GigaMedia Announces Second-Quarter 2024 Financial Results

Core Viewpoint - GigaMedia Limited reported its second quarter 2024 financial results, showing slight revenue decline but improvements in gross profit and net loss compared to the previous quarter. Financial Performance - Revenues for Q2 2024 were $0.72 million, a decrease of 0.6% from Q1 2024 and a 29.7% decline year-over-year from $1.02 million in Q2 2023 [4][5]. - Gross profit increased by 4.0% quarter-on-quarter to $0.36 million, but decreased by 36.4% compared to $0.57 million in the same period last year [4][5]. - The operating loss for Q2 2024 was $1.05 million, an improvement from a loss of $1.11 million in Q1 2024 [4][5]. - Net loss attributable to GigaMedia was $0.61 million, reduced from $0.90 million in the previous quarter [4][5]. Cash Position - Cash, cash equivalents, and restricted cash at the end of Q2 2024 totaled $36.3 million, down 1.3% from $36.8 million at the end of Q1 2024 [6][7]. Business Outlook - The company plans to enhance productivity in the second half of 2024 while pursuing strategic expansion and new business opportunities [8]. - Management is evaluating potential strategic investment targets to expand business and increase shareholder value [8]. Additional Financial Metrics - Loss per share attributable to GigaMedia was $0.06 for Q2 2024, improved from $0.08 in Q1 2024 [4][5]. - EBITDA for Q2 2024 was reported at $(1.116) million, compared to $(1.358) million in Q1 2024 [17].