UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ:
UCL), the world’s first and leading mobile data traffic sharing
marketplace, today announced its unaudited financial results for
the three months and year ended December 31, 2022.
Fourth Quarter 2022 Financial
Highlights
- Total
revenues were US$19.6 million, representing an increase of
11.6% from US$17.6 million in the fourth quarter of 2021.
- Gross
profit was US$10.1 million, representing an increase of
85.0% from US$5.4 million in the fourth quarter of 2021.
- Loss from
operations was US$1.1 million, compared to a loss from
operations of US$15.4 million in the fourth quarter of 2021.
- Net
loss was US$1.1 million, compared to a net loss of US$15.5
million in the fourth quarter of 2021.
- Adjusted
net income (non-GAAP) was US$1.3 million, compared to an
adjusted net loss of US$5.8 million in the fourth quarter of
2021.
-
Adjusted EBITDA (non-GAAP) was US$1.6 million,
compared to negative US$5.1 million in the fourth quarter of
2021.
Full Year 2022 Financial
Highlights
- Total
revenues were US$71.4 million, representing a decrease of
3.2% from US$73.8 million in 2021.
- Gross
profit was US$32.5 million, representing an increase of
49.0% from US$21.8 million in 2021.
- Loss from
operations was US$19.2 million, compared to a loss from
operations of US$45.9 million in 2021.
- Net
loss was US$19.9 million, compared to a net loss of
US$46.0 million in 2021.
- Adjusted
net loss (non-GAAP) was US$3.9 million, compared to an
adjusted net loss of US$25.2 million in 2021.
-
Adjusted EBITDA (non-GAAP) was negative US$2.3
million, compared to negative US$22.6 million in 2021.
Fourth Quarter and Full Year 2022
Operational Highlights
- In the fourth
quarter of 2022, total data consumed through the Company’s platform
was 44,814 terabytes (4,955 terabytes procured by the Company and
39,859 terabytes procured by our business partners), representing
an increase of 6.2% from 42,184 terabytes in the fourth quarter of
2021.
- In the fourth
quarter of 2022, average daily active terminals were 297,884 (2,299
owned by the Company and 295,585 owned by our business partners),
representing an increase of 12.2% from 265,595 in the fourth
quarter of 2021. During the fourth quarter of 2022, 62.1% of daily
active terminals were from uCloudlink 2.0 local data connectivity
services and 37.9% of daily active terminals were from uCloudlink
1.0 international data connectivity services.
- During fiscal year
2022, total data consumed through the Company’s platform was
176,499 terabytes (20,747 terabytes procured by the Company and
155,752 terabytes procured by our business partners), representing
an increase of 8.4% from 162,879 terabytes in 2021.
- During fiscal year
2022, average daily active terminals were 290,507 (1,621 owned by
the Company and 288,886 owned by our business partners),
representing an increase of 20.5% from 241,046 in 2021. In 2022,
66.0% of daily active terminals were from uCloudlink 2.0 local data
connectivity services and 34.0% of daily active terminals were from
uCloudlink 1.0 international data connectivity services. Average
daily data usage per terminal was 1.68 GB in December 2022.
- As of December 31,
2022, the Company had served 2,329 business partners in 59
countries and regions. The Company had 175 patents with 130
approved and 45 pending approval, while the pool of SIM cards was
from 337 MNOs globally as of December 31, 2022.
Executive Commentary
Chaohui Chen, Director and Chief Executive
Officer of UCLOUDLINK, noted, “In 2022, we were pleased to achieve
positive operating cash flow of US$4.4 million, a milestone for our
Company since the start of the COVID-19 pandemic. Our overall gross
margin improved significantly in 2022 to 45.5%, which compared to
29.6% in 2021 and even surpassed pre-pandemic gross margin of 41.0%
in 2019. For fiscal year 2022, we achieved significantly improved
bottom-line results on relatively consistent revenues. As
international travel recovered over the course of the second half
of 2022, our 1.0 international data connectivity business also
expanded, which drove an improved overall gross margin profile for
the year. In 2022, we made progress toward becoming a leading 5G
roaming solution provider and continued working to expand our
diverse IoT partner network. We were pleased with the service and
product contributions that we were able to provide for our
partners’ products, including new application scenarios such as
electric vehicles and IP Cameras. Japan and the North American
markets continued to account for over 75% of our revenues,
highlighting UCLOUDLINK’s global competency as a provider of
high-quality data connectivity services.”
Mr. Chen continued, “We are enthusiastic about
the opportunities we see before us in 2023. According to the latest
UNWTO Barometer, the 2023 international tourist arrival number will
recover to 80%-95% of pre-pandemic levels, and we expect to see
continued positive momentum in our 1.0 business with the lifting of
China’s Zero-COVID policy and faster-paced recovery in our other
markets. With increased brand awareness and an established
commercial reputation, we expect PaaS/SaaS platform services
derived from 1.0 international and 2.0 local data connectivity
business to seize a larger market share in existing markets. On the
IoT side, the Company continues to serve its existing partners
while exploring opportunities in new industries and new application
scenarios in markets where we have a strong presence. Having
overcome the various challenges presented by the COVID-19 pandemic,
we have renewed confidence in our ability to serve our customers
and partners with a best-in-class portfolio of services and
products with our proprietary HyperConn and cloud SIM technologies,
which elevates their connection experiences and fuels the long-term
development of our mobile data traffic sharing marketplace.”
Yimeng Shi, Chief Financial Officer of
UCLOUDLINK, stated, “We significantly narrowed our losses on a
year-over-year basis attributable from improvement of gross margin
and cost-cutting initiatives including streamlining our workforce.
This enabled us to realize positive adjusted EBITDA of US$1.6
million in the fourth quarter of 2022, compared to negative
adjusted EBITDA of US$5.1 million in the fourth quarter of 2021. We
believe we are well positioned to grow our business while
strengthening our financial position and creating increased value
for our shareholders.”
Fourth Quarter 2022 Financial
Results
Revenues
Total revenues were US$19.6 million,
representing an increase of 11.6% from US$17.6 million in the same
period of 2021.
- Revenues from
services were US$12.5 million, representing an increase of
30.3% from US$9.6 million in the same period of 2021. This increase
was primarily attributable to the increase in revenues from data
connectivity services.
- Revenues
from data connectivity services were US$9.6 million,
representing an increase of 43.2% from US$6.7 million in the same
period of 2021. The increase was primarily attributable to the
increase in revenues from international data connectivity services
which went from US$5.2 million in the fourth quarter of 2021 to
US$7.7 million in the fourth quarter of 2022, and the increase in
revenues from local data connectivity services, which went from
US$1.5 million in the fourth quarter of 2021 to US$1.9 million in
the fourth quarter of 2022. This increase in revenues from data
connectivity services was mainly attributable to the gradual
recovery of international travel and the continuous development of
the local data connectivity services.
- Revenues
from PaaS and SaaS services were US$2.5 million,
representing a decrease of 6.3% from US$2.7 million in the same
period of 2021. This decrease was primarily due to the unfavorable
foreign currency impact.
- Revenues
from sales of products were US$7.1 million, representing a
decrease of 11.0% from US$7.95 million in the same period of 2021,
primarily due to the decrease in sales of data related products and
others.
- Geographic
DistributionDuring the fourth quarter of 2022, Japan
contributed 43.7%, Mainland China contributed 3.0%, and other
countries and regions contributed the remaining 53.3% of the total
revenues, compared to 37.4%, 3.1% and 59.5%, respectively, in the
same period of 2021.
Cost of Revenues
Cost of revenues was US$9.5 million,
representing a decrease of 21.3% from US$12.1 million in the same
period of 2021. This decrease was mainly attributable to lower
costs associated with the decrease in sales of products.
- Cost of
services was US$5.0 million, representing a decrease of
1.8% from US$5.2 million in the same period of 2021.
- Cost of
products sold was US$4.5 million,
representing a decrease of 35.8% from US$6.9 million in the same
period of 2021.
Gross Profit
Overall gross profit was US$10.1 million,
compared to US$5.4 million in the same period of 2021. Overall
gross margin was 51.3% in the fourth quarter of 2022, compared to
31.0% in the same period of 2021.
Our gross profit on services was US$7.5 million,
compared to US$4.4 million in the same period of 2021. Our gross
margin on services was 59.4% in the fourth quarter of 2022,
compared to 46.1% in the same period of 2021.
Our gross profit on sales of products was US$2.6
million, compared to US$1.0 million in the same period of 2021. Our
gross margin on sales of products was 37.0% in the fourth quarter
of 2022, compared to 12.6% in the same period of 2021.
Operating Expenses
Total operating expenses were US$11.2 million,
compared to US$12.1 million in the same period of 2021.
- Research
and development expenses were US$1.9 million, representing
a decrease of 44.8% from US$3.4 million in the same period of 2021.
This decrease was primarily due to a decrease of US$1.3 million in
staff costs.
- Sales and
marketing expenses were US$2.9 million, representing a
decrease of 13.4% from US$3.3 million in the same period of 2021.
This decrease was primarily due to a decrease of US$0.2 million in
staff costs, and a decrease of US$0.2 million in promotional
fees.
- General and
administrative expenses were US$6.4 million, representing
an increase of 18.4% from US$5.4 million in the same period of
2021. This increase was primarily due to an increase of US$1.0
million in provision of bad debt expense and an increase of US$1.0
million in staff costs, which was partially offset by a decrease of
US$0.5 million in professional service fees and a decrease of
US$0.4 million in share-based compensation expenses.
Loss from Operations
Loss from operations was US$1.1 million,
compared to a loss from operations of US$15.4 million in the same
period of 2021.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (Non-GAAP), which excludes the
impact of share-based compensation, fair value gain/loss in other
investment, share of profit/loss in equity method investment, net
of tax, interest expense, income tax expenses and depreciation and
amortization, was US$1.6 million, compared to negative US$5.1
million in the same period of 2021.
Net Interest Expenses
Net interest expenses were US$0.06 million,
compared to net interest expenses of US$0.04 million in the same
period of 2021.
Net Loss
Net loss was US$1.1 million, compared to a net
loss of US$15.5 million in the same period of 2021.
Adjusted Net Income/Loss
(Non-GAAP)
Adjusted net income, which excludes the impact
of share-based compensation, fair value gain/loss in other
investment and share of profit/loss in equity method investment,
net of tax, was US$1.3 million, compared to an adjusted net loss
US$5.8 million in the same period of 2021.
Basic and Diluted Loss per
ADS
Basic and diluted loss per ADS attributable to
ordinary shareholders were US$0.03 in the fourth quarter of 2022,
compared to basic and diluted loss per ADS of US$0.54 in the same
period of 2021.
Cash and Cash Equivalents, Restricted
Cash and Short-Term Deposits
As of December 31, 2022, the Company had cash
and cash equivalents, and short-term deposits of US$15.1 million,
compared to US$12.5 million as of September 30, 2022. The increase
was primarily attributable to the net inflow of US$5.2 million for
operations and US$0.9 million proceeds from bank borrowing, which
was partially offset by a repayment of US$2.7 million for bank
borrowings and US$1.1 million redemption of convertible bonds in
the fourth quarter of 2022.
Capital Expenditures
(“CAPEX”)
CAPEX was US$0.1 million, compared to US$0.2
million in the same period of 2021.
Full Year 2022 Financial
Results
Revenues
Total revenues were US$71.4 million,
representing a decrease of 3.2% from US$73.8 million in 2021.
- Revenues from
services were US$46.2 million, representing an increase of
22.3% from US$37.8 million in 2021. This increase was primarily
attributable to the increase in revenues from data connectivity
services.
- Revenues
from data connectivity services were US$35.5 million,
representing an increase of 34.3% from US$26.4 million in 2021.
This increase was primarily attributable to the increase in
revenues from international data connectivity services from US$21.7
million in 2021 to US$28.1 million in 2022, as well as the increase
in revenues from local data connectivity services from US$4.7
million in 2021 to US$7.4 million in 2022. This increase in
revenues from data connectivity services was mainly attributable to
the gradual recovery of international travel and the continuous
development of the local data connectivity services.
- Revenues
from PaaS and SaaS services were US$9.8 million,
representing a decrease of 8.8% from US$10.8 million in 2021. This
decrease was primarily due to the unfavorable foreign currency
impact.
- Revenues
from sales of products were US$25.2 million, representing
a decrease of 30.0% from US$36.0 million in 2021, primarily due to
the decrease in sales of certain terminals, data related products
and others.
- Geographic
DistributionDuring 2022, Japan contributed 39.3%, Mainland
China contributed 2.6%, and other countries and regions contributed
the remaining 58.1% of the total revenues, compared to 48.6%, 5.2%
and 46.2%, respectively, in 2021. The increase in proportion of
revenues from other countries and regions was mainly attributable
to the revenue growth in North America and Europe.
Cost of Revenues
Cost of revenues was US$38.9 million,
representing a decrease of 25.1% from US$52.0 million in 2021. This
decrease was mainly attributable to lower costs associated with the
decrease in sales of products.
- Cost of
services was US$20.3 million, representing a decrease of
5.6% from US$21.6 million in 2021.
- Cost of
products sold was US$18.6 million,
representing a decrease of 38.9% from US$30.4 million in 2021.
Gross Profit
Overall gross profit was US$32.5 million,
compared to US$21.8 million in 2021. Overall gross margin was 45.5%
in 2022, compared to 29.6% in 2021.
Our gross profit on services was US$25.9
million, compared to US$16.2 million in 2021. Our gross margin on
services was 56.0% in 2022, compared to 43.0% in 2021.
Our gross profit on sales of products was US$6.6
million, compared to US$5.6 million in 2021. Our gross margin on
sales of products was 26.4% in 2022, compared to 15.5% in 2021.
Operating Expenses
Total operating expenses were US$37.4 million,
compared to US$55.9 million in 2021.
- Research
and development expenses were US$8.4 million, representing
a decrease of 38.5% from US$13.7 million in 2021. This decrease was
primarily due to a decrease of US$3.9 million in staff costs
related to cost control measures, and a decrease of US$0.7 million
in professional service fees.
- Sales and
marketing expenses were US$10.3 million, representing a
decrease of 24.3% from US$13.6 million in 2021. This decrease was
primarily due to a decrease of US$2.1 million in staff costs
related to cost control measures, and a decrease of US$1.1 million
in promotional fees.
- General and
administrative expenses were US$18.7 million, representing
a decrease of 34.4% from US$28.6 million in 2021. This decrease was
primarily due to a decrease of US$5.9 million in share-based
compensation expenses, a decrease of US$4.2 million in professional
service fees, and a decrease of US$1.7 million in staff costs
related to cost control measures, which was partially offset by an
increase of US$2.0 million in provision of bad debt expense.
Loss from Operations
Loss from operations was US$19.2 million,
compared to a loss from operations of US$45.9 million in 2021.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (Non-GAAP), which excludes the
impact of share-based compensation, fair value gain/loss in other
investment, share of profit/loss in equity method investment, net
of tax, interest expense, income tax expenses and depreciation and
amortization, was negative US$2.3 million, compared to negative
US$22.6 million in 2021.
Net Interest Expenses
Net interest expenses were US$0.4 million,
compared to net interest expenses of US$0.2 million in 2021.
Net Loss
Net loss was US$19.9 million, compared to a net
loss of US$46.0 million in 2021.
Adjusted Net Loss
(Non-GAAP)
Adjusted net loss, which excludes the impact of
share-based compensation, fair value gain/loss in other investment
and share of profit/loss in equity method investment, net of tax,
was US$3.9 million, compared to an adjusted net loss US$25.2
million in 2021.
Basic and Diluted Loss per
ADS
Basic and diluted loss per ADS attributable to
ordinary shareholders were US$0.64 in 2022, compared to basic and
diluted loss per ADS of US$1.61 in 2021.
Capital Expenditures
(“CAPEX”)
CAPEX was US$0.4 million, compared to US$0.9
million in 2021.
Business Outlook
For the first quarter of 2023, UCLOUDLINK
expects total revenues to be between US$17.5 million and US$18.5
million, representing an increase of 12.2% to 18.6% from the same
period of 2022. For 2023, UCLOUDLINK expects total revenues to be
between US$85.0 million and US$100.0 million, representing an
increase of 19.0% to 40.1% from that of 2022.
The above outlook is based on current market
conditions and reflects the Company’s preliminary estimates of
market and operating conditions and customer demand, particularly
in light of the potential impact of COVID-19. The global outbreak
of COVID-19, which had a severe and negative impact on the global
economy since the first quarter of 2020, presents continuous and
various global risks with the full impact of the outbreak
continuing to evolve. We will continue to carefully monitor
COVID-19 related factors.
Non-GAAP Financial Measures
To supplement the financial measures prepared in
accordance with generally accepted accounting principles in the
United States, or GAAP, this press release presents, adjusted net
income/loss and adjusted EBITDA, as supplemental measures to review
and assess the Company’s operating performance. The presentation of
these non-GAAP financial measures is not intended to be considered
in isolation or as a substitute for the financial information
prepared and presented in accordance with U.S. GAAP. Adjusted net
income/loss is defined as net loss excluding share-based
compensation, fair value gain/loss in other investment and share of
profit/loss in equity method investment, net of tax. Adjusted
EBITDA is defined as net loss excluding share-based compensation,
fair value gain/loss in other investment, share of profit/loss in
equity method investment, net of tax, interest expense, income tax
expenses and depreciation and amortization.
The Company believes that adjusted net
income/loss and adjusted EBITDA help identify underlying trends in
its business that could otherwise be distorted by the effect of
certain expenses that are included in loss from operations and net
loss. The Company believes that adjusted net income/loss and
adjusted EBITDA provide useful information about its operating
results, enhance the overall understanding of its past performance
and future prospects and allow for greater visibility with respect
to key metrics used by its management in its financial and
operational decision-making.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools. One of the key limitations of using adjusted net income/loss
and adjusted EBITDA is that they do not reflect all items of income
and expense that affect the Company’s operations. Share-based
compensation, fair value gain/loss in other investment and share of
profit/loss in equity method investment, net of tax, have been and
may continue to be incurred in the Company’s business and is not
reflected in the presentation of adjusted net loss. Further, the
non-GAAP financial measures may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited.
The Company compensate for these limitations by
reconciling the non-GAAP financial measure to the nearest U.S. GAAP
performance measure, all of which should be considered when
evaluating its performance. The Company encourages investors and
others to review its financial information in its entirety and not
rely on a single financial measure.
Reconciliation of each of these non-GAAP
financial measures to the most directly comparable GAAP financial
measure is set forth at the end of this release.
Conference Call
UCLOUDLINK will hold a conference call at 8:30
a.m. Eastern Time on Wednesday, March 15, 2023 (8:30 p.m. Beijing
Time on the same day) to discuss financial results and answer
questions from investors and analysts. Listeners may access the
call by dialing:
International: |
+1-412-902-4272 |
US (Toll Free): |
+1-888-346-8982 |
UK (Toll Free) |
0-800-279-9489 |
UK (Local Toll) |
0-207-544-1375 |
Mainland China (Toll Free): |
400-120-1203 |
Hong Kong (Toll Free): |
800-905-945 |
Hong Kong (Local Toll): |
+852-3018-4992 |
Singapore (Toll Free): |
800-120-6157 |
Australia (Toll Free): |
1-800-121301 |
Participants should dial in at least 10 minutes
before the scheduled start time and ask to be connected to the call
for “UCLOUDLINK GROUP INC.”
Additionally, a live and archived webcast of the
conference call will be available at https://ir.ucloudlink.com.
A telephone replay will be available one hours
after the end of the conference until March 22, 2023 by
dialing:
US (Toll Free): |
+1-877-344-7529 |
International: |
+1-412-317-0088 |
Canada (Toll Free): |
855-669-9658 |
Replay Passcode: |
3508161 |
About UCLOUDLINK GROUP INC.
UCLOUDLINK is the world’s first and leading
mobile data traffic sharing marketplace, pioneering the sharing
economy business model for the telecommunications industry. The
Company’s products and services deliver unique value propositions
to mobile data users, handset and smart-hardware companies, mobile
virtual network operators (MVNOs) and mobile network operators
(MNOs). Leveraging its innovative cloud SIM technology and
architecture, the Company has redefined the mobile data
connectivity experience by allowing users to gain access to mobile
data traffic allowance shared by network operators on its
marketplace, while providing reliable connectivity, high speeds and
competitive pricing.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “confident” and
similar statements. Among other things, the financial guidance and
quotations from management in this announcement, as well as
UCLOUDLINK’s strategic and operational plans, contain
forward-looking statements. UCLOUDLINK may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
but not limited to statements about UCLOUDLINK’s beliefs and
expectations, are forward-looking statements. Forward looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: UCLOUDLINK’s strategies; UCLOUDLINK’s
future business development, financial condition and results of
operations; UCLOUDLINK’s ability to increase its user base and
usage of its mobile data connectivity services, and improve
operational efficiency; competition in the global mobile data
connectivity service industry; changes in UCLOUDLINK’s revenues,
costs or expenditures; governmental policies and regulations
relating to the global mobile data connectivity service industry,
general economic and business conditions globally and in China; the
impact of the COVID-19 pandemic to UCLOUDLINK’s business operations
and the economy in China and elsewhere generally; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company’s
filings with the Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of the press release, and UCLOUDLINK undertakes
no duty to update such information, except as required under
applicable law.
For more information, please
contact:
UCLOUDLINK GROUP INC.Jillian ZengTel: +852-2180-6111E-mail:
ir@ucloudlink.com
Investor Relations:The Equity Group Inc.Alice Zhang, Associate
Tel: +1-212-836-9610E-mail: azhang@equityny.com
In China:Lucy Ma, AssociateTel: +86 10 5661 7012E-mail:
lma@equityny.com
UCLOUDLINK GROUP
INC.UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands of US$, except for share and per share
data)
|
As of December 31, |
|
As of December 31, |
|
2021 |
|
2022 |
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
7,868 |
|
|
|
14,921 |
|
Short-term deposit |
|
196 |
|
|
|
197 |
|
Accounts receivable, net |
|
14,923 |
|
|
|
5,961 |
|
Inventories |
|
6,133 |
|
|
|
3,624 |
|
Prepayments and other current assets |
|
6,225 |
|
|
|
4,255 |
|
Other investments |
|
12,587 |
|
|
|
11,690 |
|
Amounts due from related parties |
|
1,153 |
|
|
|
698 |
|
Total current assets |
|
49,085 |
|
|
|
41,346 |
|
Non-current assets |
|
|
|
|
|
Prepayments |
|
1,310 |
|
|
|
688 |
|
Long-term investments |
|
1,867 |
|
|
|
1,711 |
|
Other investments |
|
12,058 |
|
|
|
- |
|
Right-of-use assets, net |
|
- |
|
|
|
206 |
|
Property and equipment, net |
|
1,796 |
|
|
|
1,181 |
|
Intangible assets, net |
|
1,009 |
|
|
|
802 |
|
Total non-current assets |
|
18,040 |
|
|
|
4,588 |
|
TOTAL ASSETS |
|
67,125 |
|
|
|
45,934 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short term borrowings |
|
3,177 |
|
|
|
2,876 |
|
Accrued expenses and other liabilities |
|
27,580 |
|
|
|
24,014 |
|
Accounts payable |
|
12,986 |
|
|
|
6,832 |
|
Amounts due to related parties |
|
1,453 |
|
|
|
1,481 |
|
Contract liabilities |
|
1,575 |
|
|
|
1,052 |
|
Current lease liabilities |
|
- |
|
|
|
184 |
|
Total current liabilities |
|
46,771 |
|
|
|
36,439 |
|
Non-current liabilities |
|
|
|
|
|
Other non-current liabilities |
|
262 |
|
|
|
204 |
|
Total non-current liabilities |
|
262 |
|
|
|
204 |
|
TOTAL LIABILITIES |
|
47,033 |
|
|
|
36,643 |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Class A ordinary shares |
|
8 |
|
|
|
12 |
|
Class B ordinary shares |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
230,048 |
|
|
|
236,774 |
|
Accumulated other comprehensive (loss)/income |
|
(446 |
) |
|
|
1,876 |
|
Accumulated losses |
|
(209,524 |
) |
|
|
(229,377 |
) |
TOTAL SHAREHOLDERS’ EQUITY |
|
20,092 |
|
|
|
9,291 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
67,125 |
|
|
|
45,934 |
|
|
|
|
|
|
|
|
|
UCLOUDLINK GROUP
INC.UNAUDITED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS(In thousands of US$, except for
share and per share data)
|
|
For the three months ended |
|
For the year ended |
|
|
December 31,2021 |
|
December 31,2022 |
|
December 31,2021 |
|
December 31,2022 |
Revenues |
|
|
17,569 |
|
|
|
19,611 |
|
|
|
73,824 |
|
|
|
71,461 |
|
Revenues from services |
|
|
9,622 |
|
|
|
12,536 |
|
|
|
37,798 |
|
|
|
46,228 |
|
Sales of products |
|
|
7,947 |
|
|
|
7,075 |
|
|
|
36,026 |
|
|
|
25,233 |
|
Cost of revenues |
|
|
(12,129 |
) |
|
|
(9,549 |
) |
|
|
(51,990 |
) |
|
|
(38,927 |
) |
Cost of services |
|
|
(5,186 |
) |
|
|
(5,090 |
) |
|
|
(21,556 |
) |
|
|
(20,346 |
) |
Cost of products sold |
|
|
(6,943 |
) |
|
|
(4,459 |
) |
|
|
(30,434 |
) |
|
|
(18,581 |
) |
Gross profits |
|
|
5,440 |
|
|
|
10,062 |
|
|
|
21,834 |
|
|
|
32,534 |
|
Research and development expenses |
|
|
(3,359 |
) |
|
|
(1,853 |
) |
|
|
(13,697 |
) |
|
|
(8,430 |
) |
Sales and marketing expenses |
|
|
(3,324 |
) |
|
|
(2,880 |
) |
|
|
(13,620 |
) |
|
|
(10,305 |
) |
General and administrative expenses |
|
|
(5,444 |
) |
|
|
(6,443 |
) |
|
|
(28,551 |
) |
|
|
(18,726 |
) |
Other income/(loss), net |
|
|
(8,694 |
) |
|
|
34 |
|
|
|
(11,876 |
) |
|
|
(14,265 |
) |
Loss from operations |
|
|
(15,381 |
) |
|
|
(1,080 |
) |
|
|
(45,910 |
) |
|
|
(19,192 |
) |
Interest income |
|
|
2 |
|
|
|
10 |
|
|
|
14 |
|
|
|
18 |
|
Interest expenses |
|
|
(45 |
) |
|
|
(68 |
) |
|
|
(188 |
) |
|
|
(441 |
) |
Amortization of beneficial conversion feature |
|
|
- |
|
|
|
87 |
|
|
|
- |
|
|
|
(149 |
) |
Loss before income tax |
|
|
(15,424 |
) |
|
|
(1,051 |
) |
|
|
(46,084 |
) |
|
|
(19,764 |
) |
Income tax expense |
|
|
(248 |
) |
|
|
(3 |
) |
|
|
(244 |
) |
|
|
(161 |
) |
Share of profit in equity method investment, net of tax |
|
|
174 |
|
|
|
1 |
|
|
|
287 |
|
|
|
72 |
|
Net loss |
|
|
(15,498 |
) |
|
|
(1,053 |
) |
|
|
(46,041 |
) |
|
|
(19,853 |
) |
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the Company |
|
|
(15,498 |
) |
|
|
(1,053 |
) |
|
|
(46,041 |
) |
|
|
(19,853 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share for Class A and Class B ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(0.05 |
) |
|
|
(0.00 |
) |
|
|
(0.16 |
) |
|
|
(0.06 |
) |
Diluted |
|
|
(0.05 |
) |
|
|
(0.00 |
) |
|
|
(0.16 |
) |
|
|
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS (10 Class A shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(0.54 |
) |
|
|
(0.03 |
) |
|
|
(1.61 |
) |
|
|
(0.64 |
) |
Diluted |
|
|
(0.54 |
) |
|
|
(0.03 |
) |
|
|
(1.61 |
) |
|
|
(0.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in earnings per
Class A and Class B ordinary share computation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
287,048,380 |
|
|
|
318,209,088 |
|
|
|
285,979,036 |
|
|
|
312,485,140 |
|
Diluted |
|
|
287,048,380 |
|
|
|
318,209,088 |
|
|
|
285,979,036 |
|
|
|
312,485,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(15,498 |
) |
|
|
(1,053 |
) |
|
|
(46,041 |
) |
|
|
(19,853 |
) |
Other comprehensive loss, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(57 |
) |
|
|
(1,513 |
) |
|
|
(17 |
) |
|
|
2,322 |
|
Total comprehensive loss |
|
|
(15,555 |
) |
|
|
(2,566 |
) |
|
|
(46,058 |
) |
|
|
(17,531 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UCLOUDLINK GROUP
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (In thousands of US$)
|
|
For the three months ended |
|
For the year ended |
|
|
December 31,2021 |
|
December 31,2022 |
|
December 31,2021 |
|
December 31,2022 |
Net cash generated from/(used in) operating activities |
|
|
(3,169 |
) |
|
|
5,197 |
|
|
|
(21,738 |
) |
|
|
4,404 |
|
Net cash generated from/(used in) investing activities |
|
|
(200 |
) |
|
|
86 |
|
|
|
(935 |
) |
|
|
(162 |
) |
Net cash generated from/(used in) financing activities |
|
|
(3,113 |
) |
|
|
(3,064 |
) |
|
|
735 |
|
|
|
3,540 |
|
Increase/(decrease) in cash, cash equivalents and restricted
cash |
|
|
(6,482 |
) |
|
|
2,219 |
|
|
|
(21,938 |
) |
|
|
7,782 |
|
Cash, cash equivalents and restricted cash at beginning of the
period/year |
|
|
14,339 |
|
|
|
12,348 |
|
|
|
30,226 |
|
|
|
7,868 |
|
Effect of exchange rates on cash, cash equivalents and restricted
cash |
|
|
11 |
|
|
|
354 |
|
|
|
(420 |
) |
|
|
(729 |
) |
Cash, cash equivalents and restricted cash at end of the
period/year |
|
|
7,868 |
|
|
|
14,921 |
|
|
|
7,868 |
|
|
|
14,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UCLOUDLINK GROUP
INC.UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP
RESULTS (In thousands of US$)
|
|
For the three months ended |
|
For the year ended |
|
|
December 31,2021 |
|
December 31,2022 |
|
December 31,2021 |
|
December 31,2022 |
Reconciliation of Net Loss to Adjusted Net
Loss |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(15,498 |
) |
|
|
(1,053 |
) |
|
|
(46,041 |
) |
|
|
(19,853 |
) |
Add: share-based compensation |
|
|
1,206 |
|
|
|
787 |
|
|
|
8,757 |
|
|
|
3,098 |
|
fair value loss in other investments |
|
|
8,637 |
|
|
|
1,600 |
|
|
|
12,363 |
|
|
|
12,958 |
|
Less: share of profit in equity method investment, net of tax |
|
|
(174 |
) |
|
|
(1 |
) |
|
|
(287 |
) |
|
|
(72 |
) |
Adjusted net income/(loss) |
|
|
(5,829 |
) |
|
|
1,333 |
|
|
|
(25,208 |
) |
|
|
(3,869 |
) |
|
|
For the three months ended |
|
For the year ended |
|
|
December 31,2021 |
|
December 31,2022 |
|
December 31,2021 |
|
December 31,2022 |
Reconciliation of Net Loss to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(15,498 |
) |
|
|
(1,053 |
) |
|
|
(46,041 |
) |
|
|
(19,853 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
45 |
|
|
|
68 |
|
|
|
188 |
|
|
|
441 |
|
Income tax expenses |
|
|
248 |
|
|
|
3 |
|
|
|
244 |
|
|
|
161 |
|
Depreciation and amortization |
|
|
446 |
|
|
|
218 |
|
|
|
2,165 |
|
|
|
981 |
|
EBITDA |
|
|
(14,759 |
) |
|
|
(764 |
) |
|
|
(43,444 |
) |
|
|
(18,270 |
) |
Add: share-based compensation |
|
|
1,206 |
|
|
|
787 |
|
|
|
8,757 |
|
|
|
3,098 |
|
fair value loss in other investments |
|
|
8,637 |
|
|
|
1,600 |
|
|
|
12,363 |
|
|
|
12,958 |
|
Less: share of profit in equity method investment, net of tax |
|
|
(174 |
) |
|
|
(1 |
) |
|
|
(287 |
) |
|
|
(72 |
) |
Adjusted EBITDA |
|
|
(5,090 |
) |
|
|
1,622 |
|
|
|
(22,611 |
) |
|
|
(2,286 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
uCloudlink (NASDAQ:UCL)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
uCloudlink (NASDAQ:UCL)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024