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UCL

UCL

uCloudlink Group Inc.
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UCLOUDLINK GROUP INC. Announces Framework Agreement for Strategic Partnership with China Unicom Shenzhen Branch
HONG KONG, Nov. 19, 2020 (GLOBE NEWSWIRE) -- UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading mobile data traffic sharing marketplace, announced today that Shenzhen uCloudlink Network Technology Co., Ltd. (“Shenzhen UCLOUDLINK”) recently signed a framework agreement (the “Agreement”) to establish a long-term strategic partnership with the Shenzhen Branch of China United Network Communications Group Co., Ltd. (“Shenzhen Unicom”). Both parties will focus on jointly improving network quality to achieve better user experience and services in various areas and will collaborate with each other in joint marketing and promotional activities. “The establishment of strategic partnership with Shenzhen Unicom is important development of our local business in China. We will pursue comprehensive and in-depth cooperation in the areas of mobile broadband, add-on value services, product provision and resource sharing, which signifies an important milestone in our journey to enable network connection with superior quality and optimize user experience. We will jointly promote cooperation with more business partners in the telecommunication services industry.” said Chaohui Chen, Director and CEO of UCLOUDLINK. “Leveraging Shenzhen Unicom’s large scale of subscribers, this alliance helps us reach a broad user base quickly and efficiently. Through our PaaS and SaaS platform, we can help our partners improve their services and elevate their user experience faster and better, which also contributes to the prospects for strong growth momentum of our business in China. The alliance will facilitate us to establish the leading technological position of our PaaS and SaaS platform in the early stage of 5G. We have alliances and cooperation with major mobile network operators (MNOs) and mobile virtual network operators (MVNOs) in China and Japan. Looking ahead, we will continue to form alliances with MNOs, MVNOs and business partners globally with the driving goal to further strengthen our PaaS and SaaS ecosystem and provide superior network quality and connection for global carriers and users, which accelerates the 5G Cloud era.”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.For more information, please visit: http://ir.ucloudlink.comSafe Harbor StatementThis 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. 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 investor and media inquiries, please contact: In China:UCLOUDLINK GROUP INC. Bob Shen Tel: +852-2180-6111 Email: ir@ucloudlink.comThe Piacente Group, Inc. Yang Song Tel: +86-10-6508-0677 Email: UCL@tpg-ir.comIn the United States: The Piacente Group, Inc. Brandi Piacente Tel: +1-212-481-2050 Email: UCL@tpg-ir.com
GlobeNewswire · 11/19 08:00
Ucloudlink Group Inc - ADR to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / November 16, 2020 / Ucloudlink Group Inc - ADR (UCL) (NASDAQ:UCL) will be discussing their earnings results in their call to be held on November 16, 2020 at 8:00 AM Eastern Time.
ACCESSWIRE · 11/16 11:00
uCloudlink Group Inc. Announces Unaudited Third Quarter 2020 Financial Results
HONG KONG, Nov. 16, 2020 (GLOBE NEWSWIRE) -- 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, 2020.Financial Highlights for the Third Quarter of 2020 * Total revenues were US$18.0 million, representing a decrease of 59.2% from US$44.1 million in the third quarter of 2019. * Gross profit was US$5.6 million, representing a decrease of 70.2% from US$18.9 million in the third quarter of 2019. * Loss from operations was US$9.6 million, compared with income from operations of US$3.9 million in the third quarter of 2019. * Net loss was US$9.7 million, compared with net income of US$3.8 million in the third quarter of 2019. * Adjusted net loss (non-GAAP) was US$5.7 million, compared with an adjusted net income of US$3.8 million in the third quarter of 2019. * Adjusted EBITDA (non-GAAP) was negative US$5.0 million, compared with positive US$4.6 million in the third quarter of 2019.Operational Highlights for the Third Quarter of 2020 * Total data consumed through the Company’s platform was 49,774 terabytes, including 3,638 terabytes the Company procured and 46,136 terabytes our business partners procured, representing an increase of 99.2% from 24,993 terabytes in the third quarter of 2019. * Average daily active terminals were 252,265, including 3,095 owned by the Company and 249,170 not owned by the Company, representing an increase of 21.4% from 207,853 in the third quarter of 2019. 73.6% of daily active terminals was from uCloudlink 2.0 local data connectivity services and 26.4% of daily active terminals was from uCloudlink 1.0 international data connectivity services during the third quarter of 2020. Average daily data usage per terminal was 2.13 GB in September 2020. * As of September 30, 2020, we had served 2,079 business partners in 49 countries and regions. We had 132 patents with 53 approved and 79 pending approval, while our pool of SIM cards was from 216 MNOs globally as of September 30, 2020.“The COVID-19 pandemic continued to linger longer and deeper than anticipated, so did its negative impact on international tourism and consequently, our third quarter 2020 results. However, we expect international travel will recover with the launch of COVID-19 vaccines and effective testing and tracing.Our uCloudlink 2.0 local data connectivity services continue to be a very important business for us. The sales of mobile Wi-Fi terminals and services were steady during the second and third quarter of 2020 through online sales and offline distribution channels with our business partners.In order to elevate our local service brand, we are enhancing our e-commerce efforts in strategic key markets with high growth potential such as the United States and Europe, optimizing our websites and streamlining our sales function and team, in order to continue improving the user experience and overall satisfaction.Mobile network operators (MNOs) are the major players in the data connectivity service markets and our uCloudlink 2.0 business has great potential through global alliances and cooperation with MNOs and business partners globally. We have already established an alliance ecosystem with various MNOs such as NTT in Japan, one of the major MNOs in mainland China, and certain regional wireless carriers in the United States. We further invested in Beijing Huaxiang Lianxin Technology Co., Ltd. which is one of the licensed mobile virtual network operators (MVNOs) in mainland China. We believe that the alliance with MNOs and MVNOs will further increase the scale of users connected to our platform as we leverage from carriers’ huge number of service subscribers. We will continue to develop strategical alliances with more MNOs, MVNOs and local business partners such as in Europe, the United States, Asia, etc. as we pursue enhancement of our PaaS and SaaS platform ecosystem and provide superior data connectivity services to carriers and business partners.5G provides great opportunities for us. We can help carriers to improve their coverage, connectivity services and investment efficiency in 5G networks. Our full series of 5G mobile Wi-Fi, Customer Premises Equipment (CPE) and GlocalMe Inside (GMI) embedded in various brands of 5G related mobile phones are under development for commercial trials in the near future. We believe that there is great potential for the application of those devices in 5G mobile broadband connectivity service due to low network latency and expansive network coverage for end users. We also believe it can facilitate us to establish the leading technological position of our PaaS and SaaS platform in the early stage of 5G.Our Cloud SIM technology, such as instant switching network technology is both highly compatible with and brings unique advantages to various Internet-of-thing (IoT) applications scenarios such as Internet of Vehicles, autopilot, cargos, logistics and other car equipment. We are cooperating with business partners in various aspects of IoT applications such as cargo vehicles and cross-border railway transportations where we see high potential for our business.” said Chaohui Chen, Director and CEO of UCLOUDLINK. “Looking ahead, we expect the launch of vaccines from clinical phase three to the market in China and other countries and regions will lead to the recovery of international travel and benefit to our business accordingly. We expect all of these new opportunities such as our uCloudlink 2.0 business will further develop our business potential in 2021. We are also dedicated to our R&D in traditional and new innovative technologies with further investment in sales and marketing to bring us greater prospects for sustainable growth in the future.”“While COVID-19 has been well controlled in China, the pandemic continued to evolve in other countries and regions during the third quarter of 2020. However, we continued to be solid in our business operations with steady development in our uCloudlink 2.0 business. The percentage of our uCloudlink 2.0 daily active terminals (DAT) as opposed to total daily active terminals has been increased to 73.6% in the third quarter of 2020 compared to 14.6% in the third quarter of 2019. The demand for our uCloudlink 2.0 local data connectivity services continued to be strong with a steady percentage of daily active terminals during the third quarter of 2020 and we worked with business partners to develop local mobile broadband service such as in Japan, North America and other markets and strengthened our cooperation with existing ones. We undertook comprehensive mitigation measures such as cost control to reduce the impact of the pandemic on our service gross margin and overall gross margin in the third quarter of 2020. We have internationally diversified revenue generated from close to 50 countries and regions which allowed us more resilience to single market risk.” Said Yimeng Shi, CFO of UCLOUDLINK, “We continued to increase investment in R&D and sales and marketing such as e-commerce and promotional campaign in key markets, with the intention of opening more new business opportunities globally. We will continue to improve and optimize our revenue and cost structures with increasing operational efficiency, together with the abovementioned business opportunities to facilitate our business growth and performance in the future.”Third Quarter 2020 Financial ResultsRevenuesTotal Revenues were US$18.0 million, representing a decrease of 59.2% from US$44.1 million in the same period of 2019. * Revenues from services were US$9.8 million, representing a decrease of 60.8% from US$25.1 million in the same period of 2019. This decrease was primarily attributable to the decrease in revenues from international data connectivity services and PaaS and SaaS services to certain extent, mainly because of continuous and prolonged impact of pandemic of COVID-19 and resulted international travel ban. * Revenues from data connectivity services were US$8.2 million, representing a decrease of 63.5% from US$22.5 million in the same period of 2019. The decrease was primarily attributable to the decrease in revenues from international data connectivity services from US$21.8 million in the third quarter of 2019 to US$5.7 million in the third quarter of 2020, partially offset by the increase in revenues from local data connectivity services from US$0.7 million in the third quarter of 2019 to US$2.5 million in the third quarter of 2020. The decrease in revenues from international data connectivity services was mainly due to the prolonged negative impact of global travel ban as a result of the COVID-19 pandemic. On the other hand, the demand of our local data connectivity services was not impacted by the international travel ban with continuous growth potential. * Revenues from PaaS and SaaS services were US$1.5million, representing a decrease of 30.3% from US$2.1 million in the same period of 2019. This decrease was primarily due to the negative impact of COVID-19 on our partners that use our PaaS and SaaS services to provide international data connectivity services. In the meantime, the demand of our local data connectivity services business partners was not affected. * Revenues from sales of products were US$8.2 million, representing a decrease of 57.1% from US$19.0 million in the same period of 2019, primarily due to the continuous negative impact of COVID-19 pandemic during the third quarter of 2020. * Geographic Distribution During the third quarter of 2020, we had 5.4% of total revenue coming from Mainland China, 56.4% of total revenue coming from Japan and 38.2% of total revenue coming from other countries and regions.Cost of RevenuesCost of revenues was US$12.4 million, representing a decrease of 51.0% from US$25.2 million in the same period of 2019. The decrease was attributable to decrease of cost of services and cost of products due to the decline of global travels as a result of the COVID-19 pandemic. * Cost of services was US$6.2 million, representing a decrease of 32.6% from US$9.2 million in the same period of 2019. * Cost of products sold was US$6.2 million, representing a decrease of 61.6% from US$16.0 million in the same period of 2019.Gross ProfitOverall gross profit was US$5.6 million, or 31.3% overall gross margin, compared to US$18.9 million, or 42.8% in the same period of 2019.Our gross profit on services was US$3.6 million, or 36.6% gross margin related to services, compared to US$15.9 million, or 63.1% in the same period of 2019.Our gross profit on sales of products was US$2.0 million, or 24.8% gross margin related to sales of products, compared to US$3.0 million, or 16.0% in the same period of 2019.Operating ExpensesTotal operating expenses were US$19.7 million, compared to US$14.3 million in the same period of 2019. * Research and development expenses were US$4.8 million, representing an increase of 31.4% from US$3.6 million in the same period of 2019. The increase was primarily due to an increase of US$1.9 million in share-based compensation expenses, partly offset by a decrease of US$0.6 million in staff costs related to internal cost control measures while optimizing R&D efficiency and policies for social security benefits. * Sales and marketing expenses were US$5.7 million, representing a decrease of 9.1% from US$6.3 million in the same period of 2019. The decrease was primarily due to a decrease of US$0.4 million in staff costs related to cost control measures and policies for social security benefits and a decrease of US$1.7 million related to promotion fee due to the suspended impact of COVID-19 pandemic on sales and marketing activities, partially offset by an increase of US$2.0 million in share-based compensation expenses. * General and administrative expenses were US$9.2 million, representing an increase of 110.1% from US$4.4 million in the same period of 2019. The increase was primarily due to an increase of US$4.0 million in share-based compensation expenses and an increase of US$1.3 million account receivable bad debt provision during the pandemic period, partly offset by the decrease of US$0.9 million in legal counsel charge. Loss from OperationsLoss from operations was US$9.6 million, compared with income from operations of US$3.9 million in the same period of 2019.Adjusted EBITDA (Non-GAAP)Adjusted EBITDA (Non-GAAP), which excludes the impact of share-based compensation and fair value gain/loss in other investment, net of tax, interest expense, depreciation and amortization, was negative US$5.0 million, compared to positive US$4.6 million in the same period of 2019.Net Interest ExpensesNet interest expenses were US$0.04 million, compared to US$0.1 million net interest expenses in the same period of 2019.Net LossNet loss was US$9.7 million including share-based compensation of US$7.9 million that were recognized upon vesting period, compared with net income of US$3.8 million in the same period of 2019.Adjusted Net Loss (Non-GAAP)Adjusted net loss, which excludes the impact of share-based compensation and the fair value gain/loss in other investment, was US$5.7 million, compared with an adjusted net income US$3.8 million in the same period of 2019.Basic and Diluted Loss per ADSBasic and diluted loss per ADS attributable to ordinary shareholders were US$0.34 and US$0.34, respectively.Cash and Cash Equivalents, Restricted Cash and Short-Term DepositsAs of September 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term deposits of US$32.8 million, compared to US$37.3 million as of June 30, 2020. The decrease was primarily due to outflow of US$3.6 million in borrowing repayment, US$0.8 million relating to payment for equity interest of 6.25% of Beijing Huaxiang Lianxin Technology Co., Ltd. and US$0.4 million for operations.Capital Expenditures (“CAPEX”)CAPEX was US$0.1 million compared to US$1.2 million in the same period of 2019.Business OutlookFor the fourth quarter of 2020, UCLOUDLINK expects total revenues to be between US$17.0 million and US$19.0 million, representing a 64.6% to 68.3% decrease from the same period of 2019. The above outlook is based on current market conditions and reflects the Company’s preliminary estimates of market and operating conditions and customer demand, particularly in light of the potential impact of the COVID-19. The global outbreak of COVID-19 presents continuous and various global risks and the full impact of the outbreak continues to evolve which had a severe and negative impact on the global economy since the first quarter of 2020. We will monitor the COVID-19 impact and other related factors such as the vaccines of COVID-19 continuously, but the effects of which are difficult to analyze and predict, which are all subject to change.Recent DevelopmentDuring August 2020, the Company granted 1,000,000 share options to some of our directors and executive officers pursuant to the Revised 2018 Plan. Up to November 16, 2020, a total number of 22,771,877 share options have been granted and outstanding.We further invested in Beijing Huaxiang Lianxin Technology Co., Ltd. which is one of the licensed mobile virtual network operators (MVNOs) (reference to our press release dated November 9, 2020). We had three senior management changes took effect on September 25, 2020. Mr. Xinquan (Victor) Xu assumed the role of our Chief Sales Officer and President of Marketing and Sales. Zhu Tan assumed the role of Vice President of Marketing and Sales. Wen Gao assumed the role of Chief Strategy Officer. The move to restructure management roles was designed to better align senior leadership positions with the strategic development of our business, as we continue to improve operational efficiency, explore market opportunities, and deliver sustainable growth (reference to our press release dated September 28, 2020). We continued to strengthen our business development with business partners in Japan (reference to our press release dated September 15, 2020).Non-GAAP Financial MeasuresTo supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents, adjusted net (loss)/income 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 (loss)/income is defined as net (loss)/income excluding share-based compensation and fair value gain/loss in other investment. Adjusted EBITDA is defined as net (loss)/income excluding share-based compensation and fair value gain/loss in other investment, net of tax, interest expense, depreciation and amortization.The Company believes that adjusted net (loss)/income 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 (loss)/income from operations and net (loss)/income. The Company believes that adjusted net (loss)/income 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 (loss)/income and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation and fair value gain/loss in other investment have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of adjusted net (loss)/income. 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 CallUCLOUDLINK will hold a conference call at 8:00 a.m. Eastern Time on November 16, 2020 (9:00 p.m. Beijing Time on the same day) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing:International:+1-412-902-4272 US (Toll Free):+1-888-346-8982 UK (Toll Free)800-279-9489 Mainland China (Toll Free):400-120-1203 Hong Kong (Toll Free):800-905-945 Singapore (Toll Free):800-120-6157 Participants should dial in at least 10 minutes before the scheduled start time and provide the Conference ID to the operator to be connected to the conference. Due to conditions surrounding the outbreak of COVID-19, participants may experience longer than normal hold period before being assisted to join the call. The Company thanks everyone in advance for their patience and understanding.A telephone replay will be available approximately two hours after the call until 09:59 a.m. Eastern Time on November 16, 2020 by dialing:US (Toll Free):+1-877-344-7529 International:+1-412-317-0088 Replay Passcode:10146997 A live and archived webcast of the conference call will be available at http://ir.ucloudlink.comAbout 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:In China:   UCLOUDLINK GROUP INC. Bob Shen Tel: +852-2180-6111 E-mail: ir@UCLOUDLINK.com   The Piacente Group, Inc. Yang Song Tel: +86 (10) 6508-0677 E-mail: UCL@tpg-ir.com   In the United States:   The Piacente Group, Inc. Brandi Piacente Tel: +1-212-481-2050 E-mail: UCL@tpg-ir.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,   2019   2020   ASSETS        Current assets        Cash and cash equivalents 37,320    24,330   Restricted cash 2,954    8,237   Short-term deposit 193    196   Accounts receivable, net 25,767    9,942   Inventories 10,518    8,033   Prepayments and other current assets 7,828    9,103   Other investments -    17,496   Amounts due from related party 692    710   Total current assets 85,272     78,047   Non-current assets        Prepayments -    599   Long-term investment 430    1,251   Other investments -    17,477   Property and equipment, net 3,793    3,401   Intangible assets, net 602    713   Total non-current assets 4,825    23,441   TOTAL ASSETS 90,097    101,488            LIABILITIES        Current liabilities        Short term borrowings 6,659    763   Accrued expenses and other liabilities 21,319    21,532   Accounts payables 16,728    11,906   Amounts due to related party 1,022    1,553   Contract liabilities 1,925    1,561   Total current liabilities 47,653    37,315   Non-current liabilities        Other non-current liability -    335   Total non-current liabilities -    335   TOTAL LIABILITIES 47,653     37,650            MEZZANINE EQUITY        Series A redeemable convertible preferred shares 22,977    -   TOTAL MEZZANINE EQUITY 22,977    -            SHAREHOLDERS’ EQUITY        Pre-IPO ordinary shares 11    -   Class A ordinary shares -    8   Class B ordinary shares -    6   Additional paid-in capital 118,818    214,121   Accumulated other comprehensive income 706    804   Accumulated losses (100,068)   (151,101)  TOTAL SHAREHOLDERS’ EQUITY 19,467    63,838   TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY 90,097    101,488   UCLOUDLINK GROUP INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (In thousands of US$, except for share and per share data)  For the three months ended  For the nine months ended    September 30, 2019  September 30, 2020  September 30, 2019  September 30, 2020  Revenues  44,103    17,996    104,685    72,543   Revenues from services  25,070    9,839    66,558    37,137   Sales of products  19,033    8,157    38,127    35,406   Cost of revenues  (25,231)   (12,366)   (58,661)   (49,584)  Cost of services  (9,245)   (6,234)   (27,174)   (21,092)  Cost of products sold  (15,986)   (6,132)   (31,487)   (28,492)  Gross profits  18,872    5,630    46,024    22,959   Research and development expenses  (3,626)   (4,766)   (11,645)   (21,326)  Sales and marketing expenses  (6,281)   (5,710)   (17,339)   (23,797)  General and administrative expenses  (4,367)   (9,173)   (14,112)   (33,637)  Other income, net  (667)   4,439    382    5,092   Income/(loss) from operations  3,931    (9,580)   3,310    (50,709)  Interest income  10    8    169    34   Interest expenses  (141)   (43)   (336)   (271)  Income/(loss) before income tax  3,800    (9,615)   3,143    (50,946)  Income tax expense  -    (50)   -    (87)  Net income/(loss)  3,800    (9,665)   3,143    (51,033)  Accretion of Series A Preferred Shares  (636)   -    (1,905)   (1,293)  Income allocation to participating preferred shareholders  (137)   -    (137)   -   Attributable to:                 Equity holders of the Company  3,027    (9,665)   1,101    (52,326)  Non-controlling interests  -    -    -    -                     Earnings/(loss) per share for Class A and Class B ordinary shares                 Basic  0.01    (0.03)   0.00    (0.21)  Diluted  0.01    (0.03)   0.00    (0.21)                    Loss per ADS (10 Class A shares equal to 1 ADS)                 Basic      (0.34)       (2.07)  Diluted      (0.34)       (2.07)                    Shares used in earnings per Class A and Class B ordinary share computation:                 Basic  232,451,900    281,551,900    232,122,814    252,819,307   Diluted  232,451,900    281,551,900    232,122,814    252,819,307                     Net income/(loss)  3,800    (9,665)   3,143    (51,033)  Other comprehensive income, net of tax                  Foreign currency translation adjustment  (528)   250    (460)   98   Total comprehensive income/(loss)   3,272    (9,415)   2,683    (50,935)  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, 2019  September 30, 2020  September 30, 2019  September 30, 2020 Net cash generated from/(used in) operating activities  296    (433)   4,699    3,488  Net cash used in investing activities  (1,195)   (955)   (2,404)   (35,306) Net cash generated from/(used in) financing activities  8    (3,570)   1,524    23,893  (Decrease)/increase in cash, cash equivalents and restricted cash  (891)   (4,958)   3,819    (7,925) Cash, cash equivalents and restricted cash at beginning of the period  41,382    37,136    36,627    40,274  Effect of exchange rates on cash, cash equivalents and restricted cash  (641)   389    (596)   218  Cash, cash equivalents and restricted cash at end of the period  39,850    32,567    39,850    32,567  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, 2019  September 30, 2020  September 30, 2019  September 30, 2020 Reconciliation of Net Income/(Loss) to Adjusted Net Income/(Loss)                Net income/(loss)  3,800   (9,665)   3,143   (51,033) Add: share-based compensation  -   7,870    169   44,724  Less: fair value gain in other investments  -   (3,869)   -   (2,873) Adjusted net income/(loss)  3,800   (5,664)   3,312   (9,182)   For the three months ended  For the nine months ended   September 30, 2019  September 30, 2020  September 30, 2019  September 30, 2020 Reconciliation of Net Income/(Loss) to Adjusted EBITDA                Net income/(loss)  3,800   (9,665)   3,143   (51,033) Add:                Interest expense  141   43    336   271  Income tax expenses  -   50    -   87  Depreciation and amortization  708   550    2,354   1,712  EBITDA  4,649   (9,022)   5,833   (48,963) Add: share-based compensation  -   7,870    169   44,724  Less: fair value gain in other investments  -   (3,869)   -   (2,873) Adjusted EBITDA  4,649   (5,021)   6,002   (7,112)
GlobeNewswire · 11/16 10:00
UCLOUDLINK GROUP INC. Announces 10% Strategic Equity Investment in A Mobile Virtual Network Operator
HONG KONG, Nov. 09, 2020 (GLOBE NEWSWIRE) -- UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading mobile data traffic sharing marketplace, announced today that the Company completed the acquisition of a 10% stake in Beijing Huaxiang Lianxin Technology Co., Ltd. (“Huaxiang Lianxin”) after this investment in a series of transactions pursuant to the share purchase agreement (the “SPA”) signed on February 28, 2019 between UCLOUDLINK, and shareholders of Huaxiang Lianxin including Tianjin Dongye Technology Co., Ltd. (Tianjin Dongye) and Shanghai Wenhou Investment Management Co., Ltd. (Shanghai Wenhou).  Established in 2013, Huaxiang Lianxin is a mobile virtual network operator (“MVNO”) that has mobile resale contracts with both China Mobile and China Unicom. In addition, it has a virtual operator license compliant with guidance and regulations issued by the Ministry of Industry and Information Technology of the People's Republic of China. With its own research & development and operations team, Huaxiang Lianxin has developed an advanced proprietary support system for its mobile data resale business.“The strategic investment in Huaxiang Lianxin is an important component of our global investment.” said Chaohui Chen, Director and CEO of UCLOUDLINK. “This strategic investment will help us further develop our local business in mainland China faster and better, aiming to provide services to both users and carriers with better network quality and connection, enabling not just “connected” but “superior connection” and elevate users’ experience. We will continue to build our global ecosystem with the alliance of our business partners to provide PaaS and SaaS services to form a complete value cycle at serving our business partners’ needs.”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, all while providing reliable connectivity, high speeds and competitive pricing.For more information, please visit: http://ir.ucloudlink.comSafe Harbor StatementThis 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. 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 investor and media inquiries, please contact: In China:UCLOUDLINK GROUP INC. Bob Shen Tel: +852-2180-6111 E-mail: ir@ucloudlink.comThe Piacente Group, Inc. Yang Song Tel: +86-10-6508-0677 E-mail: UCL@tpg-ir.comIn the United States: The Piacente Group, Inc.  Brandi Piacente Tel: +1-212-481-2050 E-mail: UCL@tpg-ir.com
GlobeNewswire · 11/09 08:00
ASML reports transactions under its current share buyback program
ASML reports transactions under its current share buyback programVELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program.DateTotal repurchased sharesWeighted average priceTotal repurchased value 12-Oct-200-0 13-Oct-200-0 14-Oct-200-0 15-Oct-2045,132330.0114,893,896.68 16-Oct-2044,795332.4914,893,733.66 ASML’s current share buyback program was announced on 22 January 2020, and details are available on our website at https://www.asml.com/en/news/share-buybackThis regular update of the transactions conducted under the buyback program is to be made public under the Market Abuse Regulation (Nr. 596/2014).Media Relations ContactsInvestor Relations Contacts Monique Mols, phone +31 6 528 444 18Skip Miller, phone +1 480 235 0934  Marcel Kemp, phone +31 40 268 6494
GlobeNewswire · 10/19 12:00
U.S.-China Trade War Hobbles China's Semiconductor Industry Ambitions And Rattles Stocks
Investor's Business Daily · 10/16 13:00
Chip Gear Maker ASML Beats Third-Quarter Targets, Gives In-Line Outlook
Investor's Business Daily · 10/14 12:40
ASML reports 4.0 billion net sales at 47.5% gross margin in Q3 2020
ASML reports €4.0 billion net sales at 47.5% gross margin in Q3 2020 Strong second half supports expected 2020 revenue of at least €13.3 billionVELDHOVEN, the Netherlands, October 14, 2020 – today ASML Holding NV (ASML) has published its Q3 2020 results. * Q3 net sales of €4.0 billion, gross margin of 47.5%, net income of €1.1 billion * Q3 net bookings of €2.9 billion (Figures in millions of euros unless otherwise indicated) Q2 2020 Q3 2020 Net sales 3,326 3,958 ...of which Installed Base Management sales 1 887 862       New lithography systems sold (units) 57 57 Used lithography systems sold (units) 4 3       Net bookings 2   1,101 2,868       Gross profit 1,603 1,881 Gross margin (%) 48.2    47.5          Net income 751 1,062    EPS (basic; in euros) 1.79 2.54       End-quarter cash and cash equivalents and short-term investments 4,440 4,408 (1) Installed Base Management sales equals our net service and field option sales.(2) Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems). Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com CEO statement and outlook "Our third-quarter sales came in at €4.0 billion, which is above our guidance. Our gross margin was within guidance at 47.5%. We shipped 10 EUV systems and were able to recognize revenue for 14 systems in the third quarter. We have seen no major disruptions due to COVID-19 during the last quarter. Our Q3 net bookings came in at €2.9 billion, including €595 million from EUV systems (4 units)."We expect fourth-quarter revenue of between €3.6 billion and €3.8 billion with a gross margin of around 50%, R&D costs of €550 million and SG&A costs of €140 million. Our outlook for the full year 2020 is therefore confirmed. The estimated annualized effective tax rate is around 14% for 2020."For 2021, we expect low double-digit growth. There are of course uncertainties due to the macro environment, including the economic impact of COVID-19 and geopolitical developments. However, the secular end market drivers are still in place (such as 5G, AI and high-performance computing) which fuel demand for advanced process nodes both in Logic and Memory, requiring advanced lithography," said ASML President and Chief Executive Officer Peter Wennink. Products and business highlights * In our DUV lithography business, we qualified the first TWINSCAN NXT:2050i in Q3, which shipped in early Q4. The NXT:2050i is based on a new version of the NXT platform, which includes new developments in the reticle stage, wafer stage, projection lens and exposure laser. Thanks to these innovations, the system delivers better overlay control at a higher productivity than its predecessor. The NXT:2050i will enter volume manufacturing immediately. * In our EUV business, the vast majority of the TWINSCAN NXE:3400B systems in the field have now been upgraded with productivity packages. We announced the final specification for the TWINSCAN NXE:3600D, a new system on the EUV roadmap that will offer an 18% productivity improvement, reaching 160 wph at 30 mJ/cm2 and an improved matched machine overlay of 1.1 nm. Shipments are planned for mid-2021.Interim dividend and share buyback program update The interim dividend for 2020 will be €1.20 per ordinary share. The ex-dividend date as well as the fixing date for the EUR/USD conversion will be November 2, 2020, and the record date will be November 3, 2020. The dividend will be made payable on November 13, 2020. As part of its financial policy to return excess cash to its shareholders through growing annualized dividends and regularly timed share buybacks, in January 2020, ASML announced a new three-year share buyback program, to be executed within the 2020–2022 time frame. As part of this program ASML intends to purchase shares up to €6 billion, which includes a total of up to 0.4 million shares to cover employee share plans. ASML intends to cancel the remainder of the shares repurchased. To date, €507 million worth of shares has been repurchased under the current program. Following the pause in the execution of the program in the first quarter of this year, ASML did not execute share buybacks in the second and third quarter. The three-year share buyback program remains in place and ASML will resume executing share buybacks this week.  Media Relations contacts Investor Relations contacts Monique Mols +31 6 5284 4418 Skip Miller +1 480 235 0934 Sander Hofman +31 6 2381 0214 Marcel Kemp +31 40 268 6494 Brittney Wolff Zatezalo +1 408 483 3207  Peter Cheang +886 3 659 6771  Quarterly video interview, investor and media conference call With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the Q3 2020 results. This can be viewed on www.asml.com.A conference call for investors and media will be hosted by CEO Peter Wennink and CFO Roger Dassen on October 14, 2020 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.    About ASML ASML is one of the world’s leading manufacturers of chip-making equipment. Our vision is a world in which semiconductor technology is everywhere and helps to tackle society’s toughest challenges. We contribute to this goal by creating products and services that let chipmakers define the patterns that integrated circuits are made of. We continuously raise the capabilities of our products, enabling our customers to increase the value and reduce the cost of chips. By helping to make chips cheaper and more powerful, we help to make semiconductor technology more attractive for a larger range of products and services, which in turn enables progress in fields such as healthcare, energy, mobility and entertainment. ASML is a multinational company with offices in more than 60 cities in 16 countries, headquartered in Veldhoven, the Netherlands. We employ more than 26,200 people on payroll and flexible contracts (expressed in full time equivalents). ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. More information about ASML, our products and technology, and career opportunities is available on www.asml.com. US GAAP Financial Reporting ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on www.asml.com.The consolidated balance sheets of ASML Holding N.V. as of September 27, 2020, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and nine months ended September 27, 2020 as presented in this press release are unaudited. Regulated information This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Forward Looking Statements This document contains statements that are forward-looking, including statements with respect to expected trends, including trends in end markets and technology industry and business environment trends, outlook and expected financial results for Q4 2020, including expected revenues, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate for 2020, expected revenue for full year 2020 and expected growth in 2021, long term growth opportunity, revenue opportunity through 2025, expected benefits and performance of new systems and applications, the expectation that EUV will continue to enable Moore's law and drive long term value for ASML, statements with respect to plans regarding dividends, including the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing dividends and statements with respect to the 2020-2022 share buyback program including the statement that we will resume buybacks. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions; product demand and semiconductor equipment industry capacity; worldwide demand and manufacturing capacity utilization for semiconductors; the impact of general economic conditions on consumer confidence and demand for our customers’ products; performance of our systems, the duration and continued or increased severity of the COVID-19 outbreak and measures taken to contain it and other risks related to the impact of COVID-19 on the global economy and financial markets, as well as on ASML and its customers and suppliers, including their operations, and other risks relating to COVID-19 and other factors that may impact ASML’s sales and gross margin, including customer demand and ASML’s ability to obtain supplies for its products, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products; the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push out, production capacity for our systems including delays in system production; our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation; availability of raw materials, critical manufacturing equipment and qualified employees; trade environment; import/export and national security regulations and orders and their impact on us, changes in exchange and tax rates; available liquidity and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, results of the share repurchase programs and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.  Attachments * Link to press release * Link to consolidated financial statements
GlobeNewswire · 10/14 06:00
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Institutional Holdings
Institutions: 1
Institutional Holdings: 1.20K
% Owned: 0.00%
Shares Outstanding: 28.74M
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1
809
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Key Executives
Chairman/Director
Zhiping Peng
Chief Executive Officer/Director
Chaohui Chen
Chief Financial Officer
Yimeng Shi
Chief Operating Officer/Director
Zhigang Du
Chief Technology Officer
Zhihui Gong
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Wen Gao
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Zhongqi Kuang
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Shubao Pei
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Zhu Tan
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Onward Choi
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Hong Ni
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About UCL
Ucloudlink Group Inc provides mobile data traffic sharing marketplace. The Company operates its business under uCloudlink 1.0 and uCloudlink 2.0 models. The uCloudlink 1.0 model focuses on cross-border travelers that need mobile data connectivity services across different countries. The uCloudlink 2.0 model focuses to provide mobile data connectivity services to local users across different mobile network operators (MNO). It operates portable wireless fidelity (Wi-Fi) services under its Roamingman brand in China, Malaysia and Singapore to provide global mobile data connectivity services. It offers GlocalMe portable Wi-Fi terminals and provide its cloud subscriber identification module (SIM) architecture to business partners such as mobile virtual network operators (MVNO), MNOs and portable Wi-Fi terminal rental companies. The Company have developed algorithms to analyze historical data usage patterns and predict future data traffic demand.
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