GigaMedia Limited announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024, on March 28, 2025. For the full year 2024, the company reported revenues of $3.0 million, a decrease of 30.8% compared to $4.292 million in 2023. Gross profit for the year was $1.5 million, down 39.7% from $2.446 million in the prior year.
Despite the revenue decline, GigaMedia's net loss for 2024 narrowed to $2.3 million, an improvement from a net loss of $3.4 million in 2023. The diluted net loss per share was $0.21, compared to $0.31 in 2023. The company attributed this improvement to rightsizing its workforce and consolidating resources to mitigate the impact of decreased revenues.
For the fourth quarter of 2024, revenues were $0.755 million, a 1.8% sequential decrease from $0.769 million in Q3 2024 and a 13.2% year-over-year decrease from $0.870 million in Q4 2023. The gross profit for the quarter was $0.398 million, showing a 7.0% sequential increase but a 21.0% year-over-year decrease.
The company maintained a solid financial position with cash, cash equivalents, and restricted cash amounting to $35.1 million as of December 31, 2024. This represents approximately $3.175 per share and the company reported zero bank loan. GigaMedia also stated its focus on establishing AI-competence in product development to boost productivity and accelerate business growth.
Looking ahead to 2025, GigaMedia plans to develop AI-based creation applets for personal social media materials and explore commercializing these tools. CEO James Huang stated the company will actively pursue suitable strategic mergers and acquisitions to accelerate growth and enhance shareholder value.
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