UCLOUDLINK GROUP INC. Announces Unaudited Second Quarter 2025 Financial Results
UCLOUDLINK (NASDAQ: UCL), the world's first mobile data traffic sharing marketplace, reported Q2 2025 financial results showing mixed performance. Total revenues declined 13.3% to US$19.4 million, while net income decreased to US$0.7 million from US$2.2 million year-over-year.
The company's operational metrics showed growth with total data consumption up 7.9% to 45,441 terabytes and average daily active terminals increasing 3.8% to 317,957. Notably, GlocalMe IoT business saw substantial growth with a 1,078.9% increase in average daily active terminals.
Looking ahead, UCLOUDLINK revised its FY2025 revenue guidance to US$85-95 million, down from US$95-130 million, citing macroeconomic challenges and trade headwinds. For Q3 2025, the company expects revenues between US$22.0-26.0 million.
UCLOUDLINK (NASDAQ: UCL), il primo marketplace al mondo per la condivisione del traffico dati mobile, ha pubblicato i risultati del 2° trimestre 2025 registrando performance contrastanti. I ricavi totali sono diminuiti del 13,3% a US$19,4 milioni, mentre l'utile netto è sceso a US$0,7 milioni rispetto a US$2,2 milioni nell'anno precedente.
Gli indicatori operativi mostrano però segnali di crescita: il consumo totale di dati è aumentato del 7,9% a 45.441 terabyte e i terminali medi giornalieri attivi sono saliti del 3,8% a 317.957. In particolare, il business GlocalMe IoT ha registrato una forte espansione con un incremento del 1.078,9% dei terminali medi giornalieri attivi.
Guardando avanti, UCLOUDLINK ha rivisto la guidance sui ricavi per il FY2025 a US$85–95 milioni (in calo rispetto a US$95–130 milioni), citando sfide macroeconomiche e ostacoli commerciali. Per il Q3 2025 l'azienda prevede ricavi tra US$22,0–26,0 milioni.
UCLOUDLINK (NASDAQ: UCL), el primer mercado mundial para compartir tráfico de datos móviles, publicó los resultados del 2T 2025 mostrando un desempeño mixto. Los ingresos totales cayeron un 13,3% hasta US$19,4 millones, mientras que el beneficio neto se redujo a US$0,7 millones desde US$2,2 millones interanual.
Los indicadores operativos crecieron: el consumo total de datos aumentó un 7,9% hasta 45.441 terabytes y los terminales activos diarios promedio subieron un 3,8% hasta 317.957. Cabe destacar que el negocio GlocalMe IoT registró un crecimiento notable con un aumento del 1.078,9% en terminales activos diarios promedio.
De cara al futuro, UCLOUDLINK revisó su guía de ingresos para FY2025 a US$85–95 millones, por debajo del rango previo de US$95–130 millones, citando dificultades macroeconómicas y vientos en contra comerciales. Para el 3T 2025 espera ingresos entre US$22,0–26,0 millones.
UCLOUDLINK (NASDAQ: UCL), 세계 최초의 모바일 데이터 트래픽 공유 마켓플레이스가 발표한 2025년 2분기 실적은 엇갈린 모습을 보였습니다. 총매출은 13.3% 감소한 미화(US$) 19.4백만 달러였고, 당기순이익은 전년 동기 US$2.2백만에서 US$0.7백만으로 축소되었습니다.
운영 지표는 개선되었습니다. 총 데이터 소비량은 7.9% 증가한 45,441테라바이트를 기록했고, 일평균 활성 단말 수는 3.8% 증가한 317,957대였습니다. 특히 GlocalMe IoT 사업은 일평균 활성 단말 수가 1,078.9% 증가하며 큰 성장을 보였습니다.
향후 전망으로 UCLOUDLINK는 FY2025 매출 가이던스를 기존 US$95–130백만에서 US$85–95백만으로 하향 조정했으며, 그 이유로 거시경제적 어려움과 무역 환경의 역풍을 들었습니다. 2025년 3분기 매출은 US$22.0–26.0백만을 예상합니다.
UCLOUDLINK (NASDAQ: UCL), la première place de marché mondiale de partage du trafic de données mobiles, a publié ses résultats du T2 2025, montrant des performances mitigées. Le chiffre d'affaires total a diminué de 13,3 % à US$19,4 millions, tandis que le résultat net est passé à US$0,7 million contre US$2,2 millions un an plus tôt.
Les indicateurs opérationnels ont progressé : la consommation totale de données a augmenté de 7,9 % pour atteindre 45 441 téraoctets et le nombre moyen quotidien de terminaux actifs a crû de 3,8 % pour s'établir à 317 957. Notamment, l'activité GlocalMe IoT a connu une forte expansion avec une hausse de 1 078,9 % des terminaux actifs quotidiens moyens.
Pour l'avenir, UCLOUDLINK a révisé ses prévisions de chiffre d'affaires pour l'exercice 2025 à US$85–95 millions, en baisse par rapport à US$95–130 millions, invoquant des défis macroéconomiques et des vents contraires commerciaux. Pour le T3 2025, la société anticipe des revenus compris entre US$22,0–26,0 millions.
UCLOUDLINK (NASDAQ: UCL), der weltweit erste Marktplatz zur Teilung von mobilem Datentraffic, legte die Ergebnisse für Q2 2025 vor, die gemischte Leistungen zeigen. Der Gesamtumsatz ging um 13,3% auf US$19,4 Mio. zurück, während der Nettogewinn von US$2,2 Mio. im Vorjahreszeitraum auf US$0,7 Mio. sank.
Betriebliche Kennzahlen entwickelten sich positiv: der Gesamt-Datenverbrauch stieg um 7,9% auf 45.441 Terabyte und die durchschnittlich täglich aktiven Terminals nahmen um 3,8% auf 317.957 zu. Besonders das GlocalMe IoT-Geschäft verzeichnete ein starkes Wachstum mit einem Anstieg der durchschnittlich täglich aktiven Terminals um 1.078,9%.
Ausblick: UCLOUDLINK hat seine Umsatzprognose für das Geschäftsjahr 2025 auf US$85–95 Mio. nach unten korrigiert (zuvor US$95–130 Mio.), mit Verweis auf makroökonomische Herausforderungen und handelspolitische Gegenwinde. Für Q3 2025 erwartet das Unternehmen Umsätze zwischen US$22,0–26,0 Mio.
- GlocalMe IoT business showed exceptional growth with 1,078.9% increase in daily active terminals
- Gross margin improved to 52.8% from 49.2% year-over-year
- Maintained profitability with US$0.7 million net income despite revenue decline
- Strong cash position with US$30.2 million in cash and cash equivalents
- Expanded presence to 63 countries with 2,956 business partners
- Total revenues decreased 13.3% year-over-year to US$19.4 million
- Net income declined 68.2% from US$2.2 million to US$0.7 million year-over-year
- Operating expenses increased by 14.3% to US$10.4 million
- Downward revision of FY2025 revenue guidance from US$95-130M to US$85-95M
- Product sales revenue dropped significantly by 42% year-over-year
Insights
UCL posted weakening financials with revenue down 13.3% YoY, but maintained profitability amid strategic investments in new product lines.
UCLOUDLINK's Q2 2025 results reveal a significant revenue decline of 13.3% year-over-year to
The results show a tale of two business segments: service revenues increased
Operating expenses increased
The company's geographic revenue distribution is shifting notably, with Japan's contribution decreasing to
Most concerning for investors is the downward revision of 2025 full-year revenue guidance to
The company maintained a healthy cash position of
HONG KONG, Aug. 13, 2025 (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 June 30, 2025.
Second Quarter 2025 Financial Highlights
- Total revenues were US
$19.4 million , representing a decrease of13.3% from US$22.4 million in the second quarter of 2024. - Gross profit was US
$10.2 million , representing a decrease of7.0% from US$11.0 million in the second quarter of 2024. - Income from operations was US
$0.8 million , compared to US$2.3 million in the second quarter of 2024. - Net income was US
$0.7 million , compared to US$2.2 million in the second quarter of 2024. - Adjusted net income (non-GAAP) was US
$0.5 million , compared to US$2.6 million in the second quarter of 2024. - Adjusted EBITDA (non-GAAP) was US
$1.4 million , compared to US$3.3 million in the second quarter of 2024.
Second Quarter 2025 Operational Highlights
- Total data consumed in the second quarter through the Company’s platform was 45,441 terabytes (6,927 terabytes procured by the Company and 38,514 terabytes procured by our business partners), representing an increase of
7.9% from 42,133 terabytes in the second quarter of 2024. - Average daily active terminals (“DAT”) in the second quarter were 317,957 (18,863 owned by the Company and 299,094 not owned by the Company), representing an increase of
3.8% from 306,289 in the second quarter of 2024.- Average DAT in the second quarter from GlocalMe IoT business was 8,610, representing an increase of 1,
078.9% from 730 in the second quarter of 2024. - Average DAT in the second quarter from GlocalMe SIM business was 5,979, representing an increase of
164.0% from 2,265 in the second quarter of 2024. - Average DAT in the second quarter from GlocalMe Life business was 906, representing an increase of
239.2% from 267 in the second quarter of 2024. - Average DAT in the second quarter from GlocalMe mobile/fixed broadband business was 302,462, representing a decrease of
0.2% from 303,027 in the second quarter of 2024.
- Average DAT in the second quarter from GlocalMe IoT business was 8,610, representing an increase of 1,
- Average monthly active terminals (“MAT”) in the second quarter were 663,197, representing an increase of
5.6% from 628,125 in the second quarter of 2024.- Average MAT in the second quarter from GlocalMe IoT business was 42,095, representing an increase of
791.0% from 4,725 in the second quarter of 2024. - Average MAT in the second quarter from GlocalMe SIM business was 42,271, representing an increase of
120.1% from 19,208 in the second quarter of 2024. - Average MAT in the second quarter from GlocalMe Life business was 2,633, representing an increase of
105.2% from 1,283 in the second quarter of 2024. - Average MAT in the second quarter from GlocalMe mobile/fixed broadband business was 576,198, representing a decrease of
4.4% from 602,909 in the second quarter of 2024.
- Average MAT in the second quarter from GlocalMe IoT business was 42,095, representing an increase of
- As a proportion of daily active terminals,
54.7% were from uCloudlink 1.0 international data connectivity services and45.3% were from uCloudlink 2.0 local data connectivity services during the second quarter of 2025. Average daily data usage per terminal was 1.59 GB in June 2025. - As of June 30, 2025, the Company had served 2,956 business partners in 63 countries and regions. The Company had 183 patents with 167 approved and 16 pending approval, while the pool of SIM cards was from 391 MNOs globally as of June 30, 2025.
Executive Commentary
Mr. Chaohui Chen, Director and Chief Executive Officer of UCLOUDLINK, commented, “Despite ongoing macroeconomic challenges and trade headwinds, we executed our strategy with discipline - accelerating investments in product innovation and go-to-market capabilities. This approach reinforced the resilience of our business and allowed us to maintain operational breakeven, laying a solid foundation for sustainable long-term value creation. Our GlocalMe ecosystem continued to gain traction and growth momentum during the quarter. Our business remains profitable and continues to generate stable margins, with total revenues of US
“Our substantial strategic investments focused on R&D and marketing for our next-generation products to ensure they drive growth and improve our performance once launched. Development, refinement, and testing progressed smoothly with several major distribution partners as we build a robust pipeline and enter the final stage of commercialization. Feedback has been overwhelmingly positive, reflecting how our solutions directly address market demand and have validated our investment strategy. This sets the stage for the upcoming commercial launch of the groundbreaking PetPhone in the third quarter, where we already have over twenty potential strategic partners lined up. We are collaborating with a premier telecommunications service operator to launch PetPhone in Hong Kong, marking a significant expansion in our global market reach. We also made substantial progress with a leading global online pet retailer to further enhance its accessibility and market penetration in such a short time. Alongside PetPhone, our industry-first UniCord Plus and UniCord Pro series - integrating seamless connectivity across multiple networks, 6-Tech global positioning, and fast-charging capabilities – will further strengthen our competitive edge in the travel, automotive telematics, and secure networking markets. Commercial application of our GlocalMe IoT solutions also continues to gain strong momentum, with user adoption growing and increasing revenue contribution. Partnerships with industry leaders in the battery monitoring, security camera, dashboard camera, car infotainment, and other related high-growth sectors are also expanding. Pilot launched late in the second quarter, our AI HyperConn®-powered MeowGo G40 Pro delivers intelligent multi-network (Wi-Fi/4G/5G) optimization for seamless and cost-efficient connectivity across multiple scenarios, such as home, office, and airplane. In the third quarter, we will launch MeowGo G50 Max with Sky-to-Ground 5G/satellite integration and AI-driven network switching, further solidifying our leadership in innovation in the mobile/fixed broadband industry. Additionally, our comprehensive marketing campaign for eSIM TRIO, executed in partnership with top media outlets, substantially increased its market visibility and exposure. With nearly 1,000 trial units pilot distributed, strong user feedback, key breakthroughs in carrier partnership programs, and sample card production and testing with multiple operators scheduled for next quarter, we are poised to begin large-scale commercial deployment during the third quarter with strong market confidence.”
“Looking ahead, we are ideally positioned to capitalize on our strategy and operational momentum. Despite trade and macroeconomic headwinds, we remain committed to executing our strategic R&D and marketing investments for new products while sustaining a healthy financial performance. Our three business lines – GlocalMe SIM (led by eSIM TRIO), GlocalMe Life (anchored by PetPhone), and GlocalMe IoT – have all achieved successful transformation in the second quarter, laying a solid foundation for future growth with the potential to each reach multi-millions of users. Our diversifying product portfolio provides multiple pathways for us to drive growth throughout the remainder of the year as we scale up our user base and build a comprehensive global mobile data traffic sharing marketplace.”
Second Quarter 2025 Financial Results
Revenues
Total Revenues were US
- Revenues from services were US
$14.6 million , representing an increase of3.3% from US$14.2 million in the same period of 2024. The increase was primarily attributable to the increase in revenues from data connectivity services.- Revenues from data connectivity services were US
$11.5 million , representing an increase of2.1% from US$11.2 million in the same period of 2024. The increase was primarily attributable to an increase in revenues from international data connectivity services to US$10.0 million in the second quarter of 2025 from US$9.4 million in the same period of 2024, as a result of the ongoing recovery of international travel, which was partially offset by a decrease in revenues from local data connectivity services to US$1.5 million in the second quarter of 2025 from US$1.8 million in the same period of 2024. - Revenues from PaaS and SaaS services were US
$2.6 million , a slight increase of0.6% compared to the same period of 2024.
- Revenues from data connectivity services were US
- Revenues from sales of products were US
$4.8 million , representing a decrease of42.0% from US$8.2 million in the same period of 2024, primarily due to decreases of US$2.3 million in sales of terminals and US$1.5 million in sales of data related products. - Geographic Distribution
During the second quarter of 2025, as a percentage of our total revenues, Japan contributed33.6% , mainland China contributed33.2% , North America contributed15.3% and other countries and regions contributed the remaining17.9% , compared to46.2% ,23.5% ,14.6% and15.7% , respectively, in the same period of 2024.
Cost of Revenues
Cost of revenues was US
- Cost of services was US
$6.3 million , representing an increase of12.8% from US$5.7 million in the same period of 2024. The increase was mainly attributable to the increasing rental use of 5G Wi-Fi terminals for international data connectivity services in mainland China. - Cost of products sold was US
$2.9 million , representing a decrease of51.2% from US$5.7 million in the same period of 2024. The decrease was in line with the decrease in revenues from sales of products.
Gross Profit
Overall gross profit was US
Gross profit on services was US
Gross profit on sales of products was US
Operating Expenses
Total operating expenses were US
- Research and development expenses were US
$1.6 million , representing an increase of5.0% from US$1.5 million in the same period of 2024. - Sales and marketing expenses were US
$5.5 million , representing an increase of28.2% from US$4.3 million in the same period of 2024. The increase was primarily due to increases of US$0.5 million in promotion fees, US$0.2 million in staff costs, US$0.2 million in service fees, and US$0.1 million in operating lease payments. - General and administrative expenses were US
$3.3 million , representing a slight increase of2.1% when compared to the same period of 2024. The increase was primarily due to increases of US$0.2 million in staff costs and US$0.1 million in provision of bad debt expense, which were partially offset by a decrease of US$0.2 million in professional service fees.
Income from Operations
Income from operations was US
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
Net Interest Expenses
Net interest expenses were US
Net Income
Net income was US
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
Basic and Diluted Earnings per ADS
Basic and diluted earnings per ADS attributable to ordinary shareholders were US
Cash and Cash Equivalents
As of June 30, 2025, the Company had cash and cash equivalents of US
Capital Expenditures (“CAPEX”)
Capital expenditures were US
Business Outlook
For the third quarter of 2025, UCLOUDLINK expects total revenues to be between US
The Company currently expects its revenue for the full year of 2025 to be in the range of US
The estimates above constitute forward-looking information and are based on the Company’s current expectations and assumptions of market and operating conditions and customer demand. These estimates are therefore subject to risks and uncertainties, including possible adjustments to preliminary financial results, and are not guarantees of future performance and may differ materially from actual results.
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 for the review and assessment of 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 are 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
UCLOUDLINK will hold a conference call at 8:30 a.m. Eastern Time on Wednesday, August 13, 2025 (8:30 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): | 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 |
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 August 20, 2025 by dialing:
| US (Toll Free): | +1-877-344-7529 |
| International: | +1-412-317-0088 |
| Canada (Toll Free): | 855-669-9658 |
| Replay Passcode: | 1105774 |
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.
Daniel Gao
Tel: +852-2180-6111
E-mail: ir@ucloudlink.com
Investor Relations:
Christensen Advisory
Christian Arnell, Managing Director
Tel: +852-2117-0861
E-mail: ucloudlink@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 June 30, | ||||
| 2024 | 2025 | ||||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 30,057 | 30,204 | |||
| Accounts receivable, net | 7,880 | 6,232 | |||
| Inventories | 1,312 | 4,545 | |||
| Prepayments and other current assets | 5,637 | 7,162 | |||
| Other investments | 8,703 | 8,554 | |||
| Amounts due from related parties | 1,971 | 672 | |||
| Total current assets | 55,560 | 57,369 | |||
| Non-current assets | |||||
| Long-term investments | 2,011 | 2,010 | |||
| Property and equipment, net | 4,025 | 2,916 | |||
| Right-of-use assets, net | 2,876 | 1,933 | |||
| Intangible assets, net | 507 | 500 | |||
| Total non-current assets | 9,419 | 7,359 | |||
| TOTAL ASSETS | 64,979 | 64,728 | |||
| LIABILITIES | |||||
| Current liabilities | |||||
| Short term borrowings | 6,956 | 7,962 | |||
| Accrued expenses and other liabilities | 25,169 | 21,841 | |||
| Accounts payable | 7,445 | 8,015 | |||
| Amounts due to related parties | 49 | 10 | |||
| Contract liabilities | 709 | 2,410 | |||
| Operating lease liabilities | 1,853 | 1,535 | |||
| Total current liabilities | 42,181 | 41,773 | |||
| Non-current liabilities | |||||
| Operating lease liabilities | 1,088 | 442 | |||
| Other non-current liabilities | 87 | 59 | |||
| Total non-current liabilities | 1,175 | 501 | |||
| TOTAL LIABILITIES | 43,356 | 42,274 | |||
| SHAREHOLDERS’ EQUITY | |||||
| Class A ordinary shares | 13 | 13 | |||
| Class B ordinary shares | 6 | 6 | |||
| Additional paid-in capital | 241,378 | 242,087 | |||
| Accumulated other comprehensive income | 2,234 | 2,292 | |||
| Accumulated losses | (222,008 | ) | (221,944 | ) | |
| TOTAL SHAREHOLDERS’ EQUITY | 21,623 | 22,454 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 64,979 | 64,728 | |||
| UCLOUDLINK GROUP INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands of US$, except for share and per share data) | ||||||||||||||||
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2025 | June 30, 2024 | June 30, 2025 | |||||||||||||
| Revenues | 22,355 | 19,376 | 40,483 | 38,125 | ||||||||||||
| Revenues from services | 14,165 | 14,629 | 27,702 | 28,828 | ||||||||||||
| Sales of products | 8,190 | 4,747 | 12,781 | 9,297 | ||||||||||||
| Cost of revenues | (11,361 | ) | (9,147 | ) | (19,486 | ) | (18,206 | ) | ||||||||
| Cost of services | (5,627 | ) | (6,347 | ) | (10,366 | ) | (12,417 | ) | ||||||||
| Cost of products sold | (5,734 | ) | (2,800 | ) | (9,120 | ) | (5,789 | ) | ||||||||
| Gross profit | 10,994 | 10,229 | 20,997 | 19,919 | ||||||||||||
| Research and development expenses | (1,491 | ) | (1,566 | ) | (2,968 | ) | (2,965 | ) | ||||||||
| Sales and marketing expenses | (4,292 | ) | (5,503 | ) | (8,342 | ) | (11,196 | ) | ||||||||
| General and administrative expenses | (3,295 | ) | (3,363 | ) | (6,684 | ) | (6,503 | ) | ||||||||
| Other income/(expense), net | 336 | 1,011 | (240 | ) | 1,081 | |||||||||||
| Income from operations | 2,252 | 808 | 2,763 | 336 | ||||||||||||
| Interest income | 27 | 31 | 40 | 36 | ||||||||||||
| Interest expenses | (47 | ) | (59 | ) | (103 | ) | (116 | ) | ||||||||
| Income before income tax | 2,232 | 780 | 2,700 | 256 | ||||||||||||
| Income tax expense | (47 | ) | (95 | ) | (68 | ) | (182 | ) | ||||||||
| Share of profit/(loss) in equity method investment, net of tax | 54 | (7 | ) | 37 | (10 | ) | ||||||||||
| Net income | 2,239 | 678 | 2,669 | 64 | ||||||||||||
| Attributable to: | ||||||||||||||||
| Equity holders of the Company | 2,239 | 678 | 2,669 | 64 | ||||||||||||
| Earnings per share for Class A and Class B ordinary shares | ||||||||||||||||
| Basic | 0.01 | 0.00 | 0.01 | 0.00 | ||||||||||||
| Diluted | 0.01 | 0.00 | 0.01 | 0.00 | ||||||||||||
| Earnings per ADS (10 Class A shares equal to 1 ADS) | ||||||||||||||||
| Basic | 0.06 | 0.02 | 0.07 | 0.00 | ||||||||||||
| Diluted | 0.06 | 0.02 | 0.07 | 0.00 | ||||||||||||
| Shares used in earnings per Class A and Class B ordinary share computation: | ||||||||||||||||
| Basic | 375,490,106 | 377,175,245 | 375,130,957 | 376,711,468 | ||||||||||||
| Diluted | 375,490,106 | 377,175,245 | 375,130,957 | 376,711,468 | ||||||||||||
| Net income | 2,239 | 678 | 2,669 | 64 | ||||||||||||
| Other comprehensive (loss)/income, net of tax | ||||||||||||||||
| Foreign currency translation adjustment | (77 | ) | 70 | 141 | 58 | |||||||||||
| Total comprehensive income | 2,162 | 748 | 2,810 | 122 | ||||||||||||
| UCLOUDLINK GROUP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of US$) | ||||||||||||||||
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2025 | June 30, 2024 | June 30, 2025 | |||||||||||||
| Net cash generated from/(used in) operating activities | 4,718 | (877 | ) | 6,657 | (641 | ) | ||||||||||
| Net cash used in investing activities | (1,599 | ) | (150 | ) | (2,186 | ) | (500 | ) | ||||||||
| Net cash (used in)/generated from financing activities | (805 | ) | - | (625 | ) | 976 | ||||||||||
| Increase/(decrease) in cash and cash equivalents | 2,314 | (1,027 | ) | 3,846 | (165 | ) | ||||||||||
| Cash and cash equivalents at beginning of the period | 24,704 | 31,075 | 23,371 | 30,057 | ||||||||||||
| Effect of exchange rates on cash and cash equivalents | (187 | ) | 156 | (386 | ) | 312 | ||||||||||
| Cash and cash equivalents at end of the period | 26,831 | 30,204 | 26,831 | 30,204 | ||||||||||||
| UCLOUDLINK GROUP INC. UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS (In thousands of US$) | ||||||||||||||||||
| For the three months ended | For the six months ended | |||||||||||||||||
| June 30, 2024 | June 30, 2025 | June 30, 2024 | June 30, 2025 | |||||||||||||||
| Reconciliation of Net Income to Adjusted Net Income | ||||||||||||||||||
| Net income | 2,239 | 678 | 2,669 | 64 | ||||||||||||||
| Add: share-based compensation | 340 | 380 | 769 | 709 | ||||||||||||||
| fair value loss/(gain) in other investments | 97 | (579 | ) | 498 | 150 | |||||||||||||
| Less: share of (profit)/loss in equity method investment, net of tax | (54 | ) | 7 | (37 | ) | 10 | ||||||||||||
| Adjusted net income | 2,622 | 486 | 3,899 | 933 | ||||||||||||||
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2025 | June 30, 2024 | June 30, 2025 | |||||||||||||
| Reconciliation of Net Income to Adjusted EBITDA | ||||||||||||||||
| Net income | 2,239 | 678 | 2,669 | 64 | ||||||||||||
| Add: | ||||||||||||||||
| Interest expense | 47 | 59 | 103 | 116 | ||||||||||||
| Income tax expense | 47 | 95 | 68 | 182 | ||||||||||||
| Depreciation and amortization | 554 | 738 | 939 | 1,511 | ||||||||||||
| EBITDA | 2,887 | 1,570 | 3,779 | 1,873 | ||||||||||||
| Add: share-based compensation | 340 | 380 | 769 | 709 | ||||||||||||
| fair value loss/(gain) in other investments | 97 | (579 | ) | 498 | 150 | |||||||||||
| Less: share of (profit)/loss in equity method investment, net of tax | (54 | ) | 7 | (37 | ) | 10 | ||||||||||
| Adjusted EBITDA | 3,270 | 1,378 | 5,009 | 2,742 | ||||||||||||
FAQ
What were UCLOUDLINK's (UCL) key financial results for Q2 2025?
How did UCLOUDLINK's GlocalMe IoT business perform in Q2 2025?
What is UCLOUDLINK's revenue guidance for full year 2025?
How much cash does UCLOUDLINK (UCL) have as of Q2 2025?
What was UCLOUDLINK's geographic revenue distribution in Q2 2025?
