ZW Data Action Technologies(US:CNET)2024-06-28 20:30Revenue and Loss - Revenues for the full year of 2023 increased by $4.35 million, or 16.6%, to $30.59 million from $26.24 million in the previous year[2] - Net loss attributable to CNET was $5.97 million, or loss per share of $0.83, compared to a net loss of $9.79 million, or loss per share of $1.37, in the previous year[6] - Net loss for the year ended December 31, 2023, was $5,974,000, an improvement from a net loss of $9,791,000 in 2022, representing a reduction of approximately 39%[18] Costs and Expenses - Total cost of revenues rose by $4.59 million, or 17.4%, to $31.02 million for 2023, compared to $26.43 million in 2022[3] - Gross loss for 2023 was $0.44 million, with a gross loss margin of 1.4%, compared to a gross loss of $0.19 million and a margin of 0.7% in the previous year[4] - Operating loss decreased to $6.01 million for 2023, with an operating loss margin of 19.7%, down from $11.12 million and 42.4% in 2022[5] - General and administrative expenses decreased by $4.24 million, or 51.1%, to $4.06 million for 2023 from $8.30 million in 2022[4] - Research and development expenses decreased by $0.21 million, or 92.6%, to $0.02 million for 2023 from $0.23 million in the previous year[4] - Share-based compensation expenses decreased to $107,000 in 2023 from $186,000 in 2022, a reduction of approximately 43%[18] Cash Flow and Assets - Cash and cash equivalents decreased to $0.82 million as of December 31, 2023, down from $4.39 million in 2022[7] - Net cash used in operating activities was $2.01 million for 2023, compared to $3.19 million in the previous year[7] - Total assets decreased to $11.23 million as of December 31, 2023, from $19.66 million in 2022[12] - Net cash used in operating activities decreased to $2,012,000 in 2023 from $3,189,000 in 2022, indicating a 37% improvement[18] - Cash and cash equivalents at the end of the year were $817,000, down from $4,391,000 at the beginning of the year, reflecting a decrease of 81%[19] - The company experienced a net decrease in cash and cash equivalents of $3,574,000 in 2023, compared to a decrease of $2,782,000 in 2022[19] Impairments and Provisions - The company reported a decrease in impairment on intangible assets to $1,231,000 in 2023 from $2,123,000 in 2022, a reduction of approximately 42%[18] - The provision for allowances for doubtful accounts decreased to $1,033,000 in 2023 from $2,394,000 in 2022, a decline of about 57%[18] Other Financial Activities - Cash flows from investing activities resulted in a net cash outflow of $1,537,000 in 2023 compared to a net inflow of $552,000 in 2022[19] - The effect of exchange rate fluctuations on cash and cash equivalents was a loss of $25,000 in 2023, compared to a loss of $145,000 in 2022[19] - The company recorded a gain on disposal of subsidiaries amounting to $10,000 in 2023[18]