Revenue Performance - Net revenues in the fourth quarter of 2024 were $3.5 million, a 45.8% increase from $2.4 million in the same period of 2023, primarily due to the launch of HybriU[8] - For the full fiscal year 2024, net revenues increased by 2.2% to $9.4 million from $9.2 million in 2023, driven by revenue growth from HybriU[13] - Total net revenues for 2023 were $9,163,000, a decrease from $9,392,000 in 2024, reflecting a decline of approximately 2.4%[18] Profitability - Gross profit in the fourth quarter of 2024 was $2.3 million, with a gross profit margin of 65.7%, compared to $1.2 million and 50.0% in the fourth quarter of 2023[8] - Gross profit for fiscal year 2024 was $5.0 million, up from $2.5 million in 2023, attributed to increased revenues from HybriU and reduced payroll expenses[13] - Gross profit increased to $4,987,000 in 2024, up from $2,494,000 in 2023, representing a growth of 100%[18] - Net income attributable to ordinary shareholders in fiscal year 2024 was $0.3 million, or $0.005 per share, compared to a net loss of $3.2 million, or $0.06 per share in 2023[13] - Net income attributable to ordinary shareholders turned positive at $309,000 in 2024, compared to a net loss of $3,175,000 in 2023[18] - Net loss income per share improved to $0.0054 in 2024 from a loss of $0.06 in 2023[18] Operating Expenses - Operating expenses in the fourth quarter of 2024 decreased by 13.3% to $1.3 million from $1.5 million in the same period of 2023[8] - Total operating expenses decreased to $5,709,000 in 2024 from $6,799,000 in 2023, a reduction of approximately 16.1%[18] - Research and development expenses slightly decreased to $438,000 in 2024 from $484,000 in 2023[18] Loss and Improvement - Operating loss for fiscal year 2024 narrowed to $0.7 million, compared to a loss of $4.3 million in 2023[13] - Operating loss significantly reduced to $722,000 in 2024 from $4,305,000 in 2023, indicating an improvement of approximately 83.2%[18] Cash and Resources - As of December 31, 2024, the company maintained cash resources of $8.4 million, including cash and cash equivalents of $1.1 million and restricted cash of $7.3 million[13] Strategic Initiatives - The company plans to accelerate HybriU's adoption across U.S. and international markets in 2025, enhancing AI capabilities for greater partner value[5] - A $1.3 million HybriU licensing agreement was signed in the fourth quarter of 2024, marking continued expansion into international markets[3] Tax Benefits - The company experienced a significant increase in income tax benefit, rising to $839,000 in 2024 from an expense of $14,000 in 2023[18]
Ambow Education(AMBO) - 2024 Q4 - Annual Report