HONG
KONG, Nov. 27, 2024 /PRNewswire/ -- iClick
Interactive Asia Group Limited ("iClick" or the "Company") (Nasdaq:
ICLK), a renowned online marketing and enterprise solutions
provider in Asia that empowers
worldwide brands with full-stack consumer lifecycle solutions,
today announced unaudited financial results for the six months
ended June 30, 2024.
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|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
Percentage
change
|
|
|
(US$ in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
Financial
Metrics:
|
|
|
|
|
|
|
|
Revenue from continuing
operations
|
|
|
|
|
|
|
|
Marketing
Solutions
|
|
9,324
|
|
12,663
|
|
(26) %
|
|
Enterprise
Solutions
|
|
4,896
|
|
4,330
|
|
13 %
|
|
Total revenue from
continuing operations
|
|
14,220
|
|
16,993
|
|
(16) %
|
|
Gross profit from
continuing operations
|
|
8,096
|
|
9,276
|
|
(13) %
|
|
Net loss from
continuing operations
|
|
(1,269)
|
|
(10,275)
|
|
N/M
|
|
Net loss from
discontinued operations
|
|
(5,104)
|
|
(18,294)
|
|
N/M
|
|
Diluted net loss from
continuing operations per American Depositary Shares
("ADS")
|
|
(0.12)
|
|
(1.01)
|
|
N/M
|
|
Operating
Metrics:
|
|
|
|
|
|
|
|
Gross
billing
|
|
23,060
|
|
29,983
|
|
(23) %
|
"I am pleased to report that our continuing operations recorded
an improvement in gross margin to 56.9% in the first half of 2024
from 54.6% in the first half of 2023, and we saw the increase
in enterprise solutions revenue by 13% year-over-year. The Company
will continue to focus on improving the financial performance and
cash flows, while exploring strategic opportunities for broader
business growth.", said Mr. Jian
Tang, Chairman, Chief Executive Officer and Co-Founder of
iClick.
"We continue monitoring and evaluating operations and market
trends proactively in order to optimize our business and enhance
profitability. We have recently completed the disposal of our
mainland China Enterprise Solutions business and demand side
Marketing Solutions business. The results of these businesses are
presented under discontinued operations."
First Half Year of 2024 Results on Continuing
Operations:
Revenue for the first half of 2024 was US$14.2 million, compared with US$17.0 million for the first half of 2023.
Revenue from Marketing Solutions declined to US$9.3 million for the first half of 2024,
compared with US$12.7 million for the
first half of 2023. It was resulted from our strategic contraction
of lower margin and higher risk businesses, with weaker demand from
clients on advertising spending due to uncertainty in the
macro-economic environment. Revenue from Enterprise Solutions was
US$4.9 million for the first half of
2024, improved from US$4.3 million in
the first half of 2023 due to the increasing demand for digital
transformation and services.
Gross profit for the first half of 2024 was
US$8.1 million, compared with
US$9.3 million for the first half of
2023. With the effort of reducing lower margin and higher risk
businesses, and a rising revenue contribution from the
higher-margin Enterprise Solutions business, gross profit margin
increased to 56.9% for the first half of 2024 from 54.6% for the
first half of 2023.
Total operating expenses were US$12.4 million for the first half of 2024,
decreased from US$14.1 million for
the first half of 2023. The change was primarily due to our cost
optimization execution, which resulted in reduction of staff cost
and savings on promotional expenses. The expected credit losses
provision of trade receivables was also reduced because of our
close monitoring of cash collection.
Net loss from continuing operations was US$1.3 million for the first half of 2024,
significantly improved from the net loss of US$10.3 million for the first half of 2023,
mainly due to no impairment of equity investments in the first half
of 2024, which we recorded US$5.6
million in the first half of 2023. Operating loss was
reduced by US$0.6 million.
Net loss from continuing operations attributable to the
Company's shareholders per basic and diluted ADS for the first half
of 2024 was US$0.12, compared with a net loss attributable to
the Company's shareholders per basic and diluted ADS of
US$1.01 for the first half of
2023.
Gross billing1 from continuing operations
was US$23.1 million for the first
half of 2024, compared with US$30.0
million for the first half of 2023, mainly as a result of
our continued strategy of reducing lower margin and higher risk
businesses, as well as clients' reduced advertising spending.
Net loss from discontinued operations was US$5.1 million for the first half of 2024,
compared with the net loss of US$18.3
million for the first half of 2023, mainly due to cost
optimization, and gain on disposal of discontinued operations
amounting to US$2.6 million in
the first half of 2024.
As of June 30, 2024, the
continuing operations of the Company had cash and cash equivalents,
time deposits and restricted cash of US$70.2
million, compared with US$41.3
million as of December 31,
2023.
About iClick Interactive Asia Group Limited
Founded in 2009, iClick Interactive Asia Group Limited (NASDAQ:
ICLK) is a renowned online marketing and enterprise solutions
provider in Asia. With its leading
proprietary technologies, iClick's full suite of data-driven
solutions helps brands drive significant business growth and
profitability throughout the full consumer lifecycle. For more
information, please visit https://ir.i-click.com.
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1 Gross
billing is defined as the aggregate dollar amount that clients pay
the Company after deducting rebates paid and discounts given
to.
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Safe Harbor Statement
This announcement contains forward-looking statements, including
those related to the Company's business strategies, operations and
financial performance. These statements constitute
"forward-looking" statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in
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. Such
statements are based upon management's current expectations and
current market and operating conditions and relate to events that
involve known or unknown risks, uncertainties and other factors,
all of which are difficult to predict and many of which are beyond
the Company's control. Forward-looking statements involve inherent
risks and uncertainties. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that its expectations will turn out to be correct, and
investors are cautioned that actual results may differ materially
from the anticipated results.
For investor and media inquiries, please contact:
|
In
China:
|
In the United
States:
|
|
iClick Interactive
Asia Group Limited
|
Core
IR
|
|
Catherine
Chau
|
Tom Caden
|
|
Phone: +852 3700
9100
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Tel:
+1-516-222-2560
|
|
E-mail:
ir@i-click.com
|
E-mail:
tomc@coreir.com
|
(financial tables follow)
|
ICLICK INTERACTIVE
ASIA GROUP LIMITED
|
|
Unaudited Condensed
Consolidated Statements of Comprehensive Loss
|
|
(US$'000, except share
data and per share data, or otherwise noted, unaudited)
|
|
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
Continuing
operations
|
|
|
|
|
|
Revenue
|
|
14,220
|
|
16,993
|
|
Cost of
revenue
|
|
(6,124)
|
|
(7,717)
|
|
Gross
profit
|
|
8,096
|
|
9,276
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
Research and
development expenses
|
|
(311)
|
|
(265)
|
|
Sales and marketing
expenses
|
|
(4,381)
|
|
(8,826)
|
|
General and
administrative expenses
|
|
(7,704)
|
|
(5,052)
|
|
Total operating
expenses
|
|
(12,396)
|
|
(14,143)
|
|
Interest
expense
|
|
(32)
|
|
(117)
|
|
Interest
income
|
|
598
|
|
591
|
|
Other gains/(losses),
net
|
|
2,560
|
|
(5,756)
|
|
Loss before income
tax expense and share of losses from an equity
investee
|
|
(1,174)
|
|
(10,149)
|
|
Share of losses from an
equity investee
|
|
(37)
|
|
(19)
|
|
Loss before income
tax expense
|
|
(1,211)
|
|
(10,168)
|
|
Income tax
expense
|
|
(58)
|
|
(107)
|
|
Net loss from
continuing operations
|
|
(1,269)
|
|
(10,275)
|
|
Net loss attributable
to non-controlling interests
|
|
111
|
|
9
|
|
Net loss from
continuing operations attributable to iClick Interactive Asia
Group
Limited's ordinary shareholders
|
|
(1,158)
|
|
(10,266)
|
|
Discontinued
operations
|
|
|
|
|
|
Loss from operations of
discontinued operations
|
|
(7,666)
|
|
(18,305)
|
|
Income tax
(expense)/credit
|
|
(23)
|
|
11
|
|
Gain on disposal of
discontinued operations
|
|
2,585
|
|
-
|
|
Net loss from
discontinued operations
|
|
(5,104)
|
|
(18,294)
|
|
Net loss attributable
to non-controlling interests
|
|
32
|
|
49
|
|
Net loss from
discontinued operations attributable to iClick Interactive Asia
Group
Limited's ordinary shareholders
|
|
(5,072)
|
|
(18,245)
|
|
|
|
|
|
|
Net
loss
|
|
(6,373)
|
|
(28,569)
|
|
Net loss
attributable to iClick Interactive Asia Group Limited's
ordinary
shareholders
|
|
(6,230)
|
|
(28,511)
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
(1,269)
|
|
(10,275)
|
|
Other comprehensive
loss:
|
|
|
|
|
|
Foreign currency
translation adjustment, net of US$nil tax
|
|
(13)
|
|
(131)
|
|
|
|
|
|
|
Comprehensive loss
from continuing operations
|
|
(1,282)
|
|
(10,406)
|
|
Comprehensive loss
from continuing operations attributable to non-controlling
interests
|
|
111
|
|
49
|
|
Comprehensive loss
from continuing operations attributable to iClick
Interactive Asia Group Limited's ordinary
shareholders
|
|
(1,171)
|
|
(10,357)
|
|
Net loss from
discontinued operations
|
|
(5,104)
|
|
(18,294)
|
|
Other comprehensive
income:
|
|
|
|
|
|
Foreign currency
translation adjustment, net of US$nil tax
|
|
-
|
|
301
|
|
|
|
|
|
|
Comprehensive loss
from discontinued operations
|
|
(5,104)
|
|
(17,993)
|
|
Comprehensive loss
from discontinued operations attributable to non
-controlling interests
|
|
32
|
|
20
|
|
Comprehensive loss
from discontinued operations attributable to iClick
Interactive Asia Group Limited's ordinary
shareholders
|
|
(5,072)
|
|
(17,973)
|
|
Comprehensive loss
attributable to iClick Interactive Asia Group Limited's
ordinary shareholders
|
|
(6,243)
|
|
(28,330)
|
|
|
|
|
|
|
Net loss from
continuing operations per ADS attributable to iClick
Interactive
Asia Group Limited's ordinary shareholders
|
|
|
|
|
|
— Basic
|
|
(0.12)
|
|
(1.01)
|
|
— Diluted
|
|
(0.12)
|
|
(1.01)
|
|
|
|
|
|
|
Net loss from
discontinued operations per ADS attributable to iClick
Interactive
Asia Group Limited's ordinary shareholders
|
|
|
|
|
|
— Basic
|
|
(0.51)
|
|
(1.79)
|
|
— Diluted
|
|
(0.51)
|
|
(1.79)
|
|
|
|
|
|
|
Net loss per ADS
attributable to iClick Interactive Asia Group Limited's
ordinary shareholders
|
|
|
|
|
|
— Basic
|
|
(0.63)
|
|
(2.80)
|
|
— Diluted
|
|
(0.63)
|
|
(2.80)
|
|
|
|
|
|
|
Weighted average
number of ADS used in per share calculation:
|
|
|
|
|
|
— Basic
|
|
9,955,943
|
|
10,178,966
|
|
— Diluted
|
|
9,955,943
|
|
10,178,966
|
|
ICLICK INTERACTIVE
ASIA GROUP LIMITED
|
|
Unaudited Condensed
Consolidated Balance Sheets
|
|
(US$'000, except share
data and per share data, or otherwise noted, unaudited)
|
|
|
|
As of
June 30, 2024
|
|
As of
December 31,
2023
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents, time deposits and restricted cash
|
|
70,239
|
|
41,264
|
|
Accounts receivable,
net of allowance for credit losses of US$1,558 and
US$1,571 as of June 30, 2024 and December 31, 2023
respectively
|
|
11,210
|
|
13,535
|
|
Other current
assets
|
|
15,813
|
|
11,516
|
|
Discontinued
operations
|
|
54,454
|
|
93,488
|
|
Total current
assets
|
|
151,716
|
|
159,803
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Other assets
|
|
3,727
|
|
3,596
|
|
Discontinued
operations
|
|
112
|
|
305
|
|
Total non-current
assets
|
|
3,839
|
|
3,901
|
|
|
|
|
|
|
Total
assets
|
|
155,555
|
|
163,704
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
3,310
|
|
4,462
|
|
Bank
borrowings
|
|
36,932
|
|
1,965
|
|
Other current
liabilities
|
|
23,830
|
|
20,200
|
|
Discontinued
operations
|
|
56,607
|
|
93,445
|
|
Total current
liabilities
|
|
120,679
|
|
120,072
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Other
liabilities
|
|
221
|
|
551
|
|
Discontinued
operations
|
|
1,463
|
|
1,829
|
|
Total non-current
liabilities
|
|
1,684
|
|
2,380
|
|
|
|
|
|
|
Total
liabilities
|
|
122,363
|
|
122,452
|
|
Equity
|
|
|
|
|
|
Ordinary shares – Class
A (US$0.001 par value; 80,000,000 shares authorized
as of June 30, 2024 and December 31, 2023,
respectively; 38,752,446
shares and 44,477,356 shares issued and outstanding as
of June 30, 2024
and December 31, 2023, respectively)
|
|
39
|
|
45
|
|
Ordinary shares – Class
B (US$0.001 par value; 20,000,000 shares authorized as
of June 30, 2024 and December 31, 2023,
respectively; 5,034,427 shares issued
and outstanding as of June 30, 2024 and December 31,
2023, respectively)
|
|
5
|
|
5
|
|
Treasury shares
(218,396 shares and 6,398,616 shares as of June 30, 2024
and December 31, 2023, respectively)
|
|
(39)
|
|
(28,656)
|
|
Other
reserves
|
|
31,853
|
|
65,731
|
|
Total iClick
Interactive Asia Group Limited shareholders' equity
|
|
31,858
|
|
37,125
|
|
Non-controlling
interests
|
|
1,334
|
|
4,127
|
|
|
|
|
|
|
Total
equity
|
|
33,192
|
|
41,252
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
155,555
|
|
163,704
|
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SOURCE iClick Interactive Asia Group Limited