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Aurora Mobile Limited Announces Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results

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SHENZHEN, China, March 09, 2023 (GLOBE NEWSWIRE) — Aurora Mobile Limited (“Aurora Mobile” or the “Company”) (NASDAQ: JG), a leading provider of customer engagement and marketing technology services in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022.

Fourth Quarter 2022 Financial Highlights

  • Revenues were RMB86.9 million (US$12.6 million), a decrease of 14% year-over-year.
  • Cost of revenues was RMB27.1 million (US$3.9 million), a decrease of 7% year-over-year.
  • Gross profit was RMB59.8 million (US$8.7 million), a decrease of 17% year-over-year.
  • Total operating expenses were RMB95.4 million (US$13.8 million), an increase of 3% year-over-year.
  • Net loss was RMB31.8 million (US$4.6 million), compared with a net loss of RMB35.6 million for the same quarter last year.
  • Net loss attributable to Aurora Mobile Limited’s shareholders was RMB32.7 million (US$4.7 million), compared with a net loss attributable to Aurora Mobile Limited’s shareholders of RMB35.6 million for the same quarter last year.
  • Adjusted net loss (non-GAAP) was RMB6.6 million (US$1.0 million), compared with a RMB8.1 million adjusted net loss for the same quarter last year.
  • Adjusted EBITDA (non-GAAP) was a positive RMB0.6 million (US$0.1 million), compared with a positive RMB1.8 million for the same quarter last year.

Fiscal year 2022 Financial Highlights

  • Revenues were RMB328.8 million (US$47.7 million), a decrease of 8% year-over-year.
  • Cost of revenues was RMB103.0 million (US$14.9 million), an increase of 12% year-over-year.
  • Gross profit was RMB225.8 million (US$32.7 million), a decrease of 15% year-over-year.
  • Total operating expenses were RMB357.6 million (US$51.8 million), a decrease of 11% year-over-year.
  • Net loss was RMB107.8 million (US$15.6 million), compared with a net loss of RMB140.6 million in 2021.
  • Net loss attributable to Aurora Mobile Limited’s shareholders was RMB106.3 million (US$15.4 million), compared with a net loss attributable to Aurora Mobile Limited’s shareholders of RMB140.6 million in 2021.
  • Adjusted net loss (non-GAAP) was RMB55.8 million (US$8.1 million), compared with a RMB86.6 million adjusted net loss in 2021.
  • Adjusted EBITDA (non-GAAP) was a negative RMB22.3 million (US$3.2 million), compared with a negative RMB46.0 million in 2021.

Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “Before looking at the fourth quarter financial results, I would like to reflect upon our journey in the past couple of years, in a challenging environment caused by pandemic. We started afresh as a pure SAAS business in Q1’2021, and amidst the transition period, we didn’t stop innovating and harnessing our core business line, Developer Services. With economic uncertainty going globally, in mid-2021 we acted quickly and proactively to make our organization stronger and more efficient by enacting restructuring and strict cost management across the company. We are so glad we made these decisions, and our efforts are reflected in our financial results. Let me share some of the key results with you:

  • Second positive adjusted EBITDA since Q4’2021, at RMB0.6 million
  • All businesses, including Developer Services – Subscription, Value-added Services and Vertical Applications have recorded quarter-over-quarter growth
  • Highest quarterly gross profit in 2022, at RMB59.8 million
  • Lowest adjusted net loss since Q3 of 2019, at RMB6.6 million, improved by 18% year-over-year
  • AR turnover days at 32 days. Lowest since IPO!
  • Total customer number up 70% year-over-year to 4,719

I am thrilled to report renewed growth in Q4’2022. Our adjusted EBITDA was positive for the second quarter since Q4’2021, at RMB0.6 million, significantly improved by RMB7.3 million from negative RMB6.7 million in Q3’2022. Our adjusted net loss was also the lowest since Q3’2019, at RMB6.6 million, improved by 18% year-over-year. Total revenue rose to RMB86.9 million, up 8% quarter-over-quarter, and both Developer Services, our core business, and Vertical Applications have achieved sequential growth. The biggest revenue growth was contributed by Developer Services with the revenues increased by 11% quarter-over-quarter to RMB63.2 million, which was mainly due to the increase in both Subscription Services and Value-added Services. Year-over-year, Developer Services revenues decreased by 15% mainly due to the weakness in Value-added-Services, offset by the growth in Subscription Services.

Subscription Services revenues were RMB46.3 million, up 11% quarter-over-quarter and up 4% year-over-year. Subscription services, our core business line, include JPUSH, Analytics, UMS and other products and services that help APP developers and enterprises to improve operational efficiency. Our private cloud service revenue increase has contributed to the Subscription revenue growth, and we were able to bring many renowned customers on-board.

During Q4’2022, we already saw some growth in our Value-added Services revenue which is a good indicator of overall reviving consumer activities. The Value-added Services revenue increased quarter-over-quarter by 10%, and it was the first sequential growth in 2022, a major positive sign for us. Year-over-year revenues were down 44% to RMB16.9 million and we expect the year-over-year growth trend will continue to recover in 2023. For our Adpub that was launched back in Q2’2022, we are seeing more and more interest from various Apps. Over 10 million DAUs joined our platform by the end of this quarter, a growth in DAUs of over 300%!

Another exciting news which also marks a major milestone for us, is our pioneer work in integrating the ChatGPT’s technology in our JPush, our push notification solution and in our email and SMS service platform. Today AI has become the cornerstone of many products and services, and it is very important for us to be one of the first movers in applying AI technology. Our proactive integration of interactive language model technology and AIGC really give us the edge and a great opportunity to make our products smarter, further benefiting all our customers. In addition, we have recently become one of the first ecosystem partners of ERNIE Bot, a generative AI chatbot developed by Baidu. We will access ERNIE Bot and apply Baidu’s leading intelligent dialogue technology in our customer engagement and marketing technology services. This initiative is an additional step in our implementation of our AI-driven strategy with the support and empowerment of leading AI chatbot technologies.”

Mr. Shan-Nen Bong, Chief Financial Officer of Aurora Mobile, added, “With our relentless effort in developing our core Developer Services, we see a very promising recovering trend in Q4’2022 and going forward. And not only in Developer Services but we have also seen sequential growth in Vertical Applications revenues, especially in Market Intelligence.

Our Market Intelligence services delivered strong revenue growth, up 16% quarter-over-quarter and 27% year-over-year to RMB10.4 million. During this quarter, our revenue increased as a result of recovery in customers’ spending and the addition of many well-known and sizable new clients. In the Financial Risk Management segment, revenues decreased by 14% quarter-over-quarter to RMB12.4 million and decreased by 25% year-over-year. The decrease in Financial Risk Management revenue was due to many of our customers’ consumption were impacted by the COVID outbreak in November to December last year.

Our strategy of active and stringent cost management proved very wise, and our quick action helps us to maintain as a nimble organization. We had another historically low quarter in terms of operating expenses excluding the non-cash impairment loss of long-lived assets, at RMB73.0 million, down 21% year-over-year.

In addition, the AR turnover days decreased from 38 days in Q3’2022 to 32 days, which is the lowest AR turnover days since IPO!

Total Deferred Revenue, which represents cash collected in advance from customers for future contract performance, recorded another highest balance in the history of the Company at RMB142.4 million. In addition, this quarter also marks the 7th quarter where the deferred revenue has continuous sequential growth which is another great source of cash inflow for us in such a challenging time. Healthy cash flow aside, the level of Deferred Revenue also signifies that our business is in great shape.”

Fourth Quarter 2022 Financial Results

Revenues were RMB86.9 million (US$12.6 million), a decrease of 14% from RMB101.2 million in the same quarter of last year, mainly due to the impact of COVID-19 on overall macroeconomic conditions.

Cost of revenues was RMB27.1 million (US$3.9 million), a decrease of 7% from RMB29.1 million in the same quarter of last year. The decrease was mainly due to a RMB5.8 million decrease in media cost, and offset by a RMB1.8 million increase in short message cost and a RMB1.0 million increase in technical service cost.

Gross profit was RMB59.8 million (US$8.7 million), a decrease of 17% from RMB72.1 million in the same quarter of last year.

Total operating expenses were RMB95.4 million (US$13.8 million), an increase of 3% from RMB92.5 million in the same quarter of last year.

  • Research and development expenses were RMB35.0 million (US$5.1 million), a decrease of 22% from RMB45.0 million in the same quarter of last year, mainly due to a RMB4.9 million decrease in personnel costs, a RMB1.9 million decrease in cloud cost, and a RMB1.4 million decrease in depreciation expense.
  • Sales and marketing expenses were RMB24.5 million (US$3.5 million), a decrease of 26% from RMB33.2 million in the same quarter of last year, mainly due to a RMB6.8 million decrease in personnel costs and a RMB1.3 million decrease in marketing expense.
  • General and administrative expenses were RMB35.9 million (US$5.2 million), an increase of 149% from RMB14.4 million in the same quarter of last year, mainly due to a RMB22.4 million increase in long-lived assets impairment due to a one time cost for the “Going Cloud” project.

Loss from operations was RMB35.6 million (US$5.2 million), compared with RMB20.5 million in the same quarter of last year.

Net Loss was RMB31.8 million (US$4.6 million), compared with RMB35.6 million in the same quarter of last year.

Adjusted net loss (non-GAAP) was RMB6.6 million (US$1.0 million), compared with RMB8.1 million in the same quarter of last year.

Adjusted EBITDA (non-GAAP) was a positive RMB0.6 million (US$0.1 million) compared with a positive RMB1.8 million for the same quarter of last year.

The cash and cash equivalents, restricted cash and short-term investments were RMB116.3 million (US$16.9 million) as of December 31, 2022 compared with RMB284.6 million as of December 31, 2021. The decrease was primarily due to the short-term bank loan of RMB150.0 million was fully repaid in April 2022.

Fiscal year 2022 Financial Results

Revenues were RMB328.8 million (US$47.7 million), a decrease of 8% from RMB357.3 million in 2021, mainly due to the impact of COVID-19 on overall macroeconomic conditions.

Cost of revenues was RMB103.0 million (US$14.9 million), an increase of 12% from RMB92.4 million in 2021. The increase was mainly due to the increase in media cost of RMB9.0 million.

Gross profit was RMB225.8 million (US$32.7 million), a decrease of 15% from RMB264.9 million in 2021.

Total operating expenses were RMB357.6 million (US$51.8 million), a decrease of 11% from RMB403.1 million in last year.

  • Research and development expenses were RMB154.1 million (US$22.3 million), a decrease of 25% from RMB206.7 million in last year, mainly due to a RMB33.2 million decrease in personnel costs, a RMB7.3 million decrease in technical service fee, a RMB3.7 million decrease in cloud cost, and a RMB3.1 million decrease in depreciation expense.
  • Sales and marketing expenses were RMB98.3 million (US$14.2 million), a decrease of 16% from RMB116.4 million in last year, mainly due to a RMB10.4 million decrease in personnel costs and a RMB6.4 million decrease in marketing expense.
  • General and administrative expenses were RMB105.3 million (US$15.3 million), an increase of 32% from RMB79.9 million in last year, mainly due to a RMB22.4 million increase in long-lived assets impairment due to a one time cost for the “Going Cloud” project.

Loss from operations was RMB131.8 million (US$19.1 million), compared with RMB138.1 million in 2021.

Net Loss was RMB107.8 million (US$15.6 million), compared with RMB140.6 million in 2021.

Adjusted net loss (non-GAAP) was RMB55.8 million (US$8.1 million), compared with RMB86.6 million in 2021.

Adjusted EBITDA (non-GAAP) was a negative RMB22.3 million (US$3.2 million) compared with a negative RMB46.0 million in 2021.

Update on Share Repurchase

As of December 31, 2022, the Company had repurchased a total of 1,194,075 ADS, of which 246,326 ADSs, or around US$223.1 thousand were repurchased during the fourth quarter in 2022 at the average purchase price of US$0.91.

Conference Call

The Company will host an earnings conference call on Thursday, March 9, 2023 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing time on the same day).

All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

Participant Online Registration:https://register.vevent.com/register/BI40e0b150176844aea7da3e1ed87f1f98

A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net loss and adjusted EBITDA, as a supplemental measure to review and assess its 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. The Company defines adjusted net loss as net loss excluding share-based compensation, reduction in force charges, impairment of long-lived assets, impairment of long-term investment and change in fair value of foreign currency swap contract. The Company defines adjusted EBITDA as net loss excluding interest expense, depreciation of property and equipment, amortization of intangible assets, amortization of land use right, income tax expenses/(benefits), share-based compensation, reduction in force charges, impairment of long-lived assets, impairment of long-term investment and change in fair value of foreign currency swap contract.

The Company believes that adjusted net loss and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss.

The Company believes that adjusted net 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 the management in their 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 and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. 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 compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of the non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

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 Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its 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 Aurora Mobile’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: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China 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 Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

For investor and media inquiries, please contact: 
Aurora Mobile Limited 
[email protected]

Christensen 
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

Footnote:

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8972 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 30, 2022.

 
 
AURORA MOBILE LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data)
                             
    Three months ended   Twelve months ended
    December 31,
2021
  September 30,
2022
  December 31,
2022
  December 31,
2021
  December 31,
2022
    RMB   RMB   RMB   US$   RMB   RMB   US$
                             
Revenues   101,196     80,431     86,914     12,601     357,322     328,822     47,675  
Cost of revenues   (29,138 )   (26,403 )   (27,118 )   (3,932 )   (92,393 )   (103,022 )   (14,937 )
Gross profit   72,058     54,028     59,796     8,669     264,929     225,800     32,738  
Operating expenses                            
Research and development   (44,992 )   (38,275 )   (35,009 )   (5,076 )   (206,722 )   (154,056 )   (22,336 )
Sales and marketing   (33,153 )   (24,178 )   (24,480 )   (3,549 )   (116,415 )   (98,267 )   (14,247 )
General and administrative   (14,399 )   (17,569 )   (35,893 )   (5,204 )   (79,922 )   (105,259 )   (15,261 )
Total operating expenses   (92,544 )   (80,022 )   (95,382 )   (13,829 )   (403,059 )   (357,582 )   (51,844 )
Loss from operations   (20,486 )   (25,994 )   (35,586 )   (5,160 )   (138,130 )   (131,782 )   (19,106 )
Foreign exchange (loss)/gain, net   (2,407 )   (449 )   847     123     (3,376 )   (2,866 )   (416 )
Interest income   1,599     276     406     59     6,597     2,321     337  
Interest expenses   (1,901 )   (194 )   (321 )   (47 )   (8,815 )   (3,136 )   (455 )
Other (loss)/ income   (15,499 )   5,479     2,308     335     (2,908 )   26,318     3,816  
Change in fair value of structured deposits       49     7     1     20     59     9  
Change in fair value of foreign currency swap contract   3,136         74     11     6,060     838     121  
Loss before income taxes   (35,558 )   (20,833 )   (32,265 )   (4,678 )   (140,552 )   (108,248 )   (15,694 )
Income tax (expenses)/ benefits   (21 )   110     480     70     (32 )   455     66  
Net loss   (35,579 )   (20,723 )   (31,785 )   (4,608 )   (140,584 )   (107,793 )   (15,628 )
Less: net (loss)/income attributable to redeemable noncontrolling interests       (296 )   871     126         (1,486 )   (215 )
Net loss attributable to Aurora Mobile Limited’s shareholders   (35,579 )   (20,427 )   (32,656 )   (4,734 )   (140,584 )   (106,307 )   (15,413 )
Net loss attributable to common shareholders   (35,579 )   (20,427 )   (32,656 )   (4,734 )   (140,584 )   (106,307 )   (15,413 )
Net loss per share, for Class A and Class B common shares:                            
Class A and B Common Shares – basic and diluted   (0.45 )   (0.26 )   (0.41 )   (0.06 )   (1.78 )   (1.34 )   (0.19 )
Shares used in net loss per share computation:                            
Class A Common Shares – basic and diluted   61,990,190     62,306,416     62,674,291     62,674,291     61,809,501     62,296,172     62,296,172  
Class B Common Shares – basic and diluted   17,000,189     17,000,189     17,000,189     17,000,189     17,000,189     17,000,189     17,000,189  
Other comprehensive income/(loss)                            
Foreign currency translation adjustments   1,278     3,472     (1,447 )   (210 )   1,638     5,853     849  
Total other comprehensive income/(loss), net of tax   1,278     3,472     (1,447 )   (210 )   1,638     5,853     849  
Total comprehensive loss   (34,301 )   (17,251 )   (33,232 )   (4,818 )   (138,946 )   (101,940 )   (14,779 )
Less: comprehensive (loss)/income attributable to redeemable noncontrolling interests       (296 )   871     126         (1,486 )   (215 )
Comprehensive loss attributable to Aurora Mobile Limited’s shareholders   (34,301 )   (16,955 )   (34,103 )   (4,944 )   (138,946 )   (100,454 )   (14,564 )
                             
 
AURORA MOBILE LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
             
    As of
    December 31, 2021   December 31, 2022
    RMB   RMB   US$
ASSETS            
Current assets:            
Cash and cash equivalents   90,552     116,128     16,837  
Restricted cash   164,030     132     19  
Derivative assets   5,989          
Short-term investments   30,000          
Accounts receivable   43,860     29,727     4,310  
Prepayments and other current assets   46,670     30,421     4,410  
Amounts due from a related party   35     255     37  
Total current assets   381,136     176,663     25,613  
Non-current assets:            
Long-term investments   141,926     141,901     20,574  
Property and equipment, net   62,179     14,947     2,167  
Intangible assets, net   5,398     23,947     3,472  
Land use right       21,560     3,126  
Goodwill       37,785     5,478  
Other non-current assets   4,898     4,128     599  
Total non-current assets   214,401     244,268     35,416  
Total assets   595,537     420,931     61,029  
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY            
Current liabilities:            
Short-term loan   150,000     5,000     725  
Accounts payable   18,292     18,169     2,634  
Deferred revenue and customer deposits   119,991     138,804     20,125  
Accrued liabilities and other current liabilities   85,305     87,592     12,700  
Amounts due to a related party   54          
Total current liabilities   373,642     249,565     36,184  
Non-current liabilities:            
Deferred revenue   3,845     3,585     520  
Deferred tax liabilities       4,824     699  
Other non-current liabilities   2,607     4,058     588  
Total non-current liabilities   6,452     12,467     1,807  
Total liabilities   380,094     262,032     37,991  
Redeemable noncontrolling interests       30,552     4,430  
Shareholders’ equity:            
Common shares   49     50     7  
Treasury shares       (1,689 )   (245 )
Additional paid-in capital   1,021,961     1,037,007     150,352  
Accumulated deficit   (819,018 )   (925,325 )   (134,160 )
Accumulated other comprehensive income   12,451     18,304     2,654  
Total shareholders’ equity   215,443     128,347     18,608  
Total liabilities, redeemable noncontrolling interests and shareholders’ equity   595,537     420,931     61,029  
             
 
AURORA MOBILE LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
                             
    Three months ended   Twelve months ended
    December 31,
2021
  September 30,
2022
  December 31,
2022
  December 31,
2021
  December 31,
2022
    RMB   RMB   RMB   US$   RMB   RMB   US$
Reconciliation of Net Loss to Adjusted Net Loss:                            
Net loss   (35,579 )   (20,723 )   (31,785 )   (4,608 )   (140,584 )   (107,793 )   (15,628 )
Add:                            
Share-based compensation   3,422     4,470     861     125     30,212     15,515     2,249  
Reduction in force charges   3,917     1,712     1,584     230     3,917     7,487     1,086  
Impairment of long-term investment   23,310         415     60     25,898     7,431     1,077  
Impairment of long-lived assets           22,400     3,248         22,400     3,248  
Change in fair value of foreign currency swap contract   (3,136 )       (74 )   (11 )   (6,060 )   (838 )   (121 )
Adjusted net loss   (8,066 )   (14,541 )   (6,599 )   (956 )   (86,617 )   (55,798 )   (8,089 )
Reconciliation of Net Loss to Adjusted EBITDA:                            
Net loss   (35,579 )   (20,723 )   (31,785 )   (4,608 )   (140,584 )   (107,793 )   (15,628 )
Add:                            
Income tax expenses/ (benefits)   21     (110 )   (480 )   (70 )   32     (455 )   (66 )
Interest expenses   1,901     194     321     47     8,815     3,136     455  
Depreciation of property and equipment   6,845     5,868     5,517     800     27,337     24,371     3,533  
Amortization of intangible assets   1,135     1,665     1,631     236     4,481     6,043     876  
Amortization of land use right       183     183     27         366     53  
EBITDA   (25,677 )   (12,923 )   (24,613 )   (3,568 )   (99,919 )   (74,332 )   (10,777 )
Add:                            
Share-based compensation   3,422     4,470     861     125     30,212     15,515     2,249  
Reduction in force charges   3,917     1,712     1,584     230     3,917     7,487     1,086  
Impairment of long-term investment   23,310         415     60     25,898     7,431     1,077  
Impairment of long-lived assets           22,400     3,248         22,400     3,248  
Change in fair value of foreign currency swap contract   (3,136 )       (74 )   (11 )   (6,060 )   (838 )   (121 )
Adjusted EBITDA   1,836     (6,741 )   573     84     (45,952 )   (22,337 )   (3,238 )
                             
 
AURORA MOBILE LIMITED
UNAUDITED SAAS BUSINESSES REVENUE
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
                             
                             
    Three months ended   Twelve months ended
    December 31,
2021
  September 30,
2022
  December 31,
2022
  December 31,
2021
  December 31,
2022
    RMB   RMB   RMB   US$   RMB   RMB   US$
                             
Developer Services   74,574     57,003     63,222     9,166     252,859     235,231     34,106  
   Subscription   44,407     41,692     46,331     6,717     155,394     160,722     23,303  
   Value-Added Services   30,167     15,311     16,891     2,449     97,465     74,509     10,803  
Vertical Applications   26,622     23,428     23,692     3,435     104,463     93,591     13,569  
Total Revenue   101,196     80,431     86,914     12,601     357,322     328,822     47,675  
Gross Profits   72,058     54,028     59,796     8,669     264,929     225,800     32,738  
Gross Margin   71.2 %   67.2 %   68.8 %   68.8 %   74.1 %   68.7 %   68.7 %
                             

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT

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HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.

Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
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Artificial Intelligence

Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’

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– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.

The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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Artificial Intelligence

IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.

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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports: 
IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
Internet of Robotic Things Market (IoRT) by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application – Global Forecast to 2022
MulteFire Market by Device (Small Cells, Switches, Controllers), Application (Industrial Manufacturing, Commercial, Transportation, Public Venues, Healthcare, Oil & Gas and Mining, Power Generation, Hospitality), and Geography – Global forecast 2025
Smart Robots Market Size, Share by Component (Sensors, Actuators, Control Systems), Type, Operating Environment, Mobility, Application (Domestic, Field/Agricultural, Public Relations, Industrial), and Region – Global Forecast to 2025
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-gateway-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/iot-gateway.asp
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