uCloudlink Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data uCloudlink Group Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	126	158	89.6	73.8	71.5	85.6	91.6	81.4
Cost of revenue	80.2	93.5	61.3	52	38.9	43.6	47.3	38.8
Gross profit	46.2	64.9	28.3	21.8	32.5	42	44.4	42.7
Research and development	20.4	15.1	26.4	13.7	8.43	6.46	6.2	4.87
Selling and marketing	29.7	24.4	29.3	13.6	10.3	14.3	19.9	24
General and administrative	19.9	20.2	43.2	28.6	18.7	17.1	15.9	12.6
Operating expenses				-11.9	-14.3	-1.5	2.1
Operating income	-23.2	5.51	-63	-45.9	-19.2	2.59	4.39	7.97
Interest expense	3.39	0.44	0.29	0.19	0.44	0.13	0.2	0.2
Interest income	0.44	0.19	0.04	0.01	0.02	0.07	0.23	0.07
Pre-tax income	-26.1	5.26	-63.2	-46.1	-19.8	2.52	4.42	7.84
Income tax		0.06	0.19	0.24	0.16	0.07	0.07	1.53
Income from continuing operations			63	45.9	19.2
Net income	-26.6	5.21	-63.4	-46	-19.9	2.81	4.56	6.3
EBITDA	-17.9	8.46	-60.8	-43.9	-18.4	3.57	6.58	10.6
EPS, basic	-0.16	0.01	-0.25	-0.16	-0.06	0.01	0.01	0.02
EPS, diluted	-0.16	0.01	-0.25	-0.16	-0.06	0.01	0.01	0.02
Shares, basic (weighted)	185	232	260	286	312	372	376	379
Shares, diluted (weighted)	185	232	260	286	312	372	376	379
Dividend per share							0.00

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		37.3	22	7.87	14.9	23.4	30.1	32.8
Short-term investments			0.2	12.6	0.2
Receivables		25.8	6.75	14.9	5.96	6.49	7.88	4.44
Inventory		10.5	5.85	6.13	3.62	2.18	1.31	4.38
Other current assets		1.1	1.51	6.23	4.26	6.42	5.64	4.57
Total current assets		85.3	71.9	49.1	41.3	49	55.6	61.3
Property, plant and equipment		3.79	3.03	1.8	1.18	2.43	4.03	2.22
Lease right-of-use assets					0.21	2.32	2.88	1.75
Intangible assets		0.6	1.04	1.01	0.8	0.65	0.51	0.51
Long-term investments				12.1		1.96	2.01	2.04
Other non-current assets				1.31	0.69
Total assets		90.1	97.3	67.1	45.9	56.6	65	67.8
Accounts payable		16.7	8.7	13	6.83	5.31	7.45	7.19
Accrued liabilities		14.7	18.3	20.7	20.3	21.2	20.3	13.9
Deferred revenue		1.93	0.89	1.58	1.05	1.43	0.71	3.43
Short-term debt		6.66	3.7	3.18	2.88	5.3	6.96	0.07
Total current liabilities		47.7	40.5	46.8	36.4	39.1	42.2	36.8
Long-term debt								1.62
Lease liabilities						1.29	1.09	0.57
Other non-current liabilities			0.32	0.26	0.2	0.15	0.09	0.06
Total liabilities		47.7	40.9	47	36.6	40.6	43.4	39
Total debt								1.62
Paid-in capital		119	220	230	237	240	241	242
Retained earnings		-100	-163	-210	-229	-227	-222	-216
Other comprehensive income		0.71	-0.43	-0.45	1.88	2.46	2.23	2.08
Shareholders' equity	16.6	19.5	56.4	20.1	9.29	16.1	21.6	28.8
Total equity	16.6	19.5	56.4	20.1	9.29	16.1	21.6	28.8
Total liabilities and equity		90.1	97.3	67.1	45.9	56.6	65	67.8
Shares outstanding	229	232

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-26.6	5.21	-63.4	-46	-19.9	2.81	4.56	1.4
Depreciation and amortization	5.23	2.95	2.17	2.02	0.84	0.99	2.19	2.68
Stock-based compensation	2.28	0.17	50.6	8.76	3.1	3.31	1.24	1.04
Change in receivables	-3.06	-9.31	16.2	-8.24	7.72	-0.39	-1.81	3.47
Change in inventory	-7.81	0.97	4.04	-0.3	2.41	0.78	0.77	-2.99
Change in payables			-9.27	5.92	-9.65	-0.69	2.24	-6.3
Cash from operations	-19.5	5.76	-2.04	-21.7	4.4	6.51	9.19	3.21
Capital expenditures	-4.54	-2.75	-1.25	-0.79	-0.41	-2.07	-4	-0.92
Purchases of investments	-0.44		-0	-0.25
Cash from investing	-4.57	-3.27	-35.4	-0.94	-0.16	-0.24	-3.76	-1.03
Debt issued								1.71
Stock issued				1.28		0.05
Cash from financing	4.42	1.53	26.7	0.74	3.54	2.51	1.73	0.12
Exchange rate effect				-0.42	-0.73	-0.33	-0.47	0.47
Net change in cash	-19.6	4.02	-10.8	-21.9	7.78	8.78	7.16	2.3
Free cash flow	-24	3.01	-3.29	-22.5	3.99	4.44	5.19	2.28
Interest paid	3.23	0.44	0.29	0.19	0.43	0.13	0.2	0.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.4%	Gross profit / revenue.
Operating margin	9.8%	Operating income / revenue.
EBITDA margin	13.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.6%	Pre-tax income / revenue.
Net margin	7.7%	Net income / revenue.
FCF margin	2.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.9%	Cash from operations / revenue.
Effective tax rate	19.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.5%	Net income / average total assets.
R&D / revenue	6.0%	Research and development expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-11.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	81.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	61.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	38.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	100.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-65.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-56.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-17.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	33.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	45.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.67x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.89x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.4%	Total debt / total assets.
Liabilities / assets	57.5%	Total liabilities / total assets.
Net debt	-$31.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.93x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	40.6x	Operating income / interest expense.
Working capital	$24.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$28.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.23x	Revenue / average total assets.
Fixed asset turnover	26.1x	Revenue / average property, plant and equipment.
Inventory turnover	13.6x	Cost of revenue / average inventory.
Days inventory	27 days	365 x average inventory / cost of revenue.
Receivables turnover	13.2x	Revenue / average receivables.
Days sales outstanding	28 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-15 days	Days inventory + days sales outstanding - days payables.
FCF conversion	36.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.02	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.22	Revenue / diluted weighted shares.
FCF per share	$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.01	Cash from operations / diluted weighted shares.
Book value per share	$0.08	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.07	Tangible book value / shares outstanding.
Cash per share	$0.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$13.7M	Share price x shares outstanding.
Enterprise value	-$17.5M	Market cap + total debt - cash - short-term investments.
P/E	2.17x	Market cap / net income. Only when net income is positive.
P/S	0.17x	Market cap / revenue.
P/B	0.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.48x	Market cap / tangible book value, when positive.
P/FCF	5.99x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.26x	Market cap / cash from operations, when positive.
FCF yield	16.7%	Free cash flow / market cap.
Earnings yield	46.1%	Net income / market cap (the inverse of P/E).

What was uCloudlink Group Inc.'s revenue in fiscal 2025?

uCloudlink Group Inc. reported revenue of $81.4M for fiscal 2025, 11.1% lower than the year before.

Was uCloudlink Group Inc. profitable in fiscal 2025?

Yes. Net income was $6.3M, a net margin of 7.7%.

How much free cash flow did uCloudlink Group Inc. generate in fiscal 2025?

Cash from operations of $3.2M minus capital expenditures of $924.0K left free cash flow of $2.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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