Marin Software Inc (NASDAQ: MRIN), a California- based digital marketing software provider, recently announced its financial results for the second quarter of 2021. The company reported a net revenue total of $6.1 million, a 16% decrease from a similar period last year.
Second-quarter financial summary
The company’s GAAP loss from operations stood at $3.0 million, which resulted in a GAAP operating margin of 49%, compared to a GAAP loss from operations of $4.5 million and a GAAP operating margin of 62% in a comparative period last year. Non-GAAP loss from operations stood at $2.8 million, which drove a non-GAAP operating margin of 46% against last year’s non-GAAP loss from operations of $3.6 million and a non-GAAP operating margin of 49%.
As of June 30, 2021, the company had cash and cash equivalents estimated at $14.4 million. The company also sold 4.3 million shares in July 2021 for proceeds of $38.8 million under its “at-the-market” offering program.
The company introduced an eCommerce module, a reliable way for their customers to manage online commerce and marketplace platforms. They also added support for Instacart Ads to assist their clients in reaching customers at the point of purchase on the country’s largest delivery services as well as a few national retailers.
Marin also launched ten new automated insights, including three bidding insights, four Amazon insights, and a few dedicated to landing page errors, duplicate words, and disapproved ads.
The company also added negative keywords and keyword expansion grids to the eCommerce module to streamline the module’s workflows. Additional enhanced support for Amazon Sponsored Brand Video ads to allow attributes like Price, Image, Title, Rating, and more to be supported.
Chris Lien, Marin Software’s CEO, said that as additional marketplaces expand their advertising programs, the need for a unifying platform only grows. For example, the company’s new eCommerce module in MarinOne and Instacart Ads is helping their clients meet customers at the point of purchase, thereby increasing sales. In addition, Chris believes that the company’s robust balance sheet will accelerate innovation and better serve the market’s needs.