Prnewswireยท2025-05-20 22:00Financial Performance - Company reported total revenue of US$74.7 million for Q1 2025, a 21.1% increase from US$61.7 million in Q1 2024, driven by growth in IoT PaaS and smart solution revenues [6][5] - IoT PaaS revenue reached US$53.7 million, up 17.9% year-over-year, while smart solution revenue surged 47.1% to US$11.0 million [6][7] - Gross margin improved to 48.5%, up from 47.8% in the same period last year, with IoT PaaS gross margin increasing to 48.4% [9][16] Profitability Metrics - Company achieved a GAAP net profit of US$11.0 million, compared to a net loss of US$3.5 million in Q1 2024, with a net margin of 14.8% [13][14] - Non-GAAP net profit was US$19.3 million, reflecting a 57.2% increase year-over-year, with a non-GAAP net margin of 25.8% [14][19] - Operating margin improved significantly to negative 1.9%, up 24.6 percentage points from negative 26.5% in Q1 2024 [12] Cost Management - Operating expenses decreased by 17.8% to US$37.7 million, contributing to improved profitability [11] - Research and development expenses were reduced by 2.8% to US$22.8 million, while sales and marketing expenses fell by 7.1% to US$8.3 million [17] Cash Flow and Liquidity - Company generated US$9.4 million in net cash from operating activities, down from US$14.5 million in Q1 2024 [19] - Total cash and cash equivalents, including short-term and long-term investments, stood at US$1,023.7 million as of March 31, 2025, slightly up from US$1,016.7 million at the end of 2024 [18] Business Outlook - Company remains optimistic about long-term growth despite macroeconomic uncertainties and industry challenges, focusing on AI and smart technology integration [20][21] - Plans to enhance product offerings and expand customer base while optimizing operational efficiency [21]