GigaMedia (US:GIGM)2023-10-30 16:00Financial Performance - GigaMedia reported revenues of $1.07 million in Q3 2023, a 4.5% increase from $1.03 million in Q2 2023, but a 32.0% decrease year-over-year from $1.58 million[6]. - Gross profit for the third quarter was $0.58 million, up 3.0% from $0.57 million in the previous quarter, but down 38.6% from $0.95 million in the same quarter last year[8]. - The consolidated loss from operations was $0.89 million, a slight improvement from a loss of $0.92 million in Q2 2023[9]. - The net loss attributable to GigaMedia was $0.51 million, compared to a net loss of $0.56 million in the previous quarter[9]. - EBITDA for Q3 2023 was reported at $(0.95) million, an improvement from $(0.98) million in Q2 2023[6]. - Net income attributable to GigaMedia for Q3 2023 was $(507,036), compared to $(561,588) in Q2 2023, showing an improvement of 9.7%[19]. - EBITDA for Q3 2023 was $(946,423), slightly better than $(982,343) in Q2 2023, indicating a reduction in losses[19]. Cash and Assets - Cash, cash equivalents, and restricted cash totaled $38.8 million as of September 30, 2023, or $3.51 per share[7]. - Total current assets decreased to $39,708,402 from $47,022,222 in the previous quarter, a decline of approximately 15.4%[18]. - Cash and cash equivalents increased to $38,510,253 from $37,462,050 in the previous quarter, a rise of 2.8%[18]. - Accounts receivable - net rose to $252,757 from $187,385 in the previous quarter, an increase of 34.8%[18]. - Marketable securities - noncurrent increased significantly to $9,432,596 from $2,371,000 in the previous quarter, a growth of 296.5%[18]. - The net asset value per share was approximately $4.27[4]. Liabilities and Equity - Total liabilities decreased to $3,449,913 from $3,395,682 in the previous quarter, a slight increase of 1.6%[18]. - Total equity decreased to $47,229,725 from $47,754,712 in the previous quarter, a decline of 1.1%[18]. - Accrued expenses increased to $1,005,141 from $855,201 in the previous quarter, an increase of 17.5%[18]. - Other current liabilities remained relatively stable at $720,223 compared to $718,266 in the previous quarter, showing minimal change[18]. Strategic Outlook - GigaMedia plans to expand its customer base and improve revenue generation mechanisms while exploring strategic investment and acquisition opportunities[10]. - The company expressed cautious optimism for the upcoming quarter despite slow consumer sentiment recovery[8]. Profitability Metrics - The gross profit margin for Q3 2023 was 54.4%, slightly lower than 55.2% in the previous quarter[3].