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    iClick Interactive Asia Group Limited Reports 2024 Half-Year Unaudited Financial Results

    11/27/24 4:05:00 PM ET
    $ICLK
    Computer Software: Prepackaged Software
    Technology
    Get the next $ICLK alert in real time by email

    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.

    (PRNewsfoto/iClick Interactive Asia Group Limited)





    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.

    1 Gross billing is defined as the aggregate dollar amount that clients pay the Company after deducting rebates paid and discounts given to.

     

    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

    Tel: +1-516-222-2560

    E-mail: [email protected]

    E-mail: [email protected]

     

    (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

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/iclick-interactive-asia-group-limited-reports-2024-half-year-unaudited-financial-results-302317780.html

    SOURCE iClick Interactive Asia Group Limited

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