UCLOUDLINK GROUP INC. Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results

Core Viewpoint - UCLOUDLINK GROUP INC. reported solid financial performance for the fourth quarter and full year of 2024, with total revenues increasing and a notable growth in the adoption of its GlocalMe ecosystem, despite some operational challenges [5][7]. Financial Highlights Fourth Quarter 2024 Financial Highlights - Total revenues reached US$26.0 million, a 19.5$21.7 million in Q4 2023 [6][8]. - Gross profit was US$11.2 million, slightly down by 1.0$11.3 million in Q4 2023 [6][12]. - Net loss narrowed to US$1.5 million from US$1.8 million in Q4 2023 [6][18]. - Adjusted net loss (non-GAAP) was US$3.1 million, compared to adjusted net income of US$1.1 million in Q4 2023 [6][22]. - Adjusted EBITDA (non-GAAP) was negative US$2.3 million, down from positive US$1.5 million in Q4 2023 [6][16]. Full Year 2024 Financial Highlights - Total revenues for 2024 were US$91.6 million, a 7.1$85.6 million in 2023 [26][30]. - Net income was US$4.6 million, up from US$2.8 million in 2023 [35][36]. - Adjusted net income (non-GAAP) was US$4.5 million, down from US$8.5 million in 2023 [36][36]. - Adjusted EBITDA (non-GAAP) was US$7.1 million, compared to US$9.8 million in 2023 [33][33]. Operational Highlights - Total data consumed through the platform in Q4 2024 was 42,577 terabytes, a decrease of 3.3% from 44,011 terabytes in Q4 2023 [6]. - Average daily active terminals were 308,386, down 2.5% from 316,207 in Q4 2023 [6]. - In 2024, total data consumed was 172,912 terabytes, a decrease of 4.1% from 180,259 terabytes in 2023 [6]. - Average daily active terminals for 2024 were 316,688, a slight increase of 0.2% from 316,104 in 2023 [6]. Geographic Distribution - In Q4 2024, Japan contributed 53.6% to total revenues, while Mainland China contributed 20.0% [9]. - For the full year 2024, Japan contributed 47.4%, and Mainland China contributed 24.0% to total revenues [27]. Business Outlook - For Q1 2025, UCLOUDLINK expects total revenues between US$18.2 million and US$19.5 million, representing a 0.6% to 7.7% increase compared to Q1 2024 [41]. - For the full year 2025, total revenues are expected to be between US$95.0 million and US$130.0 million, indicating a growth of 3.7% to 41.9% from 2024 [41].