UCLOUDLINK(US:UCL)2023-06-30 10:03Financial Performance - Total revenues for Q2 2023 were US$22.0 million, a 21.9% increase from US$18.0 million in Q2 2022[1] - Gross profit was US$9.9 million, up 24.0% from US$8.0 million in Q2 2022, with a gross margin of 44.9%[11] - Adjusted net income (non-GAAP) was US$1.8 million, compared to an adjusted net loss of US$1.5 million in Q2 2022[2] - Revenues from data connectivity services were US$11.2 million, a 30.5% increase from US$8.6 million in Q2 2022[7] - Revenues from services were US$14.1 million, a 25.2% increase from US$11.2 million in Q2 2022[6] - Revenues for the three months ended June 30, 2023, increased to $21,977 thousand, up 22.5% from $18,024 thousand in the same period of 2022[34] - The company reported a net loss of $917 thousand for the three months ended June 30, 2023, a significant improvement compared to a net loss of $6,289 thousand in the same period of 2022[34] - For the three months ended June 30, 2023, the company reported an adjusted net income of $1,836, compared to an adjusted net loss of $1,519 for the same period in 2022[38] - The net loss for the six months ended June 30, 2023, was $1,157, a notable recovery from a net loss of $14,204 in the same period of 2022[38] Operational Metrics - Total data consumed through the platform was 45,682 terabytes, a 5.3% increase from 43,402 terabytes in Q2 2022[2] - Average daily active terminals reached 318,778, a 9.0% increase from 292,432 in Q2 2022[3] - The company served 2,436 business partners in 63 countries and regions as of June 30, 2023[3] Future Projections - For Q3 2023, total revenues are expected to be between US$23.5 million and US$24.5 million, representing a 29.1% to 34.6% increase compared to Q3 2022[19] Cash and Assets - As of June 30, 2023, the company had cash and cash equivalents of US$18.8 million, up from US$16.7 million as of March 31, 2023[18] - Cash and cash equivalents at the end of the period on June 30, 2023, were $18,628 thousand, an increase from $14,921 thousand at the beginning of the period[36] - Total current assets as of June 30, 2023, were $45,099 thousand, an increase of 9.4% from $41,346 thousand as of December 31, 2022[32] - Total assets increased to $51,332 thousand as of June 30, 2023, up from $45,934 thousand as of December 31, 2022, reflecting a growth of 11.6%[32] Expenses and Liabilities - Research and development expenses decreased to $1,554 thousand for the three months ended June 30, 2023, down 35.7% from $2,419 thousand in the same period of 2022[34] - The company’s total liabilities as of June 30, 2023, were $37,190 thousand, a slight increase from $36,643 thousand as of December 31, 2022[32] - The company’s accumulated losses decreased to $228,220 thousand as of June 30, 2023, from $229,377 thousand as of December 31, 2022[32] Adjusted Metrics - The adjusted EBITDA for the three months ended June 30, 2023, was $2,137, a significant improvement from an adjusted EBITDA loss of $989 in the same period of 2022[38] - The total adjusted EBITDA for the six months ended June 30, 2023, was $4,215, a significant increase from an adjusted EBITDA loss of $4,852 in the same period of 2022[38]