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Harbour BioMed Appoints Michael D. Patten as Chief Strategy Officer

CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SHANGHAI, March 11, 2025 /PRNewswire/ — Harbour BioMed (HKEX: 02142), a global biopharmaceutical company committed to the discovery, development and commercialization of novel antibody therapeutics focusing on immunology and oncology, today announced the appointment of Michael D. Patten as Chief Strategy Officer. Michael will be based in the United States and report directly to Dr. Jingsong Wang, Founder, Chairman, and CEO of Harbour BioMed.

In this role, Michael will be responsible for formulating and overseeing the global corporate development and growth strategy for Harbour BioMed. In addition, as the Head of Global Alliance, he will lead efforts to manage and strengthen Harbour BioMed’s global strategic partner network and ecosystem, with a particular focus on high-potential markets outside of China, further enhancing Harbour BioMed’s global branding and presence.

Michael brings extensive experience and a strong track record in the biopharmaceutical industry. During his tenure at Bristol Myers Squibb, he held several key leadership roles. Most recently, as Head of Equity & Venture Capital, he led and managed significant numbers of strategic equity investments and LP commitments across the life science ecosystem. Prior, he held roles of increasing seniority in Business Development and Alliance Leadership, successfully executing transactions and managing multiple early- and late-stage business development alliances, demonstrating exceptional expertise in business development and alliance management.

Dr. Jingsong Wang, Founder, Chairman, and CEO of Harbour BioMed, commented: “We are pleased to welcome Michael D. Patten as our Chief Strategy Officer. Harbour BioMed has always been committed to the discovery, development and commercialization of innovative biotherapeutics, striving to provide more effective treatment options to patients. Michael’s academic background and extensive experience align perfectly with our strategic direction. I am confident that with Michael’s expertise, we will further expand our global footprint and enhance the visibility and impact of Harbour BioMed.”

Michael D. Patten, Chief Strategy Officer of Harbour BioMed, added: “I am excited to join Harbour BioMed at such a pivotal time. The company’s innovative platforms and commitment to addressing unmet medical needs create tremendous potential. I look forward to driving strategic initiatives with existing and new partners that will accelerate growth globally and deliver impactful therapies to patients.”

Michael holds a Bachelor of Science with Joint Honors in Pharmacology & Business Studies from the University of Edinburgh, a Master of Science in Pharmaceutical Medicine from the University of Surrey, and an MBA from the University of Maastricht (EuroMBA Consortium).

About Harbour BioMed

Harbour BioMed (HKEX: 02142) is a global biopharmaceutical company committed to the discovery, development, and commercialization of novel antibody therapeutics focusing on immunology and oncology. The company is building its robust portfolio and differentiated pipeline through internal R&D capability, collaborations with co-discovery and co-development partners, and select acquisitions.

The proprietary antibody technology platform Harbour Mice® generates fully human monoclonal antibodies in two heavy and two light chains (H2L2) format, as well as heavy chain only (HCAb) format. Building upon the HCAb antibodies, the HCAb-based immune cell engagers (HBICE®) bispecific antibody technology is capable of delivering tumor-killing effects unachievable by traditional combination therapies. Integrating Harbour Mice®, and HBICE® with a single B cell cloning platform, our antibody discovery engine is highly unique and efficient for the development of next-generation therapeutic antibodies. For further information, please refer to www.harbourbiomed.com

 

Harbour BioMed Appoints Dr. Ian Y. Liu as Global Head of Legal

CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SHANGHAI, March 11, 2025 /PRNewswire/ — Harbour BioMed (HKEX: 02142), a global biopharmaceutical company committed to the discovery, development and commercialization of novel antibody therapeutics focusing on immunology and oncology, today announced the appointment of Dr. Ian Y. Liu as Senior Vice President, Global Head of Legal. Dr. Liu will be based in the U.S. and report directly to Dr. Jingsong Wang, Founder, Chairman, and CEO of Harbour BioMed.

With his extensive legal expertise and industry experience, Dr. Liu will oversee business development transactions, ensuring legal and regulatory compliance while facilitating seamless execution to safeguard the company’s interests. He will also lead the company’s global intellectual property strategy. Additionally, Dr. Liu will take full responsibility for managing U.S.-related legal affairs, including prosecution and litigation of all legal cases, protecting the company’s business operations in the region and supporting its strategic growth in the U.S. market.

Before joining Harbour BioMed, Dr. Liu worked at renowned law firms, including Finnigan, Henderson, Farabow, Garrett & Dunner, LLP, and K&L Gates, LLP, where he gained extensive experience in patent applications, litigation, and due diligence. In the corporate legal affairs sector, he held key positions such as Head of Legal and Governmental Affairs at Simcere Pharmaceutical, demonstrating exceptional ability in handling complex legal matters and commercial negotiations.

Dr. Jingsong Wang, Founder, Chairman, and CEO of Harbour BioMed, commented: ” We are pleased to welcome Dr. Ian Y. Liu to Harbour BioMed. As we continue to expand our business globally, Dr. Liu’s expertise in intellectual property, business transactions, and regulatory affairs will be invaluable. With his extensive legal expertise and industry experience, we look forward to him playing a critical role in supporting the company’s sustained growth in the U.S. and international markets, further strengthening our industry position and global impact.”

Dr. Ian Y. Liu, Senior Vice President, Global Head of Legal of Harbour BioMed, added: “Harbour BioMed has always been at the forefront of drug discovery and development, business innovation, and globalization. It is a privilege and honor to become a member of Harbour BioMed and I am looking forward to contributing to Harbour BioMed’s bright future.”   

Dr. Liu holds a Bachelor of Science degree from Fudan University, a Ph.D. from Worcester Polytechnic Institute, and a J.D. from Suffolk University Law School.

About Harbour BioMed

Harbour BioMed (HKEX: 02142) is a global biopharmaceutical company committed to the discovery, development, and commercialization of novel antibody therapeutics focusing on immunology and oncology. The company is building its robust portfolio and differentiated pipeline through internal R&D capability, collaborations with co-discovery and co-development partners, and select acquisitions.

The proprietary antibody technology platform Harbour Mice® generates fully human monoclonal antibodies in two heavy and two light chains (H2L2) format, as well as heavy chain only (HCAb) format. Building upon the HCAb antibodies, the HCAb-based immune cell engagers (HBICE®) bispecific antibody technology is capable of delivering tumor-killing effects unachievable by traditional combination therapies. Integrating Harbour Mice®, and HBICE® with a single B cell cloning platform, our antibody discovery engine is highly unique and efficient for the development of next-generation therapeutic antibodies. For further information, please refer to www.harbourbiomed.com.

Impact X returns as marquee event of Climate Action Week Sydney

SYDNEY, March 11, 2025 /PRNewswire/ — Australia’s largest climate and nature summit Impact X returns for its fourth year as a marquee event of Climate Action Week Sydney, with 500+ attendees and 50+ speakers from across the globe converging on Sydney’s Town Hall today.

This year’s theme of “Towards a Climate Positive Future: Delivering Net Zero and Beyond” comes as record-breaking heatwaves and extreme weather events increase worldwide in a world warming beyond 1.5°C, including Ex-Tropical Cyclone Alfred.

Critically, this year’s will also strongly focus on the integration of indigenous and Pacific knowledge systems.

This includes kicking off with a panel featuring Dr Anne Poelina (Nyikina Warrwa Woman), Tui Shortland (Director, Te Kopu Pacific Indigenous & Local Knowledge Centre), and other First Nations leaders.

It will also be co-MCed by Susan Moylan-Coombs, Founding Director of the Gaimaragal Group, alongside Jeremy Liddle, Managing Director of Third Hemisphere.

Susan Moylan-Coombs will outline how indigenous knowledge systems represent untapped resources, given approaches such as the circular economy are actually age-old indigenous practices that could have been implemented hundreds of years ago.

Notable other speakers include keynotes from Clover Moore (Lord Mayor of Sydney), Matt Kean (Chair, Climate Change Authority), Johan Rockstrom (Potsdam Institute for Climate Impact Research), Dermot O’Gorman (CEO, WWF Australia), and Katie Kiss (Aboriginal & Torres Strait Islander Social Justice Commissioner).

Speakers focussed on the business community in particular include Kate Dundas, Executive Director at the UN Global Compact, Martijn Wilder AM, Chair of the National Reconstruction Fund, and Michael Battaglia, Mission Lead Towards Net Zero at CSIRO.

There will also be a special session featuring Keith Tuffley and Kat Bruce on their Ocean Science Expedition where they undertook a single-season crossing of the arctic Northwest Passage to raise awareness of  the six planetary tipping points in the arctic.

Event co-founder and director, Tony Gourlay, believes these conversations couldn’t be more urgent, as record-breaking heatwaves and extreme weather events worldwide provide a sobering preview of challenges in a world warming beyond 1.5°C.

Tony Gourlay, Co-founder and Director of Impact X said: “People from across all areas of society – whether in business, government, investment, or otherwise – are encouraged to attend this landmark event that promises to deliver debate, discussion, and lots of big ideas to accelerate investment and collaboration across sectors, borders, and all levels of society.”

Tim Ferraro, Director APAC at Land Life, said:: “Regardless of what is happening with the US withdrawing from the Paris Agreement, it’s all systems go in Australia from the perspective of nature restoration. If the US is scaling down, we’ve got other countries scaling up. It’s providing an opportunity to drive more international capital to restoration work closer to home. Global firms are still getting on with the job – we see large companies putting out very large tenders for nature-based restoration carbon offsets, with a big demand for high integrity projects.”

Michael Battaglia, Mission Lead Towards Net Zero at CSIRO, said: “Impact X will be again an important coming together.  We are now well into the net zero transition and some things are going well and some bits are proving hard.  But it is when things are hard and complex that we need to come together and learn from each other, and look at new ways to solve the hard problems.”

The Impact X Summit will be held at Sydney Town Hall on March 11, 2025, with tickets available here.

Impact X is Australia’s global climate conference organiser, bringing together industry, government, investors, and other stakeholders to catalyse solutions to climate change, restore the natural environment, and create the sustainable systems of the future. With its Impact X Summits, the company supports the growth and scaling of climate investment, technologies, and net zero innovation.

Third Hemisphere is a leading APAC-based PR and investment agency specialising in technology, finance, sustainability and climate, for innovators, leaders and investors who are breaking new ground and changing the world. Our mission is to help clients lead the conversation to create impact and become category leaders, through strategic and integrated communications across tier-1 news media, social, and digital channels. This drives commercial outcomes with their investors, customers, partners, talent, and governments. We also create and implement investment strategies and investor comms that drive the success of fast-growth technology ventures. Third Hemisphere was awarded 2024 Mumbrella PR Agency of the year, the 2023 Mumbrella Boutique Agency of the Year and 2023 SABRE Best Financial Services Campaign. Founder and Managing Director, Hannah Moreno, has also been awarded Mumbrella’s 2023 PR Professional of the Year, shortlisted for Mumbrella’s 2024 PR Leader of the Year, and was also finalist for 2023 PR Agency Head of the Year at the PR Asia Awards and the 2021 Women in Finance Awards.

Setouchi: A Vibrant Hub of Culture, Cuisine, and Experiences

SETOUCHI, Japan, March 11, 2025 /PRNewswire/ — The Setouchi region of Japan, made famous to an international audience by Donald Richie’s exceptional The Inland Sea — a travelogue which has inspired millions since its release in 1971, is a thriving cultural cornucopia. Comprising several prefectures, Setouchi is a stunning landscape and location to explore while traveling in Japan.

“Lord of Ozu Castle” experience
“Lord of Ozu Castle” experience

Hyogo Prefecture
Kobe Beef and Kobe Beef Gallery
Kobe beef is known as one of the three major types of wagyu beef in Japan. Kobe beef is, ostensibly, a title given to beef carefully selected from cattle named “Tajima beef.” Tajima beef, which is the root of brand beef, is judged after it becomes a carcass. Subsequently, an examination is conducted before it is put up for market auction, with only those that meet the very strict examination standards set by the Kobe Beef Marketing & Distribution Promotion Association being certified as Kobe beef. A true culinary treat for carnivores, it should be on everyone’s gastronomic radar. For fans of Kobe beef, The Kobe Beef Gallery is a facility that introduces its global appeal. Inside the museum, there are a wide variety of exhibits, including models, panels, and videos, and visitors can learn about the characteristics and production process of Kobe beef. In addition, visitors can taste and experience its quality while enjoying a meal.
https://kobebeef.gallery/

Yamaguchi Prefecture
Nagato Yumoto Onsen and Otanisanso Bettei Otozure
Nagato Yumoto Onsen, with a 600-year history, is a renowned hot spring once visited by samurai. Dubbed “Osoto Tengoku” (Outside Heaven), this area is perfect for exploration, offering picturesque pathways that lead to the soothing waters of ONTO ONSEN. Otanisanso Bettei Otozure, a luxury ryokan with 18 sumptuously designed rooms, features open-air hot spring baths and a Michelin-starred restaurant. Imbued in nature, these facilities, then, offer a serene retreat steeped in Japan’s hot spring culture.
https://yumotoonsen.com/

Tokushima Prefecture
Awa Ai indigo-Dyeing Experience
The Aizumicho Historical Museum, “Ai-no-Yakata,” showcases the history and techniques of Aizome (indigo dyeing), a traditional craft of Tokushima Prefecture. Indigo dyeing relies on the region’s clean water, and the museum preserves this heritage. Visitors can try Aizome and create distinctive pieces in a 40-minute session, with no reservations needed for individuals or small groups. This hands-on experience offers a rare chance to explore Tokushima’s rich history and craftsmanship. By participating, visitors gain insight into the deep cultural significance of Aizome and its traditional techniques, making it a unique and accessible cultural experience.
https://shikoku-guide.com/en/information/ainoyakata/

Ehime Prefecture
Castle Overnight Stay Experience
Ozu Castle Stay offers Japan’s first opportunity to stay in a fully restored castle keep, fusing history with luxury. Guests can immerse themselves in samurai culture through the “Lord of Ozu Castle” experience, dressing in armor and reenacting scenes from the era of Sadayasu Kato. The surrounding castle town retains its Edo-period charm, with highlights like Garyu Sanso, a historic villa with a serene garden along the Hiji River. This stay offers a rare blend of history, nature, and tradition.
https://castlestay.ozucastle.com/en/home

About Setouchi DMO:
The Setouchi DMO highlights the beauty, culture, and experiences of seven prefectures surrounding the Seto Inland Sea. It connects travelers with local events, and accommodations, promoting traditional culture, scenic landscapes, and regional cuisine while supporting local economic revitalization.

CONTACT: https://www.setouchi.travel/en/

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.

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