First Quarter 2024 Financial Highlights
- Revenues were
RMB64.5 million (US$8.9 million ), a decrease of 1% year-over-year. - Cost of revenues was
RMB18.2 million (US$2.5 million ), a decrease of 7% year-over-year. - Gross profit was
RMB46.4 million (US$6.4 million ), an increase of 1% year-over-year. - Total operating expenses were
RMB53.0 million (US$7.3 million ), a decrease of 18% year-over-year. - Net loss was
RMB2.6 million (US$0.4 million ), compared with a net loss ofRMB15.2 million for the same quarter last year. - Net loss attributable to Aurora Mobile Limited’s shareholders was
RMB2.4 million (US$0.3 million ), compared with a net loss attributable to Aurora Mobile Limited’s shareholders ofRMB15.1 million for the same quarter last year. - Adjusted net loss (non-GAAP) was
RMB1.3 million (US$0.2 million ), compared with aRMB11.5 million adjusted net loss for the same quarter last year. - Adjusted EBITDA (non-GAAP) was at positive
RMB0.2 million (US$24 thousand ), compared with a negativeRMB7.5 million for the same quarter last year.
Mr.
- Our Developer Subscription Services revenues grew by 13% year-over-year
- Our Gross Margin is at the highest level since fourth quarter of 2021
- For the first time in history, we have 3 consecutive quarters of positive Adjusted EBITDA
- Quarterly operating expenses was
RMB53 million which is at the lowest level since our IPO inJuly 2018 - Our EngageLab products recorded customer number growth of more than 30% quarter-over-quarter and cumulative contract value grew by more than 60% between the quarters
Developer Services revenues, which consisted of Subscription Services and Value-Added Services, decreased by 2% year-over-year. Within Developer Services, Subscription Services revenues increased by 13% year-over-year, but was offset by the 70% decrease in Value-Added Services. Subscription Services revenues were
Mr.
- We have refocused our strategy and streamlined the number of product offerings. We cut down those products that were not bringing positive contributions to the books and put all our resources to a handful of products which are profitable, in high-demand domestically and overseas and with great potential.
- We have restructured our teams and seriously looked at the headcount. With fewer products to be maintained and to improve the operational efficiency, our headcount has decreased close to 40% from the peak.
- We have also reviewed all the service contracts with external vendors where we managed to lower the fixed operating expenses year-over-year.
- More importantly, we have chosen the “right direction” by going overseas through our EngageLab product.
With this combination of these right steps that we have taken, we are now seeing the positive impacts. Most notable is the 3 consecutive quarters of positive Adjusted EBITDA we have managed to deliver. As we continue to scale our business, I believe more good results will continue.”
First Quarter 2024 Financial Results
Revenues were
Cost of revenues was
Gross profit was
Total operating expenses were
- Research and development expenses were
RMB22.7 million (US$3.1 million ), a decrease of 28% fromRMB31.7 million in the same quarter of last year, mainly due to aRMB5.4 million decrease in personnel costs, aRMB5.1 million decrease in bandwidth cost, and aRMB1.9 million decrease in depreciation expense. The impact is partially offset by aRMB4.7 million increase in cloud cost. - Sales and marketing expenses were
RMB17.4 million (US$2.4 million ), a decrease of 8% fromRMB18.9 million in the same quarter of last year, mainly due to aRMB1.1 million decrease in personnel costs. - General and administrative expenses were
RMB12.9 million (US$1.8 million ), a decrease of 9% fromRMB14.3 million in the same quarter of last year, mainly due to aRMB1.5 million decrease in personnel costs.
Loss from operations was
Net Loss was
Adjusted net loss (non-GAAP) was
Adjusted EBITDA (non-GAAP) was at positive
The cash and cash equivalents and restricted cash were
Update on Share Repurchase
As of
Conference Call
The Company will host an earnings conference call on
All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.
Participant Online Registration: https://register.vevent.com/register/BI6b9a5e81258648acbe3cdaf41598ad70
A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net loss and adjusted EBITDA, as a supplemental measure to review and assess its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
The Company believes that adjusted net loss and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss.
The Company believes that adjusted net loss and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.
The non-GAAP financial measures are not defined under
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest
Reconciliations of the non-GAAP financial measures to the most comparable
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
About
Founded in 2011,
For more information, please visit https://ir.jiguang.cn/.
For investor and media inquiries, please contact:
ir@jiguang.cn
Christensen
In
Ms.
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com
In
Ms.
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
Footnote:
This announcement contains translations of certain RMB amounts into
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data) | ||||||||||||||||
Three months ended | ||||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Revenues | 65,433 | 77,410 | 64,524 | 8,936 | ||||||||||||
Cost of revenues | (19,441 | ) | (24,129 | ) | (18,152 | ) | (2,514 | ) | ||||||||
Gross profit | 45,992 | 53,281 | 46,372 | 6,422 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | (31,681 | ) | (27,085 | ) | (22,681 | ) | (3,141 | ) | ||||||||
Sales and marketing | (18,890 | ) | (22,056 | ) | (17,391 | ) | (2,409 | ) | ||||||||
General and administrative | (14,273 | ) | (12,071 | ) | (12,932 | ) | (1,791 | ) | ||||||||
Total operating expenses | (64,844 | ) | (61,212 | ) | (53,004 | ) | (7,341 | ) | ||||||||
Other operating income(1) | 2,757 | 182 | 1,579 | 219 | ||||||||||||
Loss from operations | (16,095 | ) | (7,749 | ) | (5,053 | ) | (700 | ) | ||||||||
Foreign exchange gain/(loss), net | 25 | 49 | (23 | ) | (3 | ) | ||||||||||
Interest income | 330 | 247 | 2,187 | 303 | ||||||||||||
Interest expenses | (223 | ) | (158 | ) | (6 | ) | (1 | ) | ||||||||
Share of loss from equity method investment | - | (450 | ) | - | - | |||||||||||
Other income/ (expenses) | 559 | (10,025 | ) | 15 | 2 | |||||||||||
Change in fair value of structured deposits | 13 | 6 | 23 | 3 | ||||||||||||
Loss before income taxes | (15,391 | ) | (18,080 | ) | (2,857 | ) | (396 | ) | ||||||||
Income tax benefits | 150 | 1,380 | 244 | 34 | ||||||||||||
Net loss | (15,241 | ) | (16,700 | ) | (2,613 | ) | (362 | ) | ||||||||
Less: net (loss)/income attributable to noncontrolling interests and redeemable noncontrolling interests | (175 | ) | 545 | (214 | ) | (30 | ) | |||||||||
Net loss attributable to Aurora Mobile Limited’s shareholders | (15,066 | ) | (17,245 | ) | (2,399 | ) | (332 | ) | ||||||||
Net loss per share, for Class A and Class B common shares: | ||||||||||||||||
Class A and B Common Shares - basic and diluted | (0.19 | ) | (0.22 | ) | (0.03 | ) | (0.00 | ) | ||||||||
Shares used in net loss per share computation: | ||||||||||||||||
Class A Common Shares - basic and diluted | 62,766,001 | 62,318,904 | 62,687,345 | 62,687,345 | ||||||||||||
Class B Common Shares - basic and diluted | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | ||||||||||||
Other comprehensive (loss)/income | ||||||||||||||||
Foreign currency translation adjustments | (804 | ) | (721 | ) | 78 | 11 | ||||||||||
Total other comprehensive (loss)/income, net of tax | (804 | ) | (721 | ) | 78 | 11 | ||||||||||
Total comprehensive loss | (16,045 | ) | (17,421 | ) | (2,535 | ) | (351 | ) | ||||||||
Less: comprehensive (loss)/income attributable to noncontrolling interests and redeemable noncontrolling interests | (175 | ) | 545 | (214 | ) | (30 | ) | |||||||||
Comprehensive loss attributable to Aurora Mobile Limited’s shareholders | (15,870 | ) | (17,966 | ) | (2,321 | ) | (321 | ) | ||||||||
(1) Beginning on |
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||||||||
As of | ||||||||||||
RMB | RMB | US$ | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | 114,521 | 98,095 | 13,586 | |||||||||
Restricted cash | 486 | 1,187 | 164 | |||||||||
Accounts receivable | 34,344 | 32,995 | 4,570 | |||||||||
Prepayments and other current assets | 20,225 | 23,234 | 3,218 | |||||||||
Total current assets | 169,576 | 155,511 | 21,538 | |||||||||
Non-current assets: | ||||||||||||
Long-term investments | 112,912 | 112,981 | 15,648 | |||||||||
Property and equipment, net | 1,433 | 1,365 | 189 | |||||||||
Operating lease right-of-use assets | 4,081 | 3,317 | 459 | |||||||||
Intangible assets, net | 17,941 | 16,916 | 2,343 | |||||||||
37,785 | 37,785 | 5,233 | ||||||||||
Deferred tax assets | 1,072 | 1,050 | 145 | |||||||||
Other non-current assets | 5,387 | 5,401 | 748 | |||||||||
Total non-current assets | 180,611 | 178,815 | 24,765 | |||||||||
Total assets | 350,187 | 334,326 | 46,303 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Short-term loan | - | 3,000 | 415 | |||||||||
Accounts payable | 21,073 | 22,146 | 3,067 | |||||||||
Deferred revenue and customer deposits | 141,518 | 135,240 | 18,731 | |||||||||
Operating lease liabilities | 4,007 | 3,144 | 435 | |||||||||
Accrued liabilities and other current liabilities | 74,682 | 63,922 | 8,853 | |||||||||
Total current liabilities | 241,280 | 227,452 | 31,501 | |||||||||
Non-current liabilities: | ||||||||||||
Operating lease liabilities | 629 | 528 | 73 | |||||||||
Deferred tax liabilities | 3,994 | 3,727 | 516 | |||||||||
Other non-current liabilities | 563 | 567 | 79 | |||||||||
Total non-current liabilities | 5,186 | 4,822 | 668 | |||||||||
Total liabilities | 246,466 | 232,274 | 32,169 | |||||||||
Shareholders’ equity: | ||||||||||||
Common shares | 50 | 50 | 7 | |||||||||
(2,453 | ) | (974 | ) | (135 | ) | |||||||
Additional paid-in capital | 1,045,397 | 1,044,784 | 144,701 | |||||||||
Accumulated deficit | (988,669 | ) | (991,068 | ) | (137,261 | ) | ||||||
Accumulated other comprehensive income | 19,223 | 19,301 | 2,673 | |||||||||
Total Aurora Mobile Limited’s shareholders’ equity | 73,548 | 72,093 | 9,985 | |||||||||
Noncontrolling interests | 30,173 | 29,959 | 4,149 | |||||||||
Total shareholders’ equity | 103,721 | 102,052 | 14,134 | |||||||||
Total liabilities and shareholders’ equity | 350,187 | 334,326 | 46,303 | |||||||||
RECONCILIATION OF GAAP AND NON-GAAP RESULTS | ||||||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||||||||||||
Three months ended | ||||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Reconciliation of Net Loss to Adjusted Net Loss: | ||||||||||||||||
Net loss | (15,241 | ) | (16,700 | ) | (2,613 | ) | (362 | ) | ||||||||
Add: | ||||||||||||||||
Share-based compensation | 3,038 | 1,520 | 1,268 | 176 | ||||||||||||
Reduction in force charges | 688 | 3,480 | - | - | ||||||||||||
Share of loss from equity method investment | - | 450 | - | - | ||||||||||||
Impairment of long-term investments | - | 10,655 | - | - | ||||||||||||
Adjusted net loss | (11,515 | ) | (595 | ) | (1,345 | ) | (186 | ) | ||||||||
Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
Net loss | (15,241 | ) | (16,700 | ) | (2,613 | ) | (362 | ) | ||||||||
Add: | ||||||||||||||||
Income tax benefits | (150 | ) | (1,380 | ) | (244 | ) | (34 | ) | ||||||||
Interest expenses | 223 | 158 | 6 | 1 | ||||||||||||
Depreciation of property and equipment | 2,186 | 448 | 380 | 53 | ||||||||||||
Amortization of intangible assets | 1,606 | 1,509 | 1,369 | 190 | ||||||||||||
Amortization of land use right | 183 | - | - | - | ||||||||||||
EBITDA | (11,193 | ) | (15,965 | ) | (1,102 | ) | (152 | ) | ||||||||
Add: | ||||||||||||||||
Share-based compensation | 3,038 | 1,520 | 1,268 | 176 | ||||||||||||
Reduction in force charges | 688 | 3,480 | - | - | ||||||||||||
Share of loss from equity method investment | - | 450 | - | - | ||||||||||||
Impairment of long-term investments | - | 10,655 | - | - | ||||||||||||
Adjusted EBITDA | (7,467 | ) | 140 | 166 | 24 | |||||||||||
UNAUDITED SAAS BUSINESSES REVENUE | ||||||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||||||||||||
Three months ended | ||||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Developer Services | 45,465 | 55,581 | 44,749 | 6,198 | ||||||||||||
Subscription | 37,508 | 48,830 | 42,351 | 5,866 | ||||||||||||
Value-Added Services | 7,957 | 6,751 | 2,398 | 332 | ||||||||||||
Vertical Applications | 19,968 | 21,829 | 19,775 | 2,738 | ||||||||||||
Total Revenue | 65,433 | 77,410 | 64,524 | 8,936 | ||||||||||||
Gross Profits | 45,992 | 53,281 | 46,372 | 6,422 | ||||||||||||
Gross Margin | 70.3 | % | 68.8 | % | 71.9 | % | 71.9 | % | ||||||||
![](https://ml.globenewswire.com/media/Y2MzMjc2MWYtNWM2ZS00NmYzLWI1OTktNTUyYzA4MjBiODcyLTExMzQxNjM=/tiny/Aurora-Mobile-Limited.png)
2024 GlobeNewswire, Inc., source