Market Newsdesk

GIG HARBOR, Wash., Nov. 16, 2020 (GLOBE NEWSWIRE) — Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ:HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced consolidated financial results for the third quarter ended September 30, 2020.

Third Quarter Highlights

• Sales Increased by 15% vs Q3 2019
• Gross Margins Increased to 8% vs -3% Q3 2019
• Acquired or Contracted for 321 Single Family Lots in Western Washington
• Contracted to Acquire 144-Unit Apartment Site in Port Orchard, Washington
• Announced Product Expansion to Enter First Time Home Buyer Market
• Announced Product Expansion into Multi-Family Rental Market

Chief Executive Officer Sterling Griffin stated, “The third quarter of 2020 kicked off with our entry into the public markets, and our listing on the NASDAQ Capital Markets Stock Exchange. The public offering proceeds enhanced our ability to address our stated goals for land acquisition and development, planned product expansion, and completed home sales. Market conditions including low interest rates, urban flight and a growing work from home labor force have created exciting opportunities for homebuilders. As a result, we are on track to break our quarterly sales records in Q4. Our previous quarterly sales record was $13,215,600 in Q4 of 2019.”

“We have positioned Harbor Custom Homes® as a versatile company, creating diversified product offerings and revenue streams. We own or control 551 lots and 390 multi-family units for future development. Historically our revenue has been comprised of approximately 25% developed lot sales and 75% home sales and we anticipate 2021 revenue to maintain similar ratios.”

Summary Third Quarter 2020 Results

The following table sets forth the summary statements of operations for the three months ended September 30, 2020 and 2019:

	For the Three Months Ended
	September 30,
		2020				2019
Sales	$	7,806,500			$	6,783,800
Cost of sales		7,183,900				6,964,400
Gross profit (loss)		622,600				(180,200	)
Operating expenses		1,458,200				731,100
Other (expense) income		(176,300	)			(124,300	)
Income tax benefit		571,600				439,700
Net (loss)	$	(440,300	)		$	(596,300	)

Sales: Sales increased by approximately 15% to $7,806,500 during the three months ended September 30, 2020, from $6,783,800 during the three months ended September 30, 2019. Sales growth was attributable to an increase in the number of homes closed.

Gross Profit: The gross profit margin was 8% for the three months ended September 30, 2020 compared to -3% for the three months ended September 30, 2019. During the three months ended September 30, 2020, the margin increased due to higher margins on current home closings.

Operating Expenses: Our operating expenses increased by 99% during the three months ended September 30, 2020, as compared to the three months ended September 30, 2019. The $727,100 increase in total operating expenses is primarily attributable to the following:

1) Insurance costs increased by $507,000, primarily driven by the purchase of directors and officer’s insurance upon the Initial Public Offering; and
2) Additional payroll expense of $199,600 related to staffing changes and compensation increases.

Net Loss: For the three months ended September 30, 2020 and 2019, the Company reported a net loss of $440,300 and $596,300, respectively. The decrease in net loss was primarily attributable to an increase in income tax benefit in 2020.

About Harbor Custom Development, Inc.

Harbor Custom Development, Inc., DBA Harbor Custom Homes®, is a real estate development company involved in all aspects of the land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Western Washington’s Puget Sound region. Harbor has active or recently sold out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. Harbor Custom Development’s business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces. Harbor focuses on real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations. For more information on Harbor Custom Development, Inc., please visit harborcustomhomes.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “shall,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations

Hanover International
[email protected]
866-744-0974

 

SAN JOSE, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) — Fairfield University and Pulse Secure, the leading provider of Zero Trust Secure Access solutions, have announced a partnership to help educate the next generation of cybersecurity professionals. According to Cybersecurity Ventures, there are expected to be 3.5 million unfilled cybersecurity positions by 2021. In response to the global, rapidly growing demand for skilled information security professionals across industries—from government to private sector and non-profit—Fairfield University is now offering a flexible 30-credit Master of Science in Cybersecurity program, which will leverage Pulse Secure technology in its new state-of-the-art cybersecurity lab.

Fairfield University, established in 1942 and located in Fairfield Connecticut, has over 5000 diverse and international undergraduate and graduate students engaged in studies within its five schools and colleges, including its college of arts and sciences, schools of business, engineering and nursing and health studies, and its graduate school of education. The University was ranked 2nd overall for “most innovative” among Northern regional universities by U.S. News and World Report’s 2021 Best Colleges ranking.

Launched this fall semester, Fairfield’s MS in Cybersecurity program is designed to offer students a hands-on learning experience using real-world applications in its cybersecurity lab, as well as to promote the critical thinking and problem-solving skills needed as information and computer technologies continue to advance. The University’s cybersecurity lab is an integral teaching and research facility, designed to enhance the complexity of coursework, challenge students to collaboratively solve sophisticated problems, and ultimately equip graduates with the critical thinking and technological skills needed to monitor, mitigate, and prevent online security threats.

“Security threats thrive off distraction and working through stressful situations is an important part of the job. As such, our new lab prepares the next generation of cybersecurity professionals by providing them a realistic simulation of the many challenges they will encounter in the real world,” said Justin Hickey, Fairfield University CISO. “This lab is a critical step forward for the cybersecurity industry and we are thrilled to partner with Pulse Secure to teach the importance of secure access and Zero Trust principals.”

Fairfield University has long used Pulse Secure products for a variety of purposes. For the University’s cybersecurity lab, Pulse has supplied its awards winning secure access solutions, including virtual private network (VPN) and network access control (NAC), to support its hands-on cyber curriculum, as well as to ensure a protected and observable class environment that will prepare students to address information and security challenges businesses face today.

Curricular enhancements in conjunction with the new lab include the formal creation of a cybersecurity certificate program, a minor in the subject, and core engineering courses in cybersecurity, which is a required area for ABET (Accreditation Board for Engineering and Technology) accreditation of the Computer Science program. The lab provides a dedicated facility for the data science graduate program and the professional certificate in software engineering with a concentration in cybersecurity. It also offers Fairfield the capability host SOE (State Owned Enterprise) courses and demonstrations for industry leaders throughout the Northeast.

For more information on the cybersecurity jobs landscape, please visit:

https://cybersecurityventures.com/jobs/

.

For more information on Fairfield University’s MS in Cybersecurity program, please
click

here

.

For more information on Pulse Secure, please visit:

www.pulsesecure.net

.

TWEET THIS: @FairfieldStags, has partnered with @pulsesecure, the leading #ZTNA provider, to leverage Pulse Secure’s technologies in its new cybersecurity lab #PulseSecure #SecureAccess #ZeroTrust #endpoint #security #edtech

About Pulse Secure 
Pulse Secure provides easy, comprehensive software-driven Secure Access solutions for people, devices, things and services that improve visibility, protection and productivity for our customers. Our suites and SaaS platform uniquely integrate cloud, mobile, application and network access to enable hybrid IT in a Zero Trust world. Over 24,000 enterprises and service providers across every vertical entrust Pulse Secure to empower their mobile workforce to securely connect to applications and information across the data center and multi-cloud while ensuring business compliance. Learn more at www.pulsesecure.net. 

Pulse Secure Media Contacts:

Americas
Brittney Regalado
10Fold Communications
[email protected]
925 759 4214

Asia Pacific
Tony Tan
Autonomy
[email protected]
+65 6570 9139

EMEA
Anne Harding
The Message Machine
[email protected]
+44 7887 682943

Fairfield Media Contact:

Susan Cipollaro
[email protected]
203-254-4000 ext. 2726

HONG KONG, Nov. 16, 2020 (GLOBE NEWSWIRE) — UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading mobile data traffic sharing marketplace, today announced its unaudited financial results for the three months ended September 30, 2020.

Financial Highlights for the
Third
Quarter of 2020

• Total revenues were US$18.0 million, representing a decrease of 59.2% from US$44.1 million in the third quarter of 2019.
• Gross profit was US$5.6 million, representing a decrease of 70.2% from US$18.9 million in the third quarter of 2019.
• Loss from operations was US$9.6 million, compared with income from operations of US$3.9 million in the third quarter of 2019.
• Net loss was US$9.7 million, compared with net income of US$3.8 million in the third quarter of 2019.
• Adjusted net loss (non-GAAP) was US$5.7 million, compared with an adjusted net income of US$3.8 million in the third quarter of 2019.
• Adjusted EBITDA (non-GAAP) was negative US$5.0 million, compared with positive US$4.6 million in the third quarter of 2019.

Operational Highlights for the
Third
Quarter of 2020

• Total data consumed through the Company’s platform was 49,774 terabytes, including 3,638 terabytes the Company procured and 46,136 terabytes our business partners procured, representing an increase of 99.2% from 24,993 terabytes in the third quarter of 2019.
• Average daily active terminals were 252,265, including 3,095 owned by the Company and 249,170 not owned by the Company, representing an increase of 21.4% from 207,853 in the third quarter of 2019. 73.6% of daily active terminals was from uCloudlink 2.0 local data connectivity services and 26.4% of daily active terminals was from uCloudlink 1.0 international data connectivity services during the third quarter of 2020. Average daily data usage per terminal was 2.13 GB in September 2020.
• As of September 30, 2020, we had served 2,079 business partners in 49 countries and regions. We had 132 patents with 53 approved and 79 pending approval, while our pool of SIM cards was from 216 MNOs globally as of September 30, 2020.

“The COVID-19 pandemic continued to linger longer and deeper than anticipated, so did its negative impact on international tourism and consequently, our third quarter 2020 results. However, we expect international travel will recover with the launch of COVID-19 vaccines and effective testing and tracing.

Our uCloudlink 2.0 local data connectivity services continue to be a very important business for us. The sales of mobile Wi-Fi terminals and services were steady during the second and third quarter of 2020 through online sales and offline distribution channels with our business partners.

In order to elevate our local service brand, we are enhancing our e-commerce efforts in strategic key markets with high growth potential such as the United States and Europe, optimizing our websites and streamlining our sales function and team, in order to continue improving the user experience and overall satisfaction.

Mobile network operators (MNOs) are the major players in the data connectivity service markets and our uCloudlink 2.0 business has great potential through global alliances and cooperation with MNOs and business partners globally. We have already established an alliance ecosystem with various MNOs such as NTT in Japan, one of the major MNOs in mainland China, and certain regional wireless carriers in the United States. We further invested in Beijing Huaxiang Lianxin Technology Co., Ltd. which is one of the licensed mobile virtual network operators (MVNOs) in mainland China. We believe that the alliance with MNOs and MVNOs will further increase the scale of users connected to our platform as we leverage from carriers’ huge number of service subscribers. We will continue to develop strategical alliances with more MNOs, MVNOs and local business partners such as in Europe, the United States, Asia, etc. as we pursue enhancement of our PaaS and SaaS platform ecosystem and provide superior data connectivity services to carriers and business partners.

5G provides great opportunities for us. We can help carriers to improve their coverage, connectivity services and investment efficiency in 5G networks. Our full series of 5G mobile Wi-Fi, Customer Premises Equipment (CPE) and GlocalMe Inside (GMI) embedded in various brands of 5G related mobile phones are under development for commercial trials in the near future. We believe that there is great potential for the application of those devices in 5G mobile broadband connectivity service due to low network latency and expansive network coverage for end users. We also believe it can facilitate us to establish the leading technological position of our PaaS and SaaS platform in the early stage of 5G.

Our Cloud SIM technology, such as instant switching network technology is both highly compatible with and brings unique advantages to various Internet-of-thing (IoT) applications scenarios such as Internet of Vehicles, autopilot, cargos, logistics and other car equipment. We are cooperating with business partners in various aspects of IoT applications such as cargo vehicles and cross-border railway transportations where we see high potential for our business.” said Chaohui Chen, Director and CEO of UCLOUDLINK. “Looking ahead, we expect the launch of vaccines from clinical phase three to the market in China and other countries and regions will lead to the recovery of international travel and benefit to our business accordingly. We expect all of these new opportunities such as our uCloudlink 2.0 business will further develop our business potential in 2021. We are also dedicated to our R&D in traditional and new innovative technologies with further investment in sales and marketing to bring us greater prospects for sustainable growth in the future.”

“While COVID-19 has been well controlled in China, the pandemic continued to evolve in other countries and regions during the third quarter of 2020. However, we continued to be solid in our business operations with steady development in our uCloudlink 2.0 business. The percentage of our uCloudlink 2.0 daily active terminals (DAT) as opposed to total daily active terminals has been increased to 73.6% in the third quarter of 2020 compared to 14.6% in the third quarter of 2019. The demand for our uCloudlink 2.0 local data connectivity services continued to be strong with a steady percentage of daily active terminals during the third quarter of 2020 and we worked with business partners to develop local mobile broadband service such as in Japan, North America and other markets and strengthened our cooperation with existing ones. We undertook comprehensive mitigation measures such as cost control to reduce the impact of the pandemic on our service gross margin and overall gross margin in the third quarter of 2020. We have internationally diversified revenue generated from close to 50 countries and regions which allowed us more resilience to single market risk.” Said Yimeng Shi, CFO of UCLOUDLINK, “We continued to increase investment in R&D and sales and marketing such as e-commerce and promotional campaign in key markets, with the intention of opening more new business opportunities globally. We will continue to improve and optimize our revenue and cost structures with increasing operational efficiency, together with the abovementioned business opportunities to facilitate our business growth and performance in the future.”

Third
Quarter 2020 Financial Results

Revenues

Total Revenues were US$18.0 million, representing a decrease of 59.2% from US$44.1 million in the same period of 2019.

• Revenues from services were US$9.8 million, representing a decrease of 60.8% from US$25.1 million in the same period of 2019. This decrease was primarily attributable to the decrease in revenues from international data connectivity services and PaaS and SaaS services to certain extent, mainly because of continuous and prolonged impact of pandemic of COVID-19 and resulted international travel ban.
  • Revenues from data connectivity services were US$8.2 million, representing a decrease of 63.5% from US$22.5 million in the same period of 2019. The decrease was primarily attributable to the decrease in revenues from international data connectivity services from US$21.8 million in the third quarter of 2019 to US$5.7 million in the third quarter of 2020, partially offset by the increase in revenues from local data connectivity services from US$0.7 million in the third quarter of 2019 to US$2.5 million in the third quarter of 2020. The decrease in revenues from international data connectivity services was mainly due to the prolonged negative impact of global travel ban as a result of the COVID-19 pandemic. On the other hand, the demand of our local data connectivity services was not impacted by the international travel ban with continuous growth potential.
  • Revenues from PaaS and SaaS services were US$1.5million, representing a decrease of 30.3% from US$2.1 million in the same period of 2019. This decrease was primarily due to the negative impact of COVID-19 on our partners that use our PaaS and SaaS services to provide international data connectivity services. In the meantime, the demand of our local data connectivity services business partners was not affected.
• Revenues from sales of products were US$8.2 million, representing a decrease of 57.1% from US$19.0 million in the same period of 2019, primarily due to the continuous negative impact of COVID-19 pandemic during the third quarter of 2020.
• Geographic Distribution
  
  
  During the third quarter of 2020, we had 5.4% of total revenue coming from Mainland China, 56.4% of total revenue coming from Japan and 38.2% of total revenue coming from other countries and regions.

Cost of Revenues

Cost of revenues was US$12.4 million, representing a decrease of 51.0% from US$25.2 million in the same period of 2019. The decrease was attributable to decrease of cost of services and cost of products due to the decline of global travels as a result of the COVID-19 pandemic.

• Cost of services was US$6.2 million, representing a decrease of 32.6% from US$9.2 million in the same period of 2019.
• Cost of products sold was US$6.2 million, representing a decrease of 61.6% from US$16.0 million in the same period of 2019.

Gross Profit

Overall gross profit was US$5.6 million, or 31.3% overall gross margin, compared to US$18.9 million, or 42.8% in the same period of 2019.

Our gross profit on services was US$3.6 million, or 36.6% gross margin related to services, compared to US$15.9 million, or 63.1% in the same period of 2019.

Our gross profit on sales of products was US$2.0 million, or 24.8% gross margin related to sales of products, compared to US$3.0 million, or 16.0% in the same period of 2019.

Operating Expenses

Total operating expenses were US$19.7 million, compared to US$14.3 million in the same period of 2019.

• Research and development expenses were US$4.8 million, representing an increase of 31.4% from US$3.6 million in the same period of 2019. The increase was primarily due to an increase of US$1.9 million in share-based compensation expenses, partly offset by a decrease of US$0.6 million in staff costs related to internal cost control measures while optimizing R&D efficiency and policies for social security benefits.
• Sales and marketing expenses were US$5.7 million, representing a decrease of 9.1% from US$6.3 million in the same period of 2019. The decrease was primarily due to a decrease of US$0.4 million in staff costs related to cost control measures and policies for social security benefits and a decrease of US$1.7 million related to promotion fee due to the suspended impact of COVID-19 pandemic on sales and marketing activities, partially offset by an increase of US$2.0 million in share-based compensation expenses.
• General and administrative expenses were US$9.2 million, representing an increase of 110.1% from US$4.4 million in the same period of 2019. The increase was primarily due to an increase of US$4.0 million in share-based compensation expenses and an increase of US$1.3 million account receivable bad debt provision during the pandemic period, partly offset by the decrease of US$0.9 million in legal counsel charge. 

Loss from Operations

Loss from operations was US$9.6 million, compared with income from operations of US$3.9 million in the same period of 2019.

Adjusted EBITDA (Non-GAAP)

Adjusted EBITDA (Non-GAAP), which excludes the impact of share-based compensation and fair value gain/loss in other investment, net of tax, interest expense, depreciation and amortization, was negative US$5.0 million, compared to positive US$4.6 million in the same period of 2019.

Net Interest Expenses

Net interest expenses were US$0.04 million, compared to US$0.1 million net interest expenses in the same period of 2019.

Net Loss

Net loss was US$9.7 million including share-based compensation of US$7.9 million that were recognized upon vesting period, compared with net income of US$3.8 million in the same period of 2019.

Adjusted Net Loss (Non-GAAP)

Adjusted net loss, which excludes the impact of share-based compensation and the fair value gain/loss in other investment, was US$5.7 million, compared with an adjusted net income US$3.8 million in the same period of 2019.

Basic and Diluted Loss per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were US$0.34 and US$0.34, respectively.

Cash and Cash Equivalents, Restricted Cash and Short-Term
Deposits

As of September 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term deposits of US$32.8 million, compared to US$37.3 million as of June 30, 2020. The decrease was primarily due to outflow of US$3.6 million in borrowing repayment, US$0.8 million relating to payment for equity interest of 6.25% of Beijing Huaxiang Lianxin Technology Co., Ltd. and US$0.4 million for operations.

Capital Expenditures (
“
CAPEX
”
)

CAPEX was US$0.1 million compared to US$1.2 million in the same period of 2019.

Business Outlook

For the fourth quarter of 2020, UCLOUDLINK expects total revenues to be between US$17.0 million and US$19.0 million, representing a 64.6% to 68.3% decrease from the same period of 2019. The above outlook is based on current market conditions and reflects the Company’s preliminary estimates of market and operating conditions and customer demand, particularly in light of the potential impact of the COVID-19. The global outbreak of COVID-19 presents continuous and various global risks and the full impact of the outbreak continues to evolve which had a severe and negative impact on the global economy since the first quarter of 2020. We will monitor the COVID-19 impact and other related factors such as the vaccines of COVID-19 continuously, but the effects of which are difficult to analyze and predict, which are all subject to change.

Recent Development

During August 2020, the Company granted 1,000,000 share options to some of our directors and executive officers pursuant to the Revised 2018 Plan. Up to November 16, 2020, a total number of 22,771,877 share options have been granted and outstanding.

We further invested in Beijing Huaxiang Lianxin Technology Co., Ltd. which is one of the licensed mobile virtual network operators (MVNOs) (reference to our press release dated November 9, 2020). We had three senior management changes took effect on September 25, 2020. Mr. Xinquan (Victor) Xu assumed the role of our Chief Sales Officer and President of Marketing and Sales. Zhu Tan assumed the role of Vice President of Marketing and Sales. Wen Gao assumed the role of Chief Strategy Officer. The move to restructure management roles was designed to better align senior leadership positions with the strategic development of our business, as we continue to improve operational efficiency, explore market opportunities, and deliver sustainable growth (reference to our press release dated September 28, 2020). We continued to strengthen our business development with business partners in Japan (reference to our press release dated September 15, 2020).

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, adjusted net (loss)/income and adjusted EBITDA, as supplemental measures to review and assess the Company’s operating performance. The presentation of these 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. Adjusted net (loss)/income is defined as net (loss)/income excluding share-based compensation and fair value gain/loss in other investment. Adjusted EBITDA is defined as net (loss)/income excluding share-based compensation and fair value gain/loss in other investment, net of tax, interest expense, depreciation and amortization.

The Company believes that adjusted net (loss)/income and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in (loss)/income from operations and net (loss)/income. The Company believes that adjusted net (loss)/income and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. 

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

The Company compensate for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, 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.

Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

Conference Call

UCLOUDLINK will hold a conference call at 8:00 a.m. Eastern Time on November 16, 2020 (9:00 p.m. Beijing Time on the same day) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing:

International:	+1-412-902-4272
US (Toll Free):	+1-888-346-8982
UK (Toll Free)	800-279-9489
Mainland China (Toll Free):	400-120-1203
Hong Kong (Toll Free):	800-905-945
Singapore (Toll Free):	800-120-6157

Participants should dial in at least 10 minutes before the scheduled start time and provide the Conference ID to the operator to be connected to the conference. Due to conditions surrounding the outbreak of COVID-19, participants may experience longer than normal hold period before being assisted to join the call. The Company thanks everyone in advance for their patience and understanding.

A telephone replay will be available approximately two hours after the call until 09:59 a.m. Eastern Time on November 16, 2020 by dialing:

US (Toll Free):	+1-877-344-7529
International:	+1-412-317-0088
Replay Passcode:	10146997

A live and archived webcast of the conference call will be available at http://ir.ucloudlink.com

About UCLOUDLINK GROUP INC.

UCLOUDLINK is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under 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,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the financial guidance and quotations from management in this announcement, as well as UCLOUDLINK’s strategic and operational plans, contain forward-looking statements. UCLOUDLINK may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about UCLOUDLINK’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: UCLOUDLINK’s strategies; UCLOUDLINK’s future business development, financial condition and results of operations; UCLOUDLINK’s ability to increase its user base and usage of its mobile data connectivity services, and improve operational efficiency; competition in the global mobile data connectivity service industry; changes in UCLOUDLINK’s revenues, costs or expenditures; governmental policies and regulations relating to the global mobile data connectivity service industry, general economic and business conditions globally and in China; the impact of the COVID-19 pandemic to UCLOUDLINK’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and UCLOUDLINK undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

In China:

UCLOUDLINK GROUP INC.

Bob Shen

Tel: +852-2180-6111

E-mail: [email protected]

The Piacente Group, Inc.

Yang Song

Tel: +86 (10) 6508-0677

E-mail: [email protected]

In the United States:

The Piacente Group, Inc.

Brandi Piacente

Tel: +1-212-481-2050

E-mail: [email protected]

UCLOUDLINK GROUP INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands of US$, except for share and per share data)

	As of December 31,					As of September 30,
	2019					2020
ASSETS
Current assets
Cash and cash equivalents		37,320					24,330
Restricted cash		2,954					8,237
Short-term deposit		193					196
Accounts receivable, net		25,767					9,942
Inventories		10,518					8,033
Prepayments and other current assets		7,828					9,103
Other investments		–					17,496
Amounts due from related party		692					710
Total current assets		85,272					7 8, 04 7
Non-current assets
Prepayments		–					599
Long-term investment		430					1,251
Other investments		–					17,477
Property and equipment, net		3,793					3,401
Intangible assets, net		602					713
Total non-current assets		4,825					2 3 , 44 1
TOTAL ASSETS		90,097					101 , 488
LIABILITIES
Current liabilities
Short term borrowings		6,659					763
Accrued expenses and other liabilities		21,319					21,532
Accounts payables		16,728					11,906
Amounts due to related party		1,022					1,553
Contract liabilities		1,925					1,561
Total current liabilities		47,653					37, 315
Non-current liabilities
Other non-current liability		–					335
Total non-current liabilities		–					335
TOTAL LIABILITIES		47,653					37,6 50
MEZZANINE EQUITY
Series A redeemable convertible preferred shares		22,977					–
TOTAL MEZZANINE EQUITY		22,977					–
SHAREHOLDERS’ EQUITY
Pre-IPO ordinary shares		11					–
Class A ordinary shares		–					8
Class B ordinary shares		–					6
Additional paid-in capital		118,818					214,121
Accumulated other comprehensive income		706					804
Accumulated losses		(100,068	)				(151,101	)
TOTAL SHAREHOLDERS’ EQUITY		19,467					63,838
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY		90,097					101,488

UCLOUDLINK GROUP INC
.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands of US$, except for share and per share data)

		For the three months ended										For the nine months ended
		September 30, 2019					September 30, 2020					September 30, 2019					September 30, 2020
Revenues			44,103					17,996					104,685					72,543
Revenues from services			25,070					9,839					66,558					37,137
Sales of products			19,033					8,157					38,127					35,406
Cost of revenues			(25,231	)				(12,3 6 6	)				(58,661	)				(49,584	)
Cost of services			(9,245	)				(6,234	)				(27,174	)				(21,092	)
Cost of products sold			(15,986	)				(6,132	)				(31,487	)				(28,492	)
Gross profits			18,872					5,6 3 0					46,024					2 2 , 95 9
Research and development expenses			(3,626	)				(4,766	)				(11,645	)				(21,326	)
Sales and marketing expenses			(6,281	)				(5,710	)				(17,339	)				(23,797	)
General and administrative expenses			(4,367	)				(9,173	)				(14,112	)				(33,637	)
Other income, net			(667	)				4,439					382					5,092
Income / (loss) from operations			3,931					(9, 580	)				3,310					(5 0 , 709	)
Interest income			10					8					169					34
Interest expenses			(141	)				(43	)				(336	)				(271	)
Income / (loss) before income tax			3,800					(9, 615	)				3,143					(50, 946	)
Income tax expense			–					(50	)				–					(87	)
Net income / (loss)			3,800					(9, 665	)				3,143					(5 1 , 033	)
Accretion of Series A Preferred Shares			(636	)				–					(1,905	)				(1,293	)
Income allocation to participating preferred shareholders			(137	)				–					(137	)				–
Attributable to:
Equity holders of the Company			3,027					(9,665	)				1,101					(52,326	)
Non-controlling interests			–					–					–					–
Earnings/(loss) per share for Class A and Class B ordinary shares
Basic			0.01					(0.03	)				0.00					(0.21	)
Diluted			0.01					(0.03	)				0.00					(0.21	)
Loss per ADS (10 Class A shares equal to 1 ADS)
Basic								(0.34	)									(2.07	)
Diluted								(0.34	)									(2.07	)
Shares used in earnings per Class A and Class B ordinary share computation:
Basic			232,451,900					281,551,900					232,122,814					252,819,307
Diluted			232,451,900					281,551,900					232,122,814					252,819,307
Net income/(loss)			3,800					(9, 665	)				3,143					(5 1 , 033	)
Other comprehensive income, net of tax
Foreign currency translation adjustment			(528	)				250					(460	)				98
Total comprehensive income/(loss)			3,272					( 9 , 415	)				2,683					(5 0 , 935	)

UCLOUDLINK GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of US$)

		For the three months ended										For the nine months ended
		September 30, 2019					September 30, 2020					September 30, 2019					September 30, 2020
Net cash generated from/(used in) operating activities			296					(433	)				4,699					3,488
Net cash used in investing activities			(1,195	)				(955	)				(2,404	)				(35,306	)
Net cash generated from/(used in) financing activities			8					(3,570	)				1,524					23,893
(Decrease)/increase in cash, cash equivalents and restricted cash			(891	)				(4,958	)				3,819					(7,925	)
Cash, cash equivalents and restricted cash at beginning of the period			41,382					37,136					36,627					40,274
Effect of exchange rates on cash, cash equivalents and restricted cash			(641	)				389					(596	)				218
Cash, cash equivalents and restricted cash at end of the period			39,850					32,567					39,850					32,567

UCLOUDLINK GROUP INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(In thousands of US$)

		For the three months ended									For the nine months ended
		September 30, 2019				September 30, 2020					September 30, 2019				September 30, 2020
Reconciliation of Net Income/(Loss) to Adjusted Net Income/(Loss)
Net income/(loss)			3,800				(9, 66 5	)				3,143				(5 1 , 033	)
Add: share-based compensation			–				7,870					169				44,724
Less: fair value gain in other investments			–				(3,869	)				–				(2,873	)
Adjusted net income/(loss)			3,800				(5,664	)				3, 312				(9,182	)

		For the three months ended										For the nine months ended
		September 30, 2019				September 30, 2020						September 30, 2019						September 30, 2020
Reconciliation of Net Income/(Loss) to Adjusted EBITDA
Net income/(loss)			3,800				(9, 665		)					3,143						(5 1 , 033	)
Add:
Interest expense			141				43							336						271
Income tax expenses			–				50							–						87
Depreciation and amortization			708				550							2,354						1,712
EBITDA			4,649				( 9 , 022		)					5,833						(48, 963	)
Add: share-based compensation			–				7,870							169						44,724
Less: fair value gain in other investments			–				(3,869		)					–						(2,873	)
Adjusted EBITDA			4,649				(5,02 1		)					6,002						(7, 112	)

Los Angeles, CA, Nov. 16, 2020 (GLOBE NEWSWIRE) — Eureka! Restaurant Group (Eureka!), the all-American brand with a cult following for its highly regarded 100% American craft whiskey, beer, and cocktail program paired with an approachable creative scratch kitchen, will be the first in the nation to introduce a completely contactless dining experience. Rooted in innovation and discovery, Eureka! is enhancing its high service guest-forward approach to hospitality empowering the guest to drive the experience from the comfort and safety of their own handheld smartphone. Eureka! collaborated with OneDine to curate a contactless yet personalized restaurant visit—creating a customized, cutting-edge technology platform that provides guests full control over ordering, speed of service, and payment. The restaurant group launched the new dining experience in October 2020 in 13 locations with all 24 restaurants nationwide integrating the technology by November 2020.

The guest experience is paramount at Eureka!, and the introduction of the new technology underscores this key brand principle. Through this industry-leading innovation, guests will check-in, self-seat, view menus, order scratch food, and handcrafted drinks, have the ability to keep their tab open for additional orders, request additional service, and pay their bill from their personal mobile device. The online dining platform is complemented by other technological advancements including Quick Response (QR) codes, smartwatches, and Near Field Communication (NFC) sensors for additional convenience and seamless service.

“’Discovery’ is a founding core value of Eureka! Restaurant Group, and as the world changes we will constantly lean in, discovering new and creative ways to enhance our guest dining experience. With the integration of this customized technology platform, we hope to offer a glimpse of the future for polished casual dining and what we consider to be the natural evolution of high touch guest-centric restaurant groups. We will be enhancing service with technology not replacing it, all while maintaining the authentic and community-driven service they have come to expect at Eureka!,” states Justin Nedelman, CEO at Eureka! Restaurant Group. “As we roll out this technology, we are committed to remaining nimble and responsive to our guests’ needs. During this time of uncertainty, it is amazing to see how engaged our long time regulars feel as they come back to their home away from home at Eureka!, reconnecting over their favorite dishes, all-American bar, and our unique, energetic and genuine hospitality.”

The reimagined restaurant experience at Eureka! will utilize the new technology in the following ways:

• Self check-in, table alert, and self-seating to expedite the entry process.
• Guests will be able to browse the menu, order, and pay from their personal mobile devices.
• Guests can contact Eureka! team members with the push of a button.
• Managers will wear smartwatches that provide alerts in real-time from check-in to check-out, allowing expedited service and guest response, and providing the ability to monitor the restaurant flow for a seamless guest experience.

For a sneak peek into Eureka!’s new technology, join us at one of our restaurants live with the contactless dining experience, scan the QR code below during open hours, or visit www.eurekarestaurantgroup.com/covid-19/. Currently, Eureka! has 24 restaurants that are open for take-out and dine-in service based on local city and county dining regulations. For a full list of restaurants including hours of operations and services available, please visit www.eurekarestaurantgroup.com.

###

About Eureka! Restaurant Group
Eureka! owns and operates 24 restaurants throughout California, Idaho, Nevada, Texas, and Washington. The brand proudly serves only authentic, house-made fare procuring locally sourced products all freshly cooked to order. The award-winning beverage program features a unique 100% American craft beer, small batch whiskey, and specialty cocktail program sourced from the most unique artisans throughout America (www.eurekarestaurantgroup.com).

About OneDine®
OneDine is the leader in contactless ordering, payment, and mobile menu solutions. For restaurants operating with today’s heightened expectations the platform optimizes labor, eliminates fraudulent credit card chargebacks, enables guest-side ordering and payment with no app required, features tableside EMV and PCI Compliance with P2P encryption, and enhances merchant marketing efforts. It syncs with existing restaurant POS systems and allows restaurant leadership to survey customers and gain data and real-time insights on operational improvement, menu modification, and more. OneDine is proudly developed in Plano, Texas by innovators with decades of experience in the hospitality industry (www.OneDine.com).

Attachment

• eureka pic

Sarah Evans
Zen Media
224-829-8820
[email protected]

BEIJING, Nov. 16, 2020 (GLOBE NEWSWIRE) — So-Young International Inc. (NASDAQ: SY) (“So-Young” or the “Company”), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced that it will report its financial results for the third quarter ended September 30, 2020, before U.S. markets open on November 25, 2020.

So-Young’s management will hold an earnings conference call on Wednesday, November 25, 2020, at 7:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time).

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in details.

Conference
Call
Preregistration

Participants can register for the conference call by navigating to https://apac.directeventreg.com/registration/event/2689544. Once preregistration has been completed, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.

To join the conference, please dial the number you receive, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly.

A telephone replay will be available two hours after the conclusion of the conference call through 7:59 AM U.S. Eastern Time, December 3, 2020. The dial-in details are:

International:	+61-2-8199-0299
US:	+1-646-254-3697
Passcode:	2689544

Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.

About
So-Young

So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”) is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young’s strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market.

For
more
information,
please
contact:

So-Young

Investor Relations
Ms. Vivian XU
Phone: +86-10-8790-2012
E-mail: [email protected]

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]