iClick Interactive Asia Group Limited Reports 2024 Half-Year Unaudited Financial Results

HONG KONG, Nov. 27, 2024 /PRNewswire/ -- iClick Interactive Asia Group Limited ("iClick" or the "Company") (Nasdaq: ICLK), a renowned online marketing and enterprise solutions provider in Asia that empowers worldwide brands with full-stack consumer lifecycle solutions, today announced unaudited financial results for the six months ended June 30, 2024.

"I am pleased to report that our continuing operations recorded an improvement in gross margin to 56.9% in the first half of 2024 from 54.6% in the first half of 2023, and we saw the increase in enterprise solutions revenue by 13% year-over-year. The Company will continue to focus on improving the financial performance and cash flows, while exploring strategic opportunities for broader business growth.", said Mr. Jian Tang, Chairman, Chief Executive Officer and Co-Founder of iClick.

"We continue monitoring and evaluating operations and market trends proactively in order to optimize our business and enhance profitability. We have recently completed the disposal of our mainland China Enterprise Solutions business and demand side Marketing Solutions business. The results of these businesses are presented under discontinued operations."

First Half Year of 2024 Results on Continuing Operations:

Revenue for the first half of 2024 was US$14.2 million, compared with US$17.0 million for the first half of 2023. Revenue from Marketing Solutions declined to US$9.3 million for the first half of 2024, compared with US$12.7 million for the first half of 2023. It was resulted from our strategic contraction of lower margin and higher risk businesses, with weaker demand from clients on advertising spending due to uncertainty in the macro-economic environment. Revenue from Enterprise Solutions was US$4.9 million for the first half of 2024, improved from US$4.3 million in the first half of 2023 due to the increasing demand for digital transformation and services.

Gross profit for the first half of 2024 was US$8.1 million, compared with US$9.3 million for the first half of 2023. With the effort of reducing lower margin and higher risk businesses, and a rising revenue contribution from the higher-margin Enterprise Solutions business, gross profit margin increased to 56.9% for the first half of 2024 from 54.6% for the first half of 2023.

Total operating expenses were US$12.4 million for the first half of 2024, decreased from US$14.1 million for the first half of 2023. The change was primarily due to our cost optimization execution, which resulted in reduction of staff cost and savings on promotional expenses. The expected credit losses provision of trade receivables was also reduced because of our close monitoring of cash collection.

Net loss from continuing operations was US$1.3 million for the first half of 2024, significantly improved from the net loss of US$10.3 million for the first half of 2023, mainly due to no impairment of equity investments in the first half of 2024, which we recorded US$5.6 million in the first half of 2023. Operating loss was reduced by US$0.6 million.

Net loss from continuing operations attributable to the Company's shareholders per basic and diluted ADS for the first half of 2024 was US$0.12, compared with a net loss attributable to the Company's shareholders per basic and diluted ADS of US$1.01 for the first half of 2023.

Gross billing¹ from continuing operations was US$23.1 million for the first half of 2024, compared with US$30.0 million for the first half of 2023, mainly as a result of our continued strategy of reducing lower margin and higher risk businesses, as well as clients' reduced advertising spending.

Net loss from discontinued operations was US$5.1 million for the first half of 2024, compared with the net loss of US$18.3 million for the first half of 2023, mainly due to cost optimization, and gain on disposal of discontinued operations amounting to US$2.6 million in the first half of 2024.

As of June 30, 2024, the continuing operations of the Company had cash and cash equivalents, time deposits and restricted cash of US$70.2 million, compared with US$41.3 million as of December 31, 2023.

About iClick Interactive Asia Group Limited

Founded in 2009, iClick Interactive Asia Group Limited (NASDAQ: ICLK) is a renowned online marketing and enterprise solutions provider in Asia. With its leading proprietary technologies, iClick's full suite of data-driven solutions helps brands drive significant business growth and profitability throughout the full consumer lifecycle. For more information, please visit https://ir.i-click.com.

Safe Harbor Statement

This announcement contains forward-looking statements, including those related to the Company's business strategies, operations and financial performance. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks and uncertainties. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

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SOURCE iClick Interactive Asia Group Limited