Mynd announces fiscal year 2023 results

Delivers revenue of $413.6 million and successfully completes transformational merger transaction seattle , march 27, 2024 /prnewswire/ -- mynd.ai, inc. (the "company" or "mynd") (nyse american: mynd) today announced financial results for the fiscal year ended december 31, 2023. revenue of $413.6 million for the full year, compared to $584.6 million in the prior year with the decrease primarily driven by the normalization of the education market returning to pre-pandemic levels gross margin improved 30 basis points versus 2022 to 24.9%, largely due to lower materials and freight costs cash flow from operations improvement of $3.0 million compared to 2022 cash balance at year end was $91.8 million compared to $29.3 million at year end 2022 adjusted ebitda1 loss of $6.9 million compared to profit of $12.8 million in 2022, primarily driven by lower sales volumes "we are incredibly pleased with the progress our team made during 2023.
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