Technology

GigaMedia Announces Fourth-Quarter and Full Year 2024 Financial Results

Published

1 year ago

March 28, 2025

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)

Net Loss Attributable to GigaMedia

(2,315)

(3,399)

Net Loss Per Share Attributable to GigaMedia, Diluted

(0.21)

(0.31)

EBITDA (A)

(4,219)

(5,155)

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)

(531)

(645)

Net Loss Attributable to GigaMedia

(481)

(320)

(481)

(2,018)

Net Loss Per Share Attributable to GigaMedia, Diluted

(0.04)

(0.03)

(0.04)

(0.18)

EBITDA (A)

(937)

(810)

(937)

(2,522)

Cash, Cash Equivalents and Restricted Cash

35,094

35,328

-0.7

35,094

38,783

-9.5

NM= Not Meaningful

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

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

—

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)

—

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

(186)

(6)

(2,229)

(179)

(2,110)

Other – net

—

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

Diluted

11,052

GIGAMEDIA LIMITED

CONSOLIDATED BALANCE SHEETS

(in thousands of US dollars)

2024/12/31

2024/9/30

2023/12/31

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

123

Restricted cash

313

Other receivables

392

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

Prepaid licensing and royalty fees

147

179

Other assets

1,229

1,244

1,365

Total assets

42,772

44,514

46,497

Liabilities and equity

Accounts payable

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

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

Reconciliation of Net Income (Loss) to EBITDA

Net loss attributable to GigaMedia

(481)

(320)

(2,018)

(2,315)

(3,399)

Depreciation

Amortization

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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SOURCE GigaMedia

Technology

MATSON ANNOUNCES ADDITION OF 3 MILLION SHARES TO EXISTING SHARE REPURCHASE PROGRAM AND QUARTERLY DIVIDEND OF $0.36 PER SHARE

Published

16 minutes ago

April 23, 2026

HONOLULU, April 23, 2026 /PRNewswire/ — The Board of Directors of Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, approved adding three million shares to its existing share repurchase program and extending the program to December 31, 2029. As of April 23, 2026, the existing share repurchase program had approximately 0.7 million shares remaining. The Board also declared a second quarter dividend of $0.36 per common share. The dividend will be paid on June 4, 2026 to all shareholders of record as of the close of business on May 7, 2026.

“We are pleased to announce an additional three million shares to our existing share repurchase program,” said Matt Cox, Matson’s Chairman and Chief Executive Officer. “Since we commenced our share repurchase program in August 2021, we have repurchased approximately 14.3 million shares, or approximately 33% of the then outstanding shares, for a total cost of $1.3 billion. Going forward, we will continue to be both disciplined and opportunistic in our capital allocation, and we remain committed to returning excess cash to shareholders to create additional shareholder value over the long-term.”

Shares will be repurchased in the open market from time to time at the Company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its common shares and general market conditions. The Company may enter into Rule 10b5-1 plans to facilitate purchases under the program. The repurchase program may be suspended or discontinued at any time.

About the Company

Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company’s fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson’s transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.

Forward Looking Statements

Statements in this news release that are not historical facts are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to, statements about capital allocation plans, the timing, manner and volume of repurchases of common shares pursuant to the repurchase program, and use of excess cash. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.

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SOURCE Matson, Inc.

Technology

Accord Specialty Pharmacy Named Finalist in MMIT’s 11th Annual Retail Specialty Pharmacy Patient Choice Awards

Published

1 hour ago

April 23, 2026

ORLANDO, Fla., April 23, 2026 /PRNewswire/ — Accord Specialty Pharmacy, an independent specialty pharmacy serving patients across multiple states, has been named a finalist in the MMIT Patient Choice Awards, a recognition based on patient-reported satisfaction and experience.

Accord was selected as the only independent pharmacy among finalists in its category, alongside national pharmacy organizations such as Walgreens Specialty Pharmacy and Walmart Specialty Pharmacy. This distinction highlights the company’s commitment to delivering personalized, high-touch care for patients managing complex and chronic conditions.

The MMIT Patient Choice Awards recognize specialty pharmacies that demonstrate excellence in patient satisfaction, service quality, and overall care experience. Finalists are determined based on direct patient feedback, making the recognition a meaningful reflection of the trust patients place in their pharmacy providers.

“Being recognized alongside national organizations and as the only independent finalist validates our belief that personalized, patient-centered care drives better outcomes. We are building a model that combines clinical depth, national reach, and operational flexibility to better serve patients, providers, and partners.” said AJ Patel, Founder and Pharmacy Manager of Accord Specialty Pharmacy.

Accord Specialty Pharmacy supports patients across complex specialty categories, including oncology, rare disease, and infusion, through a clinically driven, high-touch care model designed to improve access, adherence, and outcomes. The company’s approach emphasizes personalized support, responsive care coordination, and strong clinical engagement to help patients navigate complex therapies more effectively. With a growing national footprint and multi-state licensure, Accord is positioned to support patients, providers, and partners across diverse markets.

For more information, visit MMIT Announces Finalists of the 11th Specialty Pharmacy Patient Choice Awards – MMITNetwork.

About Accord Specialty Pharmacy:

Accord Specialty Pharmacy is an ACHC-accredited, multi-state licensed independent specialty pharmacy located in Central Florida, dedicated to delivering high-quality, patient-centered care for individuals managing complex and chronic conditions. Through personalized support, clinical expertise, and a high-touch approach, Accord helps patients navigate every step of their treatment journey. Learn more at www.accordspecialty.com.

CONTACT: contact@accordspecialty.com

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SOURCE Accord Specialty

Technology

HAIVISION ANNOUNCES VOTING RESULTS FROM 2026 ANNUAL MEETING OF SHAREHOLDERS

Published

1 hour ago

April 23, 2026

MONTRÉAL, April 23, 2026 /CNW/ – Haivision Systems Inc. (“Haivision” or the “Company”) (TSX: HAI) is pleased to announce the voting results from its annual meeting of shareholders held today in a virtual format.

A total of approximately 45.97 % of the issued and outstanding common shares of Haivision were represented at the meeting.

Election of Directors

Each of the six nominated directors of Haivision was elected as director of the Company with the following results:

Director

Votes
For

% Votes
For

Votes
Against

% Votes
Against

Miroslav Wicha

11,110,245

99.26 %

82,583

0.74 %

Harvey Bienenstock

11,155,137

99.66 %

37,691

0.34 %

Robin M. Rush

11,121,855

99.37 %

70,973

0.63 %

Neil Hindle

10,794,005

96.44 %

398,823

3.56 %

Julie Tremblay

10,941,969

97.76 %

250,859

2.24 %

Lee K. Levy II

9,084,418

81.16 %

2,108,410

18.84 %

2. Appointment of Auditors

Deloitte LLP were reappointed auditors of the Company for the ensuing year with 12,492,582 (98.84%) votes cast in favour and 146,406 (1.16%) votes withheld.

3. Approval of the Unallocated Awards under the Company’s Equity Incentive Plan

The Company’s unallocated awards were approved with 8,710,347 (77.82%) votes cast in favour and 2,482,481 (22.18%) votes cast against.

4. Reapproval of Company’s Shareholder Rights Plan

The Company’s shareholder rights plan was approved with 10,572,490 (94.46%) votes cast in favour and 620,338 (5.54%) votes cast against.

Final voting results on all matters voted on at the meeting will be filed under Haivision’s profile on SEDAR+ at www.sedarplus.ca.

About Haivision

Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com.

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SOURCE Haivision Systems Inc.