uCloudlink Group, Inc. · NASDAQ:UCL
uCloudlink — Q3 2025 Earnings Presentation
34 slides from uCloudlink's earnings presentation, November 2025
Slide 1: Q3 2025 Earnings Conference Call Presentation
(Nasdaq: UCL) Q3 2025 Earnings Conference Call Presentation November 2025
Slide 2: Disclaimer
Disclaimer (Nasdaq: UCL) By viewing, accessing, or participating in this presentation, you agree to be bound by the following limitations. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This presentation has been prepared by UCLOUDLINK GROUP I
Slide 3: Stable Financial Performance and Building a Sustainable Future
Stable Financial Performance and Building a Sustainable Future (Nasdaq: UCL) Total Revenues(1) Net Income (1) US$ 21.1million US$ 9.3million Note 1: In Q3 2025 3
Slide 4: Bridging Digital Divides: Powering a Connected Future
Bridging Digital Divides: Powering a Connected Future (Nasdaq: UCL) 01 02 03 Global Connectivity Single-Multi Human-Pets Divide Network Divide Emotional Divide Eliminate the global Solve the single-multi Pioneering the Pet- connectivity divide by network divide by Tech era, using AI to breaking down
Slide 5: New solutions gaining strong early traction
Strategic Execution Driving Ecosystem Growth Momentum (Nasdaq: UCL) New solutions gaining strong early traction Maintaining financial health as foundation Successful new product launches, validated by strong user uptake and best-in-class engagement. Rapid user base growth Rapid user base expansion g
Slide 6: Life Business Line: Driving Exponential Growth with Industry-First Innovations
Life Business Line: Driving Exponential Growth with Industry-First Innovations (Nasdaq: UCL) 369.3% MAT (1) UniCord & RoamPlug Life business (excluding PetPhone) Year-over-Year Growth RoamPlug UniCord Plus UniCord Plus UniCord Pro Note 1: In Q3 2025. Average Monthly Active Terminals (MAT) Enabling a
Slide 7: PetPhone: Market Ready with Initial Commercial Launch in Q3
PetPhone: Market Ready with Initial Commercial Launch in Q3 (Nasdaq: UCL) PetPhone Successfully Launched with around 40k in Order Volume in Q3 2025 Hong Kong Middle East Europe (IFA 2025) North America ⚫ Our global commercial rollout is gaining momentum, establishing strategic footholds with key par
Slide 8: SIM Business Line - eSIM TRIO Gains Strong Market Validation
SIM Business Line - eSIM TRIO Gains Strong Market Validation SIM Business Expanding eSIM TRIO Leadership Including OTA SIM, eSIM, and eSIM TRIO (Nasdaq: UCL) eSIM TRIO's successful 269.5% MAT (1) Q3 2025 launch of ~10k Year-over-Year Growth units is boosted by 400K+ sold (2) strong user activation a
Slide 9: IoT Business line: Expansion & Operational Excellence
IoT Business line: Expansion & Operational Excellence (Nasdaq: UCL) Security Camera Strong growth trajectory in High-Growth Verticals 583.0% MAT (1) Year-over-Year Growth Note: Average Monthly Active Terminals (MAT) Car Infotainment ⚫ Sustained strong growth year-over-year. ⚫ Secured key orders for
Slide 10: GlocalMe Mobile/Fixed Broadband Business Stabilization
GlocalMe Mobile/Fixed Broadband Business Stabilization (Nasdaq: UCL) Powering the Next Phase of Expansion MeowGo G40 Pro U50 Numen Air MeowGo G50 Max ⚫ GlocalMe Mobile/Fixed Broadband Business expected to bring more orders. ⚫ The MeowGo G40 Pro is a revolutionary upgrade and a milestone product, wit
Slide 11: Operational Highlights
Operational Highlights (Nasdaq: UCL) Daily Active Terminals (DAT) (1) Average daily active terminals (“DAT”) (1) Monthly Active Users (“MAU”) (2) # Terminals 78K (2) 14.1K 316.2K 306.3K 647.2K 327,262 641.9K 308,917 .10.8K 1.9x times 304,845 297,082 36.6K 268,798 27.1K 10x times 3x times 6x times 6x
Slide 12: Geographically Diversified Revenue Streams
Geographically Diversified Revenue Streams (Nasdaq: UCL) (1) 64.9% Non-Mainland 49 54 59 61 62 63 63 63 61 63 China Revenue Contribution 10% 13% 12.8% 16% 15% 15.5% 17.9% 16.3% 16.3% 20% 12.8% 26% 14% 12.9% 15.3% 15.4% 15.4% 33% 28% 38% 40.4% 33.6% 33.2% 46.6% 33.2% 47% 53% 43% 49% 39% 31.2% 33.2% 3
Slide 13: Revenue Breakdown
Revenue Breakdown (Nasdaq: UCL) Revenues US$mm $89.6 $91.6 $85.6 $73.8 $71.4 35% 42% 32% 48% 35% 49% 32% 65% $25.2 68% $21.1 $21.1 52% 65% $18.7 $19.4 31% 19% 19% -16.0%1 51% 24% 24% -48.0%2 76% 76% 81% 69% 81% -1.4%3 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q3'24 Q3’25 Note: Revenue from Services
Slide 14: Revenue Segmentation
Revenue Segmentation (Nasdaq: UCL) PaaS and SaaS services PaaS and SaaS services Revenues12.0% Revenues14.1% 2.0 local data 1.0 international 2.0 local data 1.0 international connectivity services data connectivity connectivity services data connectivity revenues 10.0% 68.6% services and Other servi
Slide 15: Gross Margin from Services Consistently Higher than Overall Gross Margin
Gross Margin from Services Consistently Higher than Overall Gross Margin (Nasdaq: UCL) Gross Profit US$mm Gross margin 70% 80 60.8% 60.0% 58.5% 60%57.3% 56.6% 56.0% 70 56.6% 56.6% 53.6% 53.6% 50% 51.7% 52.8% 60 42.8% 49.0% 48.4% 43.0% 45.5% 48.4% 40% 50 31.6% 29.6% 30% 40 20% 30 22% $42.0 $44.4 $28.
Slide 16: Steady Operational Efficiency
Steady Operational Efficiency (Nasdaq: UCL) Operating expenses(1) US$mm (3) R&D G&A 19% 13% 27% 26% $60.0 120% S&M $50.0 $48.2 $47.1 100% 35.0 61%55% 120% $40.8 30.0 100% $40.0 80% 64% $34.4 $34.6 25.0 80% $30.0 54% 60% 20.0 48% 53% 52% 52% 52% 60% 15.0 39% $20.0 45% 40% $11.0 $9.9 $10.1 $11.0 $9.7
Slide 17: Asset Light Business Model
Asset Light Business Model (Nasdaq: UCL) Operating Cash Flow US$mm $9.2 $6.5 $4.4 $2.0 $0.2 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q3'24 Q3'25 $(2.0) $(0.9) $(0.9) $(0.9) $(21.7) $5.00 CAPEX US$mm 4.4% 6.0% $4.50 5.0% $4.00 $4.0 4.0% $3.50 2.4% 1.9% 3.0% 4.4% $3.00 1.2% 2.0% 2.6% $2.50 0.6% $2.1
Slide 18: Net Income & Adjusted EBITDA (non-GAAP)
Net Income & Adjusted EBITDA (non-GAAP) (Nasdaq: UCL) $15.0 $9.3 $9.3 Net Income/(Loss) US$mm $15.0 (1) $4.6 (1) (1) (1) $3.4 (1) (1) $2.8 $0.7 $5.0 $(5.0) $(0.6) (1) $(5.0) 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q3'24 Q3'25 $(25.0) $(19.9) (1) $(15.0) $(45.0) (1) $(25.0) $(46.0) $(65.0) $(63.4)
Slide 19: Q&A
Q&A
Slide 20: Appendix
CG uCloudlink Appendix
Slide 21: Vision and Mission Statement
Vision and Mission Statement Connecting and Sharing without Limitations The Ideal Network of Life To Make the World Better Connected with Maximized Network Utility through the Power of Mobile Data Traffic Sharing
Slide 22: World’s First and Leading Mobile Data Traffic Sharing Marketplace
World’s First and Leading Mobile Data Traffic Sharing Marketplace (Nasdaq: UCL) Data Traffic Sharing back Data Traffic Intelligent Data Traffic Factory International MNOs Travelers MVNOs Repackaging Re- Data Users Local Users Data Suppliers distributing SIM Card Resellers Dynamic Allocation Recyclin
Slide 23: Addressing Data Connectivity Pain Points for Businesses and Consumers
Addressing Data Connectivity Pain Points for Businesses and Consumers (Nasdaq: UCL) “Enabling people to use mobile data traffic freely, anytime and anywhere” Consumers All Stakeholders Businesses International travel Everyday life All scenarios MNOs/MVNOs ➢ Cost of data roaming ➢ Keeping touch of ➢
Slide 24: Evolution of our Business
Evolution of our Business (Nasdaq: UCL) 2014 2018 - present - present 2024 - Vision MNO A MNO B MNO C uCloudlink 1.0 uCloudlink 2.0 uCloudlink 3.0 uCloudlink 3.0 Between Carriers GlocalMe Ecosystem Sharing Marketplace Between Countries (Trial Phase) (Next Phase) for cross-border travelers for local
Slide 25: Scaling up User Base to Build a Full Marketplace
Scaling up User Base to Build a Full Marketplace (Nasdaq: UCL) Marketplace Embedded in Empower terminals third-party and third-party smart devices devices to intelligently select and dynamically switch between Seamless multiple local carriers connectivity to GlocalMe Inside worldwide Break out of cr
Slide 26: Profitable Monetization Model: Recurring Revenues with Scalable User Base
Profitable Monetization Model: Recurring Revenues with Scalable User Base (Nasdaq: UCL) Sales of Products Data Connectivity Services PaaS / SaaS Services … Retail Wholesale Usage-based Revenue-sharing and subscription-based ➢ Providing our business partners with cloud SIM platform services and ➢ The
Slide 27: Scaling User Base with Diverse Solutions to Build a Full Marketplace
Scaling User Base with Diverse Solutions to Build a Full Marketplace (Nasdaq: UCL) Full Marketplace GlocalMe SIM GlocalMe IoT Global potential GlocalMe Life GlocalMe MBB Global potential market of ~100 Global potential Global potential market of ~100 million of market of tens market of millions mill
Slide 28: Unique Business Model with High Barriers to Entry
Unique Business Model with High Barriers to Entry (Nasdaq: UCL) Telecom Class Service Quality Operational Strategic Global Proprietary Technology Team & Talent Complex Value Chain Track-record Partnerships (2) Business 201 166 R&D Staff 181 business development, Across 63 Countries and Knowhow Sales
Slide 29: Our Solution Enables Better Connections
Our Solution Enables Better Connections (Nasdaq: UCL) Better Data Connections for MNOs and Users Improves network coverage and alleviates congestion both indoors and outdoors 4G / 5G Wi-Fi Operator Satellite • Cost-effectively leverage multiple networks to resolve operator congestion and coverage is
Slide 30: Our Advanced Technology and Solutions Enable Secure and Robust Connectivity
Our Advanced Technology and Solutions Enable Secure and Robust Connectivity (Nasdaq: UCL) Cloud SIM Technology HyperConn Solutions Seed SIM Pool of SIM Cards (2) from 392 MNOs (3) Globally 201 Patents (1) Software-based Ready to Support All Three Generations of our Businesses Notes: 1. As of Septemb
Slide 31: Ecosystem Powered by Our PaaS and SaaS Platform
Ecosystem Powered by Our PaaS and SaaS Platform (Nasdaq: UCL) PaaS Platform Industrial SaaS Platform Wi-Fi Router Terminals / Devices Full Business Software Solutions Hosting Partners’ SIM cards Hyperconn Customer Management and Billing Intelligent Selection of Best- performing Network Internet of E
Slide 32: Clear Growth Strategies Across Business Models
Clear Growth Strategies Across Business Models (Nasdaq: UCL) Between Countries Between Carriers Full Marketplace 3.0 1.0 2.0 Capture Local Data Connectivity Data Traffic with Massive User Base Market Opportunity Strengthen Leadership Position Trial phase for GlocalMe Ecosystem Single Operator Entry
Slide 33: Financial Statement
Financial Statement (Nasdaq: UCL) 33
Slide 34: Financial Statement
Financial Statement (Nasdaq: UCL) 34