UCLOUDLINK(US:UCL)2024-03-14 11:00Financial Performance - Total revenues for Q4 2023 were US$21.7 million, a 10.8% increase from US$19.6 million in Q4 2022[5]. - Total revenues for the full year 2023 were US$85.6 million, representing a 19.8% increase from US$71.4 million in 2022[24]. - Revenues from services increased by 26.7% to US$58.6 million in 2023, up from US$46.2 million in 2022, driven by data connectivity services[28]. - Revenues from data connectivity services rose by 31.7% to US$46.7 million, with international data connectivity services contributing US$37.9 million, a 34.5% increase from US$28.1 million in 2022[28]. - Annual revenues for 2023 reached $85,576,000, representing a 19.8% increase from $71,461,000 in 2022[52]. Profitability - Gross profit for Q4 2023 was US$11.3 million, up 12.2% from US$10.1 million in Q4 2022, with a gross margin of 52.0%[5][10]. - Gross profit for the full year 2023 was US$42.0 million, a 29.0% increase from US$32.5 million in 2022, with a gross margin of 49.0%[26]. - Net loss for Q4 2023 was US$1.8 million, compared to a net loss of US$1.1 million in Q4 2022[5][16]. - Net income was US$2.8 million in 2023, a significant recovery from a net loss of US$19.9 million in 2022[34]. - Adjusted EBITDA improved to US$9.8 million in 2023, compared to a negative US$2.3 million in 2022[32]. - Adjusted net income for Q4 2023 was $1,081,000, down from $1,333,000 in Q4 2022[55]. - Total comprehensive income for 2023 was $3,398,000, compared to a loss of $17,531,000 in 2022[52]. Expenses - Research and development expenses for Q4 2023 were US$2.0 million, a 7.9% increase from US$1.9 million in Q4 2022[20]. - Sales and marketing expenses increased by 38.8% to US$14.3 million, primarily due to higher promotional fees and staff costs[29]. - Cost of services rose by 19.5% to US$24.3 million, up from US$20.3 million in 2022[28]. Cash and Assets - Cash and cash equivalents as of December 31, 2023, were US$23.4 million, up from US$20.3 million as of September 30, 2023[22]. - Cash and cash equivalents at the end of Q4 2023 were $23,371,000, up from $14,921,000 at the end of Q4 2022[53]. - Total assets increased to US$56.6 million as of December 31, 2023, up from US$45.9 million in 2022[51]. Operational Metrics - Average daily active terminals in Q4 2023 were 316,207, a 6.2% increase from 297,884 in Q4 2022[5]. - Total data consumed through the platform in Q4 2023 was 44,011 terabytes, a decrease of 1.8% from 44,814 terabytes in Q4 2022[5]. - The company served 2,595 business partners in 61 countries and regions as of December 31, 2023[5]. Future Projections - For Q1 2024, total revenues are expected to be between US$17.5 million and US$18.5 million, reflecting a potential decrease of 2.8% to an increase of 2.8% compared to Q1 2023[38]. - Total revenues for 2024 are projected to be between US$95.0 million and US$112.0 million, indicating an increase of 11.0% to 30.8% from 2023[38].