Core Viewpoint - UTStarcom reported its unaudited financial results for the first half of 2024, highlighting a decrease in revenue and net loss compared to the same period in 2023, while also noting significant business developments and orders in Europe and India [1][4][6]. Business Highlights - Received an expansion order for a mobile transport network from a European mobile operator, including new features for network expansion and SDN solution integration [2]. - Secured an additional order for Broadband Core solutions in India, including software and services for a key customer [2]. - Collected 4.57 million still outstanding [2]. Financial Results - Total revenues for 1H 2024 were 6.5 million in 1H 2023 [5][6]. - Net equipment sales decreased by 20.4% to 4.9 million [6]. - Gross profit was 1.8 million and 28.0% in the prior year [7][24]. - Operating expenses decreased to 5.8 million in 1H 2023, primarily due to reduced personnel costs [9][27]. - Operating loss improved to 4.0 million in the same period last year [10][28]. - Net loss attributable to shareholders remained stable at 0.22 [13][31]. Cash Flow and Balance Sheet - Cash used in operating activities was 56.0 million as of June 30, 2024 [14][34]. - Total assets decreased to 77.5 million at the end of 2023, with current liabilities also declining [19][20].
UTStarcom Reports Unaudited Financial Results for First Half of 2024