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ZW Data Action Technologies(CNET) - 2024 Q1 - Quarterly Results
CNETZW Data Action Technologies(CNET)2024-06-28 20:30

Revenue and Loss - Revenues for the full year of 2023 increased by 4.35million,or16.64.35 million, or 16.6%, to 30.59 million from 26.24millioninthepreviousyear[2]−NetlossattributabletoCNETwas26.24 million in the previous year[2] - Net loss attributable to CNET was 5.97 million, or loss per share of 0.83,comparedtoanetlossof0.83, compared to a net loss of 9.79 million, or loss per share of 1.37,inthepreviousyear[6]−NetlossfortheyearendedDecember31,2023,was1.37, in the previous year[6] - Net loss for the year ended December 31, 2023, was 5,974,000, an improvement from a net loss of 9,791,000in2022,representingareductionofapproximately399,791,000 in 2022, representing a reduction of approximately 39%[18] Costs and Expenses - Total cost of revenues rose by 4.59 million, or 17.4%, to 31.02millionfor2023,comparedto31.02 million for 2023, compared to 26.43 million in 2022[3] - Gross loss for 2023 was 0.44million,withagrosslossmarginof1.40.44 million, with a gross loss margin of 1.4%, compared to a gross loss of 0.19 million and a margin of 0.7% in the previous year[4] - Operating loss decreased to 6.01millionfor2023,withanoperatinglossmarginof19.76.01 million for 2023, with an operating loss margin of 19.7%, down from 11.12 million and 42.4% in 2022[5] - General and administrative expenses decreased by 4.24million,or51.14.24 million, or 51.1%, to 4.06 million for 2023 from 8.30millionin2022[4]−Researchanddevelopmentexpensesdecreasedby8.30 million in 2022[4] - Research and development expenses decreased by 0.21 million, or 92.6%, to 0.02millionfor2023from0.02 million for 2023 from 0.23 million in the previous year[4] - Share-based compensation expenses decreased to 107,000in2023from107,000 in 2023 from 186,000 in 2022, a reduction of approximately 43%[18] Cash Flow and Assets - Cash and cash equivalents decreased to 0.82millionasofDecember31,2023,downfrom0.82 million as of December 31, 2023, down from 4.39 million in 2022[7] - Net cash used in operating activities was 2.01millionfor2023,comparedto2.01 million for 2023, compared to 3.19 million in the previous year[7] - Total assets decreased to 11.23millionasofDecember31,2023,from11.23 million as of December 31, 2023, from 19.66 million in 2022[12] - Net cash used in operating activities decreased to 2,012,000in2023from2,012,000 in 2023 from 3,189,000 in 2022, indicating a 37% improvement[18] - Cash and cash equivalents at the end of the year were 817,000,downfrom817,000, down from 4,391,000 at the beginning of the year, reflecting a decrease of 81%[19] - The company experienced a net decrease in cash and cash equivalents of 3,574,000in2023,comparedtoadecreaseof3,574,000 in 2023, compared to a decrease of 2,782,000 in 2022[19] Impairments and Provisions - The company reported a decrease in impairment on intangible assets to 1,231,000in2023from1,231,000 in 2023 from 2,123,000 in 2022, a reduction of approximately 42%[18] - The provision for allowances for doubtful accounts decreased to 1,033,000in2023from1,033,000 in 2023 from 2,394,000 in 2022, a decline of about 57%[18] Other Financial Activities - Cash flows from investing activities resulted in a net cash outflow of 1,537,000in2023comparedtoanetinflowof1,537,000 in 2023 compared to a net inflow of 552,000 in 2022[19] - The effect of exchange rate fluctuations on cash and cash equivalents was a loss of 25,000in2023,comparedtoalossof25,000 in 2023, compared to a loss of 145,000 in 2022[19] - The company recorded a gain on disposal of subsidiaries amounting to $10,000 in 2023[18]