UTStarcom(UTSI) - 2023 Q4 - Annual Report

Revenue Performance - Total revenue for the second half of 2023 was $9.2 million, a 39.4$6.6 million in the same period of 2022[5] - For the full year 2023, total revenue was $15.8 million, a 12.1$14.1 million in 2022[6] - Net sales for the six months ended December 31, 2023, increased to $9,239,000, compared to$6,560,000 for the same period in 2022, representing a growth of 40.5%[24] Profitability - Gross profit for the second half of 2023 was $2.6 million, representing 27.8$1.3 million or 20.4% of net sales in the same period of 2022[10] - Full year gross profit for 2023 was $4.4 million, or 27.9$2.7 million or 19.0% in 2022[11] - Gross profit for the six months ended December 31, 2023, was $2,570,000, with a gross margin of 27.8$1,340,000 and a margin of 20.4% in the prior year[24] Operating Expenses - Operating expenses for the second half of 2023 were $5.4 million, an 86.2$2.9 million in the same period of 2022[12] - Operating expenses for the six months ended December 31, 2023, totaled $5,431,000, significantly higher than$2,921,000 in the same period of 2022, marking an increase of 85.7%[24] - Research and development expenses for the six months ended December 31, 2023, were $3,007,000, compared to$2,148,000 in the prior year, reflecting a rise of 39.9%[24] Net Loss - The net loss for the second half of 2023 was $2.0 million, a decrease from$3.3 million in the corresponding period in 2022, resulting in a basic net loss per share of $0.22 compared to$0.37[17] - Net loss attributable to UTStarcom Holdings Corp. for the six months ended December 31, 2023, was $(2,003,000), an improvement from$(3,322,000) in the prior year[24] Assets and Liabilities - Total current assets decreased to $70,551,000 as of December 31, 2023, down from$81,801,000 a year earlier, reflecting a decline of 13.7%[23] - Total liabilities decreased to $26,462,000 as of December 31, 2023, compared to$31,766,000 in the previous year, a reduction of 16.8%[23] - Cash and cash equivalents at the end of the period were $49,966,000, down from$54,517,000, representing a decrease of 8.5%[23] Market Development - The company continued to develop new access products in the SkyFlux CPT product line to meet the growing demand in the Chinese market[2] - UTStarcom received orders for the expansion of its IMS and SSTP broadband core platforms from key customers in India during the second half of 2023[3] - The company is exploring new market opportunities in China related to Smart Cities and Digital Construction[4]