GigaMedia Announces Second-Quarter 2024 Financial Results

About this update from Gigamedia Limited

[{"type":"text","content":"TAIPEI, July 31, 2024 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its second-quarter 2024 unaudited financial results.\n\nComments from Management\nIn the second quarter of 2024, GigaMedia reported revenues of $0.72 million, with a gross profit $0.36 million, an operating loss of $1.05 million and the net loss of $0.61 million.\nWhile the revenues were comparable to those in the first quarter 2024, both our gross profit and loss from operations were improved, and the net loss was slashed by $0.29 million from $0.90 million in last quarter.\nCurrently we focused on fine-tuning the operation of our casual games and customer platform for upcoming summer vacation.\nSecond Quarter Overview\nOperating revenues slightly decreased by approximately 0.6% quarter-on-quarter, to $0.72 million in last quarter, and decreased by 29.7% year-over-year from $1.03 million the same period last year.Gross profit increased by 4.0% to $0.36 million from $0.35 million in last quarter, and decreased by 36.4% compared to $0.57 million in the same period last year.The net asset value was $3.82 per share.Unaudited Consolidated Financial Results\nGigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games.\nUnaudited consolidated results of GigaMedia are summarized in the table below.\nFor the Second Quarter\nGIGAMEDIA 2Q24 UNAUDITED CONSOLIDATED FINANCIAL RESULTS\n(unaudited, all figures in US$ thousands, except per share amounts)\n2Q24\n1Q24\nChange(%)\n2Q24\n2Q23\nChange(%)\nRevenues\n721\n725\n(0.6) %\n721\n1,025\n(29.7) %\nGross Profit\n360\n346\n4.0 %\n360\n566\n(36.4\nLoss from Operations\n(1,048)\n(1,114)\nNM\n(1,048)\n(920)\nNM\nNet Loss Attributable to GigaMedia\n(612)\n(902)\nNM\n(612)\n(562)\nNM\nLoss Per Share Attributable to GigaMedia, Diluted\n(0.06)\n(0.08)\nNM\n(0.06)\n(0.05)\nNM\nEBITDA (A)\n(1,116)\n(1,358)\nNM\n(1,116)\n(983)\nNM\nCash, Cash Equivalents and Restricted Cash\n36,343\n36,815\n(1.3) %\n36,343\n37,775\n(3.8) %\nNM= Not Meaningful\n(A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted ac...

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