iClick Interactive Asia Group Limited Reports First Quarter 2018 Results

iClick Interactive Asia Group Limited (NASDAQ:ICLK), a leading independent online marketing technology platform in China announced its unaudited financial results for the first quarter ended March 31, 2018.

The company said its net revenues for the first quarter of 2018 increased by 36.1 percent to US$35.2 million from US$25.9 million in the first quarter of 2017 which they said is primarily as a result of an increase in net revenues from mobile audience solutions.

As quoted in the press release:

“We are pleased to report strong results for the first quarter of 2018, with an increase of 96.0% in gross billing and an increase of 36.1% in net revenues, from the first quarter of 2017,” said Mr. Sammy Hsieh, Chief Executive Officer and Co-Founder of iClick. “During the traditionally soft first quarter, we witnessed strong sales momentum, driven by our continued strategic commitment on shifting our focus to capture more market demand in mobile audience solutions, with a year-over-year increase of 194.4% in gross billing from our mobile audience solutions, reaching a historical high of US$73.6 million. Net revenues from our mobile audience solutions also experienced an increase of 70% from the first quarter of 2017. On top of our robust growth, we are also delighted to realize a positive adjusted EBITDA earlier than expected. Looking forward to the remaining quarters of 2018, we believe that our investment in enhancing our leadership in the mobile marketing market will bear fruit, as the whole industry shifts focus from PC-end to mobile-end. Building on our technology that empowers more cost-efficient marketing distribution as well as our unparalleled datasets, we believe we are well positioned to capitalize on the tremendous market opportunity that is unfolding before us.”

Net revenues from mobile audience solutions for the first quarter of 2018 increased by 70.0% to US$30.9 million from US$18.2 million in the first quarter of 2017, primarily as a result of the Company’s strategic focus shifting to capture more market demand in mobile audience solutions.

Net revenues from other solutions for the first quarter of 2018 decreased by 43.7% to US$4.3 million from US$7.7 million in the first quarter of 2017, primarily as a result of the Company’s continued strategic shift away from other solutions.

Gross profit for the first quarter of 2018 increased by 27.8% to US$8.1 million from US$6.4 million in the first quarter of 2017, primarily as a result of an increase in gross profit from mobile audience solutions and partially offset by a decrease in gross profit from other solutions.

Total operating expenses decreased by 8.5% to US$9.9 million for the first quarter of 2018 from US$10.8 million for the first quarter of 2017. The decrease was primarily due to lower headcount and a decrease in share-based compensation expenses from US$1.1 million in the first quarter of 2017 to US$0.8 million in the first quarter of 2018.

Operating loss for the first quarter of 2018 was US$1.7 million, compared with US$4.4 million during the first quarter of 2017, as a result of the above.

Net loss totaled US$0.1 million for the first quarter of 2018, decreasing from US$12.0 million for the first quarter of 2017. Net loss attributable to the Company’s shareholders per diluted ADS was US$0.0021, compared with US$0.4635 in the first quarter of 2017.

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