Revenue Growth - One-time sales increased approximately 10.9% year-over-year, while recurring sales grew approximately 37.2% year-over-year[6] - Total revenue for 2022 was approximately US$86,757,000, with one-time sales contributing US$63,004,000 (72.6%) and recurring sales contributing US$23,753,000 (27.4%) [9] - Revenue for 2022 reached $86,757,000, an increase of 16.4% from $74,128,000 in 2021[27] - For the year ended December 31, 2022, the Group's revenue increased to approximately US$86,757,000, representing a year-over-year growth of approximately 17.0%[32] - The company reported a significant increase in revenue, achieving a total of $150 million, representing a 25% year-over-year growth[47] Sales by Region - Sales from North America reached approximately US$52,017,000, representing year-over-year growth of approximately 20.7%[8] - EMEA sales rose to approximately US$21,736,000, reflecting a year-over-year growth of approximately 10.6%[8] - Sales from Asia increased approximately 19.3% to approximately US$11,121,000[8] - Sales from other regions decreased approximately 8.6% year-over-year to approximately US$1,883,000, primarily due to high inflation and unfavorable exchange rates[8] - North America accounted for 60.0% of total revenue, with revenue of US$52,017,000, up from US$43,087,000 in 2021[39] Recurring Revenue - Recurring revenues grew by 37% year-over-year, now accounting for over 27% of total sales[20] - The number of devices with at least one subscription increased by 33% year-over-year, while subscription bookings dollar amount grew by 49% year-over-year[20] - The company expects recurring sales to continue to increase rapidly as the installed base grows and subscription services are enriched[7] - A pilot project for built-in data services has shown promising results, indicating strong potential for recurring revenue growth[20] Profit and Earnings - Profit for the year attributable to owners of the parent was $22,659,000, up 6.9% from $21,200,000 in 2021[27] - Core net profit for 2022 was $22,925,000, reflecting a growth of 2.8% compared to $21,323,000 in 2021[27] - Basic earnings per share for 2022 was 2.07 cents, compared to 1.96 cents in 2021, representing a growth of 5.6%[27] Assets and Liabilities - Total assets as of December 31, 2022, amounted to $83,290,000, a rise of 16.0% from $71,743,000 in 2021[30] - Total current assets increased to $77,796,000, up from $66,943,000 in 2021, marking a growth of 16.0%[30] - Total liabilities for 2022 were $39,999,000, which is a 26.4% increase from $31,660,000 in 2021[30] - Equity attributable to owners of the parent was $43,291,000, an increase of 5.5% from $40,083,000 in 2021[30] Product and Service Development - The company has migrated many products from older platforms to new ones, which support new software features and access to cloud services[12] - The company has successfully migrated to new hardware platforms during semiconductor shortages, enabling advanced software features[20] - The shift in product strategy aims to enhance the growth of subscription services in the coming years[164] - New product launches are expected to contribute an additional $20 million in revenue, with a focus on innovative technology solutions[47] Connectivity Solutions - The company continues to expand its connectivity solutions across various sectors, including partnerships with a fast food chain in Malaysia and a public transport company in Hong Kong[18] - The technology has been adopted by one of the largest cruise ship operators to enhance connectivity across their fleet, indicating a significant market opportunity[18] - The focus on supercharged connectivity aims to improve network reliability and user experience across diverse industries[18] Financial Management - The company is committed to ensuring the accuracy of its financial reporting and compliance with accounting standards[171] - The Group's financial statements preparation involves management making judgments, estimates, and assumptions that impact reported amounts of revenues, expenses, assets, and liabilities[158] - The Group recognizes impairment losses only when the carrying amount of an asset exceeds its recoverable amount, which is determined based on future cash flows discounted to present value using a pre-tax discount rate[94] Research and Development - Research and development expenses increased by 10%, reflecting the company's commitment to innovation and new technology[47] - Research and development expenditures are charged to profit or loss as incurred, while expenditures on new product development are capitalized only if technical feasibility and other criteria are met[100] Employee Benefits - The company has expanded its medical insurance coverage for employees to provide more comprehensive health and wellness protection[160] - The Group provides paid annual leave to employees, allowing unused leave to be carried forward to the following year, with an accrual made for the expected future cost of such leave[153] - The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme for eligible employees, with contributions based on a percentage of basic salaries[153] Corporate Governance - The company plans to propose the reappointment of Ernst & Young as its auditor at the upcoming annual general meeting[165] - The independent non-executive Directors confirmed compliance with the terms of the Deed of Non-Competition during the year ended 31 December 2022[199] - The Company has taken out appropriate Directors' liability insurance coverage for the Directors[189]
珩湾科技(01523) - 2022 - 年度财报