uCloudlink Group Inc. (UCL) shares plummeted 5.36% in after-hours on Friday, December 03, 2021, and closed the daily trading at $2.65. however, in the regular trading session on Friday, UCL’s stock gained 16.67%. UCL shares have fallen 76.82% over the last 12 months, and they have moved down 0.36% in the past week. Over the past three months, the stock has lost 61.96%, while over the past six months, it has plunged 75.23%.
Let’s have a brief look at its recent news and developments.
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UCL latest financial results
On November 30, 2021, UCLOUDLINK GROUP INC. (UCL), announced its unaudited financial results for the three months ended September 30, 2021.
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Q3 2021 financial highlights
- UCL reported total revenue of $19.3 million in Q3 2021 compared to $18.0 million in the third quarter of 2020.
- The total cost of revenues was $13.8 million compared to $12.4 million in the same period of 2020.
- Gross profit was $5.5 million in Q3 2021 compared to $5.6 million in the third quarter of 2020.
- Total operating expenses were $12.7 million, compared to $19.7 million in the same period of 2020.
- It suffered a net loss of $7.0 million in the third quarter of 2021, compared with a net loss of $9.7 million in the third quarter of 2020.
- Non-GAAP Adjusted EBITDA was negative $5.4 million, compared with negative $5.0 million in the third quarter of 2020.
Q4 2021 financial outlook
For the fourth quarter of 2021, UCLOUDLINK expects total revenues in the range of $17.5 million to $18.0 million.
UCL agreement with JUAN
On November 1, 2021, UCLOUDLINK GROUP INC. (UCL), signed a new cooperation agreement with Guangzhou Juan Intelligent Tech Joint Stock Co., Ltd (JUAN). According to the agreement, uCloudlink and JUAN will work together to develop data connection services solutions for relevant technologies.
UCL’s GlocalMe new product Mini Turbo
On October 21, 2021, GlocalMe®, which is a product and service brand of UCLOUDLINK GROUP INC. (UCL), introduced Mini Turbo, a compact, lightweight portable 4G Wi-Fi hotspot equipped with HyperConn™ Lite, a Qualcomm chipset and a 2.4-inch touch display that offers visualized information of device status and makes it easier for users to navigate all the impressive features that Mini Turbo has to offer.
Mini turbo has a powerful battery of 3000mAh but it weighed only 130 grams. Also, it can support 10 devices simultaneously and can operate for up to 10 hours at full capacity. Mini Turbo is also fitted with a USB Type-port and an extra nano-SIM card slot.
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Conclusion
Well, it faced a minor decline in the after-hours after a good early gain of 16.67% on Friday. we can expect it to continue to perform well on Monday.