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Ultra Maritime Australia to provide world leading sonar on Hunter class frigates

ADELAIDE, South Australia, March 11, 2025 /PRNewswire/ — The Royal Australian Navy’s Hunter class frigates will be fitted with Ultra Maritime’s world-leading 2150 Bow Sonar under a contract with BAE Systems Maritime Australia (BAESMA). The delivery of the 2150 Bow Sonar will expand Australian sovereign undersea warfare capabilities, providing active and passive anti-submarine warfare (ASW) modes, mine and obstacle avoidance sonar, integrated underwater communications, and automated torpedo detection, classification and localization.

“Ultra Maritime is committed to building a strategic partnership with the Commonwealth of Australia, as we continue to invest and grow our support to the Royal Australian Navy fleet with delivery of world-class undersea warfare solutions,” said Mark Potter, Vice President and General Manager of Ultra Maritime Australia. “Our expertise in sonar, radar and electronic warfare, and torpedo defense will provide best-in-class capabilities within the maritime domain.”

Ultra Maritime has operated in Australia for more than 15 years, expanding from its indigenous electronic warfare capability to establish a sovereign sonar sustainment solution to support its Integrated Sonar System (ISS), as installed on the Hobart class air warfare destroyers (DDG). As Ultra Maritime’s Australian workforce continues to grow, we will continue to work closely with local industry to further maximize opportunities for Australian industry to assist with the Bow Sonar capability.

About Ultra Maritime

Ultra Maritime provides innovative multi-missions solutions for surface, sub-surface and unmanned platforms that protect and empower allied naval forces worldwide. Headquartered in Braintree, Massachusetts, Ultra Maritime employs more than 2,300 engineers and manufacturing experts worldwide, specializing in state-of-the-art sonar systems, radar, expendables, signature management and naval power systems. With major locations in the U.S., Canada, UK and Australia, Ultra Maritime is primed to support customers’ maritime missions around the globe.

Visit our website www.umaritime.com, and follow us on LinkedIn.

Hesai Selected by Top European OEM For Exclusive Multi-Year Lidar Contract On Its Next-Generation Global Platform

PALO ALTO, Calif., March 11, 2025 /PRNewswire/ — Hesai Technology (NASDAQ: HSAI), the global leader in lidar technology for automotive mobility and robotics applications, announced today a new exclusive design win with a leading European OEM. Hesai will provide advanced ultra-long-range automotive lidars for the OEM’s upcoming platform, including both internal combustion engine (ICE) and electric vehicle (EV) models. This multi-year program will last into the next decade, marking it the largest global program for the automotive lidar industry.

“This long-term partnership is a resounding endorsement of our unrivaled performance and quality. Meeting the rigorous standards of a market leader, our quality has become our namecard—a powerful symbol of excellence and a vote of confidence in our visionary future. We are immensely proud to empower the future of mobility, with our state-of-the-art lidar technology playing a pivotal role in conventional and electric vehicle platforms,” said Hesai CEO and Co-Founder David Li. “This design win illustrates the importance of lidar technology for the future of advanced intelligent driving systems, helping to enhance safety, prevent accidents, and save lives.”

As of February 2025, Hesai has earned 120 design wins across 22 automotive OEMs. In December 2024, Hesai became the first lidar company in the world to deliver more than 100,000 units in a single month.

About Hesai Technology

Hesai Technology (Nasdaq: HSAI) is a global leader in lidar solutions. The company’s lidar products enable a broad spectrum of applications including passenger and commercial vehicles (“ADAS”), as well as autonomous driving vehicles and robotics and other non-automotive applications such as last-mile delivery robots and AGVs (“Robotics”). Hesai seamlessly integrates its in-house manufacturing process with lidar R&D and design, enabling rapid product iteration while ensuring high performance, high quality and affordability. The company’s commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai has established offices in Shanghai, Palo Alto and Stuttgart, with customers spanning more than 40 countries.

Yalla Group Limited Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results

DUBAI, UAE, March 11, 2025 /PRNewswire/ — Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial and Operating Highlights

  • Revenues were US$90.8 million in the fourth quarter of 2024, representing an increase of 12.2% from the fourth quarter of 2023.
    • Revenues generated from chatting services in the fourth quarter of 2024 were US$59.8 million.
    • Revenues generated from games services in the fourth quarter of 2024 were US$30.8 million.
  • Net income was US$32.5 million in the fourth quarter of 2024, a 9.7% increase from US$29.7 million in the fourth quarter of 2023. Net margin[1] was 35.8% in the fourth quarter of 2024.
  • Non-GAAP net income[2] was US$35.7 million in the fourth quarter of 2024, a 6.8% increase from US$33.4 million in the fourth quarter of 2023. Non-GAAP net margin[3] was 39.3% in the fourth quarter of 2024.
  • Average MAUs[4] increased by 14.4% to 41.4 million in the fourth quarter of 2024 from 36.2 million in the fourth quarter of 2023.
  • The number of paying users[5] on our platform increased by 3.2% to 12.3 million in the fourth quarter of 2024 from 11.9 million in the fourth quarter of 2023.

 

Key Operating Data

For the three months ended

December 31, 2023

December 31, 2024

Average MAUs (in thousands)

36,237

41,445

Paying users (in thousands)

11,930

12,309

 

[1] Net margin is net income as a percentage of revenues.

[2] Non-GAAP net income represents net income excluding share-based compensation. Non-GAAP net income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

[3] Non-GAAP net margin is non-GAAP net income as a percentage of revenues.

[4] “Average MAUs” refers to the average monthly active users in a given period calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period. “Active users” refers to registered users who accessed any of our main mobile applications at least once during a given period. Yalla, Yalla Ludo, Yalla Parchis, YallaChat, 101 Okey Yalla, WeMuslim and Ludo Royal have been our main mobile applications for the periods presented herein.

[5] “Paying users” refers to registered users who played a game or purchased our virtual items or upgrade services using virtual currencies on our main mobile applications at least once in a given period, except for users who received all of their virtual currencies directly or indirectly from us for free; YallaChat does not involve the usage of virtual currencies, and the metrics of “paying users” and “ARPPU” do not reflect user activities on YallaChat. “Registered users” refers to users who have registered accounts on our main mobile applications as of a given time; a registered user is not necessarily a unique user, as an individual may register multiple accounts on our main mobile applications.

 

Full Year 2024 Financial Highlights

  • Revenues were US$339.7 million in 2024, representing an increase of 6.5% from 2023.
    • Revenues generated from chatting services in 2024 were US$225.4 million.
    • Revenues generated from games services in 2024 were US$113.6 million.
  • Net income was US$134.2 million in 2024, an 18.7% increase from US$113.1 million in 2023. Net margin was 39.5% in 2024.
  • Non-GAAP net income was US$148.8 million in 2024, a 13.6% increase from US$131.0 million in 2023. Non-GAAP net margin was 43.8% in 2024.

“We delivered robust 2024 results thanks to our unwavering commitment to driving high-quality growth in a rapidly evolving market. Our revenues rose to US$90.8 million for the fourth quarter, reaching a new record high for the second consecutive quarter and once again beating the upper end of our guidance, while bringing our annual revenue to US$339.7 million,” said Mr. Yang Tao, Founder, Chairman and CEO of Yalla. “We also achieved a 14.4% year-over-year increase in average MAUs to 41.4 million and a 3.2% year-over-year increase in our group’s paying users to 12.3 million in the fourth quarter of 2024 by consistently enhancing our user experience and boosting user engagement with content tailored to local culture. Additionally, we have made significant strides in improving our efficiency, evidenced by a 26.0% year-over-year increase in operating income for full year 2024.

“Our ongoing efforts to upgrade our flagship applications and sustain their enduring popularity generated strong results this year. Meanwhile, we continued to invest in Yalla Game and now have two self-developed mid-core games in the testing phase. With our expertise in casual gaming and dedication to gaming innovation and product excellence, we are well positioned to deliver high-quality games and expand our presence in this thriving market. Furthermore, we continued to develop AI algorithm models tailored to local culture, enabling us to serve MENA users more efficiently and providing us with a competitive edge in the region. 2025 marks Yalla Group’s 10th anniversary, a milestone year in which we anticipate seeing the results of our long-term product development efforts. We are excited to embrace new market opportunities and continue driving digital transformation across MENA,” Mr. Yang concluded.

Ms. Karen Hu, CFO of Yalla, commented, “We concluded 2024 with a robust fourth quarter, marked by another record high in revenues and accelerated year-over-year growth of 12.2%, underscoring the ongoing success of our user acquisition and monetization strategies. We also remained focused on enhancing our operational efficiency and optimizing costs, driving significant improvement in our overall operating profitability. Our operating income increased by 29.4% year-over-year to US$30.1 million for the fourth quarter and 26.0% year-over-year to US$121.4 million for the full year. This boosted our full year net income by 18.7% to US$134.2 million. As we move into 2025, we will continue to prioritize high-quality development, focusing on both product innovation and refined operational processes. Supported by our strong financial fundamentals and deep regional expertise, we are poised to drive success and invest in our future development, delivering sustainable growth and value to our stakeholders.”

Fourth Quarter 2024 Financial Results

Revenues

Our revenues were US$90.8 million in the fourth quarter of 2024, a 12.2% increase from US$80.9 million in the fourth quarter of 2023. The increase was primarily driven by our broadening user base and enhanced monetization capability. Our average MAUs increased by 14.4% to 41.4 million in the fourth quarter of 2024 from 36.2 million in the fourth quarter of 2023. Our solid revenue growth was also partially attributable to the substantial increase in the number of paying users, which grew to 12.3 million in the fourth quarter of 2024 from 11.9 million in the fourth quarter of 2023.

In the fourth quarter of 2024, our revenues generated from chatting services were US$59.8 million, and revenues from games services were US$30.8 million.

Costs and expenses

Our total costs and expenses were US$60.7 million in the fourth quarter of 2024, a 5.3% increase from US$57.6 million in the fourth quarter of 2023.

Our cost of revenues was US$31.0 million in the fourth quarter of 2024, a 1.5% increase from US$30.6 million in the same period last year, primarily due to higher commission fees paid to third-party payment platforms as a result of increasing revenues generated, partially offset by a decrease in game art design service fees. Cost of revenues as a percentage of our total revenues decreased to 34.2% in the fourth quarter of 2024 from 37.8% in the fourth quarter of 2023.

Our selling and marketing expenses were US$7.4 million in the fourth quarter of 2024, a 28.5% decrease from US$10.4 million in the same period last year, primarily driven by our more disciplined advertising and promotion approach. Selling and marketing expenses as a percentage of our total revenues decreased to 8.2% in the fourth quarter of 2024 from 12.8% in the fourth quarter of 2023.

Our general and administrative expenses were US$13.1 million in the fourth quarter of 2024, a 15.6% increase from US$11.3 million in the same period last year, primarily due to an increase in incentive compensation. General and administrative expenses as a percentage of our total revenues increased to 14.4% in the fourth quarter of 2024 from 14.0% in the fourth quarter of 2023.

Our technology and product development expenses were US$9.2 million in the fourth quarter of 2024, a 69.6% increase from US$5.4 million in the same period of last year, primarily due to an increase in salaries and benefits for our technology and product development staff, driven by an increase in the headcount of our technology and product development staff to support the development of new businesses and expansion of our product portfolio. Technology and product development expenses as a percentage of our total revenues increased to 10.1% in the fourth quarter of 2024 from 6.7% in the fourth quarter of 2023.

Operating income

Operating income was US$30.1 million in the fourth quarter of 2024, a 29.4% increase from US$23.3 million in the same period last year.

Non-GAAP operating income[6]

Non-GAAP operating income in the fourth quarter of 2024 was US$33.3 million, a 23.0% increase from US$27.1 million in the same period last year.

Interest income

Interest income was US$7.1 million in the fourth quarter of 2024, compared with US$6.5 million in the fourth quarter of 2023.

Income tax expense

Income tax expense was US$3.4 million in the fourth quarter of 2024, compared with US$0.5 million in the fourth quarter of 2023. The increase was primarily due to an increase in income tax expenses recognized for recognition of deferred tax liabilities for the undistributed retained earnings of consolidated subsidiaries.

Net income

As a result of the foregoing, our net income was US$32.5 million in the fourth quarter of 2024, a 9.7% increase from US$29.7 million in the fourth quarter of 2023.

Non-GAAP net income

Non-GAAP net income in the fourth quarter of 2024 was US$35.7 million, a 6.8% increase from US$33.4 million in the same period last year.

Earnings per ordinary share

Basic and diluted earnings per ordinary share were US$0.20 and US$0.18, respectively, in the fourth quarter of 2024, while basic and diluted earnings per ordinary share were US$0.20 and US$0.17, respectively, in the same period of 2023.

Non-GAAP earnings per ordinary share[7]

Non-GAAP basic and diluted earnings per ordinary share were US$0.22 and US$0.20, respectively, in the fourth quarter of 2024, compared with US$0.22 and US$0.19, respectively, in the same period of 2023.

Cash and cash equivalents, restricted cash, term deposits and short-term investments 

As of December 31, 2024, we had cash and cash equivalents, restricted cash, term deposits and short-term investments of US$656.3 million, compared with US$535.7 million as of December 31, 2023.

Full Year 2024 Financial Results

Revenues

Our revenues were US$339.7 million in 2024, a 6.5% increase from US$318.9 million in 2023. The increase was primarily driven by the broadening of our user base and our enhanced monetization capability.

Our revenues generated from chatting services were US$225.4 million in 2024, and our revenues generated from games services were US$113.6 million in 2024.

Costs and expenses

Our total costs and expenses were US$218.3 million in 2024, compared with US$222.5 million in 2023.

Our cost of revenues was US$120.5 million in 2024, a 5.2% increase from US$114.5 million last year, primarily due to higher commission fees paid to third-party payment platforms as a result of increasing revenues generated. Cost of revenues as a percentage of our total revenues decreased to 35.5% in 2024 from 35.9% in 2023.

Our selling and marketing expenses were US$31.3 million in 2024, a 30.9% decrease from US$45.4 million in 2023, primarily driven by our more disciplined advertising and promotion approach. Selling and marketing expenses as a percentage of our total revenues decreased to 9.2% in 2024 from 14.2% in 2023.

Our general and administrative expenses were US$37.4 million in 2024, a 1.7% increase from US$36.8 million in 2023. General and administrative expenses as a percentage of our total revenues decreased to 11.0% in 2024 from 11.5% in 2023.

Our technology and product development expenses were US$29.0 million in 2024, a 12.5% increase from US$25.8 million in 2023, primarily due to an increase in salaries and benefits for our technology and product development staff, driven by an increase in the headcount of our technology and product development staff to support the development of new businesses and expansion of our product portfolio. Technology and product development expenses as a percentage of our total revenues increased to 8.5% in 2024 from 8.1% in 2023.

Operating income

Operating income was US$121.4 million in 2024, a 26.0% increase from US$96.4 million in 2023.

Non-GAAP operating income

Non-GAAP operating income in 2024 was US$136.1 million, a 19.1% increase from US$114.3 million in 2023.

Interest income

Our interest income was US$28.7 million in 2024, compared with US$19.8 million in 2023, primarily due to the increased position of cash and cash equivalents and increased investments in wealth management products.

Income tax expense

Our income tax expense was US$13.9 million in 2024, compared with US$2.7 million in 2023. The increase was primarily due to the introduction and implementation of the UAE Corporate Tax Law, which is effective for the financial years starting on or after June 1, 2023.

Net income

Our net income was US$134.2 million in 2024, an 18.7% increase from US$113.1 million in 2023.

Non-GAAP net income

Non-GAAP net income in 2024 was US$148.8 million, a 13.6% increase from US$131.0 million in 2023.

Earnings per ordinary share

Basic and diluted earnings per ordinary share were US$0.85 and US$0.74, respectively, in 2024, compared with US$0.74 and US$0.65, respectively, in 2023.

Non-GAAP earnings per ordinary share

Non-GAAP basic and diluted earnings per ordinary share were US$0.94 and US$0.82, respectively, in 2024, compared with US$0.85 and US$0.74, respectively, in 2023.

Extension of the share repurchase program

Our board of directors has approved an extension of the expiration date of the share repurchase program to May 21, 2026 for the Company’s share repurchase program beginning on May 21, 2021. Pursuant to the Company’s share repurchase program, in the fourth quarter of 2024, the Company repurchased 1,595,879 American depositary shares (“ADSs”), representing 1,595,879 Class A ordinary shares from the open market with cash for an aggregate amount of approximately US$6.9 million. Cumulatively, the Company had completed cash repurchases in the open market of 7,305,138 ADSs, representing 7,305,138 Class A ordinary shares, for an aggregate amount of approximately US$49.4 million, as of December 31, 2024. The aggregate value of ADSs and/or Class A ordinary shares that remain available for purchase under the current share repurchase program was US$100.6 million as of December 31, 2024.

Outlook

For the first quarter of 2025, Yalla currently expects revenues to be between US$75.0 million and US$82.0 million.

The above outlook is based on current market conditions and reflects the Company management’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

[6] Non-GAAP operating income represents operating income excluding share-based compensation. Non-GAAP operating income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

[7] Non-GAAP earnings per ordinary share is non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by weighted average number of basic and diluted shares outstanding. Non-GAAP net income attributable to Yalla Group Limited’s shareholders represents net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. Non-GAAP earnings per ordinary share and non-GAAP net income attributable to Yalla Group Limited’s shareholders are non-GAAP financial measures. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

Conference Call

The Company’s management will host an earnings conference call on Monday, March 10, 2025, at 8:00 PM U.S. Eastern Time, which is Tuesday, March 11, 2025, at 4:00 AM Dubai Time, or Tuesday, March 11, 2025, at 8:00 AM Beijing/Hong Kong time.

Dial-in details for the earnings conference call are as follows:

United States Toll Free:

+1-888-317-6003

International:

+1-412-317-6061

United Arab Emirates Toll Free:

80-003-570-3589

Mainland China Toll Free:

400-120-6115

Hong Kong, China Toll Free:

800-963-976

Access Code:

6915264

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.yalla.com

A replay of the conference call will be accessible until March 17, 2025, by dialing the following telephone numbers:

United States Toll Free:

+1-877-344-7529

International:

+1-412-317-0088

Access Code:

9444173

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per ordinary share, as supplemental measures to review and assess the Company’s operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net margin as non-GAAP net income as a percentage of revenues. We define non-GAAP net income attributable to Yalla Group Limited’s shareholders as net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. We define non-GAAP earnings per ordinary share as non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by the weighted average number of basic and diluted shares outstanding.

By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. Investors can better understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by providing the relevant disclosure of its non-GAAP financial measures in the reconciliations to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of GAAP and non-GAAP results are set forth at the end of this press release.

About Yalla Group Limited

Yalla Group Limited is the largest MENA-based online social networking and gaming company, in terms of revenues in 2022. The Company operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games, popular in MENA, with in-game voice chat and localized Majlis functionality. Building on the success of Yalla and Yalla Ludo, the Company continues to add engaging new content, creating a regionally-focused, integrated ecosystem dedicated to fulfilling MENA users’ evolving online social networking and gaming needs. Through its holding subsidiary, Yalla Game Limited, the Company has expanded its capabilities in mid-core and hard-core games in the MENA region, leveraging its local expertise to bring innovative gaming content to its users. In addition, the growing Yalla ecosystem includes YallaChat, an IM product tailored for Arabic users, WeMuslim, a product that supports Arabic users in observing their customs, and casual games such as Yalla Baloot and 101 Okey Yalla, developed to sustain vibrant local gaming communities in MENA. Yalla is also actively exploring outside of MENA with Yalla Parchis, a Ludo game designed for the South American markets. Yalla’s mobile applications deliver a seamless experience that fosters a sense of loyalty and belonging, establishing highly devoted and engaged user communities through close attention to detail and localized appeal that profoundly resonates with users.

For more information, please visit: https://ir.yalla.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Yalla Group Limited
Investor Relations
Kerry Gao – IR Director
Tel: +86-571-8980-7962
Email: ir@yalla.com 

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com 

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of

December 31,
2023

December 31,
2024

US$

US$

ASSETS

Current assets

Cash and cash equivalents

311,883,463

488,379,894

Restricted cash

423,567

1,975,616

Term deposits

213,105,501

94,983,813

Short-term investments

10,282,329

70,932,713

Amounts due from a related party

109,507

Prepayments and other current assets

33,340,602

35,429,988

Total current assets

569,144,969

691,702,024

Non-current assets

Property and equipment, net

1,583,604

13,962,393

Intangible asset, net

1,133,715

896,005

Operating lease right-of-use assets

2,382,026

1,370,914

Long-term investments

51,692,218

93,698,924

Other assets

13,015,729

Total non-current assets

69,807,292

109,928,236

Total assets

638,952,261

801,630,260

LIABILITIES

Current liabilities

Accounts payable

928,055

957,717

Deferred revenue

46,558,571

58,081,649

Operating lease liabilities, current

1,153,691

1,012,481

Amounts due to a related party

87,156

Income taxes payable

929,661

9,117,261

Accrued expenses and other current liabilities

25,765,338

32,404,872

Total current liabilities

75,335,316

101,661,136

Non-current liabilities

Operating lease liabilities, non-current

949,970

13,495

Deferred tax liabilities

2,148,022

Total non-current liabilities

949,970

2,161,517

Total liabilities

76,285,286

103,822,653

EQUITY

Shareholders’ equity of Yalla Group Limited

Class A Ordinary Shares

13,778

14,064

Class B Ordinary Shares

2,473

2,473

Additional paid-in capital

313,306,523

328,883,061

Treasury stock

(35,527,305)

(49,438,661)

Accumulated other comprehensive loss

(2,341,740)

(3,016,579)

Retained earnings

292,223,525

427,907,766

Total shareholders’ equity of Yalla Group Limited

567,677,254

704,352,124

Non-controlling interests

(5,010,279)

(6,544,517)

Total equity

562,666,975

697,807,607

Total liabilities and equity

638,952,261

801,630,260

 

 

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF OPERATIONS

Three Months Ended

Year Ended

December 31,
2023

September 30,
2024

December 31,
2024

December 31,
2023

December 31,
2024

US$

US$

US$

US$

US$

Revenues

80,925,228

88,922,031

90,827,754

318,877,564

339,675,845

Costs and expenses

Cost of revenues

(30,571,656)

(31,830,126)

(31,044,004)

(114,527,174)

(120,471,064)

Selling and marketing expenses

(10,356,555)

(7,352,820)

(7,403,643)

(45,382,752)

(31,347,919)

General and administrative expenses

(11,300,036)

(10,133,394)

(13,066,301)

(36,808,454)

(37,424,491)

Technology and product development expenses

(5,411,303)

(7,108,024)

(9,178,864)

(25,804,995)

(29,030,758)

Total costs and expenses

(57,639,550)

(56,424,364)

(60,692,812)

(222,523,375)

(218,274,232)

Operating income

23,285,678

32,497,667

30,134,942

96,354,189

121,401,613

Interest income

6,479,095

7,829,223

7,101,823

19,833,520

28,673,905

Government grants

154,908

7,603

360,194

337,355

800,160

Investment income (loss)

271,566

133,606

(1,711,657)

1,728,308

(2,805,945)

Impairment loss of investments

(2,509,480)

Income before income taxes

30,191,247

40,468,099

35,885,302

115,743,892

148,069,733

Income tax expense

(539,276)

(1,287,156)

(3,354,580)

(2,685,456)

(13,918,526)

Net income

29,651,971

39,180,943

32,530,722

113,058,436

134,151,207

Net loss attributable to non-controlling interests

1,533,491

673,856

60,763

4,284,341

1,533,034

Net income attributable to Yalla Group
   Limited’s shareholders

31,185,462

39,854,799

32,591,485

117,342,777

135,684,241

Earnings per ordinary share

——Basic

0.20

0.25

0.20

0.74

0.85

——Diluted

0.17

0.22

0.18

0.65

0.74

Weighted average number of shares
   outstanding used in computing earnings
   per ordinary share

——Basic

159,656,332

160,944,036

159,672,548

159,264,843

160,429,693

——Diluted

182,819,044

183,354,110

182,474,460

181,800,240

183,156,324

Share-based compensation was allocated in cost of revenues, selling and marketing expenses, general and administrative expenses and
technology and product development expenses as follows:

Three Months Ended

Year Ended

December 31,
2023

September 30,
2024

December 31,
2024

December 31,
2023

December 31,
2024

US$

US$

US$

US$

US$

Cost of revenues

1,479,600

1,867,294

1,582,874

4,061,122

7,220,748

Selling and marketing expenses

692,727

261,825

179,964

3,210,434

1,822,939

General and administrative expenses

1,417,835

1,114,753

1,236,586

9,539,356

5,005,853

Technology and product development expenses

198,803

187,205

173,063

1,118,930

642,197

Total share-based compensation expenses

3,788,965

3,431,077

3,172,487

17,929,842

14,691,737

 

 

YALLA GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS 

Three Months Ended

Year Ended

December 31,
2023

September 30,
2024

December 31,
2024

December 31,
2023

December 31,
2024

US$

US$

US$

US$

US$

Operating income

23,285,678

32,497,667

30,134,942

96,354,189

121,401,613

Share-based compensation expenses

3,788,965

3,431,077

3,172,487

17,929,842

14,691,737

Non-GAAP operating income

27,074,643

35,928,744

33,307,429

114,284,031

136,093,350

Net income

29,651,971

39,180,943

32,530,722

113,058,436

134,151,207

Share-based compensation expenses,
   net of tax effect of nil

3,788,965

3,431,077

3,172,487

17,929,842

14,691,737

Non-GAAP net income

33,440,936

42,612,020

35,703,209

130,988,278

148,842,944

Net income attributable to Yalla
   Group Limited’s shareholders

31,185,462

39,854,799

32,591,485

117,342,777

135,684,241

Share-based compensation expenses,
   net of tax effect of nil

3,788,965

3,431,077

3,172,487

17,929,842

14,691,737

Non-GAAP net income attributable to
   Yalla Group Limited’s shareholders

34,974,427

43,285,876

35,763,972

135,272,619

150,375,978

Non-GAAP earnings per ordinary share

——Basic

0.22

0.27

0.22

0.85

0.94

——Diluted

0.19

0.24

0.20

0.74

0.82

Weighted average number of shares
   outstanding used in computing earnings
   per ordinary share

——Basic

159,656,332

160,944,036

159,672,548

159,264,843

160,429,693

——Diluted

182,819,044

183,354,110

182,474,460

181,800,240

183,156,324

 

Protecting Women’s Health: Visionary’s Precision Cervical Cancer Screening Public Welfare Activity Brings Health Blessings to Women

TORONTO, March 11, 2025 /PRNewswire/ — On March 8, 2025, the public welfare activity of “Celebrating International Women’s Day and Caring for Women’s Health” and the “Global Press Conference of E7 Protein Detection Kit” were successfully held in Hong Kong, China. This event was hosted by (Canada) Visionary Holdings Inc., Sun Heart Care Charity Foundation, and Targeted Biotech USA, Inc., and co-organized by Yiqijia Group Co., Ltd. and (Canada) Visionary Biotechnology Group, etc.

The attending guests included Hong Kong Councilors Hung Kam-in and Kan Ming-tung, Chairman of Sun Heart Care Charity Foundation Cai Fenghua, Chairman of the Board of Directors of Visionary Holdings Inc. Zhou Fan and Director Huang Jun, Chairman of Yiqijia Group Co., Ltd. Wang Lili and CEO Zhong Ruizhen, as well as more than 100 social celebrities. The event also invited Dr. Wang Wei, a world-renowned health management expert, to give a special lecture on women’s health. Visionary Holdings Inc. donated E7 protein detection kits worth HK$230,000 to Sun Heart Care Charity Foundation on the spot, and also presented them to all the guests present. This product was well received by the attending guests, who praised it as a blessing for women in Hong Kong and the best choice for eliminating cervical cancer in women at an early stage.

Visionary Holdings Inc. is a listed company on the NASDAQ in the United States (stock code: GV) and is the controlling shareholder of Targeted Biotech USA, Inc. GV has always focused on the frontier development in the field of biotechnology, made precise arrangements, and deeply explored technologies and projects with transformative potential. In the track of early cancer screening technology, it keenly captured the unique value and broad prospects of the products of Targeted Biotech USA, Inc. and made a decisive investment. This not only injected strong impetus into the development of Targeted Biotech USA, Inc., but also promoted the technological innovation and industrial upgrading in the entire field of early cancer screening.

Sun Heart Care Charity Foundation is a public welfare organization approved by the Hong Kong government. Since its establishment more than 10 years ago, it has made positive contributions to the development of social welfare undertakings in Hong Kong. From educational support for students, support for youth entrepreneurship to care for the elderly, the footprints and voices of Sun Heart Charity Foundation can be found everywhere. Sun Heart Care Charity Foundation has made outstanding contributions to the public welfare undertakings in Hong Kong. In order to celebrate International Women’s Day in 2025, care for women, and give back to the society, Sun Heart Charity Foundation, together with GV, held this public welfare activity to protect the health of women in Hong Kong, aiming to enable more women in Hong Kong to enjoy health and a happy life, and to nip cervical cancer in the bud.

Targeted Biotech USA, Inc. has achieved remarkable results in the field of early cancer screening. Its core product, the E7 protein home self-test kit, fills a gap in the world and has successfully obtained approvals from China’s FDA and the EU’s FDA. Currently, it is actively applying for approval from the US FDA. Data shows that there are approximately 2.5 billion women aged 15 to 65 worldwide, and the market potential for cervical cancer screening is huge. This kit uses the world’s first rapid home screening and self-test technology for the E7 oncoprotein of cervical cancer. It can accurately detect the transcription and expression of cancer genes in just 15 minutes. Compared with traditional detection methods, it has outstanding advantages such as home self-testing, safety, privacy, and being painless and non-invasive. It increases the accuracy rate of cervical cancer detection from 10-30% to 80-90%.

This public welfare activity takes caring for women’s health as its core and is committed to promoting the widespread popularization of early cancer screening technology. During the press conference, all parties conducted in-depth discussions on the promotion and application of early cancer screening technology, and planned to promote related products through multiple channels to assist in global cancer prevention and control, and practice the concept of “Eliminating cancer starts with home self-testing”.

Looking to the future, with the strong support of partners such as GV, Targeted Biotech USA will continue to increase its R&D investment. It plans to launch 5 types of home self-test products for the early screening of cancers and other diseases every year, contributing more to the global health cause and making more contributions to building a healthy Hong Kong and beautiful women in Hong Kong.

For more information, please contact:

Visionary Holdings Inc.
Investor Relations Department
Email: ir@farvision.ca 

ST Engineering iDirect Introduces Intuition Unbound, the First Consumption-Based Ground Segment Service

Service model accelerates service setup and time to revenue to support business growth

HERNDON, Va., March 11, 2025 /PRNewswire/ — ST Engineering iDirect, a global leader in satellite communications, today unveiled Intuition Unbound, the satellite industry’s first ground segment implementation offered in a consumption-based model. With Intuition Unbound, ST Engineering iDirect is helping its customers reduce the cost of market entry and accelerate time to revenue while meeting the need for flexible, innovative ground solutions that secure a competitive advantage.

iDirect Intuition Unbound
iDirect Intuition Unbound

Intuition Unbound will redefine how satellite operators and service providers approach ground segment technology, unlocking them from traditional infrastructure business models and driving the shift to consumption-focused solutions tailored to the operational demands of a fast-changing market. This will be pivotal in maintaining the agility required to thrive in today’s competitive landscape.

Intuition Unbound, powered by the recently launched Intuition – a virtualized, cloud-based ground system – will offer Operations and Capabilities service options through a usage-based pricing structure that allows satellite operators to overcome barriers to technology adoption and prioritize their core business goals. By leveraging Intuition’s advanced capabilities, it also reduces the risks and time to market, offering unmatched agility, cost efficiency and confidence for delivering new end-user services.

Service options include:

  • Unbound Operations: Offers optional plans to manage network configuration, monitoring and event response, ensuring performance and reliability.
  • Unbound Capabilities: Enables seamless scalability amid growing network demands through consumption-based deployment of ST Engineering iDirect’s advanced technology.

Intuition Unbound also offers comprehensive lifecycle services, providing expertise from consultancy and project management to training and ongoing support and maintenance to ensure seamless and continuous service for operators at every stage.

Don Claussen, CEO at ST Engineering iDirect, said, “Intuition Unbound marks a significant milestone for both the satellite industry and the ground segment market. Through Intuition Unbound, we’re taking the flexibility and scalability of Intuition, our virtualized, cloud-based ground system, to an entirely new level. Consumption-based models have proven transformative across industries, and we anticipate that Intuition Unbound will drive similar impact by expanding access to Intuition and empowering customers with a distinctive competitive advantage.” 

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications (satcom) providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their satcom networks. With over 40 years of delivering innovation focused on solving satellite’s most critical economic and technology challenges we are committed to shaping the future of how the world connects. The product portfolio, branded iDirect, represents the highest standards in performance, efficiency and reliability, making it possible for its customers to deliver the best satcom connectivity experience anywhere in the world. ST Engineering iDirect is a leader in key industries including mobility, broadcast and military/government. In 2007, iDirect Government was formed to better serve the U.S. government and defense communities. For more information visit www.idirect.net.

 

Wingderm® Presents at the 2025 AAD Annual Meeting, Strengthening Its Presence in the North American Market

BEIJING, March 11, 2025 /PRNewswire/ — Wingderm® once again participated in the 2025 AAD Annual Meeting, which was held in Orlando, Florida, from March 7 to 9. The American Academy of Dermatology is the largest, most influential, and most representative dermatologic association. During the event, attendees had the opportunity to discover the latest technological innovations from Wingderm® and their applications.

Innovative Laser Technologies for Superior Results

Wingderm® showcased its advanced laser devices. Lasermach features 755nm, 808nm, and 1064nm wavelengths, effectively targeting melanin at different follicle depths for optimal and long-lasting results. The 1550nm non-ablative fractional laser, equipped with advanced optical scanning tracking technology, penetrates deep into the skin without damaging the epidermis, stimulating collagen regeneration for skin resurfacing. These proven technologies have gained widespread recognition.

On-Site Demonstrations and Interactive Communication

Wingderm® offers one-on-one consultations, addressing key questions about the devices, such as performance and maintenance. In addition, by simulating the treatment process, visitors gain a more intuitive understanding of the device’s value and technological advantages, further strengthening their confidence in decision-making.

Enhancing North American Market Presence through Wingderm USA Inc.

To strengthen the presence in North American market, Wingderm USA Inc. was established in California, ensuring faster response times and seamless customer support.

“As demand for our products in the U.S. market continues to grow, we plan to showcase our products at more exhibitions in the U.S. We believe that through ongoing innovation and brand promotion, Wingderm® will strengthen its position in the U.S. and global markets.” said Carol Ren, CEO of Wingderm USA Inc.

About Wingderm®

Wingderm® since its establishment in 2016, with the aim of “Aesthetics&Technology, Easy to Achieve”, provides leading and reliable intelligent photoelectric medical aesthetic devices, which have been exported to more than 80 countries, with over 15,000 units installed, recognized for safety and effectiveness by experts and beauty seekers.

For more information, visit: https://www.wingderm.com

APAC Hiring Intentions Strengthen as Employers Express Optimism for Q2 2025

  • The Net Employment Outlook for Q2 2025 in Asia Pacific is 30%, up 3 points from both Q1 2025 and Q2 2024.
  • Employers in India (+43%), mainland China (+32%) and Singapore (+27%) report the strongest Outlooks in the region, while Hong Kong SAR shows the most cautious Outlook (+11%).
  • The Information Technology sector continues to lead hiring intentions (+42%), followed by Financials & Real Estate (+34%) and Industrials and Materials (+31%).
  • Larger organizations demonstrate the strongest hiring intentions, with companies of 5,000+ employees reporting the strongest Outlook (+38%).

SINGAPORE, March 11, 2025 /PRNewswire/ — The latest ManpowerGroup Employment Outlook Survey reveals a strengthened hiring Outlook across the Asia Pacific (APAC) region for Q2 2025, with a Net Employment Outlook (NEO) of 30%. This represents an increase of 3 points compared to both the previous quarter and Q2 2024.

Q2 2025 ManpowerGroup Employment Outlook Survey - APAC Key Findings
Q2 2025 ManpowerGroup Employment Outlook Survey – APAC Key Findings

The Survey, which gathered data from over 10,078 employers across seven APAC countries and territories, indicates a growing confidence in the region’s labor market as businesses look to expand and invest in talent.

“The latest uptick in hiring intentions across APAC is a promising sign for the market. When compared to the previous quarter, the increased hiring intentions employers are reporting this quarter reflect the region’s adaptability and persistent focus on growth,” said François Lançon, Regional President, Asia Pacific & Middle East.

Besides employment Outlooks, the APAC report also shed light on the main reasons for staffing increases. 42% of employers in APAC report company expansion as the top reason for staffing increases, followed by new ventures requiring new roles (33%), and tech advancements needing more expertise (31%).

“Companies across APAC are proactively shaping their workforce for long-term growth and innovation. The focus on technology and expansion reflects a strategic pivot to future-proof businesses, ensuring competitiveness in a rapidly evolving global landscape. Initiatives like mainland China’s AI investment fund, Hong Kong’s investment in an AI Research and Development Institute, and Singapore’s New Enterprise Compute Initiative are fueling demand for skilled talent, particularly in tech and AI. These efforts underscore the region’s drive toward technological leadership, even amid economic challenges, solidifying APAC’s position as a hub of resilience and opportunity,” Mr Lançon said.

To view the complete results for the Q2 2025 ManpowerGroup Employment Outlook Survey, including regional and country data, visit: www.manpowergroup.com.sg/meos-apac.

Macronix OctaFlash Provides High-Performance Memory for New STMicroelectronics’ STM32N6 AI-Accelerated MCU Platform

1Gb OctaFlash™ Memory Helps Enable Advanced AI Applications, 3D-like GUI Experience

HSINCHU, March 11, 2025 /PRNewswire/ — Macronix International Co., Ltd. (TSE: 2337), a leading integrated device manufacturer in the non-volatile memory (NVM) market and an ST Authorized Partner, today announced that STMicroelectronics (ST) is using Macronix OctaFlash™ memory for ST’s new STM32N6 high-performance microcontroller (MCU) platform integrating the high performance Neural Processing Unit (NPU), the Neural-ART AcceleratorTM. Macronix’s MX25UW1G45G and MX25UM51245G memories have been selected by ST for STM32N6 Discovery Kits and STM32N6 Nucleo evaluation boards, enabling the high-end designs to feature high-performance flash memory, enabling powerful artificial intelligence (AI) computer-vision applicability and a graphical user interface (GUI) experience that simulates 3D-like GUIs and animations for industrial, wearable, smart home, and medical applications.

“Neural processing presents an exciting opportunity for the STM32N6 and future ST microcontrollers, which we expect to see deployed throughout the industrial and consumer markets,” said Daniel Colonna, marketing director of the General Purpose and Automotive Microcontrollers Division at ST. “To ensure designers have the optimal tools to create products using the STM32N6 and high-performance flash memory, we have selected Macronix’s OctaFlash MX25UW1G45G and MX25UM51245G for the STM32N6 Discovery Kits” and “Macronix is a proven global supplier of industry-leading flash memory and a longtime ST Authorized Partner, which made the selection straightforward for us.”

“The STM32N6 represents an exciting new generation of high-performance microcontrollers for neural processing in artificial intelligence deployed on systems’ edges,” said F.L. Ni, vice president of marketing at Macronix. “That ST selected our MX25UW1G45G and MX25UM51245G high-performance flash devices stands as a testament to the memories’ exceptional performance and security, and ST’s commitment to high optimal reliability and user experience in such demanding applications.”

The STM32N6 is based on the Arm® Cortex®-M55 processing core, running at 800 MHz and includes Arm Helium vector technology. It’s the first STM32 MCU to embed the Neural-ART accelerator, an ST-developed neural processing unit (NPU) engineered for power-efficient edge AI applications. Clocked at 1 GHz and providing up to 600 GOPS, it enables real-time neural network inference for computer vision and audio applications.

The MX25UM/UW OctaFlash memories deliver “instant-on” performance and real-time system responsiveness in automotive, industrial and consumer applications, including AI. The ultra-high-performance OctaBus™ memory are capable of performing up to an operational frequency of and industry-leading 250MHz with 500MB/s read throughput. The MX25UM/UW OctaFlash empowers system architects to satisfy customers’ demands in high performance AI applications, such as computer vision and rich graphical user interfaces.

The MX25UM/UW OctaBus memory family supports efficient Execution-In-Place (XIP), management of over-the-air (OTA) software updates and data logging – features that complement STM32 MCUs well. MX25UM/UW memories are available in densities up to 2Gb and can support the most advanced AI and graphical user interfaces that leverage on the accelerators embedded in STM32N6.

About Macronix 
Macronix, a leading integrated device manufacturer in the non-volatile memory (NVM) market, provides a full range of NOR Flash, NAND Flash, and ROM products. With its world-class R&D and manufacturing capability, Macronix continues to deliver high-quality, innovative and performance-driven products to its customers in the consumer, communication, computing, automotive, networking and other market segments. Find out more at www.macronix.com.

OctaFlash and OctaBus are trademarks of Macronix International Co., Ltd. 
Neural-ART Accelerator is a trademark of STMicroelectronics.
STM32 is a registered and/or unregistered trademark of STMicroelectronics International NV or its affiliates in the EU and/or elsewhere. In particular, STM32 is registered in the US Patent and Trademark Office.

All other names may be registered trademarks of their respective owners.

Editorial contacts
Macronix HQ:
Michelle Chang
Director
Corporate Communication Office
Macronix International Co., LTD.
Tel: +886-3-578-6688 ext. 71233
Fax: +886-3-666-3169
Email: michellechang@mxic.com.tw

US:
Jerry Steach
CommonGround Communications (for Macronix)
Tel: +1-415-222-9996
Email: jsteach-cgc@att.net