GigaMedia Announces Fourth-Quarter and Full Year 2024 Financial Results

Core Viewpoint - GigaMedia Limited reported a significant decline in revenues for 2024, primarily due to a slowdown in licensed games, but managed to reduce its net loss compared to the previous year [2][3][9]. Financial Performance - For the full year 2024, GigaMedia's revenues were $3.0 million, down 30.8$4.3 million in 2023 [2][7]. - Gross profit for 2024 was $1.5 million, a decrease of 39.7$2.4 million in 2023 [7]. - The operating loss for 2024 was $3.7 million, compared to a loss of$3.2 million in 2023 [9]. - The net loss attributable to GigaMedia for 2024 was $2.3 million, improved from a net loss of$3.4 million in 2023 [3][9]. - The net loss per share for 2024 was $0.21, compared to$0.31 in the previous year [7][9]. Quarterly Overview - In Q4 2024, revenues were $755,000, a slight decrease of 1.8$398,000, up 7.0% from Q3 2024 but down 21.0% from Q4 2023 [11][18]. - The operating loss for Q4 2024 was $531,000, reduced from a loss of$1.0 million in Q3 2024 [11][18]. - The net loss for Q4 2024 was $481,000, an increase from a net loss of$320,000 in Q3 2024 [11][18]. Balance Sheet and Cash Position - As of the end of 2024, GigaMedia had cash, cash equivalents, and restricted cash totaling $35.1 million, down 9.5$38.8 million at the end of 2023 [4][10]. - The company maintained a solid financial position with zero bank loans and shareholders' equity of approximately $40.8 million [13]. Business Strategy and Outlook - GigaMedia is focusing on developing AI-based applications to enhance productivity and explore commercialization opportunities [15][16]. - The company plans to pursue mergers and acquisitions to accelerate growth and enhance shareholder value [16].