uCloudlink Group Inc. American Depositary Shares - UCL STOCK NEWS

UCLOUDLINK GROUP INC. (NASDAQ: UCL) announced its Q1 2022 financial results, reporting total revenues of US$15.6 million, down 11.8% year-over-year. Despite this decline, gross profit increased by 5.5% to US$5.8 million. The company recorded a net loss of US$7.9 million, improved from US$15.4 million in Q1 2021. Adjusted EBITDA was negative US$3.9 million, an improvement from US$6.7 million.

Operationally, data consumption rose 15% to 42,049 terabytes, with daily active terminals increasing 33.5% to 273,870.

UCLOUDLINK GROUP INC. (NASDAQ: UCL) announced its upcoming earnings report for Q1 2022, set for May 31, 2022, before market open. The company will hold a conference call at 8:30 a.m. ET to discuss these results. UCLOUDLINK is recognized as a leader in mobile data traffic sharing, utilizing innovative cloud SIM technology to provide competitive pricing and reliable connectivity for its users. Interested parties can access the live call or the archived webcast through their investor relations website.

uCloudlink Group Inc. (NASDAQ: UCL) announced the dismissal of PricewaterhouseCoopers Zhong Tian LLP and the engagement of Audit Alliance LLP as its new independent registered public accounting firm, effective May 23, 2022. This change was approved by the company's audit committee. Audit Alliance LLP will audit the consolidated financial statements for the year ending December 31, 2022. PwC's reports for the last two fiscal years contained no adverse opinions, and there were no disagreements on accounting practices.

UCLOUDLINK GROUP INC. (NASDAQ: UCL) announced its provisional identification by the SEC as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act (HFCAA) as of May 4, 2022. This determination follows the recent filing of its annual report for the fiscal year ending December 31, 2021. The SEC's identification indicates issues with the inspection of the company's audit firm. If unresolved, this could lead to restrictions on trading in the U.S. The company is exploring solutions to comply with both U.S. and Chinese regulations and aims to maintain its Nasdaq listing.

uCloudlink Group Inc. (NASDAQ: UCL) announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC on April 27, 2022. The report is accessible on the company's investor relations website. The Company offers innovative mobile data solutions through its cloud SIM technology, enhancing connectivity for users and businesses. Shareholders can request a hard copy of the report, which includes audited financial statements, free of charge.

UCLOUDLINK GROUP INC. (NASDAQ: UCL) announced its unaudited financial results for Q4 and FY 2021. Q4 total revenues grew 3.2% year-over-year to $17.6 million, while full-year revenues fell 17.6% to $73.8 million. Q4 net loss widened to $15.5 million compared to $12.4 million in Q4 2020, with an adjusted net loss of $5.8 million. PaaS and SaaS revenues surged 88.4% to $10.8 million. Despite a decline in international connectivity services due to COVID-19, the company anticipates revenue growth for 2022, projecting $85.0 million to $100.0 million. A restructuring in China aims to enhance local business operations.

UCLOUDLINK GROUP INC. (NASDAQ: UCL) will report its fourth-quarter and full-year 2021 financial results on March 24, 2022, prior to the market opening. A conference call to discuss these results will take place at 8:30 a.m. ET / 8:30 p.m. Beijing Time on the same day. Investors can participate by dialing in or accessing a live webcast available on the company’s investor relations site.

UCLOUDLINK, a leader in mobile data traffic sharing, continues to innovate within the telecommunications sector, emphasizing its cloud SIM technology.

uCloudlink Group Inc. (NASDAQ: UCL) has announced a private placement of convertible debentures worth US$5 million to YA II PN, Ltd. at a purchase price of 95% of the principal amount. The debentures, bearing a 5% annual interest, mature in one year unless converted. The conversion price is either US$3.50 per American depositary share or 85% of a benchmark price based on current trading. Additionally, uCloudlink will issue 1 million Ordinary Shares as a commitment fee. Proceeds will be used for general corporate purposes.

UCLOUDLINK GROUP INC. (NASDAQ: UCL) reported a 7.4% increase in total revenues to US$19.3 million for Q3 2021, from US$18.0 million in Q3 2020. However, gross profit decreased by 3.0% to US$5.5 million. The net loss was US$7.0 million, an improvement from a net loss of US$9.7 million year-over-year. The average daily active terminals grew by 1.5% to 256,124 in Q3 2021. The company anticipates Q4 2021 revenues between US$17.5 million and US$18.0 million, signaling a potential growth of up to 5.9% year-over-year despite ongoing COVID-19 challenges.