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![Flywire Corp [FLYW] reports annual net loss of $8,566,000.0](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FFLYW.png&w=1200&q=75)
Flywire Corp [FLYW] has reported a net loss of $8,566,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $403.1 million
Based in BOSTON, Massachusetts, Flywire Corp operates in the SERVICES sector.
In the financial analysis of the annual report for the year ending December 31, 2023, compared to the same period in the previous years, the following key points can be noted.
Revenue for the year 2023 amounted to $403.1 million, showing a substantial increase from the previous year's revenue of $289.4 million in 2022 and $201.1 million in 2021.
Costs and operating expenses for the year 2023 totaled $424.6 million, surpassing the expenses of $319.6 million in 2022 and $214.4 million in 2021. This resulted in a Loss from operations of ($21.5) million in 2023 compared to a Loss of ($30.2) million in 2022 and ($13.3) million in 2021.
Other income and expenses also played a significant role in the financial performance. Total other income (expense), net was $17.2 million in 2023, which was an improvement from ($7.1) million in 2022 and ($12.7) million in 2021.
The Net Loss for the year 2023 was reported at ($8.6) million, a decrease from the Net Loss of ($39.3) million in 2022 and ($28.1) million in 2021. The Net Loss per share attributable to common stockholders - basic was ($0.07) in 2023, which was an improvement from ($0.36) in 2022 and ($0.39) in 2021.
In conclusion, the financial performance for the year 2023 showed a revenue increase and a reduction in Net Loss compared to the previous years. It indicates a positive trend in the company's financial health and operational efficiency.