- Ucloudlink Group Inc UCL reported a first-quarter FY21 revenue decline of 47.2% year-on-year to $17.7 million, beating the analyst consensus of $17.3 million.
- Revenues from services declined 51.9% Y/Y to $8.4 million, data connectivity services decreased 60.6% Y/Y to $6.1 million, while PaaS and SaaS services rose 18.3% Y/Y to $2.3 million.
- Revenues from sales of products declined 42.1% Y/Y to $9.3 million.
- Total data consumed through the company's platform declined 32.1% Y/Y to 36,549 terabytes (out of which the company procured 3,901 terabytes).
- Average daily active terminals declined 25.4% Y/Y to 205,082 (out of which the company owned 2,663).
- The gross margin contracted 400 basis points to 31.3%, translating to an adjusted EBITDA loss of $(6.7) million.
- The adjusted net loss was $7.3 million, with an EPS loss of $(0.02) beat the analyst consensus loss of $(0.03).
- Ucloudlink held $24.9 million in cash and equivalents and used $6.7 million in operating cash flow.
- Guidance: UCL sees a Q2 revenue outlook of $18 million - $19 million, compared to the analyst consensus of $18.6 million.
- The launch of 5G-related products and services, multi-network millisecond reselection technology, and hyper-connectivity solution elevated users' experience with a better data connection and enabled Ucloudlink to foray and expand to new industries requiring high-quality data connectivity, CEO Chaohui Chen said.
- Price action: UCL shares traded higher by 9.58% at $11.39 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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