ZW Data Action Technologies Inc. - CNET STOCK NEWS

ZW Data Action Technologies (Nasdaq: CNET) has reported its audited financial results for the year ending December 31, 2023. The company's revenues increased by 16.6% to $30.59 million, driven by the lifting of COVID-19 restrictions, which boosted advertising budgets and demands from SMEs. However, the cost of revenues also rose by 17.4% to $31.02 million, leading to a gross loss of $0.44 million.

Operating losses improved, decreasing from $11.12 million in 2022 to $6.01 million in 2023. The net loss attributable to CNET was $5.97 million, down from $9.79 million the previous year. General and administrative expenses were significantly reduced by 51.1% to $4.06 million. The company had cash and cash equivalents of $0.82 million as of December 31, 2023, compared to $4.39 million the previous year.

On May 20, 2024, ZW Data Action Technologies (NASDAQ: CNET) announced it received a non-compliance notice from Nasdaq regarding its failure to timely file its Quarterly Report for the fiscal quarter ended March 31, 2024. This follows a previous notice for failing to file its Annual Report for the fiscal year ended December 31, 2023. The company now has until June 17, 2024, to submit a compliance plan to Nasdaq. If accepted, Nasdaq may grant an extension until October 14, 2024, to regain compliance. Failure to do so could result in delisting from Nasdaq. The company cited needing additional time to finalize its financial statements but is striving to meet the requirements promptly. This disclosure complies with Nasdaq's rules on timely deficiency notifications.

ZW Data Action Technologies Inc. received a notice from Nasdaq for failing to file its Annual Report on Form 10-K, risking delisting from the Nasdaq Stock Market. The company has until June 17, 2024, to file the report or submit a compliance plan.

ZW Data Action Technologies Inc. (Nasdaq: CNET) announced a strategic partnership with Digital Life (Guangdong Hengqin) Technology Co., Ltd. to develop a specialized AI model tailored for the franchise industry. The collaboration aims to leverage AI-driven methodologies to amplify digital marketing capabilities by integrating and analyzing diverse key data types. The initial test version of the first application tool is planned for release in the first quarter of 2024, with the goal of developing a series of efficient marketing tools, including content creation services and AI digital humans, to enhance efficiency and accuracy in content production, business decision-making, and post-sale management.

ZW Data Action Technologies Inc. (Nasdaq: CNET) announced its unaudited financial results for the third quarter of 2023, showing a 27.2% increase in revenues to $9.18 million and a 26.4% increase in total cost of revenues. The company reported a gross loss of approximately $0.004 million and a net loss of $1.52 million for the quarter. For the first nine months of 2023, revenues increased by 16.1% to $25.32 million, with a gross loss of $0.43 million. The company had cash and cash equivalents of $1.31 million as of September 30, 2023.

ZW Data Action Technologies Inc. announces Q2 2023 financial results with revenues increasing by 41.4% to $9.82 million and cost of revenues increasing by 41.3% to $9.93 million. Gross loss margin remains at 1%. Operating loss margin improves to 14% from 39% in Q2 2022. Net loss for Q2 2023 is $1.40 million. For H1 2023, revenues increase by 10.5% to $16.14 million and cost of revenues increase by 13.9% to $16.56 million. Gross loss margin is 2.6%. Operating loss margin improves to 16% from 29% in H1 2022. Net loss for H1 2023 is $2.55 million.

ZW Data Action Technologies Inc. (CNET) reported its audited financial results for the year ended December 31, 2022, revealing a 44.6% decline in revenues to $26.24 million compared to $47.33 million in 2021. This decrease was primarily due to the impact of regional COVID-19 rebounds affecting its SME clients. The company experienced a gross loss of $0.19 million and an operating loss of $11.12 million, with a corresponding operating loss margin of 42.4%. Other income decreased significantly to $1.33 million from $11.08 million. The net loss attributable to CNET was $9.79 million, with a loss per share of $1.37. As of December 31, 2022, cash and equivalents fell to $4.39 million, down from $7.17 million a year earlier. The company executed a 1-for-5 reverse stock split effective January 18, 2023, to regain compliance with Nasdaq listing requirements.

ZW Data Action Technologies, Inc. (CNET) announced a cooperation agreement with Chaineffect, focusing on Artificial Intelligent Generated Content (AIGC) and AI-derived products. The collaboration aims to expand market presence and enhance product development across various sectors such as education and e-commerce. Chaineffect, established in 2018, specializes in internet technology and has integrated advanced AI models including ChatGPT. ZW Data will leverage its franchise network and blockchain technology to promote Aichat products, enhancing its footprint in the AI market and driving growth in various application scenarios. This partnership is expected to create value in multiple business areas.