From GlobeNewswire: 2024-05-10 06:04:00

Mondee Holdings, Inc. reported its Q1 2024 net revenues of $58M, up 16% from the prior-year quarter, with gross bookings reaching $708M. Adjusted EBITDA for the quarter was $5.1M, marking a 27% increase from the prior year. The take rate also saw growth, reaching 8.2%. The company has raised its 2024 net revenues guidance based on these positive results. The company’s cash reserves in Q1 2024 were almost $50 million, over 30% higher than in Q4 2023. Mondee continues to innovate and deploy AI capabilities throughout its business operations, aiming for further growth and profitability. Mondee operates in various countries, offering travel solutions to a wide range of customers. Mondee announced its financial results for the three-month period ending March 31, 2024, with notable increases in net revenues and adjusted EBITDA. Expansion efforts in product offerings and geographic reach have driven growth, enabling the company to enhance its net revenue guidance for the year. Looking ahead, Mondee plans to continue leveraging its AI technology to innovate and improve its services in the travel industry. Mondee’s Q1 2024 gross bookings reached $708.1 million, up 6% from the prior year, with net revenues totaling $58.0 million, reflecting a 16% increase compared to the first quarter of 2023. The company reported an adjusted EBITDA of $5.1 million for the quarter, a 27% increase year-over-year. Mondee also experienced growth in operating cash flow, reporting $18.7 million for the quarter. Mondee’s financial highlights for the first quarter of 2024 include gross bookings of $708.1 million, marking a 6% increase from the prior year, and net revenues of $58.0 million, up 16% year-over-year. The company’s adjusted EBITDA for the quarter was $5.1 million, reflecting a 27% increase from the same period in 2023. Mondee reported strong operating cash flow of $18.7 million for the quarter, a significant improvement from the cash used in the first quarter of 2023. Mondee’s first-quarter results showcase a positive trend, with gross bookings increasing to $708.1 million, net revenues rising to $58.0 million, and adjusted EBITDA reaching $5.1 million. Additionally, the company saw growth in operating cash flow, which totaled $18.7 million for the quarter. Mondee’s financial performance in Q1 2024 demonstrates positive momentum, with gross bookings of $708.1 million, net revenues of $58.0 million, and adjusted EBITDA of $5.1 million. These results reflect a year-over-year increase in key financial metrics and highlight the company’s commitment to driving revenue growth and profitability.



Read more at GlobeNewswire:: Mondee Reports First Quarter 2024 Results