Sea(US:SE)2025-08-12 20:05Financial Performance - Total GAAP revenue for Q2 2025 was $5.3 billion, up 38.2% year-on-year[4] - Total gross profit for Q2 2025 was $2.4 billion, an increase of 52.1% year-on-year[4] - Total net income for Q2 2025 was $414.2 million, compared to $79.9 million in Q2 2024, representing a growth of 418.3%[4] - Adjusted EBITDA for Q2 2025 was $829.2 million, an increase of 84.9% year-on-year[4] - Basic earnings per share attributable to Sea Limited's ordinary shareholders rose to US$0.68 in Q2 2025, compared to US$0.14 in Q2 2024, marking an increase of 385%[25] - Total revenue for the six months ended June 30, 2025, was US$10,100.6 million, up from US$7,541.2 million in the same period of 2024, reflecting a growth of 34.5%[38] - Operating income for the six months ended June 30, 2025, reached US$944.1 million, a substantial rise from US$154.0 million in the same period of 2024, representing a growth of 510%[38] - The company reported a net income of $414,204 thousand for the three months ended June 30, 2025, compared to $79,911 thousand for the same period in 2024, representing a significant increase of approximately 418%[46] E-commerce and Digital Services - E-commerce GMV for Q2 2025 was $29.8 billion, up 28.2% year-on-year, with gross orders totaling 3.3 billion, increasing by 28.6% year-on-year[8] - Digital financial services revenue increased by 70.0% year-on-year to $882.8 million, with consumer and SME loans principal outstanding reaching $6.9 billion, up 94.0% year-on-year[8] - Digital entertainment revenue for Q2 2025 was $559.1 million, up 28.4% year-on-year, with bookings expected to grow more than 30% in 2025[3] - Average bookings per user rose to $0.99, compared to $0.83 in Q2 2024[8] - Operating segment income for Digital Financial Services was $243,115 thousand for the three months ended June 30, 2025, compared to $151,261 thousand for the same period in 2024, showing a growth of approximately 60.8%[45] Assets and Liabilities - Total assets as of June 30, 2025, amounted to US$25,440.4 million, an increase from US$22,625.5 million as of December 31, 2024, representing a growth of 12.4%[39] - Total liabilities increased from $14,147,893 thousand as of December 31, 2024, to $15,656,507 thousand as of June 30, 2025, representing an increase of approximately 10.6%[40] - Total current liabilities increased from $11,296,152 thousand as of December 31, 2024, to $12,730,163 thousand as of June 30, 2025, reflecting an increase of about 12.7%[40] - Total shareholders' equity rose from $8,477,576 thousand as of December 31, 2024, to $9,783,903 thousand as of June 30, 2025, marking an increase of about 15.4%[41] Cash Flow and Investments - Cash and cash equivalents decreased to US$2,165.8 million as of June 30, 2025, from US$2,405.2 million as of December 31, 2024, a decline of 9.9%[39] - Net cash generated from operating activities for the six months ended June 30, 2025, was $2,372,666 thousand, compared to $1,086,362 thousand for the same period in 2024, reflecting a growth of approximately 118%[42] - Net cash used in investing activities amounted to $2,632,202 thousand for the six months ended June 30, 2025, primarily due to an increase in loans receivable of $2,044,000 thousand[42] - The accumulated deficit decreased from $(8,155,264) thousand as of December 31, 2024, to $(7,346,242) thousand as of June 30, 2025, indicating an improvement of approximately 9.9%[41] Tax and Non-Operating Income - Income tax expense for the second quarter of 2025 was US$144.1 million, compared to US$60.6 million in Q2 2024, reflecting an increase of 138.5%[23] - Non-operating income in Q2 2025 was US$83.3 million, up from US$56.4 million in Q2 2024, an increase of 47.7%[22]