GigaMedia (GIGM) - 2023 Q1 - Quarterly Report

Financial Performance - GigaMedia reported full year 2022 revenues of $5.6 million, a slight increase of 1.7% from $5.5 million in 2021[6] - The gross profit for 2022 was $3.3 million, with a gross margin rate increase from 52.9% to 58.2%[3] - The operating loss for 2022 was reduced to $3.0 million from approximately $4.0 million in 2021[7] - The net loss for 2022 was $3.1 million, a decrease from $3.4 million in the prior year, resulting in a loss per share of $0.28 compared to $0.31[7] - Fourth quarter revenues decreased by 30.0% quarter-on-quarter to $1.1 million and by 12.3% year-over-year[10] - The consolidated net income for the fourth quarter was $0.04 million, an improvement from a net loss of $0.9 million in the previous quarter[10] Cash and Assets - Cash, cash equivalents, and restricted cash at the end of 2022 amounted to $39.1 million, down from $39.6 million at the end of the prior quarter[10] - Total current assets as of 12/31/2022 were $48,008,107, a decrease from $48,901,532 as of 09/30/2022[22] - Cash and cash equivalents as of 12/31/2022 were $38,794,467, down from $39,243,562 as of 09/30/2022[22] - Total equity as of 12/31/2022 was $48,606,612, a slight decrease from $48,875,701 as of 09/30/2022[22] - The net asset value was approximately $4.40 per share as of the end of 2022[4] Operating Expenses and Losses - Operating expenses for the three months ended 12/31/2022 totaled $1,300,397, down 20% from $1,622,524 in the previous quarter[21] - Net loss attributable to shareholders for the three months ended 12/31/2022 was $40,267, a significant improvement compared to a loss of $868,740 in the previous quarter[21] - EBITDA for the twelve months ended 12/31/2022 was $(3,743,359), compared to $(3,656,151) for the twelve months ended 12/31/2021[23] Strategic Plans - GigaMedia plans to pursue growth and promote its business in a more cost-effective way amid economic uncertainties[12] - The company is exploring potential strategic investment and acquisition targets to accelerate corporate growth and enhance long-term profitability[13] Revenue Breakdown - Digital entertainment service revenues for the three months ended 12/31/2022 were $1,101,507, a decrease of 30% compared to $1,574,971 for the previous quarter[21] - Gross profit for the twelve months ended 12/31/2022 was $3,250,358, representing an increase of 11.8% from $2,907,899 for the twelve months ended 12/31/2021[21] Liabilities - Total liabilities decreased to $3,530,618 as of 12/31/2022 from $4,143,367 as of 09/30/2022[22] Foreign Exchange - The company reported a foreign exchange gain of $413,529 for the three months ended 12/31/2022, compared to a loss of $(635,103) in the previous quarter[21]