ZW Data Action Technologies Inc. - CNET STOCK NEWS

ZW Data Action Technologies (CNET) reported its Q1 2022 financial results, showing a gross profit of $0.13 million, a significant recovery from a gross loss of $0.72 million a year prior. Revenue fell by 8.9% to $7.65 million due to COVID-19 impacts on its SME clients. The gross profit margin improved to 1.8% compared to -8.5% last year. Operating loss decreased to $1.55 million from $1.82 million. Net loss attributable to CNET was $0.72 million, compared to a profit of $0.69 million last year. Cash reserves declined to $4.82 million, while working capital slightly decreased to $10.92 million.

ZW Data Action Technologies Inc. (CNET) reported a 23.2% increase in revenues for 2021, reaching $47.33 million, up from $38.41 million. However, its gross profit decreased to $0.10 million, reflecting a gross margin of just 0.2%, down from 1.6% in 2020. Operating loss widened to $13.59 million, with operating margin at 28.7%. Yet, net loss narrowed to $2.75 million. Cash and cash equivalents increased to $7.17 million from $4.30 million, with working capital at $11.10 million. New partnerships indicate strategic growth into blockchain and NFT markets.

ZW Data Action Technologies, Inc. (CNET) announced a partnership with Guangzhou Digital Gold Information to develop 'IP + NFT' products aimed at enhancing the NFT market. Utilizing Digital Gold's IP resources and ZW Data's BIF platform, the collaboration will integrate NFTs with the Metaverse, leveraging technologies like AR and VR. The companies will also establish an IP alliance to collaborate on various IPs, including major games and cultural artifacts, while exploring the applications of NFTs alongside physical assets and digital financial services.

ZW Data Action Technologies (CNET) has entered a strategic partnership with Shanghai Weiyou Information Technology to develop a cost-efficient insurance platform utilizing blockchain technology. This collaboration aims to enhance transparency and credibility within the insurance ecosystem, particularly for small and medium-sized enterprises. Weiyou Information's existing capabilities in digital insurance services will be complemented by ZW Data's blockchain expertise. The global blockchain insurance market is projected to grow significantly, suggesting strong future potential for this venture.

ZW Data Action Technologies Inc. (CNET) reported its financial results for Q3 and the first nine months of 2021. Key highlights include a third quarter gross profit of $0.04 million, contrasting with a gross loss of $0.64 million in Q3 2020. Total revenue for the first nine months increased by 28.6% year-over-year to $34.85 million. However, Q3 revenue fell by 3.3% to $11.90 million, attributed mainly to declines in Ecommerce O2O services. The company also noted a significant rise in general and administrative expenses by 148.5%, impacting operating loss.

ZW Data Action Technologies (CNET) has announced that its subsidiary, ChinaNet Online, has been authorized by JD.com (JD) as a business expansion service provider for JD's WanDianBao microservice. This service aids enterprises in launching e-commerce marketing effectively. JD, a major player in China's B2C retail sector, boasts nearly 500 million active users. ZW Data aims to enhance its marketing capabilities through JD's supply chain, promoting private domain operations and blockchain services. This partnership is projected to strengthen ZW Data’s business ecosystem and growth.

ZW Data Action Technologies has launched a fully upgraded website, transitioning into a digital operation service provider. By leveraging advanced technologies like blockchain and big data, the Company aims to enhance efficiency for micro, small, and medium enterprises (MSMEs). The new Blockchain Integrated Framework offers solutions to optimize supply chain collaboration. With over 100,000 franchise customers, ZW Data emphasizes its commitment to improving MSME operations and reducing information asymmetry, marking a significant evolution from its original information services model.

ZW Data Action Technologies (CNET) has announced a strategic partnership with Guangzhou Gongxiang Technology, a leading facial payment service provider in China. This collaboration will leverage ZW Data's recently launched Blockchain Integrated Framework platform to enhance Gongxiang's payment services for central bank digital currencies and crypto payments. The agreement includes transaction fees where Weilay Life, Gongxiang's cashback platform, will also adopt Non-Fungible Token (NFT) and Decentralized Finance (DeFi) solutions. This coupling is expected to expand the market reach of ZW Data's BIF platform.

ZW Data Action Technologies (CNET) announced the launch of its Blockchain Integrated Framework (BIF) platform aimed at small and medium enterprises (MSMEs) to facilitate NFT and DeFi applications. The BIF platform targets a projected $150 billion market, providing MSMEs with a streamlined approach to blockchain integration, allowing efficient management and development with minimal investment. The platform features high-quality APIs and SDKs to lower development costs and increase operational efficiency, ensuring secure data management and supervision.