UTStarcom Holdings Corp Ordinary Shares (Cayman Islands) - UTSI STOCK NEWS

UTStarcom, a global telecommunications infrastructure provider, filed its Annual Report on Form 20-F for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission. The report is accessible online at SEC EDGAR website and UTStarcom's website. Interested parties can request a free hard copy.

UTStarcom appoints Dr. Yong Wang as new independent director, replacing Dr. Jintong Lin who resigned from the Board of Directors, bringing extensive legal and risk management expertise to enhance corporate governance.

UTStarcom (UTSI) reported unaudited financial results for 2023, showing revenue growth and progress in 5G transport network solutions. Despite increased revenue, the company faced operating losses and a decline in cash balance.

UTStarcom reports unaudited financial results for 1H 2023, with a decrease in revenue of 13.3% and a net loss of $2.0 million. Gross profit increased by 38.5% to $1.8 million. The company collected $5.80 million from BSNL, leaving $5.75 million outstanding. The market share in China is being expanded with MII certification and progress in Smart Cities and Digital Construction opportunities. Cash balance is $60.6 million.

UTStarcom (NASDAQ: UTSI) reported unaudited financial results for the full year and second half of 2022, showing a 11.95% revenue decline year-over-year to $14 million. The second half revenues totaled $6.5 million, a 9.72% decrease from $7.2 million in the prior year. Gross profit improved significantly to $1.3 million compared to a loss of $3.3 million in the same period last year. The company continues to collect receivables from India, with $9.8 million outstanding as of year-end. Despite challenges from the pandemic and geopolitical issues, CEO Hua Li emphasized ongoing progress in developing 5G solutions with China Unicom.

UTStarcom (NASDAQ: UTSI) has launched the SyncRing XGM30E PTP Grandmaster, enhancing its SyncRing synchronization equipment line. Designed for mobile networks, this indoor solution delivers TE accuracy of ±40ns, meeting the stringent requirements of 4G and 5G applications. Key features include compliance with IEEE 1588-2008 standards, support for SyncE output/input, and a design accommodating multiple GNSS systems. The new product aims to improve frequency and time synchronization efficiently, integrating seamlessly with existing infrastructure.

UTStarcom (UTSI) reported its financial results for the first half of 2022, showing a 13.8% decline in revenue to $7.5 million, and a 40.9% drop in gross profit to $1.3 million. Operating loss increased to $2.8 million from a profit of $0.9 million, highlighting challenges due to the China-US trade war and COVID-19. Notably, net equipment sales grew 65.0% to $1.4 million, while service sales fell 22.4%. Despite the loss, cash reserves increased by 4.2% to $64.5 million. The company executed a reverse stock split to maintain Nasdaq compliance.

UTStarcom has announced the appointment of three key executives effective September 1, 2022. Mr. Dan Xie is now Chief Financial Officer, previously serving as Vice President of Global Finance. Dr. Lingrong Lu has been named Chief Technology Officer after her tenure as Vice President of R&D. Ms. Ellen Chen steps into the role of Chief Human Resources Officer, having served as Vice President of Global HR and Administration since 2015. These appointments aim to strengthen leadership and drive innovation within the company, which focuses on telecommunications infrastructure.