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GigaMedia Announces Fourth-Quarter and Full Year 2024 Financial Results

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TAIPEI, March 28, 2025 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its unaudited financial results for the fourth quarter and full year of 2024.

Highlights

For 2024, GigaMedia reported revenues of $3.0 million, with a gross profit of $1.5 million, an operating loss of $3.7 million and the net loss of $2.3 million.

The revenues decreased by 30.8% in 2024, mainly as our licensed games experienced slowdown. Meanwhile, we have re-constructed player’s ecosystem in our legacy casual games to maintain steady revenue streams and a healthier margin in them. In 2024, we continued rightsizing our workforce and consolidating resources to mitigate the impact of declined revenues. As a result, the operating loss were mildly increased, whereas the net loss was reduced to $2.3 million, compared to a net loss of $3.4 million in 2023.

On the balance sheet side, we maintained a solid financial position with a small cash burn rate in 2024, and our cash, cash equivalents and restricted cash amounted to $35.1 million at the end of 2024.

In 2024, we have been establishing AI-competence in our product developing settings. We believe achieving sophistication in AI is very crucial in boosting our productivity and accelerate the growth of our business.

Fourth Quarter and Full Year Overview

Consolidated 4Q revenues decreased slightly by 1.8% quarter-on-quarter , and by 13.2% year-over-year due to certain licensed games declined. Full year revenues decreased by 30.8% to $3.0 million from $4.3 million in 2023.

Loss from operations for 4Q was $0.5 million, representing a loss reduction from $1.0 million in the third quarter in 2024, as we managed to reduce the operating costs and expenses. Full year operating loss was $3.7 million, increased from $3.2 million in 2023.

The net asset value was approximately $3.69 per share as of the end of 2024.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games.

Unaudited consolidated results of GigaMedia are summarized in the table below.

For the Full Year 2024

GIGAMEDIA FY24 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, all figures in US$ thousands, except per share amounts)

FY24

FY23

Change
(%)

Revenues

2,969

4,292

-30.8

%

Gross Profit

1,475

2,446

-39.7

%

Loss from Operations

(3,701)

(3,155)

NM

Net Loss Attributable to GigaMedia

(2,315)

(3,399)

NM

Net Loss Per Share Attributable to GigaMedia, Diluted

(0.21)

(0.31)

NM

EBITDA (A)

(4,219)

(5,155)

NM

Cash, Cash Equivalents and Restricted Cash

35,094

38,783

-9.5

%

NM= Not Meaningful

(A)       EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.) 

Consolidated revenues for the year ended December 31, 2024 was $3.0 million, decreased from $4.3 million in the prior year. The decrease was mainly as revenues from certain licensed games declined.

Consolidated loss from operations for 2024 was $3.7 million, compared to a loss of $3.2 million in the last year. The increase of loss was mainly due to the decline of revenues.

Consolidated net loss for 2024 was $2.3 million, decreased from $3.4 million in the prior year. Loss per share for 2024 was $0.21 per share, compared to $0.31 last year.

Cash, cash equivalents and restricted cash at the year end of 2024 amounted to $35.1 million.

For the Fourth Quarter

GIGAMEDIA 4Q24 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, all figures in US$ thousands, except per share amounts)

4Q24

3Q24

Change
(%)

4Q24

4Q23

Change
(%)

Revenues

755

769

-1.8

%

755

870

-13.2

%

Gross Profit

398

372

7.0

%

398

504

-21.0

%

Loss from Operations

(531)

(1,008)

NM

(531)

(645)

NM

Net Loss Attributable to GigaMedia

(481)

(320)

NM

(481)

(2,018)

NM

Net Loss Per Share Attributable to GigaMedia, Diluted

(0.04)

(0.03)

NM

(0.04)

(0.18)

NM

EBITDA (A)

(937)

(810)

NM

(937)

(2,522)

NM

Cash, Cash Equivalents and Restricted Cash

35,094

35,328

-0.7

%

35,094

38,783

-9.5

%

NM= Not Meaningful

(A)       EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.) 

Fourth-Quarter Financial Results

Consolidated revenues for the fourth quarter of 2024 decreased slightly by 1.8% quarter-on-quarter, and decreased by 13.2% year-over-year mainly as revenues from licensed games declined.

Consolidated loss from operations of the fourth quarter of 2024 was $0.5 million, compare to a loss of $1.0 million in the last quarter.

Consolidated net loss of the fourth quarter of 2024 was $0.5 million, increased from a net loss of $0.3 million in the last quarter, mainly due to a valuation loss of $0.2 million in investments.

Cash, cash equivalents and restricted cash at the end of the fourth quarter of 2024 amounted to $35.1 million, slightly decreased from the prior quarter.

Financial Position

GigaMedia maintained its solid financial position. Cash, cash equivalents and restricted cash amounted to $35.1 million, or approximately $3.175 per share, along with zero bank loan. Our shareholders’ equity was approximately $40.8 million of as of December 31, 2024.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of March 28, 2025. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2023 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In 2025, we will be devoted in developing AI-based creation applet for producing well-featured personal social media materials. Besides in-house application, we will also explore potentials for the related tools to become a commercialized solution of platform for publishing AI-assisted creation of products.

Meanwhile, our business strategies always include expanding through mergers and acquisitions. “We will actively pursue suitable strategic opportunities that would enable us to accelerate our growth and enhance shareholders’ value,” stated CEO James Huang.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with U.S. GAAP, the Company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the Company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Unaudited results

All quarterly and certain annual results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the fourth quarter and full year 2024 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia’s digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.tw.  

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional digital entertainment products or services that are appealing to users, our ability to retain existing users and attract new users, and our ability to launch digital entertainment products and services in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April  2024 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

 

GIGAMEDIA LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands of US dollars, except for earnings per share amounts)

Three months ended

Twelve months ended

2024/12/31

2024/9/30

2023/12/31

2024/12/31

2023/12/31

unaudited

unaudited

unaudited

unaudited

audited

Operating revenues

Digital entertainment service revenues

755

769

870

2,969

4,292

755

769

870

2,969

4,292

Operating costs

Cost of Digital entertainment service revenues

357

397

366

1,494

1,846

357

397

366

1,494

1,846

Gross profit

398

372

504

1,475

2,446

Operating expenses

Product development and engineering expenses

164

170

179

694

729

Selling and marketing expenses

351

375

344

1,451

1,623

General and administrative expenses and others

414

835

626

3,030

3,242

Other

1

7

929

1,380

1,149

5,176

5,601

Loss from operations

(531)

(1,008)

(645)

(3,701)

(3,155)

Non-operating income (expense)

Interest income

471

504

518

1,963

1,811

Foreign exchange gain (loss) – net

(246)

182

339

(427)

(34)

Gain on disposal of investments

(1)

76

Changes in the fair value of investment in
equity securities recognized at fair value

(186)

(6)

(2,229)

(179)

(2,110)

Other – net

11

8

29

13

50

688

(1,373)

1,386

(244)

Loss before income taxes

(481)

(320)

(2,018)

(2,315)

(3,399)

Income tax expense

Net loss attributable to shareholders of GigaMedia

(481)

(320)

(2,018)

(2,315)

(3,399)

Loss per share attributable to GigaMedia

Basic:

(0.04)

(0.03)

(0.18)

(0.21)

(0.31)

Diluted:

(0.04)

(0.03)

(0.18)

(0.21)

(0.31)

Weighted average shares outstanding:

Basic

11,052

11,052

11,052

11,052

11,052

Diluted

11,052

11,052

11,052

11,052

11,052

 

GIGAMEDIA LIMITED

 CONSOLIDATED BALANCE SHEETS

(in thousands of US dollars)

2024/12/31

2024/9/30

2023/12/31

unaudited

unaudited

audited

Assets

Current assets

Cash and cash equivalents

34,781

35,015

38,470

Marketable securities – current     

Accounts receivable – net

141

157

227

Prepaid expenses

69

123

54

Restricted cash

313

313

313

Other receivables

2

392

2

Other current assets

127

144

141

Total current assets

35,433

36,144

39,207

Marketable securities – noncurrent                                                  

5,855

6,840

5,777

Property, plant & equipment – net

101

102

111

Intangible assets – net

7

5

13

Prepaid licensing and royalty fees

147

179

24

Other assets

1,229

1,244

1,365

Total assets

42,772

44,514

46,497

Liabilities and equity

Accounts payable

38

27

44

Accrued compensation

174

350

396

Accrued expenses

571

912

786

Unearned revenue

578

608

573

Other current liabilities

570

691

665

Total current liabilities

1,931

2,588

2,464

Other liabilities

84

154

495

Total liabilities

2,015

2,742

2,959

Total equity

40,757

41,772

43,538

Total liabilities and equity

42,772

44,514

46,497

 

GIGAMEDIA LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS

(in thousands of US dollars)

Three months ended

Twelve months ended

2024/12/31

2024/9/30

2023/12/31

2024/12/31

2023/12/31

unaudited

unaudited

unaudited

unaudited

unaudited

Reconciliation of Net Income (Loss) to EBITDA

Net loss attributable to GigaMedia

(481)

(320)

(2,018)

(2,315)

(3,399)

Depreciation

13

12

11

49

43

Amortization

2

2

3

10

12

Interest income

(471)

(504)

(518)

(1,963)

(1,811)

Interest expense

Income tax expense

EBITDA

(937)

(810)

(2,522)

(4,219)

(5,155)

 

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Hisense Celebrates Earth Day: The Quiet Green Shift Happening Inside Households Through Smarter Appliances

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DUBAI, UAE, April 22, 2026 /PRNewswire/ — There’s something futuristic about a refrigerator that thinks for itself. Not in a science-fiction, take-over-the-world kind of way, but in the everyday miracle of a 620-litre side-by-side unit deciding, on its own, that 3am is the perfect time to run its compressor at minimal power because nobody’s opening the door anyway.

This is the green revolution that nobody talks about at climate summits. While world leaders debate carbon credits and industrial emissions, a quieter transformation is unfolding in kitchens, utility rooms, and living spaces across the UAE and beyond. It happens every time a washing machine calculates the precise amount of water needed for that half-load of towels, or when an air conditioner’s inverter technology throttles down instead of cycling on and off like an energy-guzzling metronome.

Earth Day, falling on 22 April this year, typically conjures images of tree-planting ceremonies and beach clean-ups. Worthy endeavours, certainly. But the environmental impact of what sits in your home, running twenty-four hours a day, seven days a week, fifty-two weeks a year, rarely gets the attention it deserves.

On average, washing machines use 19 gallons of water per load, and the average household runs between 5 and 6 loads per week. Based on those figures, most washers use up to 5,605 gallons of water annually . Swap that for a modern front-load unit with AI wash programs, like Hisense’s models, and that figure can drop by up to 50 percent. Multiply this across the roughly 500,000 households in Dubai alone, and we’re suddenly talking about water savings that would make a desalination plant executive weep with joy.

The same logic applies to electricity consumption, a particularly pressing concern in a region where summer temperatures regularly exceed 45°C and air conditioning is a necessity. The difference between a conventional split AC unit and one equipped with inverter technology isn’t marginal, it’s substantial enough to show up on utility bills within the first month of operation.

Intelligence as an Environmental Strategy

What makes the current generation of home appliances genuinely different isn’t just improved efficiency ratings or eco-labelling. It’s the integration of AI into the very fabric of how these machines operate.

Hisense, a brand that has positioned itself at this intersection of technology and sustainability, describes its approach as a “dual-track strategy of intelligence plus green development.” Its ConnectLife ecosystem, available on select refrigerators, washing machines, dishwashers, and air conditioners, monitors energy consumption in real-time, learns household patterns, and makes AI-driven recommendations that, over time, compound into meaningful resource savings.

A Hisense 14-place setting dishwasher with auto-wash technology, for instance, doesn’t simply run the same cycle regardless of load. It assesses soil levels and adjusts water temperature and duration accordingly. A half-load mode means running appliances at appropriate capacity rather than wasting resources on unnecessary full cycles.

Multi-airflow cooling systems that reduce temperature fluctuation and preserve food longer. No-frost technology that eliminates the energy waste of ice buildup. Inverter compressors that modulate power consumption rather than running at full throttle constantly. These technologies have existed in various forms for years. What’s changed is their integration into accessible price points and mainstream product lines, making efficient living achievable for households beyond the ultra-premium market.

The Gulf region presents a fascinating case study for domestic sustainability. Per capita energy consumption ranks among the highest globally, driven by climate control requirements, water desalination dependencies, and historically subsidised utility costs. Yet the UAE has simultaneously positioned itself as a regional leader in renewable energy investment and sustainability commitments.

This creates a unique environment where smart appliance adoption carries amplified significance. A 1.5-ton inverter split AC running across a typical Abu Dhabi summer doesn’t just save its owner money, it reduces the load on an electrical grid increasingly powered by solar and nuclear generation. The connection between individual choices and collective outcomes becomes tangible in ways that might seem abstract in milder climates.

The rise of connected appliances adds another dimension. Remote diagnostics can extend product lifespans by identifying minor issues before they become terminal failures. Software updates can improve efficiency algorithms years after purchase. Energy monitoring creates accountability loops that encourage conscious consumption patterns.

Steam wash functions on modern washing machines reduce the need for hot-water cycles while improving allergen removal. Anti-bacterial filters in air conditioning units address both health and environmental concerns simultaneously. These convergences suggest that the old tension between convenience and conscience may be resolving itself through engineering rather than requiring consumers to choose sides.

The Household as Climate Actor

There’s something democratic about domestic sustainability. Industrial emissions reductions require policy negotiations, capital investments, and coordination across complex stakeholder ecosystems. Choosing a more efficient refrigerator requires a trip to the appliance store and perhaps a slightly higher upfront cost that will recoup itself over the product’s operational lifetime.

This isn’t to diminish the necessity of systemic change, individual action cannot substitute for structural transformation. But the two approaches complement rather than compete. Households equipped with intelligent appliances consume fewer resources, place less strain on infrastructure, and model consumption patterns that cascade through communities.

The quiet green shift happening inside households won’t make headlines the way renewable energy megaprojects or electric vehicle adoption rates do. But every time that dishwasher calculates optimal water usage, every time that inverter compressor modulates instead of cycles, every time that smart refrigerator adjusts its cooling schedule based on door-opening patterns, something meaningful happens. Millions of these moments, aggregated across millions of households, compound into impact that rivals any single infrastructure project.

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Dreame Nebula NEXT Auto expands academic collaboration to accelerate AI-driven automotive innovation

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UC Berkeley engagement underscores long-term investment in autonomous systems, engineering depth and intelligent vehicle development

BERKELEY, Calif., April 22, 2026 /PRNewswire/ — Dreame Nebula NEXT Auto has deepened its engagement with leading academic institutions, including the University of California, Berkeley, as it accelerates development of AI-defined vehicles and next-generation autonomous systems. The collaboration signals a long-term commitment to advancing core technologies that will shape the future of intelligent automotive motion.

The engagement brought Nebula NEXT engineers and leadership together with Berkeley researchers specialising in autonomous control systems, AI and intelligent transportation. The sessions focused on translating advanced research into real-world vehicle systems, with particular emphasis on safety, control and full-stack AI integration.

Jake Ma, Executive of Dreame Nebula NEXT Auto, said: “We aren’t building a car. We are building a new brain for the physical world. To us, the car is the only physical mothership capable of carrying the extreme compute required by large AI models today.”

The visit forms part of a broader strategy to anchor Nebula NEXT’s development in deep technical collaboration. By working closely with academic experts, the company is strengthening its approach to autonomous driving, vehicle intelligence and system-level engineering.

Nebula NEXT builds on Dreame Technology’s foundation in precision engineering and AI-driven innovation. This heritage underpins a shift from software-defined vehicles to AI-defined vehicles, where intelligence is embedded across the entire system, from perception and decision-making to chassis and powertrain control.

The company’s technical direction centres on integrating AI into the core dynamics of how vehicles operate. This includes continuous learning systems, multi-agent architectures and high-performance computing platforms designed to support real-time decision-making in complex driving environments.

Nebula NEXT first drew global attention at CES 2026 with the debut of the Nebula NEXT 01, a four-door electric hyper-sedan concept. The vehicle delivers 1.8-second acceleration from 0 to 100 km/h, more than 2,000 horsepower and a lightweight structure built from proprietary Blue Carbon Fiber.

Momentum continued with a high-profile appearance during the Super Bowl LVIII broadcast, extending the brand’s reach across North America and reinforcing its position as an emerging force in automotive technology.

Alongside performance, the company continues to prioritise foundational innovation. Its architecture combines AI-native operating systems, zonal electrical design and high-density computing platforms to enable scalable, intelligent vehicle systems.

Nebula NEXT is now entering a phase focused on system execution, engineering depth and scalable technology development. The company will present further advances at an upcoming Silicon Valley event on 27 April 2026, where it will unveil new products and core technologies.

By combining global market momentum, academic collaboration and a focus on engineering fundamentals, Dreame Nebula NEXT is positioning itself at the centre of the transition to AI-defined mobility.

Media contact:
Li Tong, Dreame Nebula Next Auto PR head, litong2@dreame.tech
Website: https://www.dreametech.com

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Sucden Financial Enables Client Trading in Shanghai Nickel Futures

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LONDON, April 22, 2026 /PRNewswire/ — Sucden Financial, the multi-asset execution, clearing and liquidity provider, announces that clients can now trade nickel futures and options on the Shanghai Futures Exchange (SHFE), following today’s opening of the contract to international participants.

Sucden Financial offers access to SHFE through its Overseas Intermediary status and established Chinese banking relationships. Clients can manage exposure across SHFE, the London Metal Exchange (LME) and more than 20 other global commodities markets through a single account.

In addition to SHFE nickel contracts, Sucden Financial’s clients can access the following Chinese exchanges: the Shanghai International Energy Exchange, the Dalian Commodity Exchange and the Zhengzhou Commodity Exchange.

Lucy Wainman, Head of Sales (China) at Sucden Financial, said:

“We are pleased to offer clients the opportunity to trade Shanghai nickel futures and options contracts, further broadening our access to Chinese markets. This milestone reflects the hard work of our team and the long-standing relationships we have built in China. We would like to thank SHFE and Chinese regulators for their support and constructive engagement.”

Marc Bailey, CEO of Sucden Financial, said:

“Expanding our global exchange coverage to include access to onshore mainland Chinese markets supports our organic growth strategy. By adding access to SHFE, we provide clients with an extended global reach through a single account. Continued investment in technology underpins our long-term commitment to our clients, enabling them to respond quickly to changing market dynamics and capture emerging opportunities.”

About Sucden Financial

With a history and heritage in commodity futures and options trading, Sucden Financial has evolved and diversified to become a leading global multi-asset execution, clearing and liquidity provider across FX, fixed income, and commodities.

Sucden Financial has a proven track record of over 50 years in financial markets. Since its foundation in 1973, it has been supported by its parent, Sucden, one of the world’s leading soft commodity trading groups, while remaining fully independent in its day-to-day trading operations.

Sucden Financial Limited is authorised and regulated by the Financial Conduct Authority.

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