					(3,293)
Total equity					$ (3,293)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Change of shares withheld for payroll taxes on restricted shares into treasury stock

^[1]

$ 674,000

Change of shares withheld for payroll taxes into treasury stock

$ 400

$ 300

$ 674,000

Maximum

Change of shares withheld for payroll taxes into treasury stock

$ 1,000

[1]	For the nine months ended September 30, 2025, the amount of Treasury stock is less than one thousand dollars.

LONG-TERM INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

LONG-TERM INVESTMENTS

Schedule of long-term investments

Long-term investments consisted of the following (in thousands):


		As of December 31,		As of September 30,
	Note	2024		2025
Equity method investments:
Fundrise, L.P.	(i)	$	13,129	$	13,539
Other	(ii)		—		—
Total equity method investments		$	13,129	$	13,539

Equity investment with readily determinable fair values:
Kaixin Holdings		$	57	$	27

Equity investment without readily determinable fair values:
Suzhou Youge Interconnection Venture Capital Center	(iii)	$	—	$	—
Home Solutions US corporation			100		100
Total equity investments without readily determinable fair values		$	100	$	100

Total long-term investments		$	13,286	$	13,666

(i)

In October 2014, the Company entered into an agreement to purchase limited partnership interest of Fundrise, L.P. for a total consideration of $10,000. The Company held 98.04% equity interest as limited partner as of December 31, 2024 and September 30, 2025 and recognized its share of income of $165 and $165 for the three months ended September 30, 2024 and 2025, and share of income of $455 and $410 for the nine months ended September 30, 2024 and 2025, respectively.

For the three and nine months ended September 30, 2025, Fundrise, L.P. reported revenue of $178 and $502, and operating income of $168 and $471, respectively. The net income of Fundrise, L.P. for the three months ended September 30, 2024 and 2025 was $168 and $168, of which $165 and $165 were attributable to the Company, respectively. The net income of Fundrise, L.P. for the nine months ended September 30, 2024 and 2025 was $464 and $418, of which $455 and $410 were attributable to the Company, respectively.

(ii)

In May 2014, the Company entered into an agreement to purchase limited partnership interest of Beijing Fenghou Tianyuan Investment and Management Center L.P. for a total consideration of $1,385 (RMB10 million). The Company held 12.38% partnership interest as of December 31, 2024 and September 30, 2025 and did not recognize share of income for the three and nine months ended September 30, 2024 and 2025, respectively. For the three and nine months ended September 30, 2024, the Company recognized an impairment loss of nil and $588, respectively, and no impairment loss for the same periods in fiscal year 2025. Beijing Fenghou Tianyuan Investment and Management Center L.P. distributed dividends in cash of $90 (RMB0.6 million) to the Company in September 2025.

(iii)

In June 2016, the Company entered into an agreement to purchase limited partnership interest of Suzhou Youge for a total consideration of $697 (RMB5 million) and held 2.98% equity interest. The Company acts as “General Partner” of Suzhou Youge, L.P. As of December 31, 2024, the Company recognized full impairment on this long-term investment.

SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2025

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

9. SHARE-BASED COMPENSATION

Moatable, Inc. Stock options

The following table summarizes information with respect to share options outstanding as of September 30, 2025:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

Range of exercise prices

outstanding

life

price

value

exercisable

life

price

value

0.01

11,250,000

8.74

0.01

0.05

3,750,000

8.74

0.01

0.05

11,250,000

0.05

3,750,000

0.05


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2024	11,250,000	$	0.01

Balance, September 30, 2025	11,250,000	$	0.01

Exercisable, September 30, 2025	3,750,000	$	0.01

Expected to vest, September 30, 2025	7,500,000	$	0.01

Share-based compensation is based on the fair value on the grant dates or the modification date over the requisite service period of award using the straight-line method.

For employee stock options, the Company recorded share-based compensation of nil and $10 for the three months ended September 30, 2024 and 2025, and $250 and $30 for the nine months ended September 30, 2024 and 2025, respectively, based on the fair value on the grant dates over the requisite service period of award using the straight-line method.

For the three and nine months ended September 30, 2024 and 2025, there was no share-based compensation recorded for non-employee options.

As of September 30, 2025, there was $109 unrecognized share-based compensation expense relating to share options. This amount is expected to be recognized over a weighted - average vesting period of 2.67 years.

Moatable, Inc. Nonvested restricted shares

A summary of the nonvested restricted shares activity is as follows:


		Weighted
		average fair
		value
	Nonvested	per ordinary
	restricted	share at the
	shares	grant dates
Outstanding as of December 31, 2024	2,493,075	$	0.03

Vested	(763,335)	$	0.03
True-up	11,520		—
Forfeited	(30)	$	0.10

Outstanding as of September 30, 2025	1,741,230	$	0.03

The Company recorded compensation expenses based on the fair value of nonvested restricted shares on the grant dates over the requisite service period of award using the straight-line vesting attribution method. The fair value of the nonvested restricted shares on the grant date was the closing market price of the ordinary shares as of the date. The Company recorded compensation expenses related to nonvested restricted shares of $164 and $18 for the three months ended September 30, 2024 and 2025, and $1,261 and $56 for the nine months ended September 30, 2024 and 2025, respectively.

Total unrecognized compensation expense amounting to $53 related to nonvested restricted shares granted as of September 30, 2025. The expense is expected to be recognized over a weighted-average period of 1.65 years.

Equity Incentive Plan of Lofty, Inc. and Trucker Path, Inc.

On July 13, 2020, Lofty, Inc. and Trucker Path, Inc. adopted equity incentive plans, whereby, after adjustment for a 1:200 reverse stock split, 150,000 ordinary shares of Lofty, Inc. (“2020 Lofty Plan”) and 150,000 ordinary shares of Trucker Path, Inc. (“2020 Trucker Path Plan”) are made available for future grant for employees or consultants of Lofty and Trucker Path, respectively, either in the form of incentive share options or restricted shares. On November 4, 2021, Lofty, Inc. and Trucker Path, Inc. approved the adoption of their 2021 equity incentive plans, whereby 25,000 ordinary shares of Lofty, Inc. (“2021 Lofty Plan”) and 25,000 ordinary shares of Trucker Path, Inc. (“2021 Trucker Path Plan”) are made available for future grant for employees or consultants of Lofty and Trucker Path, respectively, either in the form of incentive share options or restricted shares.

The term of the options may not exceed ten years from the date of the grant. The awards under the above plans are subject to vesting schedules ranging from immediately upon grant to four years subsequent to grant date.

For the three and nine months ended September 30, 2024, Lofty granted an aggregate of 7,800 options under 2021 Lofty Plan to Joseph Chen, the chairman and the chief executive of the Company, and Grant Moon, a director of the Company, as compensation for their service. The weighted average grant-date fair value of the options granted during the period presented was $25.20 per option. 25% of these options will vest on the yearly anniversary of the vesting commencement date for a total of four years, subject to the option holder’s continuous service as of each such date.

For the three and nine months ended September 30, 2024, Trucker Path granted an aggregate of 7,800 options under 2021 Trucker Path Plan to Joseph Chen, the chairman and the chief executive of the Company, and Grant Moon, a director of the Company, as compensation for their service. The weighted average grant-date fair value of the options granted during the period presented was $14.77 per option. 25% of these options will vest on the yearly anniversary of the vesting commencement date for a total of four years, subject to the option holder’s continuous service as of each such date.

The Company recorded share-based compensation expense for Lofty and Trucker Path for the three and nine months ended September 30, 2024 and 2025 as follows, based on the fair value on the grant dates over the requisite service period of award using the straight-line method (in thousands).


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Lofty	$	45	$	53	$	138	$	189
Trucker Path	$	65	$	84	$	200	$	264

As of September 30, 2025 there were $227 and $261 unrecognized share-based compensation expense relating to share options of Lofty Plan and Trucker Path Plan, respectively. This amount is expected to be recognized over a weighted-average vesting period of 2.47 and 2.21 years for Lofty Plan and Trucker Path Plan, respectively.

The following table summarizes information with respect to share options outstanding of Lofty as of September 30, 2025:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Range of

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

value

exercisable

life

price

value

6.00, 33.48 and 73.35

46,554

6.34

30.61

35.11

38,928

5.95

29.26

40.14

46,554

35.11

38,928

40.14



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2024	46,748	$	30.79	$	18.21
Forfeited	(194)	$	73.35	$	33.48
Balance, September 30, 2025	46,554	$	30.61	$	18.15
Exercisable, September 30, 2025	38,928	$	29.26
Expected to vest, September 30, 2025	7,626	$	37.48

The following table summarizes information with respect to share options outstanding of Trucker Path as of September 30, 2025:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

Weighted

remaining

average

Range of

Number

contractual

exercise

average

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

intrinsic value

exercisable

life

price

value

4.00, 64.70 and 133.00

49,015

6.41

57.96

34.50

41,115

5.99

55.04

41.13

49,015

34.50

41,115

41.13


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2024	49,015	$	57.96	$	28.23

Balance, September 30, 2025	49,015	$	57.96	$	28.23
Exercisable, September 30, 2025	41,115	$	55.04
Expected to vest, September 30, 2025	7,900	$	73.05

The total amount of share-based compensation expense for options and nonvested restricted shares of the Company, Lofty and Trucker Path, attributable to selling and marketing, research and development, general and administrative expenses are as follows (in thousands):


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Selling and marketing	$	34	$	30	$	116	$	78
Research and development		85		18		497		57
General and administrative		155		117		986		404
Total share-based compensation expense	$	274	$	165	$	1,599	$	539

There was no income tax benefit recognized in the statements of operations for share-based compensation for the three and nine months ended September 30, 2024 and 2025.

OPERATING LEASES

9 Months Ended

Sep. 30, 2025

OPERATING LEASES

OPERATING LEASES

7. OPERATING LEASES

The Company leases its facilities and offices under non-cancellable operating lease agreements. These leases are renewable upon negotiation.

For the three months ended September 30, 2024 and 2025, cash paid for amounts included in the measurement of lease liabilities was $143 and $141, respectively. For the nine months ended September 30, 2024 and 2025, cash paid for amounts included in the measurement of lease liabilities was $388 and $564, respectively.

The operating lease cost and short-term lease cost for the three and nine months ended September 30, 2024 and 2025 were as follows (in thousands):


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Selling expenses	$	22	$	24	$	61	$	71
Research and development expenses		170		219		375		631
General and administrative expenses		21		28		54		70
Total operating lease cost		213		271		490		772

Short-term lease cost		22		46		82		71

Total lease cost	$	235	$	317	$	572	$	843

The weighted average remaining lease term as of December 31, 2024 and September 30, 2025 was 3.73 and 3.07 years, respectively, and the weighted average discount rate of the operating leases was 5.08% and 3.75%, respectively.

Maturities of lease liabilities as of September 30, 2025 were as follows (in thousands):


	Operating Lease
Remainder of 2025	$	149
2026		645
2027		499
2028		48
2029		41
After		133
Total undiscounted lease payment		1,515
Less: Imputed interest		(93)
Present value of lease liabilities	$	1,422

OPERATING LEASES - Operating lease cost and short-term lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
OPERATING LEASES
Cash paid for amounts included in the measurement of lease liabilities	$ 141	$ 143	$ 564	$ 388
Total operating lease cost	271	213	772	490
Short-term lease cost	46	22	71	82
Total lease cost	$ 317	235	$ 843	572
Weighted average remaining lease term	3 years 25 days		3 years 25 days		3 years 8 months 23 days
Weighted average discount rate of operating leases	3.75%		3.75%		5.08%
Selling expenses
OPERATING LEASES
Total operating lease cost	$ 24	22	$ 71	61
Research and development expenses
OPERATING LEASES
Total operating lease cost	219	170	631	375
General and administrative expenses
OPERATING LEASES
Total operating lease cost	$ 28	$ 21	$ 70	$ 54

LONG-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
LONG-TERM INVESTMENTS
Total equity method investments	$ 13,539	$ 13,129
Equity investment without readily determinable fair values	100	100
Total long-term investments	13,666	13,286
Fundrise, L.P.
LONG-TERM INVESTMENTS
Total equity method investments	13,539	13,129
Kaixin Auto Holdings
LONG-TERM INVESTMENTS
Equity investment with readily determinable fair values	27	57
Home Solutions US corporation
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair values	$ 100	$ 100

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478297/946-220-50-3

+ Details

STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
STATUTORY RESERVE AND RESTRICTED NET ASSETS
Percentage of after-tax profits required to be allocated to general reserve			10.00%
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries and VIE'S shall be transferred			50.00%
Appropriation of reserves of PRC subsidiaries	$ 0	$ 0	$ 0	$ 0
Aggregate amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution	$ 8,324		$ 8,324		$ 8,455

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2025


	Name	Relationship
(a)	Infinities Technology (Cayman) Holding Limited (“Infinities”)	Equity investment of the Company
(b)	Oak Pacific Investment (“OPI”) and its subsidiaries	An entity controlled together by chief executive officer and one of our independent board member, and its subsidiaries.

Schedule of amount due from related party

As of December 31, 2024 and September 30, 2025 amounts due from related party was as follows (in thousands):


	Note	As of December 31, 2024		As of September 30, 2025
Infinities	(i)		650		666
OPI and its subsidiaries			13		12
Total		$	663	$	678

(i)

The balance represents the receivable from Infinities in connection with the disposition of the SNS business. In November 2018, the Company’s Board of Directors approved a proposal for the sale of its SNS Business to Beijing Infinities for a combined consideration of $20,000 in cash and $40,000 in the form of Beijing Infinities shares to be issued to the Company. The Company collected $6,866 in 2019, however, by December 31, 2019, Beijing Infinities failed to make payments under the agreed extended repayment plan. Based on assessment of the collectability, the Company provided an allowance of $12,408 for the receivable. Additionally, the shares receivable in the form of Infinites Technology (Cayman) Holding Limited, which is the holding company of Beijing Infinities, were received as of December 31, 2020 and were recorded as long-term investments in the consolidated balance sheets as of December 31, 2020.

Schedule of amount due to related party

As of December 31, 2024 and September 30, 2025 amounts due to related party was as follows (in thousands):


	As of December 31, 2024		As of September 30, 2025
Infinities	$	623	$	639
Total	$	623	$	639

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS - Condensed Consolidated Statement of Operations and Comprehensive income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Selling and marketing	$ 5,476	$ 4,964	$ 15,639	$ 13,926
Total operating expenses	16,595	13,204	44,830	37,920
Loss from operations	(1,452)	(571)	(1,980)	(2,791)
Income (loss) before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax	(1,321)	400	(1,384)	(2,688)
Income (loss) before income (loss) in equity method investments and non-controlling interest, net of tax	(1,785)	1,004	(2,689)	(2,320)
Net income (loss)	(1,530)	1,169	(2,189)	(2,453)
Net Income (Loss)	(1,291)	1,164	(1,602)	(2,411)
Comprehensive income (loss)	(1,629)	1,187	(1,800)	(2,477)
Comprehensive income (loss) attributable to Moatable Inc.	$ (1,390)	$ 1,181	$ (1,213)	$ (2,552)
Net income (loss) per share attributable to Moatable Inc. shareholders:
Basic (in dollars per share)	$ (0.002)	$ 0.001	$ (0.002)	$ (0.003)
Diluted (in dollars per share)	$ (0.002)	$ 0.001	$ (0.002)	$ (0.003)
As reported
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Selling and marketing		$ 4,628		$ 12,991
Total operating expenses		12,868		36,985
Loss from operations		(235)		(1,856)
Income (loss) before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax		736		(1,753)
Income (loss) before income (loss) in equity method investments and non-controlling interest, net of tax		1,340		(1,385)
Net income (loss)		1,505		(1,518)
Net Income (Loss)		1,500		(1,476)
Comprehensive income (loss)		1,523		(1,542)
Comprehensive income (loss) attributable to Moatable Inc.		$ 1,517		$ (1,617)
Net income (loss) per share attributable to Moatable Inc. shareholders:
Basic (in dollars per share)		$ 0.002		$ (0.002)
Diluted (in dollars per share)		$ 0.002		$ (0.002)
Adjustments
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Selling and marketing		$ 336		$ 935
Total operating expenses		336		935
Loss from operations		(336)		(935)
Income (loss) before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax		(336)		(935)
Income (loss) before income (loss) in equity method investments and non-controlling interest, net of tax		(336)		(935)
Net income (loss)		(336)		(935)
Net Income (Loss)		(336)		(935)
Comprehensive income (loss)		(336)		(935)
Comprehensive income (loss) attributable to Moatable Inc.		$ (336)		$ (935)
Net income (loss) per share attributable to Moatable Inc. shareholders:
Basic (in dollars per share)		$ (0.001)		$ (0.001)
Diluted (in dollars per share)		$ (0.001)		$ (0.001)

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2025

SHARE-BASED COMPENSATION

Summary of information with respect to share options outstanding

The following table summarizes information with respect to share options outstanding as of September 30, 2025:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

Range of exercise prices

outstanding

life

price

value

exercisable

life

price

value

0.01

11,250,000

8.74

0.01

0.05

3,750,000

8.74

0.01

0.05

11,250,000

0.05

3,750,000

0.05

The following table summarizes information with respect to share options outstanding of Lofty as of September 30, 2025:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Range of

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

value

exercisable

life

price

value

6.00, 33.48 and 73.35

46,554

6.34

30.61

35.11

38,928

5.95

29.26

40.14

46,554

35.11

38,928

40.14

The following table summarizes information with respect to share options outstanding of Trucker Path as of September 30, 2025:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

Weighted

remaining

average

Range of

Number

contractual

exercise

average

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

intrinsic value

exercisable

life

price

value

4.00, 64.70 and 133.00

49,015

6.41

57.96

34.50

41,115

5.99

55.04

41.13

49,015

34.50

41,115

41.13

Summary of the activity of the stock options granted


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2024	11,250,000	$	0.01

Balance, September 30, 2025	11,250,000	$	0.01

Exercisable, September 30, 2025	3,750,000	$	0.01

Expected to vest, September 30, 2025	7,500,000	$	0.01



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2024	46,748	$	30.79	$	18.21
Forfeited	(194)	$	73.35	$	33.48
Balance, September 30, 2025	46,554	$	30.61	$	18.15
Exercisable, September 30, 2025	38,928	$	29.26
Expected to vest, September 30, 2025	7,626	$	37.48


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2024	49,015	$	57.96	$	28.23

Balance, September 30, 2025	49,015	$	57.96	$	28.23
Exercisable, September 30, 2025	41,115	$	55.04
Expected to vest, September 30, 2025	7,900	$	73.05

Summary of the nonvested restricted shares activity


		Weighted
		average fair
		value
	Nonvested	per ordinary
	restricted	share at the
	shares	grant dates
Outstanding as of December 31, 2024	2,493,075	$	0.03

Vested	(763,335)	$	0.03
True-up	11,520		—
Forfeited	(30)	$	0.10

Outstanding as of September 30, 2025	1,741,230	$	0.03

Summary of service period of award using the straight-line method


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Lofty	$	45	$	53	$	138	$	189
Trucker Path	$	65	$	84	$	200	$	264

Summary of share-based compensation attributable to selling and marketing, research and development and general and administrative expenses of the discontinued operations


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Selling and marketing	$	34	$	30	$	116	$	78
Research and development		85		18		497		57
General and administrative		155		117		986		404
Total share-based compensation expense	$	274	$	165	$	1,599	$	539

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of disaggregated revenue


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Lofty
Subscription services	$	8,442	$	8,709	$	24,001	$	25,865
Advertising services		386		412		1,120		1,217
Other SaaS services		388		935		535		2,680
Subtotal	$	9,216	$	10,056	$	25,656	$	29,762
Trucker Path
Subscription services	$	6,823	$	9,786	$	18,695	$	26,385
Advertising services		398		456		1,279		1,252
Other SaaS services		204		90		242		184
Subtotal	$	7,425	$	10,332	$	20,216	$	27,821
Other operations
Other services	$	45	$	37	$	126	$	118
Total revenues	$	16,686	$	20,425	$	45,998	$	57,701

LONG-TERM DEBT - Outstanding (Details) $ in Thousands	Sep. 30, 2025 USD ($)
LONG-TERM DEBT
Total long-term debt	$ 9,750
PNC Bank
LONG-TERM DEBT
Total long-term debt	$ 9,750

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Foreign currency translation, income taxes	$ 0	$ 0	$ 0	$ 0

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($)	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Dividends declared (in dollars per share)			$ 0.01346
Maximum
Change of shares withheld for payroll taxes into treasury stock	$ 1,000	$ 1,000	$ 1,000
Exercise of share option and restricted shares vesting	$ 1,000	$ 1,000	$ 1,000

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2025

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of major subsidiaries, VIE and VIE's subsidiaries

As of September 30, 2025, Moatable, Inc.’s major subsidiaries, VIE and VIE’s subsidiaries are as follows:


	Later of date		Percentage of
	of incorporation	Place of	legal ownership		Principal
Name of Subsidiaries	or acquisition	incorporation	by Moatable, Inc.		activities
Subsidiaries:
Lofty, Inc.(“Lofty”)	September 7, 2012	Delaware, USA	76.4	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	Delaware, USA	76.1	%	SaaS business
Renren Giantly Philippines Inc.	March, 2018	Philippines	100	%	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. (“Qianxiang Shiji”)	March 21, 2005	PRC	100	%	Investment holding
The Letting Partnership Ltd (“TLP”)	August 30,2024	England and Wales, UK	76.4	%	Real estate accounting business

Variable Interest Entity:
Beijing Qianxiang Tiancheng Technology Development Co., Ltd. (“Qianxiang Tiancheng”)	October 28, 2002	PRC	N/A		Internet business

Subsidiaries of Variable Interest Entity:
Beijing Qianxiang Wangjing Technology Development Co., Ltd. (“Qianxiang Wangjing”)	November 11, 2008	PRC	N/A		Internet business

Schedule of condensed consolidated financial information


	As of December 31,		As of September 30,
	2024		2025
Total assets	$	4,774	$	3,192
Total liabilities	$	4,617	$	4,224


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Revenues	$	21	$	15	$	62	$	51
Net loss	$	(1,698)	$	(2,523)	$	(8,808)	$	(9,392)


	For the nine months ended September 30,
	2024		2025
Net cash provided by (used in) operating activities	$	345	$	(834)
Net cash used in investing activities	$	(18)	$	(165)
Net cash used in financing activities	$	—	$	—

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2025

LONG-TERM DEBT

Schedule of Long-term debt


	As of December 31,		As of September 30,
	2024		2025
PNC Bank		—		9,750
Total long-term debt	$	—	$	9,750

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

9 Months Ended

Sep. 30, 2025

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

11. SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

The Company is engaged in providing SaaS platforms to customers primarily located in the United States. The Company’s operations are conducted in two reportable segments: Lofty and Trucker Path. The Company defines its segments as those operations whose results the chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources.

The Lofty segment includes the Company’s all-in-one real estate sales acceleration and client lifecycle management platform. The Trucker Path segment includes the Company’s driver-centric online transportation management platform. The Company’s operating structure also includes Corporate, which is a center focusing on strategic initiatives, policy, governance and the scaling of global operations, and a platform services organization supporting operating units, global marketing category leadership teams and the center by providing efficient and scaled global services and capabilities, including, but not limited to, transactional work, data management, consumer analytics, digital commerce and social/digital hubs.

Chief Operating Decision Maker and Method of Determining Segment Income or Loss

The Company’s CODM is Joseph Chen, the chairman and the chief executive of the Company. The CODM assesses the performance of operating segments primarily based on net operating revenues and operating income (loss). These metrics guide strategic operating decisions and resource allocation across the Company. Segment operating income is calculated consistently with the methodology used for consolidated operating income. Decisions made at this level encompass, but are not limited to, setting annual business plan targets and allocating capital expenditures, all of which are aligned with the Company’s long-term growth objectives. Income taxes and certain treasury-related items, such as interest income and interest expense, are managed globally within Corporate. Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, the CODM.

The Company measures the results of its segments using, among other measures, each segment’s revenue, cost of sales and operating expenses. Information for the Company’s segments and Corporate, is provided in the following table:


	Lofty		Trucker Path		The Corporate		Eliminations		Consolidated
For the three months ended September 30, 2025
Revenues:
Subscription services	$	8,709	$	9,786	$	—	$	—	$	18,495
Advertising services		412		456		—		—		868
Other Saas services		935		90		—		—		1,025
Other services		—		—		152		(115)		37
Total revenues		10,056		10,332		152		(115)		20,425
Cost		2,200		3,049		33		—		5,282
Gross profit		7,856		7,283		119		(115)		15,143
Operating expenses:
Selling and marketing expense		3,968		1,537		73		(102)		5,476
Research and development expense		3,546		3,116		13		(12)		6,663
General and administrative expense		1,916		999		1,542		(1)		4,456
Total operating expenses		9,430		5,652		1,628		(115)		16,595
(Loss) Income from operations	$	(1,574)	$	1,631	$	(1,509)	$	—	$	(1,452)
Other expense, net										(15)
Loss from fair value change of a long-term investment										(9)
Interest income, net										155
Loss before provision of income tax and loss in equity method investments and non-controlling interest, net of tax									$	(1,321)

Other segment information:
Depreciation and amortization	$	119	$	35	$	26	$	—	$	180
Goodwill		4,840		—		—		—		4,840
Intangible assets, net		2,045		1,163		15		—		3,223

For the three months ended September 30, 2024
Revenues:
Subscription services	$	8,442	$	6,823	$	—	$	—	$	15,265
Advertising services		386		398		—		—		784
Other Saas services		388		204		—		—		592
Other services		—		—		160		(115)		45
Total revenues		9,216		7,425		160		(115)		16,686
Cost		1,722		2,295		36		—		4,053
Gross profit		7,494		5,130		124		(115)		12,633
Operating expenses:
Selling and marketing expense		3,996		1,013		60		(105)		4,964
Research and development expense		2,535		2,243		9		(8)		4,779
General and administrative expense		1,750		1,188		525		(2)		3,461
Total operating expenses		8,281		4,444		594		(115)		13,204
(Loss) Income from operations	$	(787)	$	686	$	(470)	$	—	$	(571)
Other income, net										431
Gain from fair value change of a long-term investment										147
Interest income										393
Income before provision of income tax and loss in equity method investments and non-controlling interest, net of tax									$	400

Other segment information:
Depreciation and amortization	$	41	$	14	$	33	$	—	$	88
Intangible assets, net		951		366		23		—		1,340


	Lofty		Trucker Path		The Corporate		Eliminations		Consolidated

For the nine months ended September 30, 2025
Revenues:
Subscription services	$	25,865	$	26,385	$	—	$	—	$	52,250
Advertising services		1,217		1,252		—		—		2,469
Other Saas services		2,680		184		—		—		2,864
Other services		—		—		463		(345)		118
Total revenues		29,762		27,821		463		(345)		57,701
Cost		6,395		8,353		103		—		14,851
Gross profit		23,367		19,468		360		(345)		42,850
Operating expenses:
Selling and marketing expense		11,683		4,093		175		(312)		15,639
Research and development expense		9,667		8,745		110		(29)		18,493
General and administrative expense		5,483		2,613		2,606		(4)		10,698
Total operating expenses		26,833		15,451		2,891		(345)		44,830
(Loss) Income from operations	$	(3,466)	$	4,017	$	(2,531)	$	—	$	(1,980)
Other loss, net										18
Loss from fair value change of a long-term investment										(30)
Interest income, net										608
Loss before provision of income tax and loss in equity method investments and non-controlling interest, net of tax									$	(1,384)

Other segment information:
Depreciation and amortization	$	375	$	63	$	87	$	—	$	525
Goodwill		4,840		—		—		—		4,840
Intangible assets, net		2,045		1,163		15		—		3,223

For the nine months ended September 30, 2024
Revenues:
Subscription services	$	24,001	$	18,695	$	—	$	—	$	42,696
Advertising services		1,120		1,279		—		—		2,399
Other Saas services		535		242		—		—		777
Other services		—		—		471		(345)		126
Total revenues		25,656		20,216		471		(345)		45,998
Cost		4,491		6,270		108		—		10,869
Gross profit		21,165		13,946		363		(345)		35,129
Operating expenses:
Selling and marketing expense		11,041		2,989		215		(319)		13,926
Research and development expense		6,906		6,542		366		(22)		13,792
General and administrative expense		4,299		2,698		3,002		(4)		9,995
Impairment of intangible assets		207				—		—		207
Total operating expenses		22,453		12,229		3,583		(345)		37,920
(Loss) Income from operations	$	(1,288)	$	1,717	$	(3,220)	$	—	$	(2,791)
Other income, net										413
Loss from fair value change of a long-term investment										(1,474)
Interest income										1,164
Loss before provision of income tax and loss in equity method investments and non-controlling interest, net of tax									$	(2,688)

Other segment information:
Depreciation and amortization	$	159	$	39	$	99	$	—	$	297
Intangible assets, net		951		366		23		—		1,340

Geographic Data

The following table provides information related to the total revenues:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
United States	$	15,538	$	18,618	$	43,330	$	52,573
International		1,148		1,807		2,668		5,128
Total operating revenues	$	16,686	$	20,425	$	45,998	$	57,701

The following table provides information related to the long-lived assets, net:


	As of December 31,		As of September 30,
	2024		2025
United States	$	7,281	$	8,788
International		2,301		2,236
Long-lived assets, net	$	9,582	$	11,024

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 13, 2020 shares	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Nov. 04, 2021 shares
SHARE-BASED COMPENSATION
Share based compensation		$ 165	$ 274	$ 539	$ 1,599
Income tax benefit		0	0	0	0
Non-employee options
SHARE-BASED COMPENSATION
Share based compensation		0	0	0	0
Employee Stock Option
SHARE-BASED COMPENSATION
Share based compensation		10	0	30	250
Unrecognized share-based compensation expense relating to share options		109		$ 109
Expected weighted-average period for unrecognized compensation expense to be recognized				2 years 8 months 1 day
Nonvested restricted shares
SHARE-BASED COMPENSATION
Share based compensation		18	164	$ 56	1,261
Expected weighted-average period for unrecognized compensation expense to be recognized				1 year 7 months 24 days
Unrecognized compensation expense		53		$ 53
Trucker Path
SHARE-BASED COMPENSATION
Share based compensation		84	$ 65	264	$ 200
Unrecognized share-based compensation expense relating to share options		261		$ 261
Expected weighted-average period for unrecognized compensation expense to be recognized				2 years 2 months 15 days
Number of shares available for future grant \| shares	150,000					25,000
Vesting term			4 years		4 years
Number of aggregate options granted (in shares) \| shares			7,800		7,800
Granted (in dollars per share) \| $ / shares			$ 14.77		$ 14.77
Vesting rights (as a percent)			25.00%		25.00%
Lofty Inc
SHARE-BASED COMPENSATION
Share based compensation		53	$ 45	$ 189	$ 138
Unrecognized share-based compensation expense relating to share options		$ 227		$ 227
Expected weighted-average period for unrecognized compensation expense to be recognized				2 years 5 months 19 days
Reverse stock split ratio	0.005
Number of shares available for future grant \| shares	150,000					25,000
Term of the options				10 years
Vesting term			4 years	4 years	4 years
Number of aggregate options granted (in shares) \| shares			7,800		7,800
Granted (in dollars per share) \| $ / shares			$ 25.2		$ 25.2
Vesting rights (as a percent)			25.00%		25.00%

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amounts due from related parties (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2018	Dec. 31, 2019	Sep. 30, 2025	Dec. 31, 2024
Amounts due from related parties
Total			$ 678	$ 663
Infinities
Amounts due from related parties
Total			666	650
Receivable in cash classified as current	$ 20,000
Allowance for unpaid cash consideration	40,000
Proceeds from a related party		$ 6,866
Receivable in shares to be issued classified as non-current	$ 12,408
OPI and its subsidiaries
Amounts due from related parties
Total			$ 12	$ 13

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LONG-TERM INVESTMENTS

9 Months Ended

Sep. 30, 2025

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

5. LONG-TERM INVESTMENTS

Long-term investments consisted of the following (in thousands):


		As of December 31,		As of September 30,
	Note	2024		2025
Equity method investments:
Fundrise, L.P.	(i)	$	13,129	$	13,539
Other	(ii)		—		—
Total equity method investments		$	13,129	$	13,539

Equity investment with readily determinable fair values:
Kaixin Holdings		$	57	$	27

Equity investment without readily determinable fair values:
Suzhou Youge Interconnection Venture Capital Center	(iii)	$	—	$	—
Home Solutions US corporation			100		100
Total equity investments without readily determinable fair values		$	100	$	100

Total long-term investments		$	13,286	$	13,666

(i)

(ii)

(iii)

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

15. SUBSEQUENT EVENTS

On October 3, 2025, the Company announced the final results of its fixed price cash tender offer, commenced on September 3, 2025, to repurchase up to 225,000,000 Class A ordinary shares (including shares represented by ADSs) at $3.00 /45 per Class A ordinary share (or $3.00 per ADS) (such cash tender offer, the “Offer”). A total of 85,065,660 Class A ordinary shares (including shares represented by ADSs) were validly tendered and accepted for purchase for an aggregate consideration of approximately $5.7 million, excluding related fees and expenses. The repurchased shares represented approximately 13.0% of the Company’s outstanding Class A ordinary shares and 10.3% of its total share capital at that time. Payment for the accepted shares was made on October 6, 2025.

The Company has evaluated subsequent events through November 14, 2025, the date of issuance of the condensed consolidated financial statements, and noted that there are no other subsequent events that would require recognition or disclosure in the condensed consolidated financial statements.

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		36 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2024
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Selling and marketing	$ 5,476	$ 4,964	$ 15,639	$ 13,926
Accumulated deficit	$ (722,412)	(721,084)	$ (722,412)	(721,084)	$ (718,673)	$ (720,810)
As reported
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Selling and marketing		4,628		12,991
Accumulated deficit		(717,791)		(717,791)	(716,315)
Adjustments
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Sales tax liability				3,293
Selling and marketing		336		935
Accumulated deficit		(3,293)		(3,293)	(2,358)
Adjustments, past periods
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Sales tax liability					$ 2,358
Adjustments, same period
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Sales tax liability		$ 336		$ 935

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,291)	$ 1,164	$ (1,602)	$ (2,411)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Details)	9 Months Ended
	Sep. 30, 2025 segment
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Number of reportable segments	2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of disaggregate revenue by subscription, advertising, and other services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of revenue
Revenue	$ 20,425	$ 16,686	$ 57,701	$ 45,998
Lofty
Disaggregation of revenue
Revenue	10,056	9,216	29,762	25,656
Trucker Path
Disaggregation of revenue
Revenue	10,332	7,425	27,821	20,216
Subscription services \| Lofty
Disaggregation of revenue
Revenue	8,709	8,442	25,865	24,001
Subscription services \| Trucker Path
Disaggregation of revenue
Revenue	9,786	6,823	26,385	18,695
Advertising services \| Lofty
Disaggregation of revenue
Revenue	412	386	1,217	1,120
Advertising services \| Trucker Path
Disaggregation of revenue
Revenue	456	398	1,252	1,279
Other Saas services \| Lofty
Disaggregation of revenue
Revenue	935	388	2,680	535
Other Saas services \| Trucker Path
Disaggregation of revenue
Revenue	90	204	184	242
Other services \| Other operations
Disaggregation of revenue
Revenue	$ 37	$ 45	$ 118	$ 126

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2025

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Schedule of selected consolidated balance sheet, statement of operations and cashflows information

Opening accumulated deficit as of January 1, 2024


		As
		reported		Adjustments		As adjusted
Accumulated deficit	$	(716,315)	$	(2,358)	$	(718,673)

Selected consolidated balance sheet information as of September 30, 2024


	As
	reported		Adjustments		As restated
Accrued expenses and other current liabilities	$	11,842	$	3,293	$	15,135
Total current liabilities		23,084		3,293		26,377
Total Liabilities		24,193		3,293		27,486
Accumulated deficit		(717,791)		(3,293)		(721,084)
Total Moatable, Inc. shareholders’ equity		62,589		(3,293)		59,296
Total equity		48,313		(3,293)		45,020

Selected consolidated statement of operations and comprehensive loss information for the three months ended September 30, 2024


	As
	reported		Adjustments		As restated
Selling and marketing	$	4,628	$	336	$	4,964
Total operating expenses		12,868		336		13,204
Loss from operations		(235)		(336)		(571)
Income before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax		736		(336)		400
Income before income (loss) in equity method investments and non-controlling interest, net of tax		1,340		(336)		1,004
Net income		1,505		(336)		1,169
Net income attributable to Moatable, Inc.		1,500		(336)		1,164
Net loss		1,505		(336)		1,169
Comprehensive income		1,523		(336)		1,187
Comprehensive income attributable to Moatable Inc.		1,517		(336)		1,181
Net income per share attributable to Moatable Inc. shareholders:
Basic and Diluted		0.002		(0.001)		0.001
Diluted		0.002		(0.001)		0.001

Selected consolidated statement of operations and comprehensive loss information for the nine months ended September 30, 2024


	As
	reported		Adjustments		As restated
Selling and marketing	$	12,991	$	935	$	13,926
Total operating expenses		36,985		935		37,920
Loss from operations		(1,856)		(935)		(2,791)
Loss before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax		(1,753)		(935)		(2,688)
Loss before income (loss) in equity method investments and non-controlling interest, net of tax		(1,385)		(935)		(2,320)
Net loss		(1,518)		(935)		(2,453)
Net loss attributable to Moatable, Inc.		(1,476)		(935)		(2,411)
Net loss		(1,518)		(935)		(2,453)
Comprehensive loss		(1,542)		(935)		(2,477)
Comprehensive loss attributable to Moatable Inc.		(1,617)		(935)		(2,552)
Net loss per share attributable to Moatable Inc. shareholders:
Basic and Diluted		(0.002)		(0.001)		(0.003)
Diluted		(0.002)		(0.001)		(0.003)

Selected consolidated statement of cash flows information for the nine months ended September 30, 2024


	As
	reported		Adjustments		As restated
Net loss	$	(1,518)	$	(935)	$	(2,453)
Accrued expenses and other current liabilities		1,787		935		2,722

STATUTORY RESERVE AND RESTRICTED NET ASSETS

9 Months Ended

Sep. 30, 2025

STATUTORY RESERVE AND RESTRICTED NET ASSETS

STATUTORY RESERVE AND RESTRICTED NET ASSETS

12. STATUTORY RESERVE AND RESTRICTED NET ASSETS

In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Company’s subsidiaries and VIE entities located in the PRC, being foreign invested enterprises established in the PRC, are required to provide for certain statutory reserves. These statutory reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund or discretionary reserve fund, and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires a minimum annual appropriation of 10% of after-tax profit (as determined under accounting principles generally accepted in China at each year-end); the other fund appropriations are at the subsidiaries’ or the affiliated PRC entities’ discretion. These statutory reserve funds can only be used for specific purposes of enterprise expansion, staff bonus and welfare, and are not distributable as cash dividends except in the event of liquidation of the Company’s subsidiaries, the Company’s affiliated PRC entities and their respective subsidiaries. The Company’s subsidiaries and VIE entities are required to allocate at least 10% of their after-tax profits to the general reserve until such reserve has reached 50% of their respective registered capital.

Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Company’s subsidiaries. The appropriation to these reserves by the Company’s PRC subsidiaries was nil for the three and nine months ended September 30, 2024 and 2025, respectively.

As a result of these PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Company. Amounts restricted include paid-in capital and the statutory reserves of the Company’s PRC subsidiaries and VIE entities. The aggregate amounts of capital and statutory reserves restricted which represented the amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution was $8,455 and $8,324 as of December 31, 2024 and September 30, 2025, respectively.

LONG-TERM DEBT (Details) - USD ($) $ in Thousands		9 Months Ended
LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Sep. 11, 2025	Sep. 30, 2025
LONG-TERM DEBT
Percentage of cash held as collateral		100.00%
PNC Bank
LONG-TERM DEBT
Line of credit facility, borrowing capacity	$ 9,750
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Interest rate, credit spread	1.50%
Interest rate, credit spread adjustment	0.10%
Percentage of cash held as collateral	100.00%

ORGANIZATION AND PRINCIPAL ACTIVITIES

9 Months Ended

Sep. 30, 2025

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Moatable, Inc. was incorporated in the Cayman Islands. Moatable, Inc., which includes its consolidated subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries (collectively referred to as the “Company”), operate two SaaS businesses, Lofty and Trucker Path. Lofty offers an all-in-one real estate sales acceleration and client lifecycle management platform that allows real estate professionals to obtain and nurture leads, close transactions, and retain their clients. Trucker Path provides trip planning, navigation, freight sourcing, and a marketplace that offers truckers goods and services to operate their businesses. The Company’s SaaS businesses currently generates the majority of their revenue from the U.S. market, which comprises the majority of the Company’s revenue.

As of September 30, 2025, Moatable, Inc.’s major subsidiaries, VIE and VIE’s subsidiaries are as follows:


	Later of date		Percentage of
	of incorporation	Place of	legal ownership		Principal
Name of Subsidiaries	or acquisition	incorporation	by Moatable, Inc.		activities
Subsidiaries:
Lofty, Inc.(“Lofty”)	September 7, 2012	Delaware, USA	76.4	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	Delaware, USA	76.1	%	SaaS business
Renren Giantly Philippines Inc.	March, 2018	Philippines	100	%	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. (“Qianxiang Shiji”)	March 21, 2005	PRC	100	%	Investment holding
The Letting Partnership Ltd (“TLP”)	August 30,2024	England and Wales, UK	76.4	%	Real estate accounting business

Variable Interest Entity:
Beijing Qianxiang Tiancheng Technology Development Co., Ltd. (“Qianxiang Tiancheng”)	October 28, 2002	PRC	N/A		Internet business

Subsidiaries of Variable Interest Entity:
Beijing Qianxiang Wangjing Technology Development Co., Ltd. (“Qianxiang Wangjing”)	November 11, 2008	PRC	N/A		Internet business

The VIE arrangements

PRC regulations limit direct foreign ownership of business entities providing value-added telecommunications services, online advertising services and internet services in the PRC where certain licenses are required for the provision of such services. Although the Company no longer operates businesses requiring the VIE, historically, the Company provided online advertising, internet value-added services (“IVAS”), and internet finance services through its VIE, Qianxiang Tiancheng, which is referred to as the “VIE”.

Qianxiang Shiji (“WFOE”), the Company’s Wholly Foreign-Owned Enterprise, entered into a series of contractual arrangements, including: (1) Power of Attorney; (2) Business Operation Agreements; (3) Exclusive Equity Option Agreement; (4) Spousal Consent Agreement; (5) Exclusive Technical and Consulting Services Agreement; (6) Intellectual Property Licenses Agreement; (7) Loan Agreements, and (8) Equity Interest Pledge Agreement with the VIE that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant to the VIE. Accordingly, the WFOE is considered the primary beneficiary of the VIE and has consolidated the VIE’s financial results of operations, assets and liabilities in the Company’s consolidated financial statements. In making the conclusion that the Company is the primary beneficiary of the VIE, the Company believes the Company’s rights under the terms of the exclusive option agreement and power of attorney are substantive as they relate to operating matters, which provide the Company with a substantive kick-out right.

More specifically, the Company believes the terms of the contractual agreements are valid, binding, and enforceable under PRC laws and regulations currently in effect. In particular, the Company believes that the minimum amount of consideration permitted by the applicable PRC law to exercise the exclusive option does not represent a financial barrier or disincentive for the Company to exercise its rights under the exclusive option agreement. A simple majority vote of the Company’s board of directors is required to pass a resolution to exercise the Company’s rights under the exclusive option agreement, for which the consent from Mr. Joe Chen, who holds the most voting interests in the Company and is also the Company’s chairman and CEO, is not required. The Company’s rights under the exclusive option agreement give the Company the power to control the shareholders of the VIE and thus the power to direct the activities that most significantly impact the VIE’s economic performance. In addition, the Company’s rights under powers of attorney also reinforce the Company’s abilities to direct the activities that most significantly impact the VIE’s economic performance. The Company also believes that this ability to exercise control ensures that the VIE will continue to execute and renew service agreements that benefit the Company, currently largely comprised of Research and Development services to the Company’s SaaS businesses. By charging service fees at the sole discretion of the Company, and by ensuring that service agreements are executed and renewed indefinitely, the Company has the right to receive substantially all of the economic benefits from the VIE.

The VIE and its subsidiaries hold the requisite licenses and permits necessary to conduct the Company’s business in PRC under the current business arrangements.

The following financial statement balances and amounts of the Company’s VIE were included in the accompanying condensed consolidated financial statements after elimination of intercompany balances and transactions between the offshore companies, WFOE, VIE and VIE’s subsidiaries. As of December 31, 2024 and September 30, 2025, the balance of the amounts payable by the VIE and its subsidiaries to the WFOE related to the service fees were nil.


	As of December 31,		As of September 30,
	2024		2025
Total assets	$	4,774	$	3,192
Total liabilities	$	4,617	$	4,224


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Revenues	$	21	$	15	$	62	$	51
Net loss	$	(1,698)	$	(2,523)	$	(8,808)	$	(9,392)


	For the nine months ended September 30,
	2024		2025
Net cash provided by (used in) operating activities	$	345	$	(834)
Net cash used in investing activities	$	(18)	$	(165)
Net cash used in financing activities	$	—	$	—

There are no consolidated VIE assets that are collateral for the VIE obligations and can only be used to settle the VIE obligations. There are no creditors (or beneficial interest holders) of the VIE that have recourse to the general credit of the Company or any of its consolidated subsidiaries. However, if the VIE ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIE through loans to the shareholders of the VIE or entrustment loans to the VIE.

Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 12 for disclosure of restricted net assets.

ORDINARY SHARES - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2025	Aug. 31, 2025	Jul. 31, 2025	Jun. 30, 2025	May 31, 2025	Feb. 28, 2025	Jan. 31, 2025
ORDINARY SHARES
Total Number of ADSs Purchased	73,339
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 104
Open market purchases
ORDINARY SHARES
Total Number of ADSs Purchased		2,488	9,672	20,393	7,066	4,053	29,667
Average Price Paid Per ADS		$ 1.81	$ 1.26	$ 1.06	$ 1.02	$ 1.76	$ 1.71
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs		$ 5	$ 13	$ 22	$ 7	$ 7	$ 50
Approximate Dollar Value of ADSs That May Yet Be Purchased Under the Programs		$ 3,050	$ 3,055	$ 3,068	$ 3,090	$ 3,097	$ 3,104

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
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+ Details

SHARE-BASED COMPENSATION - Service period of award using the straight-line method (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 165	$ 274	$ 539	$ 1,599
Lofty Inc
SHARE-BASED COMPENSATION
Share-based compensation expense	53	45	189	138
Trucker Path
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 84	$ 65	$ 264	$ 200

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

14. COMMITMENTS AND CONTINGENCIES

Contingencies

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of September 30, 2025 and through the issuance date of these condensed consolidated financial statements.

ORGANIZATION AND PRINCIPAL ACTIVITIES - Financial statement balances and amounts of the Company's VIE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Condensed consolidated financial information of VIE and its subsidiaries
Total assets	$ 70,380		$ 70,380		$ 69,468
Total liabilities	38,090	$ 27,486	38,090	$ 27,486	24,707
Revenues	20,425	16,686	57,701	45,998
Net loss	(1,291)	1,164	(1,602)	(2,411)
Net cash provided by (used in) operating activities			(2,032)	1,704
Net cash used in investing activities			3,185	(2,975)
Net cash used in financing activities			(1,460)	859
Variable Interest Entity
Condensed consolidated financial information of VIE and its subsidiaries
Service fees			0		0
Total assets	3,192		3,192		4,774
Total liabilities	4,224		4,224		$ 4,617
Revenues	15	21	51	62
Net loss	$ (2,523)	$ (1,698)	(9,392)	(8,808)
Net cash provided by (used in) operating activities			(834)	345
Net cash used in investing activities			$ (165)	$ (18)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Principles of consolidation

Use of estimates

Business combination

Fair value

Level 1-inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets.

Cash and cash equivalents

Restricted Cash

Long-term debt

Accounts receivable

Provision for credit loss

Revenue recognition

The Company generated the majority of revenue from SaaS services.

The following tables disaggregate revenue by subscription, advertising, and other services:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Lofty
Subscription services	$	8,442	$	8,709	$	24,001	$	25,865
Advertising services		386		412		1,120		1,217
Other SaaS services		388		935		535		2,680
Subtotal	$	9,216	$	10,056	$	25,656	$	29,762
Trucker Path
Subscription services	$	6,823	$	9,786	$	18,695	$	26,385
Advertising services		398		456		1,279		1,252
Other SaaS services		204		90		242		184
Subtotal	$	7,425	$	10,332	$	20,216	$	27,821
Other operations
Other services	$	45	$	37	$	126	$	118
Total revenues	$	16,686	$	20,425	$	45,998	$	57,701

Income (loss) per share

Basic income (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Recent accounting pronouncements

Recently issued ASUs by the FASB, except for the ones mentioned above, have no material impact on the Company’s consolidated results of operations or financial position.

ORGANIZATION AND PRINCIPAL ACTIVITIES - Major subsidiaries, VIE and VIE's subsidiaries (Details)	9 Months Ended
	Sep. 30, 2025 segment
ORGANIZATION AND PRINCIPAL ACTIVITIES
Number of operating segments	2
Lofty, Inc.("Lofty")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Sep. 07, 2012
Place of incorporation	Delaware, USA
Percentage of legal ownership by Moatable Inc	76.40%
Principal activities	SaaS business
Trucker Path, Inc. ("Trucker Path")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Dec. 28, 2017
Place of incorporation	Delaware, USA
Percentage of legal ownership by Moatable Inc	76.10%
Principal activities	SaaS business
Renren Giantly Philippines Inc.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Mar. 01, 2018
Place of incorporation	Philippines
Percentage of legal ownership by Moatable Inc	100.00%
Principal activities	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. ("Qianxiang Shiji")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Mar. 21, 2005
Place of incorporation	PRC
Percentage of legal ownership by Moatable Inc	100.00%
Principal activities	Investment holding
The Letting Partnership Ltd ("TLP")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Aug. 30, 2024
Place of incorporation	England and Wales, UK
Percentage of legal ownership by Moatable Inc	76.40%
Principal activities	Real estate accounting business
Beijing Qianxiang Tiancheng Technology Development Co., Ltd. ("Qianxiang Tiancheng")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Oct. 28, 2002
Place of incorporation	PRC
Principal activities	Internet business
Beijing Qianxiang Wangjing Technology Development Co., Ltd. ("Qianxiang Wangjing")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Nov. 11, 2008
Place of incorporation	PRC
Principal activities	Internet business

ACQUISITION - Fair values of assets and liabilities acquired (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	May 01, 2025	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
ACQUISITION
Goodwill		$ 4,840	$ 4,840	$ 2,658
Truckers Best Insurance LLC
ACQUISITION
Cash consideration	$ 1,000		1,000
Contingent consideration	1,826
Total purchase consideration	2,826
Cash acquired from acquisition of TBI	6
Total Identifiable Net Assets	829
Goodwill	1,997
Deferred tax assets		0	0
Net revenue of acquiree since the acquisition date		50	71
Net loss of acquiree since the acquisition date		$ (735)	$ (1,200)
Truckers Best Insurance LLC \| Licenses and carrier appointments
ACQUISITION
Intangible assets	582
Truckers Best Insurance LLC \| Customer relationship
ACQUISITION
Intangible assets	$ 241
Estimated useful life	7 years

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Related to long-lived assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Total revenues	$ 20,425	$ 16,686	$ 57,701	$ 45,998
Long-lived assets, net	11,024		11,024		$ 9,582
United States
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Total revenues	18,618	15,538	52,573	43,330
Long-lived assets, net	8,788		8,788		7,281
International
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Total revenues	1,807	$ 1,148	5,128	$ 2,668
Long-lived assets, net	$ 2,236		$ 2,236		$ 2,301

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Tables)

9 Months Ended

Sep. 30, 2025

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

Schedule of segment information


	Lofty		Trucker Path		The Corporate		Eliminations		Consolidated
For the three months ended September 30, 2025
Revenues:
Subscription services	$	8,709	$	9,786	$	—	$	—	$	18,495
Advertising services		412		456		—		—		868
Other Saas services		935		90		—		—		1,025
Other services		—		—		152		(115)		37
Total revenues		10,056		10,332		152		(115)		20,425
Cost		2,200		3,049		33		—		5,282
Gross profit		7,856		7,283		119		(115)		15,143
Operating expenses:
Selling and marketing expense		3,968		1,537		73		(102)		5,476
Research and development expense		3,546		3,116		13		(12)		6,663
General and administrative expense		1,916		999		1,542		(1)		4,456
Total operating expenses		9,430		5,652		1,628		(115)		16,595
(Loss) Income from operations	$	(1,574)	$	1,631	$	(1,509)	$	—	$	(1,452)
Other expense, net										(15)
Loss from fair value change of a long-term investment										(9)
Interest income, net										155
Loss before provision of income tax and loss in equity method investments and non-controlling interest, net of tax									$	(1,321)

Other segment information:
Depreciation and amortization	$	119	$	35	$	26	$	—	$	180
Goodwill		4,840		—		—		—		4,840
Intangible assets, net		2,045		1,163		15		—		3,223

For the three months ended September 30, 2024
Revenues:
Subscription services	$	8,442	$	6,823	$	—	$	—	$	15,265
Advertising services		386		398		—		—		784
Other Saas services		388		204		—		—		592
Other services		—		—		160		(115)		45
Total revenues		9,216		7,425		160		(115)		16,686
Cost		1,722		2,295		36		—		4,053
Gross profit		7,494		5,130		124		(115)		12,633
Operating expenses:
Selling and marketing expense		3,996		1,013		60		(105)		4,964
Research and development expense		2,535		2,243		9		(8)		4,779
General and administrative expense		1,750		1,188		525		(2)		3,461
Total operating expenses		8,281		4,444		594		(115)		13,204
(Loss) Income from operations	$	(787)	$	686	$	(470)	$	—	$	(571)
Other income, net										431
Gain from fair value change of a long-term investment										147
Interest income										393
Income before provision of income tax and loss in equity method investments and non-controlling interest, net of tax									$	400

Other segment information:
Depreciation and amortization	$	41	$	14	$	33	$	—	$	88
Intangible assets, net		951		366		23		—		1,340


	Lofty		Trucker Path		The Corporate		Eliminations		Consolidated

For the nine months ended September 30, 2025
Revenues:
Subscription services	$	25,865	$	26,385	$	—	$	—	$	52,250
Advertising services		1,217		1,252		—		—		2,469
Other Saas services		2,680		184		—		—		2,864
Other services		—		—		463		(345)		118
Total revenues		29,762		27,821		463		(345)		57,701
Cost		6,395		8,353		103		—		14,851
Gross profit		23,367		19,468		360		(345)		42,850
Operating expenses:
Selling and marketing expense		11,683		4,093		175		(312)		15,639
Research and development expense		9,667		8,745		110		(29)		18,493
General and administrative expense		5,483		2,613		2,606		(4)		10,698
Total operating expenses		26,833		15,451		2,891		(345)		44,830
(Loss) Income from operations	$	(3,466)	$	4,017	$	(2,531)	$	—	$	(1,980)
Other loss, net										18
Loss from fair value change of a long-term investment										(30)
Interest income, net										608
Loss before provision of income tax and loss in equity method investments and non-controlling interest, net of tax									$	(1,384)

Other segment information:
Depreciation and amortization	$	375	$	63	$	87	$	—	$	525
Goodwill		4,840		—		—		—		4,840
Intangible assets, net		2,045		1,163		15		—		3,223

For the nine months ended September 30, 2024
Revenues:
Subscription services	$	24,001	$	18,695	$	—	$	—	$	42,696
Advertising services		1,120		1,279		—		—		2,399
Other Saas services		535		242		—		—		777
Other services		—		—		471		(345)		126
Total revenues		25,656		20,216		471		(345)		45,998
Cost		4,491		6,270		108		—		10,869
Gross profit		21,165		13,946		363		(345)		35,129
Operating expenses:
Selling and marketing expense		11,041		2,989		215		(319)		13,926
Research and development expense		6,906		6,542		366		(22)		13,792
General and administrative expense		4,299		2,698		3,002		(4)		9,995
Impairment of intangible assets		207				—		—		207
Total operating expenses		22,453		12,229		3,583		(345)		37,920
(Loss) Income from operations	$	(1,288)	$	1,717	$	(3,220)	$	—	$	(2,791)
Other income, net										413
Loss from fair value change of a long-term investment										(1,474)
Interest income										1,164
Loss before provision of income tax and loss in equity method investments and non-controlling interest, net of tax									$	(2,688)

Other segment information:
Depreciation and amortization	$	159	$	39	$	99	$	—	$	297
Intangible assets, net		951		366		23		—		1,340

Schedule of total revenues


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
United States	$	15,538	$	18,618	$	43,330	$	52,573
International		1,148		1,807		2,668		5,128
Total operating revenues	$	16,686	$	20,425	$	45,998	$	57,701

Schedule of long-lived assets, net


	As of December 31,		As of September 30,
	2024		2025
United States	$	7,281	$	8,788
International		2,301		2,236
Long-lived assets, net	$	9,582	$	11,024

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Net loss	$ (1,530)	$ 1,169	$ (2,189)	$ (2,453)
Accrued expenses and other current liabilities			$ 2,297	2,722
As reported
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Net loss		1,505		(1,518)
Accrued expenses and other current liabilities				1,787
Adjustments
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Net loss		$ (336)		(935)
Accrued expenses and other current liabilities				$ 935

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

OPERATING LEASES - Maturities of lease liabilities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
OPERATING LEASES.
Remainder of 2025	$ 149
2026	645
2027	499
2028	48
2029	41
After	133
Total undiscounted lease payment	1,515
Less: Imputed interest	(93)
Present value of lease liabilities	$ 1,422

SHARE-BASED COMPENSATION - Share-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 165	$ 274	$ 539	$ 1,599
Selling and marketing
SHARE-BASED COMPENSATION
Share-based compensation expense	30	34	78	116
Research and development
SHARE-BASED COMPENSATION
Share-based compensation expense	18	85	57	497
General and administrative
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 117	$ 155	$ 404	$ 986

ACQUISITION - Consideration Information (Details) - Truckers Best Insurance LLC - USD ($) $ in Thousands		9 Months Ended
	May 01, 2025	Sep. 30, 2025
ACQUISITION
Percentage of interests acquired (in %)	100.00%
Cash consideration	$ 1,000	$ 1,000
Contingent consideration	1,826
Total purchase consideration	2,826
Earnout consideration, Minimum	0
Earnout consideration, Maximum	$ 2,723
Fair value of earnout consideration		1,826
Deferred tax liabilities at business		0
Accrued expenses and other current liabilities
ACQUISITION
Fair value of earnout consideration		928
Other non-current liabilities
ACQUISITION
Fair value of earnout consideration		$ 898

RELATED PARTY BALANCES AND TRANSACTIONS

9 Months Ended

Sep. 30, 2025

RELATED PARTY BALANCES AND TRANSACTIONS

10. RELATED PARTY BALANCES AND TRANSACTIONS

The table below sets forth the related party and their relationships with the Company:


	Name	Relationship
(a)	Infinities Technology (Cayman) Holding Limited (“Infinities”)	Equity investment of the Company
(b)	Oak Pacific Investment (“OPI”) and its subsidiaries	An entity controlled together by chief executive officer and one of our independent board member, and its subsidiaries.

Amounts due from related party

As of December 31, 2024 and September 30, 2025 amounts due from related party was as follows (in thousands):


	Note	As of December 31, 2024		As of September 30, 2025
Infinities	(i)		650		666
OPI and its subsidiaries			13		12
Total		$	663	$	678

(i)

Amounts due to related party

As of December 31, 2024 and September 30, 2025 amounts due to related party was as follows (in thousands):


	As of December 31, 2024		As of September 30, 2025
Infinities	$	623	$	639
Total	$	623	$	639

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (1,530)	$ 1,169	$ (2,189)	$ (2,453)
Other comprehensive income (loss), net of tax
Foreign currency translation, net of nil income taxes	(99)	18	389	(24)
Other comprehensive income (loss)	(99)	18	389	(24)
Comprehensive income (loss)	(1,629)	1,187	(1,800)	(2,477)
Less: total comprehensive income (loss) attributable to non-controlling interest	(239)	6	(587)	75
Comprehensive income (loss) attributable to Moatable, Inc.	$ (1,390)	$ 1,181	$ (1,213)	$ (2,552)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

ACQUISITION (Tables)

9 Months Ended

Sep. 30, 2025

ACQUISITION

Schedule of total purchase consideration


	Amount
	USD
Cash consideration	$	1,000
Contingent consideration ⁽¹⁾		1,826
Total purchase consideration	$	2,826

(1)

The Company agreed to pay a cash earnout to the former sole shareholder of TBI based on the achievement against certain operational metrics in the 12-month and 24-month periods beginning on the closing date on which the TBI ceases to be subject to its S corporation election status under applicable law. The actual earnout is estimated to range between zero and $2,723. The fair value of the earnout was included in the initial purchase consideration and will be revalued and recorded at each reporting date until the end of the earnout period as a fair value adjustment within “Revaluation of contingent liabilities” in the Company’s consolidated statements of operations. As of September 30, 2025, the fair value of the earnout was $1,826, of which $928 was included in “Accrued expenses and other current liabilities”, and $898 was included in “Other non-current liabilities”, on the Company’s condensed consolidated balance sheets, respectively. The preliminary acquisition date fair value of the earnout is subject to subsequent measurement period adjustment as valuation is finalized. There are no deferred tax liabilities at acquisition as there is no difference between the tax and book basis of the contingent consideration.

Schedule of the fair value assigned to the assets acquired and liabilities assumed


	Amount
	USD
Cash consideration	$	1,000
Contingent consideration		1,826
Total purchase consideration	$	2,826

Cash acquired from acquisition of TBI	$	6
Intangible assets - licenses and carrier appointments ⁽¹⁾		582
Intangible assets - customer relationship ⁽¹⁾		241
Total Identifiable Net Assets		829
Goodwill ⁽²⁾	$	1,997

(1)

The intangible assets, including the licenses and carrier appointments, and customer relationship. The licenses and carrier appointments and customer relationship were valued using the multi-period excess earning method under income approach, which represents the excessive earnings generated by the asset that remains after a deduction for a return on other contributory assets. The estimated life of licenses and carrier appointments, customer relationship are indefinite and seven years, respectively. The screen test was not met, as the fair value was distributed across multiple distinct intangible assets rather than concentrated in a single identifiable asset or group of similar identifiable assets. There are no deferred tax assets at acquisition as there is no difference between the tax and book basis of the intangibles assets.

(2)

Goodwill arose in the acquisition of TBI was attributable to the benefit of expected synergies, revenue growth, future market development and the assembled workforce as of the date of acquisition and assigned to the Trucker Path segment as a separate Trucker Path Insurance reporting unit. These benefits are not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. Goodwill arising from the acquisition is not expected to be deductible for tax purposes.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Class A Ordinary shares

Ordinary shares

Class A Ordinary shares

Class B Ordinary shares

Ordinary shares

Treasury stock

Additional paid-in capital

Accumulated deficit

Statutory reserves

Accumulated other comprehensive (loss) income

Total Moatable Inc.'s Equity

Non-controlling interest

Total

Balance at Dec. 31, 2023

$ 608

$ 170

$ (2,002)

$ 782,365

$ (718,673)

$ 6,712

$ (8,778)

$ 60,402

$ (14,689)

$ 45,713

Balance (in shares) at Dec. 31, 2023

607,424,941

170,258,970

Balance (shares) at Dec. 31, 2023

(57,192,165)

Increase (Decrease) in Shareholders' Equity

Stock-based compensation

555

117

672

Repurchase of Class A ordinary shares

$ (155)

(155)

Repurchase of Class A ordinary shares (in shares)

(7,991,370)

Other comprehensive (loss) income

(47)

(1)

(48)

Net income (loss)

(3,103)

(27)

(3,130)

Exercise of share option and restricted shares vesting

$ 96

944

1,040

Exercise of share option and restricted shares vesting (in shares)

96,104,340

Balance at Mar. 31, 2024

$ 704

$ 170

$ (2,157)

783,864

(721,776)

6,712

(8,825)

58,692

(14,600)

44,092

Balance (shares) at Mar. 31, 2024

(65,183,535)

Balance (in shares) at Mar. 31, 2024

703,529,281

170,258,970

Balance at Dec. 31, 2023

$ 608

$ 170

$ (2,002)

782,365

(718,673)

6,712

(8,778)

60,402

(14,689)

$ 45,713

Balance (in shares) at Dec. 31, 2023

607,424,941

170,258,970

Balance (shares) at Dec. 31, 2023

(57,192,165)

Increase (Decrease) in Shareholders' Equity

Repurchase of Class A ordinary shares (in shares)

231,019

Other comprehensive (loss) income

$ (24)

Exercise of share option and restricted shares vesting (in shares)

101,824,155

Balance at Sep. 30, 2024

$ 710

$ 170

$ (2,863)

784,570

(721,084)

6,712

(8,919)

59,296

(14,276)

45,020

Balance (shares) at Sep. 30, 2024

(75,388,140)

Balance (in shares) at Sep. 30, 2024

709,249,096

170,258,970

Balance at Dec. 31, 2023

$ 608

$ 170

$ (2,002)

782,365

(718,673)

6,712

(8,778)

60,402

(14,689)

45,713

Balance (in shares) at Dec. 31, 2023

607,424,941

170,258,970

Balance (shares) at Dec. 31, 2023

(57,192,165)

Increase (Decrease) in Shareholders' Equity

Change of shares withheld for payroll taxes on restricted shares into treasury stock

(674)

Change of shares withheld for payroll taxes on restricted shares into treasury stock (in shares)

7,809,660

Balance at Dec. 31, 2024

$ 711

$ 170

$ (2,929)

784,598

(720,810)

6,712

(9,199)

59,253

(14,492)

44,761

Balance (shares) at Dec. 31, 2024

(77,519,745)

Balance (in shares) at Dec. 31, 2024

710,414,011

170,258,970

Balance at Mar. 31, 2024

$ 704

$ 170

$ (2,157)

783,864

(721,776)

6,712

(8,825)

58,692

(14,600)

44,092

Balance (in shares) at Mar. 31, 2024

703,529,281

170,258,970

Balance (shares) at Mar. 31, 2024

(65,183,535)

Increase (Decrease) in Shareholders' Equity

Stock-based compensation

542

111

653

Repurchase of Class A ordinary shares

$ (32)

(32)

Repurchase of Class A ordinary shares (in shares)

(2,404,485)

Other comprehensive (loss) income

(111)

117

Net income (loss)

(472)

(20)

(492)

Exercise of share option and restricted shares vesting

$ 5

Exercise of share option and restricted shares vesting (in shares)

5,207,580

Balance at Jun. 30, 2024

$ 709

$ 170

$ (2,189)

784,406

(722,248)

6,712

(8,936)

58,624

(14,392)

44,232

Balance (shares) at Jun. 30, 2024

(67,588,020)

Balance (in shares) at Jun. 30, 2024

708,736,861

170,258,970

Increase (Decrease) in Shareholders' Equity

Stock-based compensation

164

110

$ 274

Repurchase of Class A ordinary shares (in shares)

Other comprehensive (loss) income

$ 18

Change of shares withheld for payroll taxes on restricted shares into treasury stock

$ (674)

(674)

Change of shares withheld for payroll taxes on restricted shares into treasury stock (in shares)

(7,800,120)

Net income (loss)

1,164

1,169

Exercise of share option and restricted shares vesting

$ 1

Exercise of share option and restricted shares vesting (in shares)

512,235

Balance at Sep. 30, 2024

$ 710

$ 170

$ (2,863)

784,570

(721,084)

6,712

(8,919)

59,296

(14,276)

45,020

Balance (shares) at Sep. 30, 2024

(75,388,140)

Balance (in shares) at Sep. 30, 2024

709,249,096

170,258,970

Balance at Dec. 31, 2024

$ 711

$ 170

$ (2,929)

784,598

(720,810)

6,712

(9,199)

59,253

(14,492)

44,761

Balance (in shares) at Dec. 31, 2024

710,414,011

170,258,970

Balance (shares) at Dec. 31, 2024

(77,519,745)

Increase (Decrease) in Shareholders' Equity

Stock-based compensation

101

129

Repurchase of Class A ordinary shares

$ (57)

(57)

Repurchase of Class A ordinary shares (in shares)

(1,517,400)

Other comprehensive (loss) income

163

Change of shares withheld for payroll taxes on restricted shares into treasury stock (in shares)

^[1]

(9,675)

Cash dividend payments ($0.01346 per ordinary share)

(11,106)

Net income (loss)

(818)

(276)

(1,094)

Exercise of share option and restricted shares vesting (in shares)

^[2]

256,545

Balance at Mar. 31, 2025

$ 711

$ 170

$ (2,986)

773,520

(721,628)

6,712

(9,036)

47,463

(14,667)

32,796

Balance (shares) at Mar. 31, 2025

(79,046,820)

Balance (in shares) at Mar. 31, 2025

710,670,556

170,258,970

Balance at Dec. 31, 2024

$ 711

$ 170

$ (2,929)

784,598

(720,810)

6,712

(9,199)

59,253

(14,492)

$ 44,761

Balance (in shares) at Dec. 31, 2024

710,414,011

170,258,970

Balance (shares) at Dec. 31, 2024

(77,519,745)

Increase (Decrease) in Shareholders' Equity

Repurchase of Class A ordinary shares (in shares)

73,339

Other comprehensive (loss) income

$ 389

True-up adjustment of ordinary shares (in shares)

15,418,167

True-up adjustment of treasury stock (in shares)

7,816,005

Exercise of share option and restricted shares vesting (in shares)

763,335

Balance at Sep. 30, 2025

$ 726

$ 170

$ (2,359)

772,889

(722,412)

6,712

(8,810)

46,916

(14,626)

$ 32,290

Balance (shares) at Sep. 30, 2025

(73,034,100)

Balance (in shares) at Sep. 30, 2025

726,595,513

170,258,970

Balance at Mar. 31, 2025

$ 711

$ 170

$ (2,986)

773,520

(721,628)

6,712

(9,036)

47,463

(14,667)

32,796

Balance (in shares) at Mar. 31, 2025

710,670,556

170,258,970

Balance (shares) at Mar. 31, 2025

(79,046,820)

Increase (Decrease) in Shareholders' Equity

Stock-based compensation

215

245

Repurchase of Class A ordinary shares

$ (29)

(29)

Repurchase of Class A ordinary shares (in shares)

(1,235,655)

Other comprehensive (loss) income

325

Change of shares withheld for payroll taxes on restricted shares into treasury stock (in shares)

^[1]

(9,450)

Net income (loss)

507

(72)

435

True-up adjustment of shares

$ 15

(15)

True-up adjustment of ordinary shares (in shares)

15,418,167

Exercise of share option and restricted shares vesting (in shares)

^[2]

251,370

Balance at Jun. 30, 2025

$ 726

$ 170

$ (3,015)

773,535

(721,121)

6,712

(8,711)

48,296

(14,524)

33,772

Balance (shares) at Jun. 30, 2025

(80,291,925)

Balance (in shares) at Jun. 30, 2025

726,340,093

170,258,970

Increase (Decrease) in Shareholders' Equity

Stock-based compensation

137

165

Repurchase of Class A ordinary shares

$ (18)

(18)

$ (18)

Repurchase of Class A ordinary shares (in shares)

(547,200)

12,160

Other comprehensive (loss) income

(99)

$ (99)

Change of shares withheld for payroll taxes on restricted shares into treasury stock (in shares)

^[1]

(10,980)

Net income (loss)

(1,291)

(239)

(1,530)

True-up adjustment of shares

$ 674

(674)

True-up adjustment of treasury stock (in shares)

7,816,005

Exercise of share option and restricted shares vesting (in shares)

^[2]

255,420

Balance at Sep. 30, 2025

$ 726

$ 170

$ (2,359)

$ 772,889

$ (722,412)

$ 6,712

$ (8,810)

$ 46,916

$ (14,626)

$ 32,290

Balance (shares) at Sep. 30, 2025

(73,034,100)

Balance (in shares) at Sep. 30, 2025

726,595,513

170,258,970

[1]	The amount of Treasury stock is less than one thousand dollars.
[2]	The amount of Class A Ordinary shares is less than one thousand dollars.

ORDINARY SHARES

9 Months Ended

Sep. 30, 2025

ORDINARY SHARES

ORDINARY SHARES

8. ORDINARY SHARES

Exercise of share options and restricted shares vesting

During the three months ended September 30, 2024 and 2025, 512,235 and 255,420 Class A ordinary shares, respectively, were issued due to the exercise of share options or vesting of restricted share units under share-based compensation. During the nine months ended September 30, 2024 and 2025, 101,824,155 and 763,335 Class A ordinary shares, respectively, were issued due to the exercise of share options or vesting of restricted share units under share - based compensation.

On March 5, 2025, the Company’s board of directors declared a special cash dividend of US$0.01346 per ordinary share, or US$0.6057 per ADS, to all holders of ordinary shares (including those in the form of ADSs) of record as of 5:00 p.m. Eastern Time on March 17, 2025. The aggregate amount of the cash dividend was approximately $11 million. The special cash dividend was paid from the Company’s current cash position on March 27, 2025.

Stock Repurchase from public market

On November 7, 2022, the Company’s Board of Directors (the “Board”) authorized the repurchase of up to an aggregate of $10.0 million of the Company’s Class A ordinary shares, par value $0.001 per share, to be executed from time to time in open market transactions effected through a broker at prevailing market prices under ordinary principles of best execution within one year after commencement (the “Stock Repurchase Program”). The Stock Repurchase Program took effect on January 16, 2023. On October 13, 2023, the Board approved an extension and extra funding of the existing Stock Repurchase Program whereby the expiration date was extended to December 31, 2024 and the authorized repurchase amount was increased from $10.0 million to $15.0 million. On November 18, 2024, the Board approved an extension of the existing Stock Repurchase Program until December 31, 2026.

The Stock Repurchase Program does not obligate the Company to repurchase any amount of the Company’s ordinary shares, and may be modified, extended, suspended, or discontinued at any time. The timing and amount of repurchases will be determined by the Company’s management based on a variety of factors such as the market price of the Company’s ordinary shares, the Company’s corporate cash requirements, and overall market conditions. The Stock Repurchase Program is subject to applicable legal requirements, including federal and state securities laws.

For the three months ended September 30, 2024 and 2025, the Company repurchased nil and 12,160 ADSs, representing nil and 547,200 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for nil and $18 on the open market, at a weighted average price of nil and $1.43 per ADS, respectively. For the nine months ended September 30, 2024 and 2025, the Company repurchased 231,019 and 73,339 ADSs, representing 10,395,855 and 3,300,255 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $187 and $104 on the open market, at a weighted average price of $0.81 and $1.39 per ADS, respectively.

The following table sets forth repurchase activity under the Stock Repurchase Program for the nine months ended September 30, 2025 (amount in thousands, except share and per share amounts):


				Approximate Dollar
				Value of ADSs That		Approximate Dollar
				Purchased as		Value of ADSs That
				Part of Publicly		May Yet Be
	Total Number of	Average Price Paid		Announced		Purchased Under
	ADSs Purchased	Per ADS		Programs		the Programs
Periods
January 2025:
Open market purchases	29,667	$	1.71	$	50	$	3,104
February 2025:
Open market purchases	4,053	$	1.76	$	7	$	3,097
May 2025
Open market purchases	7,066	$	1.02	$	7	$	3,090
June 2025
Open market purchases	20,393	$	1.06	$	22	$	3,068
July 2025
Open market purchases	9,672		1.26		13		3,055
August 2025
Open market purchases	2,488		1.81		5		3,050
Total	73,339			$	104

Change of Shares withheld for payroll taxes on Restricted Stock Units (“RSU”) into treasury stock

The Company entered into an employee stock option service agreement on January 1, 2021, (the “ESOP Agreement”) with The Core Group (“Core”), pursuant to which Core withheld ADSs for the payroll tax liabilities from the employees. The Company used excess cash on hand to remit payroll tax liabilities on behalf of optionees. In fiscal year 2024,due to the Stock Repurchase Program, the Company decided to redesignate the ADSs withheld for the payroll taxes into treasury stock, which were 173,548 ADSs in the aggregate, representing 7,809,660 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $674, at a weighted average price of $3.89 per ADS. In March, 2025, the Company recorded ADSs withheld for the payroll taxes as treasury stock, which were 215 ADSs in the aggregate, representing 9,675 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $0.3, at a weighted average price of $1.53 per ADS. In June, 2025, the Company recorded ADSs withheld for the payroll taxes as treasury stock, which were 210 ADSs in the aggregate, representing 9,450 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $0.3, at a weighted average price of $1.46 per ADS. In September, 2025, the Company recorded ADSs withheld for the payroll taxes as treasury stock, which were 244 ADSs in the aggregate, representing 10,980 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $0.4, at a weighted average price of $1.59 per ADS.

True-up adjustment of the Class A ordinary shares and Treasury stock

The number of the Class A ordinary shares issued and outstanding and Treasury stock has been adjusted to reflect the true-up provisions based on the shares number recorded by the third-party transfer agent. The true-up adjustment resulted in an increase of 15,418,167 Class A ordinary shares and a decrease of 7,816,005 shares of Treasury stock, bringing the total number of Class A ordinary shares issued and outstanding to 726,595,513 and 653,561,413 as of September 30, 2025. This adjustment is immaterial to the financial statement presentation of the Company’s basic and diluted net income (loss) per share calculations.

SHARE-BASED COMPENSATION - Summary of information with respect to share Options outstanding (Details) - Renren stock options	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Options outstanding
Number outstanding (in shares) \| shares	11,250,000
Weighted average intrinsic value	$ 0.05
Options exercisable
Number of exercisable (in shares) \| shares	3,750,000
Weighted average intrinsic value	$ 0.05
Lofty Inc
Options outstanding
Number outstanding (in shares) \| shares	46,554
Weighted average intrinsic value	$ 35.11
Options exercisable
Number of exercisable (in shares) \| shares	38,928
Weighted average intrinsic value	$ 40.14
Trucker Path
Options outstanding
Number outstanding (in shares) \| shares	49,015
Weighted average intrinsic value	$ 34.5
Options exercisable
Number of exercisable (in shares) \| shares	41,115
Weighted average intrinsic value	$ 41.13
Range of exercise prices $0.01
SHARE-BASED COMPENSATION
Low end of range of exercise prices (in dollars per share)	$ 0.01
Options outstanding
Number outstanding (in shares) \| shares	11,250,000
Weighted average remaining contractual life	8 years 8 months 26 days
Weighted average exercise price (in dollars per share)	$ 0.01
Weighted average intrinsic value	$ 0.05
Options exercisable
Number of exercisable (in shares) \| shares	3,750,000
Weighted average remaining contractual life	8 years 8 months 26 days
Weighted average exercise price (in dollars per share)	$ 0.01
Weighted average intrinsic value	$ 0.05
Range of exercise price from 6.00, 33.48 and 73.35 \| Lofty Inc
Options outstanding
Number outstanding (in shares) \| shares	46,554
Weighted average remaining contractual life	6 years 4 months 2 days
Weighted average exercise price (in dollars per share)	$ 30.61
Weighted average intrinsic value	$ 35.11
Options exercisable
Number of exercisable (in shares) \| shares	38,928
Weighted average remaining contractual life	5 years 11 months 12 days
Weighted average exercise price (in dollars per share)	$ 29.26
Weighted average intrinsic value	40.14
Exercise price 6.00 \| Lofty Inc
SHARE-BASED COMPENSATION
Range of exercise prices	6
Exercise price 33.48 \| Lofty Inc
SHARE-BASED COMPENSATION
Range of exercise prices	33.48
Exercise price 73.35 \| Lofty Inc
SHARE-BASED COMPENSATION
Range of exercise prices	$ 73.35
Range of exercise Price from 4.00, 64.70 and 133.00 \| Trucker Path
Options outstanding
Number outstanding (in shares) \| shares	49,015
Weighted average remaining contractual life	6 years 4 months 28 days
Weighted average exercise price (in dollars per share)	$ 57.96
Weighted average intrinsic value	$ 34.5
Options exercisable
Number of exercisable (in shares) \| shares	41,115
Weighted average remaining contractual life	5 years 11 months 26 days
Weighted average exercise price (in dollars per share)	$ 55.04
Weighted average intrinsic value	41.13
Exercise price 4.00 \| Trucker Path
SHARE-BASED COMPENSATION
Range of exercise prices	4
Exercise price 64.70 \| Trucker Path
SHARE-BASED COMPENSATION
Range of exercise prices	64.7
Exercise price 133.00 \| Trucker Path
SHARE-BASED COMPENSATION
Range of exercise prices	$ 133

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Cash flows from operating activities:

Net loss

$ (2,189)

$ (2,453)

Adjustments to reconcile net loss to net cash used in operating activities:

Share-based compensation expense

539

1,599

Impairment on and loss (income) in equity method investments

(500)

133

Amortization of the right-of-use assets

537

341

Depreciation and amortization

525

297

Release of tax liabilities

(726)

Reversal of aged other payables

(1,711)

Impairment on intangible asset

207

Fair value change on long-term investment

1,474

Provision for credit losses

1,053

Changes in operating assets and liabilities:

Accounts receivable

(1,578)

(1,130)

Prepaid expenses and other current assets

(282)

(410)

Other non-current assets

(96)

(55)

Accounts payable

(742)

152

Accrued expenses and other current liabilities

2,297

2,722

Deferred revenue

327

253

Operating lease liabilities

(564)

(388)

Income tax payable

(391)

346

Net cash provided by (used in) operating activities

(2,032)

1,704

Cash flows from investing activities:

Payment for acquisition of a subsidiary, net of cash acquired

(994)

(2,658)

Redemption of short-term investments

4,980

Purchases of intangible assets

(650)

(140)

Purchases of property and equipment

(241)

(177)

Dividend received from equity method investment

Net cash (used in) provided by investing activities

3,185

(2,975)

Cash flows from financing activities:

Proceeds from exercise of share options

1,046

Proceeds from debt

9,750

Ordinary share buyback

(104)

(187)

Special cash dividends to ordinary shares (including ADSs)

(11,106)

Net cash provided by (used in) financing activities

(1,460)

859

Net decrease in cash and cash equivalents and restricted cash

(307)

(412)

Cash and cash equivalents and restricted cash at the beginning of the period

31,922

38,969

Effect of exchange rate changes

379

(179)

Cash and cash equivalents and restricted cash at the end of the period

31,994

38,378

Reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets

Cash and cash equivalents

22,049

33,150

Restricted cash

9,945

5,228

Cash and cash equivalents and restricted cash at the end of the period

31,994

38,378

Supplemental schedule of cash flows information:

Income taxes paid

1,590

Schedule of non-cash activities:

Obtaining right-of-use assets in exchange for operating lease liabilities

554

1,228

Estimated present value of contingent consideration of Truckers Best Insurance LLC ("TBI")

$ 1,826

830

Change of shares withheld for payroll taxes on restricted shares into treasury stock

^[1]

$ 674

[1]	For the nine months ended September 30, 2025, the amount of Treasury stock is less than one thousand dollars.

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Information for the Company's segments, as well as for Other Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Revenues:
Total revenues	$ 20,425	$ 16,686	$ 57,701	$ 45,998
Cost	5,282	4,053	14,851	10,869
Gross profit	15,143	12,633	42,850	35,129
Operating expenses:
Selling and marketing expense	5,476	4,964	15,639	13,926
Research and development expense	6,663	4,779	18,493	13,792
General and administrative expense	4,456	3,461	10,698	9,995
Impairment of intangible assets				207
Total operating expenses	16,595	13,204	44,830	37,920
(Loss) Income from operations	(1,452)	(571)	(1,980)	(2,791)
Other income (expense), net	(15)	431	18	413
Gain (Loss) from fair value change of a long-term investment	(9)	147	(30)	(1,474)
Interest income, net	155	393	608	1,164
Income (Loss) before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax	(1,321)	400	(1,384)	(2,688)
Other segment information:
Depreciation and amortization	180	88	525	297
Goodwill	4,840		4,840		$ 2,658
Intangible assets, net	3,223	1,340	3,223	1,340	$ 1,927
Subscription services
Revenues:
Total revenues	18,495	15,265	52,250	42,696
Advertising services
Revenues:
Total revenues	868	784	2,469	2,399
Other Saas services
Revenues:
Total revenues	1,025	592	2,864	777
Other services
Revenues:
Total revenues	37	45	118	126
Cost	33	36	103	108
Operating Segments \| Lofty Inc
Revenues:
Total revenues	10,056	9,216	29,762	25,656
Cost	2,200	1,722	6,395	4,491
Gross profit	7,856	7,494	23,367	21,165
Operating expenses:
Selling and marketing expense	3,968	3,996	11,683	11,041
Research and development expense	3,546	2,535	9,667	6,906
General and administrative expense	1,916	1,750	5,483	4,299
Impairment of intangible assets				207
Total operating expenses	9,430	8,281	26,833	22,453
(Loss) Income from operations	(1,574)	(787)	(3,466)	(1,288)
Other segment information:
Depreciation and amortization	119	41	375	159
Goodwill	4,840		4,840
Intangible assets, net	2,045	951	2,045	951
Operating Segments \| Lofty Inc \| Subscription services
Revenues:
Total revenues	8,709	8,442	25,865	24,001
Operating Segments \| Lofty Inc \| Advertising services
Revenues:
Total revenues	412	386	1,217	1,120
Operating Segments \| Lofty Inc \| Other Saas services
Revenues:
Total revenues	935	388	2,680	535
Operating Segments \| Trucker Path
Revenues:
Total revenues	10,332	7,425	27,821	20,216
Cost	3,049	2,295	8,353	6,270
Gross profit	7,283	5,130	19,468	13,946
Operating expenses:
Selling and marketing expense	1,537	1,013	4,093	2,989
Research and development expense	3,116	2,243	8,745	6,542
General and administrative expense	999	1,188	2,613	2,698
Total operating expenses	5,652	4,444	15,451	12,229
(Loss) Income from operations	1,631	686	4,017	1,717
Other segment information:
Depreciation and amortization	35	14	63	39
Intangible assets, net	1,163	366	1,163	366
Operating Segments \| Trucker Path \| Subscription services
Revenues:
Total revenues	9,786	6,823	26,385	18,695
Operating Segments \| Trucker Path \| Advertising services
Revenues:
Total revenues	456	398	1,252	1,279
Operating Segments \| Trucker Path \| Other Saas services
Revenues:
Total revenues	90	204	184	242
Operating Segments \| The Corporate
Revenues:
Total revenues	152	160	463	471
Cost	33	36	103	108
Gross profit	119	124	360	363
Operating expenses:
Selling and marketing expense	73	60	175	215
Research and development expense	13	9	110	366
General and administrative expense	1,542	525	2,606	3,002
Total operating expenses	1,628	594	2,891	3,583
(Loss) Income from operations	(1,509)	(470)	(2,531)	(3,220)
Other segment information:
Depreciation and amortization	26	33	87	99
Intangible assets, net	15	23	15	23
Operating Segments \| The Corporate \| Other services
Revenues:
Total revenues	152	160	463	471
Eliminations
Revenues:
Total revenues	(115)	(115)	(345)	(345)
Gross profit	(115)	(115)	(345)	(345)
Operating expenses:
Selling and marketing expense	(102)	(105)	(312)	(319)
Research and development expense	(12)	(8)	(29)	(22)
General and administrative expense	(1)	(2)	(4)	(4)
Total operating expenses	(115)	(115)	(345)	(345)
Eliminations \| Other services
Revenues:
Total revenues	$ (115)	$ (115)	$ (345)	$ (345)

OPERATING LEASES (Tables)

9 Months Ended

Sep. 30, 2025

OPERATING LEASES

Schedule of operating lease cost and short-term lease cost

The operating lease cost and short-term lease cost for the three and nine months ended September 30, 2024 and 2025 were as follows (in thousands):


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2025		2024		2025
Selling expenses	$	22	$	24	$	61	$	71
Research and development expenses		170		219		375		631
General and administrative expenses		21		28		54		70
Total operating lease cost		213		271		490		772

Short-term lease cost		22		46		82		71

Total lease cost	$	235	$	317	$	572	$	843

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of September 30, 2025 were as follows (in thousands):


	Operating Lease
Remainder of 2025	$	149
2026		645
2027		499
2028		48
2029		41
After		133
Total undiscounted lease payment		1,515
Less: Imputed interest		(93)
Present value of lease liabilities	$	1,422

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Total revenues	$ 20,425	$ 16,686	$ 57,701	$ 45,998
Cost of revenues:
Total cost of revenues	5,282	4,053	14,851	10,869
Gross profit	15,143	12,633	42,850	35,129
Operating expenses
Selling and marketing	5,476	4,964	15,639	13,926
Research and development	6,663	4,779	18,493	13,792
General and administrative	4,456	3,461	10,698	9,995
Impairment of intangible assets				207
Total operating expenses	16,595	13,204	44,830	37,920
Loss from operations	(1,452)	(571)	(1,980)	(2,791)
Other income (expense), net	(15)	431	18	413
Gain (Loss) from fair value change of a long-term investment	(9)	147	(30)	(1,474)
Interest income, net	155	393	608	1,164
Income (Loss) before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax	(1,321)	400	(1,384)	(2,688)
Income tax benefits (expenses)	(464)	604	(1,305)	368
Income (Loss) before loss in equity method investments and non-controlling interest, net of tax	(1,785)	1,004	(2,689)	(2,320)
Impairment on and income (loss) in equity method investments, net of tax	255	165	500	(133)
Net income (loss)	(1,530)	1,169	(2,189)	(2,453)
Less: Net income (loss) attributable to non-controlling interests	(239)	5	(587)	(42)
Net income (loss) attributable to Moatable, Inc.	$ (1,291)	$ 1,164	$ (1,602)	$ (2,411)
Net income (loss) per share attributable to Moatable, Inc. shareholders:
Basic (in dollars per share)	$ (0.002)	$ 0.001	$ (0.002)	$ (0.003)
Diluted (in dollars per share)	$ (0.002)	$ 0.001	$ (0.002)	$ (0.003)
Weighted average number of shares used in calculating net loss per share attributable to Moatable, Inc. shareholders:
Basic (in shares)	823,855,963	811,518,063	814,467,454	780,018,704
Diluted (in shares)	823,855,963	811,518,330	814,467,454	780,018,704
SaaS revenue
Revenues:
Total revenues	$ 20,388	$ 16,641	$ 57,583	$ 45,872
Cost of revenues:
Total cost of revenues	5,249	4,017	14,748	10,761
Other services
Revenues:
Total revenues	37	45	118	126
Cost of revenues:
Total cost of revenues	$ 33	$ 36	$ 103	$ 108

INCOME TAXES

9 Months Ended

Sep. 30, 2025

INCOME TAXES

INCOME TAXES

13. INCOME TAXES

Utilization of the federal and state net operating losses may be subject to certain annual limitations under IRC Section 382 due to the “change in ownership” provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. The Company has a full valuation allowance against U.S. federal and state net operating losses.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Nov. 06, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-35147
Entity Registrant Name	Moatable, Inc.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	45 West Buchanan Street,
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85003
City Area Code	623
Local Phone Number	473-5749
Title of 12(b) Security	None
Trading Symbol	MTBLY
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001509223
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		568,592,953
Class B Ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		170,258,970

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2025

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

2. REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Subsequent to the filing of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 with the United States Securities and Exchange Commission (the “SEC”), management of Moatable, Inc. (the “Company”) discovered that the sales tax liability was understated as of September 30, 2024 by $3,293, of which $2,358 is related to the prior years of 2021 through 2023, and $336 and $935 are related to the three months and nine months period ended September 30, 2024, respectively.

In accordance with Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the adjustments detailed above, and determined the related impact did not materially misstate its consolidated financial statements as of and for the year ended December 31, 2023 or its condensed consolidated financial statements for the periods ended March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024, June 30, 2024, and September 30, 2024.

Although the Company concluded that the misstatement was not material to its previously issued financial statements, the Company has determined it was appropriate to present the impacts to its consolidated financial statements for the year ended December 31, 2023 on a prospective basis to provide appropriate context to stakeholders. Revision to its consolidated financial statements as of and for the year ended December 31, 2023 was included within the comparative consolidated financial statements as of and for the year ended December 31, 2024 contained in the Annual Report on Form 10-K filed with the SEC on April 15, 2025. Revisions to the Company’s condensed consolidated financial statements for the periods ended September 30, 2024 are tabulated below.

As of September 30, 2024, the omission of accrual of US sales tax liabilities was totaled $3,293, which has impact for the three and nine months ended September 30, 2024 by increasing $336 and $935 for selling expenses and $2,358 for the opening of accumulated deficit.

The following are the relevant line items from the Company’s consolidated balance sheet as of September 30, 2024, condensed consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2024, and condensed consolidated statements of cashflows for the nine months ended September 30, 2024, which illustrate the effect of the adjustments to the period presented:

Opening accumulated deficit as of January 1, 2024


		As
		reported		Adjustments		As adjusted
Accumulated deficit	$	(716,315)	$	(2,358)	$	(718,673)

Selected consolidated balance sheet information as of September 30, 2024


	As
	reported		Adjustments		As restated
Accrued expenses and other current liabilities	$	11,842	$	3,293	$	15,135
Total current liabilities		23,084		3,293		26,377
Total Liabilities		24,193		3,293		27,486
Accumulated deficit		(717,791)		(3,293)		(721,084)
Total Moatable, Inc. shareholders’ equity		62,589		(3,293)		59,296
Total equity		48,313		(3,293)		45,020

Selected consolidated statement of operations and comprehensive loss information for the three months ended September 30, 2024


	As
	reported		Adjustments		As restated
Selling and marketing	$	4,628	$	336	$	4,964
Total operating expenses		12,868		336		13,204
Loss from operations		(235)		(336)		(571)
Income before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax		736		(336)		400
Income before income (loss) in equity method investments and non-controlling interest, net of tax		1,340		(336)		1,004
Net income		1,505		(336)		1,169
Net income attributable to Moatable, Inc.		1,500		(336)		1,164
Net loss		1,505		(336)		1,169
Comprehensive income		1,523		(336)		1,187
Comprehensive income attributable to Moatable Inc.		1,517		(336)		1,181
Net income per share attributable to Moatable Inc. shareholders:
Basic and Diluted		0.002		(0.001)		0.001
Diluted		0.002		(0.001)		0.001

Selected consolidated statement of operations and comprehensive loss information for the nine months ended September 30, 2024


	As
	reported		Adjustments		As restated
Selling and marketing	$	12,991	$	935	$	13,926
Total operating expenses		36,985		935		37,920
Loss from operations		(1,856)		(935)		(2,791)
Loss before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax		(1,753)		(935)		(2,688)
Loss before income (loss) in equity method investments and non-controlling interest, net of tax		(1,385)		(935)		(2,320)
Net loss		(1,518)		(935)		(2,453)
Net loss attributable to Moatable, Inc.		(1,476)		(935)		(2,411)
Net loss		(1,518)		(935)		(2,453)
Comprehensive loss		(1,542)		(935)		(2,477)
Comprehensive loss attributable to Moatable Inc.		(1,617)		(935)		(2,552)
Net loss per share attributable to Moatable Inc. shareholders:
Basic and Diluted		(0.002)		(0.001)		(0.003)
Diluted		(0.002)		(0.001)		(0.003)

Selected consolidated statement of cash flows information for the nine months ended September 30, 2024


	As
	reported		Adjustments		As restated
Net loss	$	(1,518)	$	(935)	$	(2,453)
Accrued expenses and other current liabilities		1,787		935		2,722

SUBSEQUENT EVENTS (Details) - USD ($)		3 Months Ended						9 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Oct. 03, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Aug. 31, 2025	Jul. 31, 2025	May 31, 2025	Feb. 28, 2025	Jan. 31, 2025
SUBSEQUENT EVENTS
Total Number of ADSs Purchased		73,339						73,339
Repurchase of ordinary shares		12,160			0			73,339	231,019
Aggregate purchase price		$ 18,000	$ 29,000	$ 57,000		$ 32,000	$ 155,000
Open market purchases
SUBSEQUENT EVENTS
Total Number of ADSs Purchased			20,393							2,488	9,672	7,066	4,053	29,667
Subsequent event \| ADS
SUBSEQUENT EVENTS
Repurchase price per ADS	$ 3
Subsequent event \| Open market purchases
SUBSEQUENT EVENTS
Repurchase price per ADS	$ 3
Aggregate purchase price	$ 5.7
Percentage of shares repurchased	10.30%
Subsequent event \| Open market purchases \| Class A Ordinary shares
SUBSEQUENT EVENTS
Repurchase of ordinary shares	85,065,660
Percentage of shares repurchased	13.00%
Subsequent event \| Open market purchases \| Class A Ordinary shares \| Maximum
SUBSEQUENT EVENTS
Total Number of ADSs Purchased	225,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACQUISITION

9 Months Ended

Sep. 30, 2025

ACQUISITION

ACQUISITION

4. ACQUISITION

On May 1, 2025, for the purpose of entering into the insurance brokerage business, the Company acquired 100% membership interest of Truckers Best Insurance LLC (“TBI”), a company incorporated in South Carolina. The aggregate purchase price is subject to certain performance based earn-out targets set forth in the membership interest purchase agreement. Total purchase consideration was as follows:


	Amount
	USD
Cash consideration	$	1,000
Contingent consideration ⁽¹⁾		1,826
Total purchase consideration	$	2,826

(1)

As of September 30, 2025, $1,000 of total cash consideration has been paid.

The acquisition was accounted for as a business combination by applying the acquisition method. Accordingly, the acquired assets and liabilities were recorded at their fair value on the date of acquisition. Fair value of net assets, aside from intangible assets, are valued at net book value with no fair value adjustments identified. The purchase price allocation on intangible assets was based on a valuation analysis that utilized and considered generally accepted valuation methodologies such as the income and cost approach. The Company engaged a third-party valuation firm to assist with the valuation of assets acquired and liabilities assumed in this business combination. The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed are based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, and the assumptions and estimates used to determine the cash inflows and outflows. The Company determine discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period.

The following table summarizes the fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions and are subject to change within the measurement period as valuations are finalized. The primary area of preliminary purchase price allocation subject to change relates to the valuation of intangible assets and residual goodwill.


	Amount
	USD
Cash consideration	$	1,000
Contingent consideration		1,826
Total purchase consideration	$	2,826

Cash acquired from acquisition of TBI	$	6
Intangible assets - licenses and carrier appointments ⁽¹⁾		582
Intangible assets - customer relationship ⁽¹⁾		241
Total Identifiable Net Assets		829
Goodwill ⁽²⁾	$	1,997

(1)

(2)

The net revenue and net loss of TBI since the acquisition date and that were included in the Company’s consolidated statements of operations for the three months ended September 30, 2025 are $50 and $735, respectively. The net revenue and net loss of TBI since the acquisition date and that were included in the Company’s consolidated statements of operations for the nine months ended September 30, 2025 are $71 and $1,200, respectively.

Pro forma results of operations for the TBI acquisition have not been presented as they are not material to the Company’s consolidated results.

- Definition

The entire disclosure for business combination.

+ References

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