GigaMedia (GIGM) - 2022 Q1 - Quarterly Report

Financial Performance - GigaMedia reported full year revenues of $5.5 million for 2021, a decrease of 20.1% from $6.9 million in 2020[7] - The gross profit for 2021 was $2.9 million, down 25.8% from $3.9 million in the previous year[7] - The operating loss for 2021 increased to $4.0 million, compared to a loss of $2.2 million in 2020[8] - The net loss attributable to GigaMedia for 2021 was $3.4 million, up from $1.3 million in the prior year, resulting in a loss per share of $0.31[8] - Fourth quarter revenues decreased by 19.6% quarter-on-quarter and 11.4% year-over-year, totaling $1.3 million[12] - The net loss for the fourth quarter of 2021 was $1.0 million, an increase from a net loss of $0.7 million in the previous quarter[12] - Digital entertainment service revenues for the three months ended 09/30/2021 were $1,564,208, a decrease of 19.4% compared to $1,917,636 for the same period in 2020[23] - Net loss attributable to shareholders for the twelve months ended 12/31/2021 was $3,431,034, compared to a net loss of $1,293,405 for the twelve months ended 12/31/2020[23] - EBITDA for the twelve months ended 12/31/2021 was $(3,702,385), significantly higher than $(1,898,712) for the twelve months ended 12/31/2020[26] Cash and Assets - Cash, cash equivalents, and restricted cash at the end of 2021 amounted to $41.8 million, down 9.2% from $46.0 million in 2020[10] - Total current assets decreased to $42,582,517 as of 12/31/2021 from $46,525,263 as of 12/31/2020, reflecting a decline of 8.5%[24] - Cash and cash equivalents decreased to $41,455,445 as of 12/31/2021 from $45,702,352 as of 12/31/2020, a decline of 9.8%[24] - GigaMedia's net asset value was approximately $4.58 per share as of December 31, 2021[5] - Total equity decreased to $50,583,150 as of 12/31/2021 from $54,096,863 as of 12/31/2020, a decline of 6.9%[24] Liabilities and Expenses - Total liabilities increased to $4,594,599 as of 12/31/2021 from $2,926,311 as of 12/31/2020, representing an increase of 57.1%[24] - Operating expenses for the three months ended 09/30/2021 totaled $1,718,935, an increase of 16.5% compared to $1,424,778 for the same period in 2020[23] - Selling and marketing expenses for the three months ended 09/30/2021 were $495,573, an increase of 6.4% compared to $466,093 for the same period in 2020[23] Strategic Plans - The company plans to improve in-house offerings and maintain relationships with licensors to support future growth[15] - GigaMedia is evaluating strategic investment opportunities to expand its business and enhance shareholder value[15]