UCL - uCloudlink Group reports mixed Q2 earnings; initiates Q3 outlook

August, 16 2023 04:38 AM uCloudlink Group Inc.

2023-08-16 04:38:23 ET

uCloudlink Group press release ( NASDAQ: UCL ): Q2 GAAP EPADS of -$0.02 misses by $0.03 .
Revenue of $22M (+22.1% Y/Y) beats by $0.37M .
Adjusted net income was $1.8 million, compared to an adjusted net loss of $1.5 million in the second quarter of 2022.
Adjusted EBITDA was $2.1 million, compared to negative $1.0 million in the second quarter of 2022.
As of June 30, 2023, the Company had cash and cash equivalents and short-term deposits of $18.8 million, compared to $16.7 million as of March 31, 2023.
For the third quarter of 2023 , UCLOUDLINK expects total revenues to be between $23.5 million and $24.5 million vs. consensus of $23.13 million, representing an increase of 29.1% to 34.6% compared to the same period of 2022.

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