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 ended June 30, 2023.
Second Quarter 2023 Financial
Highlights
- Total
revenues were US$22.0 million, representing an increase of
21.9% from US$18.0 million in the second quarter of 2022.
- Gross
profit was US$9.9 million, representing an increase of
24.0% from US$8.0 million in the second quarter of 2022.
- Loss from
operations was US$0.9 million, compared to a loss from
operations of US$5.8 million in the second quarter of 2022.
- Net
loss was US$0.9 million, compared to a net loss of US$6.3
million in the second quarter of 2022.
- Adjusted
net income (non-GAAP) was US$1.8 million, compared to an
adjusted net loss of US$1.5 million in the second quarter of
2022.
- Adjusted
EBITDA (non-GAAP) was US$2.1 million, compared to negative
US$1.0 million in the second quarter of 2022.
Second Quarter 2023 Operational
Highlights
- Total data consumed
in the second quarter through the Company’s platform was 45,682
terabytes (5,530 terabytes procured by the Company and 40,152
terabytes procured by our business partners), representing an
increase of 5.3% from 43,402 terabytes in the second quarter of
2022.
- Average daily
active terminals in the second quarter were 318,778 (7,386 owned by
the Company and 311,392 owned by our business partners),
representing an increase of 9.0% from 292,432 in the second quarter
of 2022. 53.6% of daily active terminals were from uCloudlink 2.0
local data connectivity services and 46.4% of daily active
terminals were from uCloudlink 1.0 international data connectivity
services during the second quarter of 2023. Average daily data
usage per terminal was 1.59 GB in June 2023.
- As of June 30,
2023, the Company had served 2,436 business partners in 63
countries and regions. The Company had 179 patents with 143
approved and 36 pending approval, while our pool of SIM cards was
from 369 MNOs globally as of June 30, 2023.
Executive Commentary
Mr. Chaohui Chen, Director and Chief Executive
Officer of UCLOUDLINK, noted, “During the second quarter of 2023,
we were pleased to have achieved positive cash flow from operations
for a fifth consecutive quarter. We continued to report strong top
line growth with total revenues of US$22.0 million, representing a
21.9% increase from the prior-year period, and recorded a positive
adjusted net income (non-GAAP) of US$1.8 million compared to an
adjusted net loss (non-GAAP) of US$1.5 million in the second
quarter of 2022. We are delighted that our uCloudlink 1.0 business
has demonstrated significant growth as a result of the recovery in
international travel, particularly driven by Chinese tourists
utilizing Roamingman brand services. Our cutting-edge 5G roaming
solutions, powered by our innovative hyper-connectivity (HyperConn)
solution and unique 5G portable Wi-Fi terminals, have
differentiated our services portfolio with various data traffic
packages from 4G to 5G, elevating the user experience across a
broad audience to enhance our leading competitive position within
the global roaming market.”
Mr. Chen continued, “In July 2023, we launched
the GlocalMe SIM card backed by our patented cloud SIM technology,
allowing users to freely purchase and use multiple global data
plans as needed. The GlocalMe SIM card currently covers 10 major
destination countries including Japan, the United States and
Australia, and we expect to gradually expand its availability into
more countries. In addition, UCLOUDLINK’s Internet of Things (IoT)
modules will start to be commercially embedded in the devices of a
major mobile network operator in Japan within 2023, marking a
significant expansion into IoT application scenarios and adding
another recurring revenue stream to our business. We are launching
a pilot sale of a GPS tracker-enabled roaming portable Wi-Fi
terminal that we believe will be the smallest one in the world, and
testing commercially an upgraded Customer Premises Equipment. We
expect these developments, together, will significantly enrich our
portfolio of offerings available to our customers, providing
various commercial options that address more than portable
Wi-Fi-driven demands. We remain optimistic that the continuous
expansion of our scope of products and services as well as our
research and development capabilities will enable us to execute our
growth strategies, allowing us to further gain market share in the
consumer business and the fixed broad band (FBB) business. At the
same time, we continue to prepare for the full initiation of our
one-stop marketplace application, and believe that these efforts of
expansion will add to the momentum to grow a larger user base that
fuels the near-term readiness and moreover, the long-term
prosperity of the marketplace. UCLOUDLINK has played a significant
part in integrating high-quality data connectivity to various life
scenarios, and we believe that our solutions truly enable our
customers and users to live a more convenient and intelligent life,
from ‘connected’ to ‘better connection’.”
Second Quarter 2023 Financial
Results
Revenues
Total Revenues were US$22.0 million,
representing an increase of 21.9% from US$18.0 million in the same
period of 2022.
- Revenues
from services were US$14.1 million, representing an
increase of 25.2% from US$11.2 million in the same period of 2022.
This increase was primarily attributable to the increase in
revenues from data connectivity services.
- Revenues
from data connectivity services were US$11.2 million,
representing an increase of 30.5% from US$8.6 million in the same
period of 2022. This increase was primarily attributable to an
increase in revenues from international data connectivity services
to US$9.0 million in the second quarter of 2023 from US$6.8 million
in the same period of 2022, and an increase in revenues from local
data connectivity services to US$2.2 million in the second quarter
of 2023 from US$1.8 million in the same period of 2022. This
increase in revenues from data connectivity services was mainly
attributable to the accelerated recovery of international travel
and the continuous development of the local data connectivity
services.
- Revenues
from PaaS and SaaS services were US$2.6 million,
representing an increase of 5.5% from US$2.5 million in the same
period of 2022.
- Revenues
from sales of products were US$7.9 million, representing
an increase of 16.5% from US$6.8 million in the same period of
2022, primarily due to the increase in sales of terminals.
- Geographic
Distribution
During the second quarter of 2023, as a
percentage of our total revenues, Japan contributed 43.0%, North
America contributed 29.5%, Mainland China contributed 11.6% and
other countries and regions contributed the remaining 15.9%,
compared to 38.1%, 39.2%, 1.4% and 21.3%, respectively, in the same
period of 2022.
Cost of Revenues
Cost of revenues was US$12.1 million,
representing an increase of 20.3% from US$10.0 million in the same
period of 2022. This increase was associated with the increase in
both revenues from services and revenues from sales of
products.
- Cost of
services was US$5.9 million, representing an increase of
20.1% from US$4.9 million in the same period of 2022.
- Cost of
products sold was US$6.2 million,
representing an increase of 20.5% from US$5.1 million in the same
period of 2022.
Gross Profit
Overall gross profit was US$9.9 million,
compared to US$8.0 million in the same period of 2022. Overall
gross margin was 44.9% in the second quarter of 2023, compared to
44.1% in the same period of 2022.
Our gross profit on services was US$8.2 million,
compared to US$6.3 million in the same period of 2022. Our gross
margin on services was 58.0% in the second quarter of 2023,
compared to 56.2% in the same period of 2022.
Our gross profit on sales of products was US$1.7
million, compared to US$1.7 million in the same period of 2022. Our
gross margin on sales of products was 21.5% in the second quarter
of 2023, compared to 24.1% in the same period of 2022.
Operating Expenses
Total operating expenses were US$9.0 million,
compared to US$8.3 million in the same period of 2022.
- Research
and development expenses were US$1.6 million, representing
a decrease of 35.8% from US$2.4 million in the same period of 2022.
This decrease was primarily attributable to a decrease of US$0.7
million in staff costs and a decrease of US$0.3 million in
share-based compensation expenses.
- Sales and
marketing expenses were US$3.5 million, representing an
increase of 40.5% from US$2.5 million in the same period of 2022.
This increase was primarily due to an increase of US$0.3 million in
share-based compensation expenses, an increase of US$0.3 million in
promotional fees, and an increase of US$0.2 million in staff
costs.
- General and
administrative expenses were US$3.9 million, representing
an increase of 13.4% from US$3.4 million in the same period of
2022. This increase was primarily due to an increase of US$0.5
million in share-based compensation expenses and an increase of
US$0.3 million in professional service fees, which was partially
offset by a decrease of US$0.2 million in provision of bad debt
expense.
Loss from Operations
Loss from operations was US$0.9 million,
compared to a loss from operations of US$5.8 million in the same
period of 2022.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (Non-GAAP), which excludes the
impact of share-based compensation, fair value gain/loss in other
investments, share of profit/loss in equity method investment, net
of tax, interest expense, income tax expenses and depreciation and
amortization, was US$2.1 million, compared to negative US$1.0
million in the same period of 2022.
Net Interest Expenses
Net interest expenses were US$0.01 million,
compared to net interest expenses of US$0.2 million in the same
period of 2022.
Net Loss
Net loss was US$0.9 million, compared to a net
loss of US$6.3 million in the same period of 2022.
Adjusted Net Income/(Loss)
(Non-GAAP)
Adjusted net income, which excludes the impact
of share-based compensation, fair value gain/loss in other
investments and share of profit/loss in equity method investment,
net of tax, was US$1.8 million, compared to an adjusted net loss
US$1.5 million in the same period of 2022.
Basic and Diluted Loss per
ADS
Basic and diluted loss per ADS attributable to
ordinary shareholders were US$0.02 in the second quarter of 2023,
compared to basic and diluted loss per ADS of US$0.22 in the same
period of 2022.
Cash and Cash Equivalents and Short-Term
Deposits
As of June 30, 2023, the Company had cash and
cash equivalents and short-term deposits of US$18.8 million,
compared to US$16.7 million as of March 31, 2023. This increase was
primarily attributable to net inflow of US$3.4 million from
operations and net proceeds of US$0.7 million from bank borrowings,
partially offset by a repayment of US$1.0 million for bank
borrowings and a payment of US$0.5 million for capital
expenditures.
Capital Expenditures
(“CAPEX”)
Capital expenditures were US$0.5 million
compared to US$0.2 million in the same period of 2022.
Business Outlook
For the third quarter of 2023, UCLOUDLINK
expects total revenues to be between US$23.5 million and US$24.5
million, representing an increase of 29.1% to 34.6% compared to the
same period 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. 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. 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 income/(loss)
excluding share-based compensation, fair value gain/loss in other
investments and share of profit/loss in equity method investment,
net of tax. Adjusted EBITDA is defined as net income/(loss)
excluding share-based compensation, fair value gain/loss in other
investments, 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 income/(loss) from operations
and net income/(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 investments
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
income/(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, August 16, 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 August 23, 2023 by
dialing:
|
|
US (Toll Free): |
+1-877-344-7529 |
International: |
+1-412-317-0088 |
Canada (Toll Free): |
855-669-9658 |
Replay Passcode: |
4498844 |
|
|
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 Zeng |
Tel: +852-2180-6111 |
E-mail: ir@ucloudlink.com |
|
Investor Relations: |
The Equity Group Inc. |
Alice Zhang, Associate |
Tel: +1-212-836-9610 |
E-mail: azhang@equityny.com |
|
In China: |
Lucy Ma, Associate |
Tel: +86 10 5661 7012 |
E-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 June 30, |
|
2022 |
|
2023 |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
14,921 |
|
18,628 |
Short-term deposit |
197 |
|
195 |
Accounts receivable, net |
5,961 |
|
8,172 |
Inventories |
3,624 |
|
1,799 |
Prepayments and other current assets |
4,255 |
|
4,503 |
Other investments |
11,690 |
|
11,405 |
Amounts due from related parties |
698 |
|
397 |
Total current assets |
41,346 |
|
45,099 |
Non-current assets |
|
|
|
Prepayments |
688 |
|
459 |
Long-term investments |
1,711 |
|
1,693 |
Property and equipment, net |
1,181 |
|
1,613 |
Right-of-use assets, net |
206 |
|
1,762 |
Intangible assets, net |
802 |
|
706 |
Total non-current assets |
4,588 |
|
6,233 |
TOTAL ASSETS |
45,934 |
|
51,332 |
|
|
|
|
LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Short term borrowings |
2,876 |
|
2,629 |
Accrued expenses and other liabilities |
24,014 |
|
22,741 |
Accounts payable |
6,832 |
|
7,636 |
Amounts due to related parties |
1,481 |
|
1,263 |
Contract liabilities |
1,052 |
|
991 |
Lease liabilities |
184 |
|
683 |
Total current liabilities |
36,439 |
|
35,943 |
Non-current liabilities |
|
|
|
Lease liabilities |
- |
|
1,072 |
Other non-current liabilities |
204 |
|
175 |
Total non-current liabilities |
204 |
|
1,247 |
TOTAL LIABILITIES |
36,643 |
|
37,190 |
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
Class A ordinary shares |
12 |
|
12 |
Class B ordinary shares |
6 |
|
6 |
Additional paid-in capital |
236,774 |
|
239,157 |
Accumulated other comprehensive income |
1,876 |
|
3,187 |
Accumulated losses |
(229,377) |
|
(228,220) |
TOTAL SHAREHOLDERS’ EQUITY |
9,291 |
|
14,142 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
45,934 |
|
51,332 |
|
|
|
|
UCLOUDLINK GROUP INC. |
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS) |
(In thousands of US$, except for share and per share
data) |
|
|
For the three months ended |
|
For the six months ended |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
|
June 30,2023 |
Revenues |
18,024 |
|
21,977 |
|
33,637 |
|
39,983 |
Revenues from services |
11,257 |
|
14,096 |
|
21,084 |
|
27,012 |
Sales of products |
6,767 |
|
7,881 |
|
12,553 |
|
12,971 |
Cost of revenues |
(10,069) |
|
(12,112) |
|
(19,847) |
|
(21,517) |
Cost of services |
(4,936) |
|
(5,927) |
|
(9,947) |
|
(11,029) |
Cost of products sold |
(5,133) |
|
(6,185) |
|
(9,900) |
|
(10,488) |
Gross profit |
7,955 |
|
9,865 |
|
13,790 |
|
18,466 |
Research and development expenses |
(2,419) |
|
(1,554) |
|
(5,101) |
|
(2,857) |
Sales and marketing expenses |
(2,503) |
|
(3,516) |
|
(5,290) |
|
(6,437) |
General and administrative expenses |
(3,408) |
|
(3,866) |
|
(7,988) |
|
(7,301) |
Other expense, net |
(5,440) |
|
(1,866) |
|
(8,776) |
|
(745) |
(Loss)/income from operations |
(5,815) |
|
(937) |
|
(13,365) |
|
1,126 |
Interest income |
2 |
|
19 |
|
5 |
|
24 |
Interest expenses |
(184) |
|
(31) |
|
(346) |
|
(80) |
Amortization of beneficial conversion feature |
(237) |
|
- |
|
(456) |
|
- |
(Loss)/income before income tax |
(6,234) |
|
(949) |
|
(14,162) |
|
1,070 |
Income tax expense |
(118) |
|
(31) |
|
(119) |
|
(44) |
Share of profit in equity method investment, net of tax |
63 |
|
63 |
|
77 |
|
131 |
Net (loss)/income |
(6,289) |
|
(917) |
|
(14,204) |
|
1,157 |
Attributable to: |
|
|
|
|
|
|
|
Equity holders of the Company |
(6,289) |
|
(917) |
|
(14,204) |
|
1,157 |
|
|
|
|
|
|
|
|
(Loss)/earnings per share for Class A and Class B ordinary
shares |
|
|
|
|
|
|
|
Basic |
(0.02) |
|
(0.00) |
|
(0.05) |
|
0.00 |
Diluted |
(0.02) |
|
(0.00) |
|
(0.05) |
|
0.00 |
|
|
|
|
|
|
|
|
(Loss)/earnings per ADS (10 Class A shares equal to 1 ADS) |
|
|
|
|
|
|
|
Basic |
(0.22) |
|
(0.02) |
|
(0.49) |
|
0.03 |
Diluted |
(0.22) |
|
(0.02) |
|
(0.49) |
|
0.03 |
|
|
|
|
|
|
|
|
Shares used in loss/earnings per Class A and Class B ordinary share
computation: |
|
|
|
|
|
|
|
Basic |
289,747,650 |
|
370,585,142 |
|
291,887,614 |
|
370,014,825 |
Diluted |
289,747,650 |
|
370,585,142 |
|
291,887,614 |
|
370,014,825 |
|
|
|
|
|
|
|
|
Net (loss)/income |
(6,289) |
|
(917) |
|
(14,204) |
|
1,157 |
Other comprehensive income, net of tax |
|
|
|
|
|
|
|
Foreign currency translation adjustment |
1,880 |
|
1,087 |
|
1,832 |
|
1,311 |
Total comprehensive (loss)/income |
(4,409) |
|
170 |
|
(12,372) |
|
2,468 |
|
|
|
|
|
|
|
|
UCLOUDLINK GROUP INC. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands of US$) |
|
|
For the three months ended |
|
For the six months ended |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
|
June 30,2023 |
Net cash generated from/(used in) operating activities |
2,462 |
|
3,411 |
|
(1,976) |
|
5,055 |
Net cash used in investing activities |
(186) |
|
(375) |
|
(179) |
|
(677) |
Net cash (used in)/generated from financing activities |
(719) |
|
(339) |
|
7,002 |
|
(142) |
Increase in cash, cash equivalents and restricted cash |
1,557 |
|
2,697 |
|
4,847 |
|
4,236 |
Cash and cash equivalents at beginning of the period |
11,010 |
|
16,524 |
|
7,868 |
|
14,921 |
Effect of exchange rates on cash and cash equivalents |
(582) |
|
(593) |
|
(730) |
|
(529) |
Cash and cash equivalents at end of the
period |
11,985 |
|
18,628 |
|
11,985 |
|
18,628 |
|
|
|
|
|
|
|
|
UCLOUDLINK GROUP INC. |
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP
RESULTS |
(In thousands of US$) |
|
|
For the three months ended |
|
For the six months ended |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
|
June 30,2023 |
Reconciliation of Net (Loss)/Income to Adjusted Net
(Loss)/Income |
|
|
|
|
|
|
|
Net (loss)/income |
(6,289) |
|
(917) |
|
(14,204) |
|
1,157 |
Add: share-based compensation |
1,011 |
|
1,601 |
|
1,711 |
|
2,334 |
fair value loss in other investments |
3,822 |
|
1,215 |
|
6,731 |
|
284 |
Less: share of profit in equity method investment, net of tax |
(63) |
|
(63) |
|
(77) |
|
(131) |
Adjusted net (loss)/income |
(1,519) |
|
1,836 |
|
(5,839) |
|
3,644 |
|
For the three months ended |
|
For the six months ended |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
|
June 30,2023 |
Reconciliation of Net (Loss)/Income to Adjusted
EBITDA |
|
|
|
|
|
|
|
Net (loss)/income |
(6,289) |
|
(917) |
|
(14,204) |
|
1,157 |
Add: |
|
|
|
|
|
|
|
Interest expense |
184 |
|
31 |
|
346 |
|
80 |
Income tax expense |
118 |
|
31 |
|
119 |
|
44 |
Depreciation and amortization |
228 |
|
239 |
|
522 |
|
447 |
EBITDA |
(5,759) |
|
(616) |
|
(13,217) |
|
1,728 |
Add: share-based compensation |
1,011 |
|
1,601 |
|
1,711 |
|
2,334 |
fair value loss in other investments |
3,822 |
|
1,215 |
|
6,731 |
|
284 |
Less: share of profit in equity method investment, net of tax |
(63) |
|
(63) |
|
(77) |
|
(131) |
Adjusted EBITDA |
(989) |
|
2,137 |
|
(4,852) |
|
4,215 |
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