Gigamedia Ltd - GIGM STOCK NEWS

GigaMedia (NASDAQ: GIGM) has announced the purchase of a US$2.6 million convertible promissory note from Aeolus Robotics , a global company focused on intellectual robotics. The note features:

• 4.5% annual interest rate
• 36-month maturity period
• Conversion option to Aeolus ordinary shares at US$0.02 per share

The agreement signals a strategic long-term relationship between both companies, with GigaMedia indicating potential future investments in Aeolus securities.

GigaMedia (NASDAQ: GIGM) reported its Q3 2024 financial results, showing mixed performance. Revenues increased 6.7% quarter-over-quarter to $0.77 million, with gross profit up 3.3% to $0.37 million. However, the company recorded an operating loss of $1.01 million and a net loss of $0.32 million. Year-over-year, revenues declined 28.2% from $1.07 million. The company maintains a strong financial position with $35.3 million in cash and equivalents, representing $3.20 per share. Management plans to enhance social networking features in their games to promote player community and strengthen game stickiness.

GigaMedia (NASDAQ: GIGM) announced its Q2 2024 unaudited financial results. The company reported revenues of $0.72 million, a gross profit of $0.36 million, an operating loss of $1.05 million, and a net loss of $0.61 million. While revenues slightly decreased by 0.6% quarter-on-quarter and 29.7% year-over-year, gross profit increased by 4.0% from the previous quarter. The net loss decreased from $0.90 million in Q1 to $0.61 million in Q2.

GigaMedia's net asset value was $3.82 per share. The company maintained a solid financial position with cash, cash equivalents, and restricted cash amounting to $36.3 million, or $3.29 per share, as of June 30, 2024. The company is currently focusing on fine-tuning its casual games and customer platform for the upcoming summer vacation.

GigaMedia (NASDAQ: GIGM), a digital entertainment services provider, announced that all resolutions at its Annual General Meeting (AGM) on June 27, 2024, were passed. Key resolutions included the adoption of audited financial statements, the appointment of auditors, approval of directors' remuneration, authority to allot and issue shares, and a share purchase mandate. The resolutions received strong support, with approval percentages ranging from 93.34% to 97.34%.

The detailed voting results are as follows: 96% for the adoption of audited financial statements, 97.34% for the appointment of auditors, 93.62% for directors' remuneration, 93.34% for the authority to allot and issue shares, and 96.63% for the share purchase mandate.

GigaMedia is headquartered in Taipei, Taiwan, and provides digital entertainment services in Taiwan and Hong Kong, focusing on mobile and casual games development, distribution, and operation.

GigaMedia has announced its 25th Annual General Meeting (AGM) of shareholders, scheduled for June 27, 2024 in Taipei, Taiwan. Key agenda items include the adoption of audited financial statements for the fiscal year ending December 31, 2023, and the appointment of Deloitte & Touche as auditors. Other resolutions involve approving directors' remuneration capped at $350,000, authorizing the issuance of new shares, and instituting a share purchase mandate allowing up to 10% of issued shares to be repurchased. Shareholders are encouraged to attend or vote via proxy by June 24, 2024.

GigaMedia (NASDAQ: GIGM) announced its first quarter 2024 unaudited financial results, reporting revenues of $0.73 million, a gross profit of $0.35 million, and a net loss of $0.90 million. The company experienced a decrease in revenues by 16.7% compared to the previous quarter. GigaMedia plans to continue exploring digital entertainment to promote its products and services in 2024.

GigaMedia (NASDAQ: GIGM) reported its unaudited financial results for 2023, showing revenues of $4.3 million, a gross profit of $2.4 million, and a net loss of $3.5 million. Despite a 23.2% revenue decrease, the company managed to reduce operating expenditures by 10.7%. The net loss before investment valuation adjustment was narrowed to $1.3 million. In 2024, GigaMedia plans to focus on developing AI-powered tools for game content renovation. The company maintained a solid financial position with $38.8 million in cash, cash equivalents, and restricted cash at the end of 2023.

GigaMedia Limited (GIGM) appoints Chih-Hong Tsai and Wan-Wan Lin as new independent non-executive directors, following the resignation and retirement of Casey Kuo-Chong Tung and Billy Bing-Yuan Huang. Mr. Tsai has over 40 years of financial sector experience, serving in various executive and senior management positions. Ms. Lin specializes in technology/media, financial services, and biotech & healthcare, with over 30 years of audit practice. The Board expresses gratitude to the departing directors and welcomes the new appointments, maintaining a majority of independent directors.

GigaMedia Limited reported its unaudited financial results for the third quarter of 2023. Revenues increased by 4.5% to $1.07 million, with a gross profit of $0.58 million. The operating loss was $0.89 million and the net loss was $0.51 million. The net asset value per share was $4.27. GigaMedia's digital entertainment service business, FunTown, focuses on mobile games and casual games in Taiwan and Hong Kong.