Financial Performance - Total revenue for the first half of 2023 was $6.5 million, a decrease of 13.3% compared to $7.5 million in the first half of 2022[6] - Gross profit increased to $1.8 million, representing a gross margin of 28.0%, up from $1.3 million and 17.7% in the same period last year[8] - Operating expenses rose to $5.8 million, a 41.5% increase from $4.1 million in the first half of 2022[9] - The net loss attributable to shareholders for the first half of 2023 was $2.0 million, compared to a net loss of $1.7 million in the same period of 2022, resulting in a basic net loss per share of $0.22[13] - Net loss for the six months ended June 30, 2023, was $2,011,000, compared to a net loss of $1,680,000 for the same period in 2022[25] Cash Flow and Balance - Cash balance, including restricted cash, decreased by 6.0% to $60.6 million from $64.5 million at the end of 2022[6] - Cash flows from operating activities resulted in a net cash used of $3,817,000, a significant decrease from the net cash provided of $3,849,000 in the prior year[25] - Cash and cash equivalents at the end of the period decreased to $60,561,000 from $64,457,000 at the end of the previous period[25] - Changes in operating assets and liabilities led to a cash outflow of $1,687,000, contrasting with a cash inflow of $6,148,000 in the same period last year[25] - The effect of exchange rate changes on cash and cash equivalents resulted in a loss of $2,303,000, compared to a loss of $5,579,000 in the previous year[25] - The net cash provided by financing activities was $4,000, compared to a net cash used of $13,000 in the previous year[25] Expenses and Investments - Research and development expenses were $2.9 million, reflecting ongoing product development efforts[10] - The company reported a depreciation expense of $116,000, up from $106,000 in the prior year[25] - Additions to property, plant, and equipment amounted to $182,000, an increase from $76,000 in the same period last year[25] - The company recorded stock-based compensation expense of $183,000, down from $339,000 in the prior year[25] - The recovery of credit losses was reported at $(998,000), compared to $(1,798,000) in the same period last year[25] Product Development and Market Strategy - The gross margin on equipment sales improved to 49.2%, compared to a gross loss of 15.8% in the same period last year[8] - UTStarcom introduced the new SyncRing XGM30E indoor PTP grandmaster product, expanding its product portfolio[2] - The company aims to expand its market share in China, achieving MII certification for its SkyFlux UAR500B-12X product[4] - The company collected $5.80 million from its major customer in India, leaving $5.75 million still outstanding[4]
UTStarcom(UTSI) - 2023 Q2 - Quarterly Report