On May 23, GLONGHUI (API.US) announced financial results for the first quarter of 2024. The company's total revenue for the first quarter of 2024 was US$33 million, down 9.4% year on year; net loss was US$9.5 million, net loss was US$16.8 million in the same period of the previous year; non-GAAP net loss was US$4.8 million, net loss of US$9.1 million for the same period last year; adjusted EBITDA was negative US$6.1 million. Net loss per share of American Depositary Shares (“ADS”) attributable to common shareholders was $0.10.
Gross profit for the first quarter of 2024 was US$20.2 million, down 11.5% from US$22.8 million in the same period last year; gross margin was 61.2%, down 1.5 percentage points from 62.7% in the same period last year, mainly due to changes in product structure.
According to the information currently available, the company expects total revenue for the second quarter of 2024 to be between $34 million and $36 million. This outlook reflects the company's current and preliminary views on the market and operating conditions, which are subject to change.
Net cash used in operating activities during the quarter was $6.5 million. As of March 31, 2024, the total amount of cash, cash equivalents, bank deposits and financial products issued by banks was US$380.8 million.