Revenue Performance - Revenues from MahJong and other casual games were approximately US$1.1 million in 2023, a decrease from US$1.3 million in 2022 and US$1.5 million in 2021[97]. - Revenues generated from the online sports game Tales Runner were approximately US$2.7 million in 2023, down from US$3.4 million in 2022 but up from US$2.4 million in 2021[98]. - Accumulated sales revenues of the mobile role-playing game Yume100 reached approximately US$12.8 million as of December 31, 2023[100]. - Total operating revenues for 2023 were approximately US$4.3 million, a decrease of approximately US$1.3 million year-over-year[148]. - Operating revenues for 2023 were $4,292 thousand, a decrease of 23.2% from $5,585 thousand in 2022[164]. - Revenues from mobile games declined to $400 thousand in 2023 from $800 thousand in 2022, reflecting a broader trend of reduced online engagement post-COVID[165]. - The company collected $4.0 million in cash from customers in 2023, down from $6.5 million in 2022[179]. Financial Performance - The operating loss for 2023 was approximately US$3.2 million, an increase of US$0.1 million compared to the previous year[148]. - Net loss attributable to shareholders was approximately US$3.4 million, an increase of US$0.6 million year-over-year[148]. - GigaMedia's shareholders' equity decreased to US$43.5 million in 2023 from US$48.6 million in 2022[146]. - The company recorded approximately 33,000 active paying users, with an average revenue per paying user (ARPPU) ranging from approximately $40 to $100 for different services[120]. - The company incurred $0.7 million in research and development activities in 2023, down from $1.1 million in 2022 and $1.4 million in 2021[189]. - The net cash used in operating activities for 2023 was approximately $1,193 thousand, a decrease from $2,509 thousand in 2022[179]. - Cash, cash equivalents, and restricted cash at the end of 2023 totaled $38,783 thousand, down from $39,107 thousand at the end of 2022[179]. - The company has zero bank borrowing as of December 31, 2023, and expects to secure lines of credit for operational and strategic needs[176]. Market Strategy and Operations - The company intends to enhance its market position by focusing on mobile and browser-based entertainment services and expects to drive growth through organic means and accretive transactions[92]. - FunTown operates under an item-billing revenue model, allowing users to access basic game functions for free while offering in-game purchases[91]. - FunTown's marketing strategy includes in-game events, online advertising, and offline promotions to attract and retain users[107]. - The company collaborates with leading game development studios to source new online games and localize them for target markets[104]. - The company is transitioning its game portfolio from PC-based formats to browser and mobile platforms to meet changing market demands[190]. Regulatory and Compliance - The company operates under various regulations in Taiwan, including the Protection of Children and Youths Welfare and Rights Act, which governs internet content ratings[127]. - The company has not made any material changes in the accounting methodology used to evaluate investment in securities as of December 31, 2023 and 2022[197]. - The company adopted a written compensation recovery policy on October 30, 2023, in compliance with SEC rules[216]. Shareholder Information - Major shareholders include John-Lee Andre Koo with 2,159,999 shares (19.54%), and James Cheng-Ming Huang with 1,073,566 shares (9.71%) as of March 31, 2024[231]. - The total outstanding shares as of March 31, 2024, were 11,052,235, with 54.44% (6,017,090 shares) not held by major shareholders[234]. - The aggregate cash compensation paid to directors and executive officers for the year ended December 31, 2023, was approximately US$0.5 million[210]. - The company has a total of 4,000 ordinary shares underlying outstanding options granted to directors and executive officers, with an exercise price of $2.90 per share[211]. Employment and Organizational Structure - As of December 31, 2023, the total number of full-time employees decreased to 96 from 101 in 2022, representing a decline of approximately 4.95%[222][224]. - The company has a significant organizational structure with wholly owned subsidiaries operating in Taiwan, Hong Kong, and the British Virgin Islands[140]. - The board of directors currently comprises six members, including one female director and five independent non-executive members[217]. Taxation and Financial Implications - The company is likely classified as a Passive Foreign Investment Company (PFIC) for the taxable year ended December 31, 2023, due to a significant amount of cash and the price of its shares[267]. - If classified as a PFIC, shareholders may face special tax rules on excess distributions and gains realized on the sale of shares, which could result in ordinary income taxation[268]. - The company does not impose taxes on capital gains, but gains on share disposals may be treated as income if connected to trade or business activities in Singapore[255]. - U.S. persons holding shares may be required to file IRS Form 8938 if the aggregate value of specified foreign financial assets exceeds $50,000[278].

Core Viewpoint - GigaMedia Limited reported a significant decline in revenues and increased net losses for the year 2023, while also implementing cost-cutting measures and focusing on AI development for future growth [2][6][10]. Financial Performance - For the full year 2023, GigaMedia's revenues were $4.3 million, down 23.2% from $5.6 million in 2022 [5][6]. - Gross profit for 2023 was $2.4 million, a decrease of 24.7% compared to $3.25 million in 2022 [5]. - The operating loss for 2023 was $3.2 million, slightly higher than the $3.0 million loss in 2022 [6][8]. - The net loss for 2023 was $3.5 million, compared to a net loss of $2.8 million in 2022, with a loss per share of $0.31 [5][6][8]. Fourth Quarter Overview - In Q4 2023, revenues decreased by 18.8% quarter-on-quarter and 21.1% year-over-year, primarily due to seasonal factors and declines in licensed games [5][8]. - The loss from operations in Q4 was $0.6 million, an improvement from a loss of $0.9 million in Q3 2023 [5][8]. - The net loss for Q4 was $2.6 million, which included a $2.2 million valuation loss on investments [8][9]. Balance Sheet and Cash Position - At the end of 2023, GigaMedia had cash, cash equivalents, and restricted cash totaling $38.8 million, a slight decrease from $39.1 million at the end of 2022 [3][9]. - The company maintained a solid financial position with zero bank loans and shareholders' equity of approximately $42.8 million [9][10]. Business Strategy and Outlook - GigaMedia plans to develop AI-powered tools to enhance efficiency in content renovation for casual games and explore commercialization opportunities for these tools [3][10]. - The company is also focused on expanding through mergers and acquisitions to accelerate growth and enhance shareholder value [11].

Financial Performance - GigaMedia reported revenues of $1.07 million in Q3 2023, a 4.5% increase from $1.03 million in Q2 2023, but a 32.0% decrease year-over-year from $1.58 million[6]. - Gross profit for the third quarter was $0.58 million, up 3.0% from $0.57 million in the previous quarter, but down 38.6% from $0.95 million in the same quarter last year[8]. - The consolidated loss from operations was $0.89 million, a slight improvement from a loss of $0.92 million in Q2 2023[9]. - The net loss attributable to GigaMedia was $0.51 million, compared to a net loss of $0.56 million in the previous quarter[9]. - EBITDA for Q3 2023 was reported at $(0.95) million, an improvement from $(0.98) million in Q2 2023[6]. - Net income attributable to GigaMedia for Q3 2023 was $(507,036), compared to $(561,588) in Q2 2023, showing an improvement of 9.7%[19]. - EBITDA for Q3 2023 was $(946,423), slightly better than $(982,343) in Q2 2023, indicating a reduction in losses[19]. Cash and Assets - Cash, cash equivalents, and restricted cash totaled $38.8 million as of September 30, 2023, or $3.51 per share[7]. - Total current assets decreased to $39,708,402 from $47,022,222 in the previous quarter, a decline of approximately 15.4%[18]. - Cash and cash equivalents increased to $38,510,253 from $37,462,050 in the previous quarter, a rise of 2.8%[18]. - Accounts receivable - net rose to $252,757 from $187,385 in the previous quarter, an increase of 34.8%[18]. - Marketable securities - noncurrent increased significantly to $9,432,596 from $2,371,000 in the previous quarter, a growth of 296.5%[18]. - The net asset value per share was approximately $4.27[4]. Liabilities and Equity - Total liabilities decreased to $3,449,913 from $3,395,682 in the previous quarter, a slight increase of 1.6%[18]. - Total equity decreased to $47,229,725 from $47,754,712 in the previous quarter, a decline of 1.1%[18]. - Accrued expenses increased to $1,005,141 from $855,201 in the previous quarter, an increase of 17.5%[18]. - Other current liabilities remained relatively stable at $720,223 compared to $718,266 in the previous quarter, showing minimal change[18]. Strategic Outlook - GigaMedia plans to expand its customer base and improve revenue generation mechanisms while exploring strategic investment and acquisition opportunities[10]. - The company expressed cautious optimism for the upcoming quarter despite slow consumer sentiment recovery[8]. Profitability Metrics - The gross profit margin for Q3 2023 was 54.4%, slightly lower than 55.2% in the previous quarter[3].

Financial Performance - GigaMedia reported revenues of $1.03 million in Q2 2023, a decrease of 22.6% quarter-on-quarter and 24.8% year-over-year[4]. - Gross profit for the second quarter was $0.57 million, down 28.5% from the previous quarter and 26.9% from the same period last year[7]. - The net loss attributable to GigaMedia was $0.56 million, compared to a net loss of $0.31 million in Q1 2023[7]. - Operating loss for Q2 2023 was $0.92 million, compared to a loss of $0.70 million in Q1 2023[7]. - The company reported an EBITDA loss of $0.98 million for Q2 2023[6]. - Net income attributable to GigaMedia for the quarter was a loss of $561,588, compared to a loss of $312,700 in the previous quarter[19]. - EBITDA for the quarter was reported at a loss of $982,343, worsening from a loss of $703,870 in the previous quarter[19]. - Total operating revenues for the first half of 2023 were $2.35 million, down from $2.91 million in the same period last year[17]. Cash and Assets - Cash, cash equivalents, and restricted cash at the end of Q2 2023 totaled $37.8 million, a decrease of 0.9% from Q1 2023[8]. - Total current assets decreased to $47,022,222 from $47,482,257 in the previous quarter, a decline of 1.0%[18]. - Cash and cash equivalents decreased to $37,462,050 from $37,806,540 in the previous quarter, a drop of 0.9%[18]. - Accounts receivable increased to $187,385 from $154,890 in the previous quarter, an increase of 20.9%[18]. - Marketable securities - noncurrent decreased significantly to $2,371,000 from $10,322,000 year-over-year[18]. - Prepaid expenses decreased to $225,334 from $368,322 in the previous quarter, a decline of 38.8%[18]. - Total liabilities decreased slightly to $3,395,682 from $3,393,076 in the previous quarter, indicating stability[18]. - Total equity decreased to $47,754,712 from $48,310,127 in the previous quarter, reflecting a decline of 1.1%[18]. - Other current liabilities increased to $718,266 from $636,631 in the previous quarter, an increase of 12.8%[18]. Strategic Focus - The company plans to focus on boosting productivity and pursuing strategic expansion in the second half of 2023[10]. - The company is evaluating strategic investment targets to expand its business and enhance shareholder value[10]. - GigaMedia's net asset value was reported at $4.32 per share[4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commiss ...

Exhibit 99.1 FOR IMMEDIATE RELEASE For further information contact: Investor Relations Department Country/City Code 8862 Tel: 2656-8096 IR@gigamedia.com.tw GigaMedia Announces Fourth-Quarter and Full Year 2022 Financial Results TAIPEI, Taiwan, March 31, 2023 – GigaMedia Limited (NASDAQ: GIGM) today announced its unaudited financial results for the fourth quarter and full year of 2022. Highlights for Year Ended December 31, 2022 For 2022, GigaMedia reported revenues of $5.6 million, with a gross profit of $3 ...