当地时间8月25日，美股三大股指集体收跌。道指收跌349.27点，报45282.47点，跌幅为0.77%；纳指收跌47.24点，报21449.29点，跌幅为0.22%；标普500 指数收跌27.59点，报6439.32点，跌幅为0.43%。 银行股多数下跌，摩根大通跌0.49%，高盛跌0.45%，花旗跌0.31%，摩根士丹利跌0.25%，美国银行涨0.04%，富国银行涨超1%。 中概股涨跌不一，纳斯达克中国金龙指数涨0.11%。热门中概股方面，大全新能源涨逾4%，新濠博亚娱乐涨超3%，网易涨逾2%，涂鸦智能涨超2%，健永 生技涨逾2%。跌幅方面，新蛋跌逾15%，大健云仓跌超9%，盛美半导体跌逾5%，霸王茶姬跌超4%。 根据芝加哥商品交易所集团的Fed watch工具，交易员目前认为美联储9月份降息的可能性为84%。 英国伦敦股市休市，欧洲其他两大主要股指当天均以下跌报收。法国巴黎股市CAC40指数报收于7843.04点，较前一交易日下跌126.65点，跌幅为1.59%； 德国法兰克福股市DAX指数报收于24273.12点，较前一交易日下跌89.97点，跌幅为0.37%。 来源公开信息及市场数据 （文章来源：国 ...

8月20日，新蛋(NEGG)盘中上涨10.64%，截至22:02，报98.915美元/股，成交2234.06万美元，总市值 19.19亿美元。 作者：行情君 资料显示，Newegg Commerce, Inc.(前身"联洛智能有限公司"), 总部位于美国加利福尼亚州工业城,是一 家领先的电子商务公司,为IT计算机组件、消费电子产品、娱乐、智能家居和游戏产品提供直接销售和 在线市场平台,并在全球范围内提供一定的第三方物流服务。 本文源自：金融界 财务数据显示，截至2024年12月31日，新蛋收入总额12.36亿美元，同比减少17.46%；归母净利 润-4332.8万美元，同比增长26.55%。 ...

Group 1 - Newegg's stock price increased by 30.01% to $95.74 per share, with a trading volume of $134 million and a total market capitalization of $1.857 billion as of August 14 [1] - For the fiscal year ending December 31, 2024, Newegg reported total revenue of $1.236 billion, a year-over-year decrease of 17.46% [1] - The company recorded a net loss attributable to shareholders of $43.328 million, which represents a year-over-year increase of 26.55% [1] Group 2 - Newegg Commerce, Inc., formerly known as Lianluo Smart Limited, is a leading e-commerce company based in Industry, California, specializing in direct sales and online marketplace platforms for IT computer components, consumer electronics, entertainment, smart home, and gaming products [1]

Core Insights - Newegg's stock opened at $61.0 per share, reflecting a 2.62% increase, with a total market capitalization of $1.183 billion [1] - The company's total revenue for the year ending December 31, 2024, is projected to be $1.236 billion, representing a year-over-year decrease of 17.46% [1] - Newegg reported a net loss attributable to shareholders of $43.328 million, which is an increase of 26.55% compared to the previous year [1] Company Overview - Newegg Commerce, Inc., formerly known as Lianluo Smart Limited, is headquartered in Industry, California, USA [1] - The company is a leading e-commerce platform that offers direct sales and online marketplace services for IT computer components, consumer electronics, entertainment, smart home, and gaming products [1] - Newegg also provides certain third-party logistics services globally [1]

Group 1 - The core point of the article highlights Newegg's stock performance and financial results, indicating a mixed outlook for the company [1] - Newegg's stock price increased by 4.41% to $61.448 per share, with a trading volume of $25.686 million and a total market capitalization of $1.192 billion [1] - The company's total revenue for the year ending December 31, 2024, is projected to be $1.236 billion, reflecting a year-over-year decrease of 17.46% [1] - Newegg reported a net loss attributable to shareholders of $43.328 million, which represents a year-over-year increase of 26.55% [1] Group 2 - Newegg Commerce, Inc. is a leading e-commerce company based in Industry, California, specializing in direct sales and online marketplace platforms for IT computer components, consumer electronics, entertainment, smart home, and gaming products [1] - The company also provides certain third-party logistics services globally [1]

Core Viewpoint - Newegg's stock experienced a 2.71% increase, reaching $65.52 per share, with a total market capitalization of $1.271 billion as of August 1 [1] Financial Performance - For the fiscal year ending December 31, 2024, Newegg reported total revenue of $1.236 billion, reflecting a year-over-year decrease of 17.46% [1] - The company recorded a net loss attributable to shareholders of $43.328 million, which represents a year-over-year increase of 26.55% [1] Company Overview - Newegg Commerce, Inc., formerly known as Lianluo Smart Limited, is a leading e-commerce company based in Industry, California [1] - The company specializes in direct sales and online marketplace platforms for IT computer components, consumer electronics, entertainment, smart home, and gaming products, and also provides third-party logistics services globally [1]

Group 1 - The core viewpoint of the article highlights Newegg's financial performance, showing a decline in revenue and a significant increase in net loss [1] - As of July 31, Newegg's stock opened at $45.98 per share, with a total market capitalization of $892 million [1] - Newegg's total revenue for the year ending December 31, 2024, is projected to be $1.236 billion, representing a year-over-year decrease of 17.46% [1] Group 2 - The company reported a net loss attributable to shareholders of $43.328 million, which is an increase of 26.55% compared to the previous year [1] - Newegg Commerce, Inc. is based in Industry, California, and is recognized as a leading e-commerce company [1] - The company specializes in direct sales and online marketplace platforms for IT computer components, consumer electronics, entertainment, smart home, and gaming products, along with providing third-party logistics services globally [1]

Group 1 - The recent rebound in stock markets has positively impacted struggling companies, including Newegg Commerce, Inc. (NASDAQ: NEGG), which was close to being delisted from NASDAQ [1] - Newegg is an electronics e-commerce website that has benefited from the market recovery [1] Group 2 - Gary Alexander, with extensive experience in technology companies and startups, has been a contributor to Seeking Alpha since 2017, providing insights into industry trends [1]

PART I [Item 3. Key Information](index=6&type=section&id=ITEM%203.%20KEY%20INFORMATION) The company's principal risks include macroeconomic pressures, intense competition, and significant issues related to controlling shareholder stock pledges [Risk Factors](index=6&type=section&id=D.%20Risk%20Factors) The company faces risks from macroeconomic conditions, e-commerce competition, operational vulnerabilities, and controlling shareholders' pledged, delinquent debt - Global macroeconomic conditions materially affect demand for the company's IT/CE products, which are often discretionary purchases[26](index=26&type=chunk)[27](index=27&type=chunk) - The company faces **intense competition** from online and traditional retailers like Amazon and Best Buy, who may have greater resources and more favorable supplier terms[29](index=29&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - A majority of the company's common shares are pledged as collateral by its two largest shareholders to support **delinquent indebtedness**, creating a risk of forced sales that could depress the stock price[129](index=129&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - As of December 31, 2024, Mr. Zhitao He and Mr. Fred Chang collectively control approximately **88.2% of the voting power**, classifying Newegg as a "controlled company"[25](index=25&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - Previously identified and remediated **material weaknesses** in internal control over financial reporting present a risk of recurrence[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Item 4. Information on the Company](index=38&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) The company operates a technology-focused e-commerce ecosystem with B2C and B2B models supported by direct sales and a third-party marketplace [History and Development of the Company](index=38&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Newegg is a leading North American e-commerce company that served 2.1 million buyers in 2024 and recently executed a twenty-for-one share combination - The company is a leading technology-focused e-commerce company in North America, serving **2.1 million buyers** in 2024[180](index=180&type=chunk) - On April 7, 2025, the company effected a **twenty-for-one share combination**, with all share and per-share amounts retroactively adjusted[181](index=181&type=chunk)[183](index=183&type=chunk) [Business Overview](index=39&type=section&id=B.%20Business%20Overview) The business combines a direct sales model (72.3% of 2024 GMV) and a marketplace model, supported by proprietary technology and a robust logistics network Key Operating Metrics (as of Dec 31, 2024) | Metric | Value | | :--- | :--- | | Active Customers | 2.1 million | | SKUs Offered | Over 4 million | | Brands Represented | Over 27,000 | | Marketplace Sellers | Over 5,200 | | Countries/Regions Served | 20 | GMV by Business Operation (FY 2024 vs FY 2023) | Business Operation | 2024 GMV (millions) | 2023 GMV (millions) | | :--- | :--- | :--- | | B2C | $1,200 | $1,400 | | B2B | $248.1 | $325.6 | - Direct sales constitute the majority of the business, generating approximately **72.3% of total GMV** for the year ended December 31, 2024[203](index=203&type=chunk) - The Newegg Marketplace connects customers to over 5,200 third-party sellers, with commission rates ranging from **8% to 15%**[204](index=204&type=chunk)[205](index=205&type=chunk) - The company's ten largest suppliers accounted for approximately **68% of merchandise purchased** in 2024, with the top three accounting for 33%[82](index=82&type=chunk) - Logistics and fulfillment are key capabilities, with an average delivery accuracy rate over **99.7%** and a **98.0% one-business day fulfillment rate** in the U.S. and Canada[220](index=220&type=chunk) [Property, Plants and Equipment](index=54&type=section&id=D.%20Property%2C%20Plants%20and%20Equipment) The company owns its corporate headquarters and leases over 1.1 million square feet of fulfillment and warehouse space in North America Principal Leased Facilities (as of Dec 31, 2024) | Description of Use | Approx. Square Footage | Geographic Location | | :--- | :--- | :--- | | Corporate office facilities | 44,440 | North America | | Fulfillment and warehouse operations | 1,138,493 | North America | | Subleased warehouse facilities | 650,133 | North America | - The company's corporate headquarters in Diamond Bar, California was purchased in June 2023[256](index=256&type=chunk)[309](index=309&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=55&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) Fiscal year 2024 net sales decreased 17.5% to $1.24 billion, while a net loss of $43.3 million marked an improvement from the prior year [Operating Results](index=58&type=section&id=A.%20Operating%20Results) Net sales fell 17.5% to $1.24 billion in 2024, with a narrowed net loss of $43.3 million due to significant SG&A expense reductions Consolidated Results of Operations (in millions) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net Sales | $1,235.6 | $1,497.0 | $1,720.3 | | Gross Profit | $131.5 | $167.6 | $216.7 | | Loss from Operations | $(51.5) | $(71.0) | $(49.5) | | Net Loss | $(43.3) | $(59.0) | $(57.4) | | Net Loss per Share | $(2.25) | $(3.12) | $(3.08) | - **Net sales decreased by 17.5%** in FY2024, driven by a decline in GMV from $1.81 billion to $1.53 billion amid soft consumer demand[287](index=287&type=chunk)[288](index=288&type=chunk)[302](index=302&type=chunk) - **Gross margin decreased to 10.6%** in 2024 from 11.2% in 2023, attributed to aggressive competitive promotions[290](index=290&type=chunk) - **SG&A expenses decreased significantly** to $183.0 million in 2024 from $238.6 million in 2023, mainly due to lower compensation and rent costs[291](index=291&type=chunk) [Liquidity and Capital Resources](index=64&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company ended 2024 with $96.3 million in cash and believes existing capital is sufficient for operations over the next 12 months Summary Consolidated Cash Flow Data (in millions) | Cash Flow Activity | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | $(0.8) | $(3.8) | $20.5 | | Net cash from investing activities | $2.4 | $(14.3) | $(3.8) | | Net cash from financing activities | $(6.1) | $1.6 | $1.5 | | **Cash at end of year** | **$99.7** | **$106.5** | **$123.5** | - **Cash and cash equivalents decreased to $96.3 million** at the end of 2024 from $102.5 million at the end of 2023[558](index=558&type=chunk) - **Capital expenditures were $3.6 million** in 2024, a significant decrease from $30.3 million in 2023[322](index=322&type=chunk) - In August 2024, the company amended its revolving credit facility, extending the maturity to August 2026 and adjusting the maximum revolving amount[323](index=323&type=chunk)[634](index=634&type=chunk) [Critical Accounting Estimates](index=67&type=section&id=E.%20Critical%20Accounting%20Estimates) Financial statements rely on critical estimates for vendor incentives, income taxes, and the valuation of stock-based compensation - **Vendor incentives** are a critical estimate, accounted for as a reduction of cost of sales or marketing expenses[327](index=327&type=chunk) - Income tax accounting requires significant judgment, particularly in assessing the realizability of **deferred tax assets**[328](index=328&type=chunk)[329](index=329&type=chunk) - The valuation of **stock-based compensation** is based on the estimated fair value of awards at the grant date[331](index=331&type=chunk) [Item 6. Directors, Senior Management and Employees](index=69&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) The company's leadership, compensation, board practices, and employee base are detailed, noting a workforce reduction to 762 employees in 2024 [Directors and Senior Management](index=69&type=section&id=A.%20Directors%20and%20Senior%20Management) The company's leadership includes Chairman Zhitao He and CEO Anthony Chow, with a board of seven directors, four of whom are independent Key Management & Board Members | Name | Position(s) | | :--- | :--- | | Zhitao He | Chairman and Director | | Fred Faching Chang | Vice Chairman and Director | | Anthony Chow | Chief Executive Officer | | Christina Ching | Interim Chief Financial Officer and Chief Accounting Officer | [Compensation](index=71&type=section&id=B.%20Compensation) Aggregate cash compensation in 2024 was $0.9 million for directors and $2.6 million for executive officers, supplemented by equity incentive plans 2024 Aggregate Cash Compensation | Group | Amount (approx.) | | :--- | :--- | | Directors | $0.9 million | | Executive Officers | $2.6 million | | CEO (Anthony Chow) | $1.6 million | - The company has two main equity incentive plans: the 2005 Incentive Award Plan and the 2021 Equity Incentive Plan[352](index=352&type=chunk)[353](index=353&type=chunk)[354](index=354&type=chunk) [Board Practices](index=73&type=section&id=C.%20Board%20Practices) The board has three committees, with director appointments controlled by the two principal shareholders based on their respective voting power - The Board has three committees: **Audit, Compensation, and Nominating and Corporate Governance**[378](index=378&type=chunk) - Director nomination rights are held by the two largest shareholders, **Digital Grid and the Minority Representative (Fred Chang)**, proportionate to their voting power[362](index=362&type=chunk)[363](index=363&type=chunk) - In 2020, the company's majority owner and Chairman Zhitao He received an administrative punishment from the **CSRC for information disclosure violations**[370](index=370&type=chunk)[371](index=371&type=chunk) [Employees](index=77&type=section&id=D.%20Employees) The company employed 762 full-time employees as of December 31, 2024, a decrease from 932 in the prior year due to workforce optimization Employee Headcount (Full-Time) | Date | Total Employees | | :--- | :--- | | Dec 31, 2024 | 762 | | Dec 31, 2023 | 932 | Employees by Geography (as of Dec 31, 2024) | Location | Count | Percentage | | :--- | :--- | :--- | | U.S. | 494 | ~65% | | China | 229 | ~30% | | Taiwan | 23 | ~3% | | Canada | 16 | ~2% | | **Total** | **762** | **100%** | [Item 7. Major Shareholders and Related Party Transactions](index=78&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) Ownership is concentrated with Zhitao He (58.8%) and Fred Chang (32.0%), and a significant $15.0 million loan to a related party remains outstanding Beneficial Ownership (as of March 31, 2025) | Shareholder | Percentage of Common Shares Beneficially Owned | | :--- | :--- | | Zhitao He | 58.8% | | Fred Chang | 32.0% | | All Directors and Executive Officers as a Group | 89.8% | - The company has a **$15.0 million loan receivable** from its majority shareholder's parent company, Digital Grid, originating in 2019[676](index=676&type=chunk) [Item 8. Financial Information](index=80&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section refers to the detailed financial statements in Item 18 and notes the company does not plan to pay dividends in the foreseeable future - The company's consolidated financial statements are provided under Item 18[395](index=395&type=chunk) - The company has not paid any cash dividends to date and **does not anticipate paying any in the foreseeable future**[397](index=397&type=chunk) [Item 10. Additional Information](index=81&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) As a BVI-incorporated company, governance is subject to BVI law, granting significant control rights to principal shareholders over board appointments and major actions - The company is incorporated in the British Virgin Islands, and its governance is dictated by its Memorandum and Articles of Association and the BVI Companies Act[405](index=405&type=chunk)[411](index=411&type=chunk) - Principal shareholders have the right to appoint a specified number of directors based on their **voting power percentage**[414](index=414&type=chunk)[415](index=415&type=chunk)[416](index=416&type=chunk) - Certain major corporate actions require the approval of a board majority that includes a director appointed by the **Minority Representative**[418](index=418&type=chunk)[420](index=420&type=chunk)[425](index=425&type=chunk) - The company is **treated as a U.S. corporation** for all U.S. federal tax purposes[470](index=470&type=chunk) [Item 11. Quantitative and Qualitative Disclosures About Market Risk](index=98&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks are interest rate and foreign currency fluctuations, which are not currently hedged with derivative instruments - The main market risks are **interest rate risk** on floating-rate debt and **foreign currency risk** from international sales and purchases[506](index=506&type=chunk) - As of December 31, 2024, the company had **no outstanding long-term borrowings**[507](index=507&type=chunk) - The company does not currently use derivative financial instruments to hedge interest rate or foreign currency risks[508](index=508&type=chunk)[509](index=509&type=chunk) PART II [Item 15. Controls and Procedures](index=99&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded that both disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2024[517](index=517&type=chunk)[518](index=518&type=chunk) - Based on an assessment using the COSO framework, management concluded that the company's **internal control over financial reporting was effective** as of December 31, 2024[522](index=522&type=chunk) [Item 16. Corporate Governance and Other Disclosures](index=101&type=section&id=ITEM%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) This section covers governance topics, including accountant fees, a share repurchase program, and cybersecurity risk management processes Principal Accountant Fees (BDO USA) | Year | Audit Fees (in thousands) | | :--- | :--- | | 2024 | $1,124 | | 2023 | $1,365 | - In November 2023, the Board approved a **share repurchase program of up to $10 million**, with approximately $6.5 million remaining available as of year-end 2024[532](index=532&type=chunk)[533](index=533&type=chunk) - The company has implemented processes to manage cybersecurity risks, led by the Chief Information Security Officer and overseen by the Audit Committee[541](index=541&type=chunk)[542](index=542&type=chunk) - As a foreign private issuer, the company is permitted to follow certain home country practices and is **exempt from some Nasdaq corporate governance requirements**[536](index=536&type=chunk) PART III [Item 18. Financial Statements](index=105&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section contains the audited consolidated financial statements, which received an unqualified opinion from the auditor, BDO USA, P.C - The independent auditor, BDO USA, P.C., issued an **unqualified opinion** on the consolidated financial statements[548](index=548&type=chunk) - The auditor identified the measurement of **vendor incentive receivables as a critical audit matter** due to the complexity and estimation required[552](index=552&type=chunk)[553](index=553&type=chunk)[554](index=554&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31, in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | **Total Assets** | **$407,321** | **$499,047** | | Cash and cash equivalents | $96,255 | $102,512 | | Inventories, net | $98,537 | $136,164 | | **Total Liabilities** | **$301,229** | **$369,655** | | Accounts payable | $148,279 | $206,588 | | **Total Stockholders' Equity** | **$106,092** | **$129,392** | - All common share and per-share amounts have been retroactively adjusted to reflect the **twenty-for-one share combination** effective April 7, 2025[572](index=572&type=chunk)[574](index=574&type=chunk)

[Newegg Fiscal Year 2024 Results](index=1&type=section&id=Newegg%20Announces%20Fiscal%20Year%202024%20Results) [Management Commentary](index=1&type=section&id=Management%20Commentary) Newegg's management focused on operational discipline and cost reduction in FY2024, improving Adjusted EBITDA and driving strong Q4 sales momentum - The company executed significant SG&A reduction initiatives, including warehouse consolidation and workforce alignment, which improved the bottom line and strengthened its financial foundation[3](index=3&type=chunk) - Sales momentum accelerated in Q4 2024 due to a successful Black Friday campaign and continued into Q1 2025 with **double-digit GMV growth**, spurred by new product launches like NVIDIA 50 Series GPUs and AMD Ryzen CPUs[3](index=3&type=chunk) - Strategic initiatives include exploring B2B software-as-a-service (SaaS) opportunities and focusing on high-growth segments such as AI PCs and high-performance gaming hardware[3](index=3&type=chunk) - Inventory was efficiently managed, decreasing from **$136.2 million** in 2023 to **$98.5 million** in 2024, aided by strong holiday sales[3](index=3&type=chunk) - The company is not providing full-year 2025 guidance due to uncertainty surrounding the impact of tariff policies on consumer confidence[3](index=3&type=chunk) - A **twenty-to-one reverse stock split** was completed on April 7, 2025, to regain compliance with Nasdaq's minimum bid price requirement, which was achieved on April 22, 2025[3](index=3&type=chunk) [Fiscal Year 2024 Financial & Operational Highlights](index=1&type=section&id=2024%20Fiscal%20Year%20Financial%20%26%20Operational%20Highlights) Newegg's FY2024 saw decreased net sales and GMV, yet significantly narrowed net loss and improved Adjusted EBITDA despite operational metric declines Fiscal Year 2024 Financial Highlights (vs. 2023) | Financial Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1.24 billion | $1.50 billion | -17.4% | | GMV | $1.53 billion | $1.81 billion | -15.4% | | Gross Profit | $131.5 million | $167.6 million | -21.5% | | Net Loss | ($43.3 million) | ($59.0 million) | +26.6% (Loss narrowed) | | Adjusted EBITDA | ($9.5 million) | ($21.3 million) | +55.4% (Loss narrowed) | Fiscal Year 2024 Operational Metrics (vs. 2023) | Operational Metric | As of Dec 31, 2024 | As of Dec 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Average Order Value | $396 | $379 | +4.5% | | Active Customers | 2.1 million | 2.5 million | -16.0% | | Repeat Purchase Rate | 26.0% | 29.2% | -3.2 p.p. | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=5&type=section&id=NEWEGG%20COMMERCE%2C%20INC.%20Consolidated%20Balance%20Sheets) As of Dec 31, 2024, Newegg's total assets and liabilities decreased due to reductions in cash, inventories, and accounts payable, impacting stockholders' equity Consolidated Balance Sheet Summary (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | **$283,645** | **$344,451** | | Inventories, net | $98,537 | $136,164 | | Cash and cash equivalents | $96,255 | $102,512 | | **Total Assets** | **$407,321** | **$499,047** | | **Total Current Liabilities** | **$243,573** | **$296,544** | | Accounts payable | $148,279 | $206,588 | | **Total Liabilities** | **$301,229** | **$369,655** | | **Total Stockholders' Equity** | **$106,092** | **$129,392** | [Consolidated Statements of Operations](index=6&type=section&id=NEWEGG%20COMMERCE%2C%20INC.%20Consolidated%20Statements%20of%20Operations) Newegg's FY2024 net sales decreased, but significant SG&A reductions narrowed operating and net losses compared to the prior year Consolidated Statement of Operations Summary (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Net sales | $1,235,576 | $1,496,963 | | Gross profit | $131,488 | $167,557 | | Selling, general, and administrative expenses | $183,039 | $238,641 | | Loss from operations | $(51,551) | $(71,084) | | **Net loss** | **$(43,328)** | **$(58,990)** | - SG&A expenses were significantly reduced by **23.3%** year-over-year, from **$238.6 million** in 2023 to **$183.0 million** in 2024, which was a key driver in narrowing the operating loss[20](index=20&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=NEWEGG%20COMMERCE%2C%20INC.%20Consolidated%20Statements%20of%20Cash%20Flows) In FY2024, Newegg significantly improved cash used in operating activities, with investing activities providing cash, leading to an overall decrease in cash and equivalents Consolidated Statement of Cash Flows Summary (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(821) | $(3,839) | | Net cash provided by (used in) investing activities | $2,445 | $(14,254) | | Net cash (used in) provided by financing activities | $(6,053) | $1,560 | | **Net decrease in cash, cash equivalents and restricted cash** | **$(6,732)** | **$(17,032)** | | **Cash, cash equivalents and restricted cash at end of period** | **$99,742** | **$106,474** | [Non-GAAP Financial Measures & Reconciliations](index=3&type=section&id=Non-GAAP%20Financial%20Information) [Definition of Non-GAAP Measures](index=3&type=section&id=Definition%20of%20Non-GAAP%20Measures) Newegg uses non-GAAP measures like GMV and Adjusted EBITDA to provide a clearer view of core operating performance by excluding certain non-cash or non-recurring items - Gross Merchandise Value (GMV) is the total dollar value of products sold on its websites and third-party marketplaces, net of returns, discounts, taxes, and cancellations, and includes service fees[11](index=11&type=chunk) - Adjusted EBITDA is calculated as net income/loss, excluding stock-based compensation, depreciation & amortization, net interest income, income tax, and certain other gains/losses to better reflect core operating performance[12](index=12&type=chunk)[13](index=13&type=chunk) [Reconciliation of Net Sales to GMV](index=8&type=section&id=Schedule%201%20Reconciliation%20of%20Net%20Sales%20to%20GMV) Newegg's FY2024 Net Sales of $1.236 billion reconciled to a GMV of $1.534 billion, primarily by including marketplace seller sales Reconciliation of Net Sales to GMV (in millions) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Net Sales | $1,235.6 | $1,497.0 | | Adjustments | $298.1 | $315.5 | | **GMV** | **$1,533.7** | **$1,812.5** | [Reconciliation of Net Loss to Adjusted EBITDA](index=9&type=section&id=Schedule%202%20Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) Newegg's FY2024 net loss of $43.3 million reconciled to an Adjusted EBITDA of ($9.5) million, a significant improvement from prior year due to key adjustments Reconciliation of Net Loss to Adjusted EBITDA (in millions) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Net loss | $(43.3) | $(59.0) | | Stock-based compensation expenses | $27.3 | $33.7 | | Depreciation and amortization | $10.7 | $13.4 | | Other Adjustments | $(1.2) | $(9.4) | | **Adjusted EBITDA** | **$(9.5)** | **$(21.3)** |