UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of November 2023
Commission
File Number: 001-39302
UCLOUDLINK
GROUP INC.
(Registrant’s
Name)
Unit
2214-Rm1, 22/F, Mira Place Tower A
132
Nathan Road, Tsim Sha Tsui
Kowloon,
Hong Kong
(Address
of Principal Executive Offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT
INDEX
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| |
UCLOUDLINK
GROUP INC. |
| |
|
|
| |
By: |
/s/
Chaohui Chen |
| |
Name: |
Chaohui
Chen |
| |
Title: |
Director
and Chief Executive Officer |
Date:
November 15, 2023
2
Exhibit 99.1
UCLOUDLINK GROUP
INC. Announces Unaudited Third Quarter 2023 Financial Results
Hong Kong, November 15, 2023 – UCLOUDLINK
GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading mobile data traffic
sharing marketplace, today announced its unaudited financial results for the three months ended September 30, 2023.
Third Quarter 2023 Financial Highlights
| ● | Total revenues were US$23.9 million, representing an increase of 31.0% from US$18.2 million in
the third quarter of 2022. |
| ● | Gross profit was US$12.2 million, representing an increase of 40.6% from US$8.7 million in the
third quarter of 2022. |
| ● | Income from operations was US$3.3 million, compared to a loss from operations of US$4.8 million
in the third quarter of 2022. |
| ● | Net Income was US$3.5 million, compared to a net loss of US$4.6 million in the third quarter of
2022. |
| ● | Adjusted net income (non-GAAP) was US$3.8 million, compared to an adjusted net income of US$0.6
million in the third quarter of 2022. |
| ● | Adjusted EBITDA (non-GAAP) was US$4.1 million, compared to an adjusted EBITDA of US$0.9 million
in the third quarter of 2022. |
Third Quarter 2023 Operational Highlights
| ● | Total data consumed in the third quarter through the Company’s platform was 46,630 terabytes (6,964
terabytes procured by the Company and 39,666 terabytes procured by our business partners), representing an increase of 0.9% from 46,234
terabytes in the third quarter of 2022. |
| ● | Average daily active terminals in the third quarter were 325,078 (12,018 owned by the Company and 313,060
owned by our business partners), representing an increase of 9.3% from 297,501 in the third quarter of 2022. 50.4% of daily active terminals
were from uCloudlink 1.0 international data connectivity services and 49.6% of daily active terminals were from uCloudlink 2.0 local data
connectivity services during the third quarter of 2023. Average daily data usage per terminal was 1.56 GB in September 2023. |
| ● | As of September 30, 2023, the Company had served 2,539 business partners in 63 countries and regions.
The Company had 181 patents with 145 approved and 36 pending approval, while the pool of SIM cards was from 367 MNOs globally as of September
30, 2023. |
Executive Commentary
Mr. Chaohui
Chen, Director and Chief Executive Officer of UCLOUDLINK, said, “We delivered another strong set of results in the third quarter
of 2023, posting a 31% year-over-year increase in total revenues and a sixth consecutive quarter of positive cash flow from operations.
Revenues from our uCloudlink 1.0 business re-accelerated, driven primarily by the recovery of international travel and the growth of our
international data connectivity services in major markets including Japan and mainland China. While outbound travel from China remained
soft during the third quarter of 2023, Chinese who resumed overseas travel during the peak summer holiday season increasingly chose to
use our Roamingman brand services and are accounting for a growing share of our international data connectivity services. Taking advantage
of this opportunity, we launched a new GlocalMe SIM card and a GPS tracker-enabled portable Wi-Fi terminal that we believe is the smallest
one in the world so far, on the market during this quarter, as well as piloted an eSIM solution in October 2023. At the same time, we
enhanced the user experience and expanded our user base, leveraging our competitive 5G roaming solutions and the artificial intelligence-powered
services feature embedded in one of our portable Wi-Fi terminals. Our innovative portfolio of data connectivity solutions continues to
drive our improving financial performance and has enabled us, together with our business partners, to expand our market share and strengthen
our market position.”
Mr. Chen continued, “The strong rebound
in data connectivity services is fueling our continued expansion into new application scenarios to support the long-term development of
our mobile data traffic sharing marketplace. We have successfully expanded the daily life application scenarios that our GPS-enabled portable
Wi-Fi terminal can cater to, as we continue to roll out additional upgrades and features. In the field of Internet of Things (‘IoT’),
we have also made significant progress in expanding the number of third-party devices utilizing our cloud SIM technology-powered IoT solutions
in Japan during the quarter. Looking ahead, the coming upgrades to our customer premises equipment will unlock additional opportunities
for us in the fixed broadband space. In addition, we plan to launch various hyper-connectivity solutions compatible with cloud SIM, soft
SIM and eSIM technologies. We are making solid progress in our strategic transition from hyper-connectivity solutions towards a diverse
suite of PaaS and SaaS solutions that enables everyone to enjoy a more intelligent and convenient life through our reliable and high-quality
data connections.”
Third Quarter 2023 Financial Results
Revenues
Total Revenues were US$23.9 million, representing
an increase of 31.0% from US$18.2 million in the same period of 2022.
| ● | Revenues from services were US$16.6 million, representing an increase of 31.9% from US$12.6 million
in the same period of 2022. This increase was primarily attributable to the increase in revenues from data connectivity services. |
| ● | Revenues from data connectivity services were US$13.8 million, representing an increase of 37.5%
from US$10.1 million in the same period of 2022. This increase was primarily attributable to (i) an increase in revenues from international
data connectivity services to US$11.4 million in the third quarter of 2023 from US$8.0 million in the same period of 2022, as the recovery
of international travel accelerated, and (ii) an increase in revenues from local data connectivity services to US$2.4 million in the third
quarter of 2023 from US$2.1 million in the same period of 2022, as the Company continued to develop the local data connectivity services
business. |
| ● | Revenues from PaaS and SaaS services were US$2.3 million, representing a decrease of 2.0% from
US$2.4 million in the same period of 2022. |
| ● | Revenues from sales of products were US$7.3 million, representing an increase of 29.0% from US$5.6
million in the same period of 2022, primarily attributable to the increase in sales of terminals. |
During the third quarter of 2023, as
a percentage of our total revenues, Japan contributed 44.2%, North America contributed 26.3%, Mainland China contributed 17.2%, and other
countries and regions contributed the remaining 12.3%, compared to 35.1%, 41.5%, 2.4% and 21.0%, respectively, in the same period of 2022.
Cost of Revenues
Cost of revenues was US$11.7 million, representing
an increase of 22.3% from US$9.5 million in the same period of 2022. This increase was generally in line with the growth of our total
revenues during the third quarter of 2023.
| ● | Cost of services was US$7.3 million, representing an increase of 38.0% from US$5.3 million in the
same period of 2022. |
| ● | Cost of products sold was US$4.4 million, representing an increase of 2.6% from US$4.2 million
in the same period of 2022. |
Gross Profit
Overall gross profit was US$12.2 million, compared
to US$8.7 million in the same period of 2022. Overall gross margin was 51.2% in the third quarter of 2023, compared to 47.7% in the same
period of 2022.
Gross profit on services was US$9.3 million, compared
to US$7.3 million in the same period of 2022. Gross margin on services was 55.9% in the third quarter of 2023, compared to 57.9% in the
same period of 2022.
Gross profit on sales of products was US$2.9 million,
compared to US$1.4 million in the same period of 2022. Gross margin on sales of products was 40.1% in the third quarter of 2023, compared
to 24.7% in the same period of 2022.
Operating Expenses
Total operating expenses were US$9.2 million,
compared to US$7.9 million in the same period of 2022.
| ● | Research and development expenses were US$1.6 million, representing an increase of 8.4% from US$1.5
million in the same period of 2022, primarily due to an increase of US$0.3 million in staff costs, which was partially offset by a decrease
of US$0.1 million in share-based compensation expenses. |
| ● | Sales and marketing expenses were US$3.8 million, representing an increase of 77.3% from US$2.1
million in the same period of 2022, primarily due to an increase of US$1.3 million in promotional fees and an increase of US$0.3 million
in staff costs. |
| ● | General and administrative expenses were US$3.8 million, representing a decrease of 11.0% from
US$4.3 million in the same period of 2022, primarily attributable to a decrease of US$1.2 million in bad debt provision, which was partially
offset by an increase of US$0.6 million in staff costs. |
Income/(Loss) from Operations
Income from operations was US$3.3 million, compared
to a loss from operations of US$4.8 million in the same period of 2022.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (Non-GAAP), which excludes the
impact of share-based compensation, fair value gain/loss in other investments, share of profit/loss in equity method investment, net of
tax, interest expense, income tax expenses and depreciation and amortization, was US$4.1 million, compared to US$0.9 million in the same
period of 2022.
Net Interest Expenses
Net interest expenses were US$0.01 million, compared
to net interest expenses of US$0.02 million in the same period of 2022.
Net Income/(Loss)
Net income was US$3.5 million, compared to a net
loss of US$4.6 million in the same period of 2022.
Adjusted Net Income (Non-GAAP)
Adjusted net income, which excludes the impact
of share-based compensation, fair value gain/loss in other investments and share of profit/loss in equity method investment, net of tax,
was US$3.8 million, compared to an adjusted net income of US$0.6 million in the same period of 2022.
Basic and Diluted Earnings/(Loss)
per ADS
Basic and diluted earnings per ADS attributable
to ordinary shareholders were US$0.09 in the third quarter of 2023, compared to basic and diluted loss per ADS of US$0.15 in the same
period of 2022.
Cash and Cash Equivalents and Short-Term
Deposits
As of September 30, 2023, the Company had cash
and cash equivalents of US$20.3 million, compared to cash and cash equivalents and short-term deposits of US$18.8 million as of June 30,
2023. This increase was primarily attributable to the net inflow of US$2.8 million from operations and net proceeds of US$0.7 million
from bank borrowings, which were partially offset by a repayment of US$0.9 million for bank borrowings and an outflow of US$0.8 million
for procurement of property and equipment.
Capital Expenditures (“CAPEX”)
CAPEX was US$0.8 million compared to US$0.1 million
in the same period of 2022.
Business Outlook
For the fourth quarter of 2023, UCLOUDLINK expects
total revenues to be between US$22.0 million and US$26.2 million, representing an increase of 12.2% to 33.7% compared to the same period
of 2022.
The above outlook is based on current market conditions
and reflects the Company’s preliminary estimates of market and operating conditions and customer demand. The global outbreak of
COVID-19, which had a severe and negative impact on the global economy since the first quarter of 2020, presents continuous and various
global risks. We will continue to carefully monitor COVID-19 related factors.
Non-GAAP Financial Measures
To supplement the financial measures prepared
in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents, adjusted net income/(loss)
and adjusted EBITDA, as supplemental measures to review and assess the Company’s operating performance. The presentation of these
non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and
presented in accordance with U.S. GAAP. Adjusted net income/(loss) is defined as net income/(loss) excluding share-based compensation,
fair value gain/loss in other investments and share of profit/loss in equity method investment, net of tax. Adjusted EBITDA is defined
as net income/(loss) excluding share-based compensation, fair value gain/loss in other investments, share of profit/loss in equity method
investment, net of tax, interest expense, income tax expenses and depreciation and amortization.
The Company believes that adjusted net income/(loss)
and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses
that are included in income/(loss) from operations and net income/(loss). The Company believes that adjusted net income/(loss) and adjusted
EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects
and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non- GAAP financial measures have limitations as analytical tools.
One of the key limitations of using adjusted net income/(loss) and adjusted EBITDA is that they do not reflect all items of income and
expense that affect the Company’s operations. Share-based compensation, fair value gain/loss in other investments and share of profit/loss
in equity method investment, net of tax, have been and may continue to be incurred in the Company’s business and is not reflected
in the presentation of adjusted net income/(loss). Further, the non-GAAP financial measures may differ from the non-GAAP information used
by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensate for these limitations by
reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating
its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single
financial measure.
Reconciliation of each of these non-GAAP financial
measures to the most directly comparable GAAP financial measure is set forth at the end of this release.
Conference Call
The Company will host a conference call to discuss
its financial results at 8:30 a.m. U.S. Eastern Time on Wednesday, November 15, 2023 (9:30 p.m. Beijing Time on the same day).
Listeners may access the call by dialing:
| International: |
+1-412-902-4272 |
| US (Toll Free): |
+1-888-346-8982 |
| UK (Toll Free): |
0-800-279-9489 |
| UK (Local Toll): |
0-207-544-1375 |
| Mainland China (Toll Free): |
400-120-1203 |
| Hong Kong (Toll Free): |
800-905-945 |
| Hong Kong (Local Toll): |
+852-3018-4992 |
| Singapore (Toll Free): |
800-120-6157 |
| Australia (Toll Free): |
1-800-121301 |
Participants should dial in at least 10 minutes
before the scheduled start time and ask to be connected to the call for “UCLOUDLINK GROUP INC.”
Additionally, a live and archived webcast of the
conference call will be available at https://ir.ucloudlink.com.
A telephone replay will be available one hour
after the end of the conference until November 15, 2024 by dialing:
| US (Toll Free): |
+1-877-344-7529 |
| International: |
+1-412-317-0088 |
| Canada (Toll Free): |
855-669-9658 |
| Replay Passcode: |
4372380 |
About UCLOUDLINK GROUP INC.
UCLOUDLINK
is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the
telecommunications industry. The Company’s products and services deliver unique value propositions to mobile data users, handset
and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative
cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access
to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and
competitive pricing.
Safe Harbor Statement
This announcement contains forward-looking statements.
These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident”
and similar statements. Among other things, the financial guidance and quotations from management in this announcement, as well as UCLOUDLINK’s
strategic and operational plans, contain forward-looking statements. UCLOUDLINK may also make written or oral forward-looking statements
in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical
facts, including but not limited to statements about UCLOUDLINK’s beliefs and expectations, are forward-looking statements. Forward
looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from
those contained in any forward-looking statement, including but not limited to the following: UCLOUDLINK’s strategies; UCLOUDLINK’s
future business development, financial condition and results of operations; UCLOUDLINK’s ability to increase its user base and usage
of its mobile data connectivity services, and improve operational efficiency; competition in the global mobile data connectivity service
industry; changes in UCLOUDLINK’s revenues, costs or expenditures; governmental policies and regulations relating to the global
mobile data connectivity service industry, general economic and business conditions globally and in China; the impact of the COVID-19
pandemic to UCLOUDLINK’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related
to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities
and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release,
and UCLOUDLINK undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
| UCLOUDLINK GROUP INC. |
| Jillian Zeng |
| Tel: +852-2180-6111 |
| E-mail: ir@ucloudlink.com |
| |
| Investor Relations: |
| Christensen Advisory |
| Jacob Schindler, Assistant Vice President |
| Tel: +852 2117 0861 |
| E-mail: jacob.schindler@christensencomms.com |
UCLOUDLINK GROUP INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands of US$, except for share and per
share data)
| | |
As of
December 31, | | |
As of
September 30, | |
| | |
2022 | | |
2023 | |
| ASSETS | |
| | |
| |
| Current assets | |
| | |
| |
| Cash and cash equivalents | |
| 14,921 | | |
| 20,256 | |
| Short-term deposit | |
| 197 | | |
| - | |
| Accounts receivable, net | |
| 5,961 | | |
| 7,416 | |
| Inventories | |
| 3,624 | | |
| 2,383 | |
| Prepayments and other current assets | |
| 4,255 | | |
| 5,182 | |
| Other investments | |
| 11,690 | | |
| 6,946 | |
| Amounts due from related parties | |
| 698 | | |
| 2,413 | |
| Total current assets | |
| 41,346 | | |
| 44,596 | |
| Non-current assets | |
| | | |
| | |
| Prepayments | |
| 688 | | |
| 344 | |
| Long-term investments | |
| 1,711 | | |
| 1,906 | |
| Other investments | |
| - | | |
| 4,471 | |
| Property and equipment, net | |
| 1,181 | | |
| 2,386 | |
| Right-of-use assets, net | |
| 206 | | |
| 1,863 | |
| Intangible assets, net | |
| 802 | | |
| 677 | |
| Total non-current assets | |
| 4,588 | | |
| 11,647 | |
| TOTAL ASSETS | |
| 45,934 | | |
| 56,243 | |
| | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Short term borrowings | |
| 2,876 | | |
| 2,396 | |
| Accrued expenses and other liabilities | |
| 24,014 | | |
| 23,015 | |
| Accounts payable | |
| 6,832 | | |
| 8,603 | |
| Amounts due to related parties | |
| 1,481 | | |
| 1,320 | |
| Contract liabilities | |
| 1,052 | | |
| 946 | |
| Lease liabilities | |
| 184 | | |
| 811 | |
| Total current liabilities | |
| 36,439 | | |
| 37,091 | |
| Non-current liabilities | |
| | | |
| | |
| Lease liabilities | |
| - | | |
| 1,045 | |
| Other non-current liabilities | |
| 204 | | |
| 160 | |
| Total non-current liabilities | |
| 204 | | |
| 1,205 | |
| TOTAL LIABILITIES | |
| 36,643 | | |
| 38,296 | |
| | |
| | | |
| | |
| SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Class A ordinary shares | |
| 12 | | |
| 12 | |
| Class B ordinary shares | |
| 6 | | |
| 6 | |
| Additional paid-in capital | |
| 236,774 | | |
| 239,677 | |
| Accumulated other comprehensive income | |
| 1,876 | | |
| 2,987 | |
| Accumulated losses | |
| (229,377 | ) | |
| (224,735 | ) |
| TOTAL SHAREHOLDERS’ EQUITY | |
| 9,291 | | |
| 17,947 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| 45,934 | | |
| 56,243 | |
UCLOUDLINK GROUP INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME
(In thousands of US$, except for share and per
share data)
| | |
For the three months ended | | |
For the nine months ended | |
| | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | |
| Revenues | |
| 18,213 | | |
| 23,863 | | |
| 51,850 | | |
| 63,846 | |
| Revenues from services | |
| 12,608 | | |
| 16,631 | | |
| 33,692 | | |
| 43,643 | |
| Sales of products | |
| 5,605 | | |
| 7,232 | | |
| 18,158 | | |
| 20,203 | |
| Cost of revenues | |
| (9,531 | ) | |
| (11,656 | ) | |
| (29,378 | ) | |
| (33,173 | ) |
| Cost of services | |
| (5,309 | ) | |
| (7,326 | ) | |
| (15,256 | ) | |
| (18,355 | ) |
| Cost of products sold | |
| (4,222 | ) | |
| (4,330 | ) | |
| (14,122 | ) | |
| (14,818 | ) |
| Gross profit | |
| 8,682 | | |
| 12,207 | | |
| 22,472 | | |
| 30,673 | |
| Research and development expenses | |
| (1,476 | ) | |
| (1,600 | ) | |
| (6,577 | ) | |
| (4,457 | ) |
| Sales and marketing expenses | |
| (2,135 | ) | |
| (3,786 | ) | |
| (7,425 | ) | |
| (10,223 | ) |
| General and administrative expenses | |
| (4,295 | ) | |
| (3,824 | ) | |
| (12,283 | ) | |
| (11,125 | ) |
| Other (expense)/income, net | |
| (5,523 | ) | |
| 322 | | |
| (14,299 | ) | |
| (423 | ) |
| (Loss)/income from operations | |
| (4,747 | ) | |
| 3,319 | | |
| (18,112 | ) | |
| 4,445 | |
| Interest income | |
| 3 | | |
| 12 | | |
| 8 | | |
| 36 | |
| Interest expenses | |
| (27 | ) | |
| (25 | ) | |
| (373 | ) | |
| (105 | ) |
| Amortization of beneficial conversion feature | |
| 220 | | |
| - | | |
| (236 | ) | |
| - | |
| (Loss)/income before income tax | |
| (4,551 | ) | |
| 3,306 | | |
| (18,713 | ) | |
| 4,376 | |
| Income tax expense | |
| (39 | ) | |
| (23 | ) | |
| (158 | ) | |
| (67 | ) |
| Share of (loss)/profit in equity method investment, net of tax | |
| (6 | ) | |
| 202 | | |
| 71 | | |
| 333 | |
| Net (loss)/income | |
| (4,596 | ) | |
| 3,485 | | |
| (18,800 | ) | |
| 4,642 | |
| Attributable to: | |
| | | |
| | | |
| | | |
| | |
| Equity holders of the Company | |
| (4,596 | ) | |
| 3,485 | | |
| (18,800 | ) | |
| 4,642 | |
| | |
| | | |
| | | |
| | | |
| | |
| (Loss)/earnings per share for Class A and Class B ordinary shares | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| (0.02 | ) | |
| 0.01 | | |
| (0.06 | ) | |
| 0.01 | |
| Diluted | |
| (0.02 | ) | |
| 0.01 | | |
| (0.06 | ) | |
| 0.01 | |
| | |
| | | |
| | | |
| | | |
| | |
| (Loss)/earnings per ADS (10 Class A shares equal to 1 ADS) | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| (0.15 | ) | |
| 0.09 | | |
| (0.64 | ) | |
| 0.13 | |
| Diluted | |
| (0.15 | ) | |
| 0.09 | | |
| (0.64 | ) | |
| 0.13 | |
| | |
| | | |
| | | |
| | | |
| | |
| Shares used in loss per Class A and Class B ordinary share computation: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 305,261,095 | | |
| 372,334,114 | | |
| 294,781,350 | | |
| 370,796,417 | |
| Diluted | |
| 305,261,095 | | |
| 372,334,114 | | |
| 294,781,350 | | |
| 370,796,417 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net (loss)/income | |
| (4,596 | ) | |
| 3,485 | | |
| (18,800 | ) | |
| 4,642 | |
| Other comprehensive income/(loss), net of tax | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment | |
| 2,003 | | |
| (200 | ) | |
| 3,835 | | |
| 1,111 | |
| Total comprehensive (loss)/income | |
| (2,593 | ) | |
| 3,285 | | |
| (14,965 | ) | |
| 5,753 | |
UCLOUDLINK GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(In thousands of US$)
| | |
For the three months ended | | |
For the nine months ended | |
| | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | |
| Net cash generated from/(used in) operating activities | |
| 1,183 | | |
| 2,765 | | |
| (793 | ) | |
| 7,820 | |
| Net cash used in investing activities | |
| (69 | ) | |
| (834 | ) | |
| (248 | ) | |
| (1,511 | ) |
| Net cash (used in)/generated from financing activities | |
| (398 | ) | |
| (252 | ) | |
| 6,604 | | |
| (394 | ) |
| Increase in cash and cash equivalents | |
| 716 | | |
| 1,679 | | |
| 5,563 | | |
| 5,915 | |
| Cash and cash equivalents at beginning of the period | |
| 11,985 | | |
| 18,628 | | |
| 7,868 | | |
| 14,921 | |
| Effect of exchange rates on cash and cash equivalents | |
| (353 | ) | |
| (51 | ) | |
| (1,083 | ) | |
| (580 | ) |
| Cash and cash equivalents at end of the period | |
| 12,348 | | |
| 20,256 | | |
| 12,348 | | |
| 20,256 | |
UCLOUDLINK GROUP INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP
RESULTS
(In thousands of US$)
| | |
For the three months ended | | |
For the nine months ended | |
| | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | |
| Reconciliation of Net (Loss)/Income to Adjusted Net (Loss)/Income | |
| | | |
| | | |
| | | |
| | |
| Net (loss)/income | |
| (4,596 | ) | |
| 3,485 | | |
| (18,800 | ) | |
| 4,642 | |
| Add: share-based compensation | |
| 600 | | |
| 520 | | |
| 2,311 | | |
| 2,854 | |
| fair value loss/(gain) in other investments | |
| 4,627 | | |
| (12 | ) | |
| 11,358 | | |
| 272 | |
| Less: share of loss/(profit) in equity method investment, net of tax | |
| 6 | | |
| (202 | ) | |
| (71 | ) | |
| (333 | ) |
| Adjusted net income/(loss) | |
| 637 | | |
| 3,791 | | |
| (5,202 | ) | |
| 7,435 | |
| | |
For the three months ended | | |
For the nine months ended | |
| | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | |
| Reconciliation of Net (Loss)/Income to Adjusted EBITDA | |
| | |
| | |
| | |
| |
| Net (loss)/income | |
| (4,596 | ) | |
| 3,485 | | |
| (18,800 | ) | |
| 4,642 | |
| Add: | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| 27 | | |
| 25 | | |
| 373 | | |
| 105 | |
| Income tax expense | |
| 39 | | |
| 23 | | |
| 158 | | |
| 67 | |
| Depreciation and amortization | |
| 241 | | |
| 303 | | |
| 763 | | |
| 750 | |
| EBITDA | |
| (4,289 | ) | |
| 3,836 | | |
| (17,506 | ) | |
| 5,564 | |
| Add: share-based compensation | |
| 600 | | |
| 520 | | |
| 2,311 | | |
| 2,854 | |
| fair value loss/(gain) in other investments | |
| 4,627 | | |
| (12 | ) | |
| 11,358 | | |
| 272 | |
| Less: share of loss/(profit) in equity method investment, net of tax | |
| 6 | | |
| (202 | ) | |
| (71 | ) | |
| (333 | ) |
| Adjusted EBITDA | |
| 944 | | |
| 4,142 | | |
| (3,908 | ) | |
| 8,357 | |
9
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