UTStarcom Reports Unaudited Financial Results for Second Half and Full Year 2023

Core Viewpoint - UTStarcom reported its unaudited financial results for the second half and full year of 2023, showing significant revenue growth and ongoing developments in its 5G transport network solutions, while also facing increased operating expenses and net losses [1][3]. Business Update - Continued cooperation with mobile operators in China on next-generation disaggregated 5G transport network solutions, completing field trials and interoperability tests by the end of 2023 [2]. - Received additional orders from a European mobile network operator for network expansion and post-sale technical support services [2]. - Secured orders for broadband core platform expansion from key customers in India, including hardware and software for the SSTP platform [2]. - Ongoing global post-sale support services for various platforms, including NetRing PTN and SyncRing [2]. - Exploration of new market opportunities in China related to Smart Cities and Digital Construction [2]. Financial Results Second Half of 2023 - Revenue reached $9.2 million, a 39.4$6.6 million in the same period of 2022 [4]. - Gross profit was $2.6 million, representing a 100$1.3 million in the previous year [4]. - Operating expenses totaled $5.4 million, up 86.2$2.9 million in 2022 [4]. - Net loss was $2.0 million, an improvement from a net loss of$3.3 million in the same period of 2022 [4][17]. - Basic EPS improved to ($0.22) from ($0.37) year-over-year [4][17]. Full Year 2023 - Total revenue for the year was $15.8 million, a 12.1$14.1 million in 2022 [6]. - Gross profit for the year was $4.4 million, or 27.9$2.7 million, or 19.0% in 2022 [11]. - Operating expenses for the year were $11.2 million, up from$7.1 million in 2022 [14]. - Full year net loss was $4.0 million, an improvement from$5.0 million in 2022 [17]. Cash Flow - Cash used in operating activities for the second half of 2023 was $0.7 million, with no cash used in investing or financing activities [18]. - As of December 31, 2023, the company had a cash balance of$59.6 million, down 10.9% from $66.9 million at the end of 2022 [4][18].