GigaMedia Announces Fourth-Quarter and Full Year 2024 Financial Results

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[{"type":"text","content":"TAIPEI, March 28, 2025 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its unaudited financial results for the fourth quarter and full year of 2024.","length":165,"tagName":"p"},{"type":"text","content":"Highlights","length":10,"tagName":"p"},{"type":"text","content":"For 2024, GigaMedia reported revenues of $3.0 million, with a gross profit of $1.5 million, an operating loss of $3.7 million and the net loss of $2.3 million.","length":159,"tagName":"p"},{"type":"text","content":"The revenues decreased by 30.8% in 2024, mainly as our licensed games experienced slowdown. Meanwhile, we have re-constructed player's ecosystem in our legacy casual games to maintain steady revenue streams and a healthier margin in them. In 2024, we continued rightsizing our workforce and consolidating resources to mitigate the impact of declined revenues. As a result, the operating loss were mildly increased, whereas the net loss was reduced to $2.3 million, compared to a net loss of $3.4 million in 2023.","length":516,"tagName":"p"},{"type":"text","content":"On the balance sheet side, we maintained a solid financial position with a small cash burn rate in 2024, and our cash, cash equivalents and restricted cash amounted to $35.1 million at the end of 2024.","length":201,"tagName":"p"},{"type":"text","content":"In 2024, we have been establishing AI-competence in our product developing settings. We believe achieving sophistication in AI is very crucial in boosting our productivity and accelerate the growth of our business.","length":214,"tagName":"p"},{"type":"text","content":"Fourth Quarter and Full Year Overview ","length":37,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Consolidated 4Q revenues decreased slightly by 1.8% quarter-on-quarter , and by 13.2% year-over-year due to certain licensed games declined. Full year revenues decreased by 30.8% to $3.0 million from $4.3 million in 2023.","length":221,"tagName":"p"}]},{"val":[{"type":"text","content":"Loss from operations for 4Q was $0.5 million, representing a loss reduction from $1.0 million in the third quarter in 2024, as we managed to reduce the operating costs and expenses. Full year operating loss was $3.7 million, increased from $3.2 million in 2023.","length":261,"tagName":"p"}]},{"val":[{"type":"text","content":"The net asset value was approxi...

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