Ambow Education(AMBO) - 2023 Q4 - Annual Report

Financial Performance - Net revenues from continuing operations in Q4 2023 were $2.4 million, down 27.3$3.3 million in Q4 2022[3] - Full-year 2023 net revenues from continuing operations decreased by 37.8% to $9.2 million from$14.8 million in 2022, mainly due to the closure of Bay State College[6] - Net revenues for the three months ended September 30, 2023, were $671 million, a decrease from$2,351 million for the same period in 2022[17] - Educational program and services revenue for the three months ended December 31, 2023, was $9,163 million, down from$14,840 million for the same period in 2022[20] Profitability - Gross profit in Q4 2023 was $1.2 million, with a gross margin of 50.0$0.7 million and a negative margin of 21.2% in Q4 2022[3] - Full-year 2023 gross profit increased to $2.5 million from$0.3 million in 2022, attributed to stringent cost controls[6] - Gross profit for the three months ended September 30, 2023, was $1,208 million, compared to a gross loss of$729 million for the same period in 2022[17] Operating Expenses and Losses - Operating expenses in Q4 2023 increased by 87.5% to $1.5 million from$0.8 million in Q4 2022, primarily due to expenditures related to the new product HybriU[3] - Operating loss for the full year 2023 improved to $4.3 million from a loss of$9.5 million in 2022[6] - Operating loss for the three months ended September 30, 2023, was $2,204 million, an increase from$4,002 million for the same period in 2022[17] - Operating loss for the three months ended December 31, 2023, was $4,305 million, compared to a loss of$9,488 million for the same period in 2022[20] - Total operating expenses for the three months ended December 31, 2023, were $6,799 million, down from$9,772 million for the same period in 2022[20] Net Income and Loss - Net income attributable to ordinary shareholders in Q4 2023 was $1.3 million, or$0.02 per share, compared to a loss of $0.9 million in Q4 2022[5] - Net loss attributable to ordinary shareholders from continuing operations for the three months ended September 30, 2023, was$4,068 million, compared to a loss of $2,235 million for the same period in 2022[18] - Net loss for the three months ended December 31, 2023, was$3,175 million, a decrease from $14,308 million for the same period in 2022[20] - Net loss from continuing operations per share for the three months ended December 31, 2023, was$(0.06), compared to $(0.19) for the same period in 2022[21] Cash Position - As of December 31, 2023, the company had cash resources of$10.0 million, including cash and cash equivalents of $4.8 million and restricted cash of$5.2 million[7] Product Launch and Future Outlook - The company launched its AI-driven product HybriU in July 2023, targeting the hybrid and digital education market[1] - Ambow expects continued financial momentum and profitability for the full year 2024 as it expands its AI technology in higher education and workforce training[2]