{"id":779218,"date":"2023-08-21T18:41:14","date_gmt":"2023-08-21T22:41:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/zw-data-action-technologies-reports-second-quarter-and-first-half-2023-unaudited-financial-results\/"},"modified":"2023-08-21T18:41:14","modified_gmt":"2023-08-21T22:41:14","slug":"zw-data-action-technologies-reports-second-quarter-and-first-half-2023-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/zw-data-action-technologies-reports-second-quarter-and-first-half-2023-unaudited-financial-results\/","title":{"rendered":"ZW Data Action Technologies Reports Second Quarter and First Half 2023 Unaudited Financial Results"},"content":{"rendered":"
\n

BEIJING, Aug. 21, 2023 (GLOBE NEWSWIRE) — ZW Data Action Technologies Inc. (Nasdaq: CNET) (the “Company”), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and six months ended June 30, 2023.<\/p>\n

\n Second Quarter 2023 Financial Results<\/strong>\n <\/p>\n

\n Revenues<\/em>\n <\/p>\n

For the second quarter of 2023, revenues increased by approximately $2.88 million, or 41.4%, to $9.82 million from $6.95 million for the same period last year. The increase in revenues was primarily attributable to the increase in our main stream service revenues, i.e. distribution of the right to use search engine marketing services as a result of the end of the peak infection wave of COVID-19 in the first fiscal quarter of 2023 where business activities and performance are gradually getting back to normal in the second fiscal quarter; and a portion of our clients\u2019 ad consumption shifts from using our ad portal placement services to using our search engine marketing service.<\/p>\n

\n Cost of revenues<\/em>\n <\/p>\n

Total cost of revenues increased by approximately $2.91 million, or 41.3%, to $9.93 million for the second quarter of 2023 from $7.03 million for the same period last year. The increase in cost was related to cost associated with distribution of the right to use search engine marketing service we purchased from key search engines, which was in line with the increase in the related revenues.<\/p>\n

\n Gross loss and gross loss margin<\/em>\n <\/p>\n

Gross loss was approximately $0.11 million for the second quarter of 2023, compared to $0.08 million for the same period last year. Overall gross loss margin rate was 1% for both the second quarter of 2023 and 2022.<\/p>\n

\n Operating expenses<\/em>\n <\/p>\n

Sales and marketing expenses was approximately $0.05 million for the second quarter of 2023, compared to $0.08 million for the same period last year. The decrease in sales and marketing expenses was mainly attributable to the gradual downsize of the sales team in our Hubei office during the period, as part of management\u2019s cost reduction plan in fiscal 2023.<\/p>\n

General and administrative expenses decreased by approximately $1.32 million, or 52.8%, to $1.18 million for the second quarter of 2023 from $2.50 million for the same period last year. The decrease in general and administrative expenses was mainly attributable to the decrease in allowance for expected credit losses of approximately $0.79 million; the decrease in amortization of administrative assets of approximately $0.44 million, primarily due to impairment loss recognized against intangible assets by the end of fiscal 2022; and the decrease in other administrative expenses of approximately 0.09 million, as a result of the cost reduction plan executed by management.<\/p>\n

\n Operating loss<\/em>\n <\/p>\n

Loss from operations was approximately $1.34 million for the second quarter of 2023, compared to $2.71 million for the same period last year. Operating loss margin was 14% for the second quarter of 2023, compared to 39% for the same period last year.<\/p>\n

\n Other income\/(expenses), net<\/em>\n <\/p>\n

Total other expenses, net was approximately $0.07 million for the second quarter of 2023, compared to total other income, net of $1.00 million for the same period last year. The decrease was primarily attributable to the decrease in gain of the change in fair value of warrant liabilities.<\/p>\n

\n Net loss and loss per share<\/em>\n <\/p>\n

Net loss was approximately $1.40 million, or loss per share of $0.19, for the second quarter of 2023. This was compared to a net loss of $1.71 million, or loss per share of $0.24, for the same period last year.<\/p>\n

\n First Half 2023 Financial Results<\/strong>\n <\/p>\n

\n Revenues<\/em>\n <\/p>\n

For the first half of 2023, revenues increased by approximately $1.54 million, or 10.5%, to $16.14 million from $14.60 million for the same period last year. The increase in revenues was primarily attributable to the increase in our main stream service revenues, i.e., distribution of the right to use search engine marketing services.<\/p>\n

\n Cost of revenues<\/em>\n <\/p>\n

Total cost of revenues increased by approximately $2.02 million, or 13.9%, to $16.56 million for the first half of 2023 from $14.54 million for the same period last year. The increase in cost of revenues was primary attributable to the increase in costs associated with distribution of the right to use search engine marketing service we purchased from key search engines during the period, which was in line with the increase in the related revenues.<\/p>\n

\n Gross profit\/(loss) and gross profit\/(loss) margin<\/em>\n <\/p>\n

Gross loss was approximately $0.43 million for the first half of 2023, compared to a gross profit of $0.05 million for the same period last year. Overall gross loss margin was 2.6% for the first half of 2023, compared to a gross profit margin of 0.4% for the same period last year.<\/p>\n

\n Operating expenses<\/em>\n <\/p>\n

Sales and marketing expenses decreased by approximately $0.06 million, or 36.7%, to $0.09 million for the first half of 2023, compared to $0.15 million for the same period last year. The decrease in sales and marketing expenses was mainly attributable to the gradual downsize of the sales team in our Hubei office during the period, as part of management\u2019s cost reduction plan in fiscal 2023.<\/p>\n

General and administrative expenses decreased by approximately $1.93 million, or 47.8%, to $2.11 million for the first half of 2023 from $4.05 million for the same period last year. The decrease in general and administrative expenses was mainly attributable to the decrease in allowance for expected credit losses of approximately $0.49 million; the decrease in amortization of administrative assets of approximately $0.89 million, primarily due to impairment loss recognized against intangible assets by the end of fiscal 2022; and the decrease in other administrative expenses of approximately $0.55 million, as a result of the cost reduction plan executed by management.<\/p>\n

\n Operating loss<\/em>\n <\/p>\n

Loss from operations was approximately $2.65 million for the first half of 2023, compared to $4.26 million for the same period last year. Operating loss margin was 16% for the second quarter of 2023, compared to 29% for the same period last year.<\/p>\n

\n Other income, net<\/em>\n <\/p>\n

Total other income, net decreased to approximately $0.10 million for the first half of 2023 from $1.83 million for the same period last year. The decrease was primarily attributable to the decrease in gain of the change in fair value of warrant liabilities.<\/p>\n

\n Net loss and loss per share<\/em>\n <\/p>\n

Net loss was approximately $2.55 million, or loss per share of $0.35, for the first half of 2023. This was compared to a net loss of $2.43 million, or loss per share of $0.34, for the same period last year.<\/p>\n

\n Financial Condition<\/strong>\n <\/p>\n

As of June 30, 2023, the Company had cash and cash equivalents of approximately $2.00 million, compared to $4.39 million as of December 31, 2022. Accounts receivable, net was approximately $1.05 million as of June 30, 2023, compared to $1.75 million as of December 31, 2022. Working capital was approximately $5.47 million as of June 30, 2023, compared to $6.61 million as of December 31, 2022.<\/p>\n

Net cash used in operating activities was approximately $0.86 million for the first half of 2023, compared to $2.14 million for the same period last year. Net cash used in investing activities was approximately $1.46 million for the first half of 2023, compared to $0.48 million for the same period last year.<\/p>\n

\n About ZW Data Action Technologies Inc.<\/strong>\n <\/p>\n

Established in 2003 and headquartered in Beijing, China, ZW Data Action Technologies Inc. (the \u201cCompany\u201d) offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, the Company delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain enabled web\/mobile applications and software solutions for clients. More information about the Company can be found at:\u00a0http:\/\/www.zdat.com\/<\/a>.<\/p>\n

\n
\n Safe Harbor Statement<\/em>
\n <\/strong>\n <\/p>\n

\n This release contains certain “forward-looking statements” relating to the business of ZW Data Action Technologies Inc., which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ZW Data Action Technologies Inc.\u2019s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ZW Data Action Technologies Inc. will be those anticipated by ZW Data Action Technologies Inc. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ZW Data Action Technologies Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.<\/em>\n <\/p>\n

\n For more information, please contact:<\/strong>\n <\/p>\n

Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386<\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n ZW DATA ACTION TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
<\/strong><\/strong>(In thousands, except for number of shares and per share data)
<\/strong>
<\/strong><\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>
\n
\n 2023<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n December 31,
2022<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (US $)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (US $)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current assets:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n2,000<\/td>\n\u00a0<\/td>\n$<\/td>\n4,391<\/td>\n<\/tr>\n
Accounts receivable, net of allowance for credit loss of $3,715 and $3,760, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,045<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,745<\/td>\n<\/tr>\n
Prepayment and deposit to suppliers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,346<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,567<\/td>\n<\/tr>\n
Other current assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,043<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,610<\/td>\n<\/tr>\n
\n Total current assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 10,434<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 12,313<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,596<\/td>\n<\/tr>\n
Operating lease right-of-use assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,498<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,761<\/td>\n<\/tr>\n
Property and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n191<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n249<\/td>\n<\/tr>\n
Intangible assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,665<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,264<\/td>\n<\/tr>\n
Long-term deposits and prepayments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n65<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n69<\/td>\n<\/tr>\n
Deferred tax assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n393<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n406<\/td>\n<\/tr>\n
\n Total Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 16,246<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 19,658<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities and Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current liabilities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable *<\/td>\n\u00a0<\/td>\n$<\/td>\n204<\/td>\n\u00a0<\/td>\n$<\/td>\n205<\/td>\n<\/tr>\n
Advance from customers *<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n912<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n739<\/td>\n<\/tr>\n
Accrued payroll and other accruals *<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n132<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n438<\/td>\n<\/tr>\n
Taxes payable *<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,131<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,248<\/td>\n<\/tr>\n
Operating lease liabilities *<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n255<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n347<\/td>\n<\/tr>\n
Lease payment liability related to short-term leases *<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n97<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n101<\/td>\n<\/tr>\n
Other current liabilities *<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n223<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n437<\/td>\n<\/tr>\n
Warrant liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n185<\/td>\n<\/tr>\n
\n Total current liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4,967<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 5,700<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Long-term liabilities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease liabilities-Non current *<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,371<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,535<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term borrowing from a related party<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n121<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n126<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 6,459<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7,361<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Commitments and contingencies<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Equity:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
ZW Data Action Technologies Inc.\u2019s stockholders\u2019 equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock (US$0.001 par value; authorized 20,000,000 shares; issued and outstanding 7,204,506 shares and 7,174,506 shares at June 30, 2023 and December 31, 2022, respectively)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7**<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62,042<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62,017**<\/td>\n<\/tr>\n
Statutory reserves<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,598<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,598<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(56,262<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(53,525<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,402<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,200<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total stockholders\u2019 equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 9,787<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 12,297<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Liabilities and Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 16,246<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 19,658<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
* Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company\u2019s general assets.
**Retrospectively restated for effect of the 1-for-5 reverse stock split on January 18, 2023.<\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n ZW DATA ACTION TECHNOLOGIES INC.<\/strong>
\n
\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS <\/strong>
\n
(In thousands, except for number of shares and per share data)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Three Months Ended June 30,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (US $)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (US $)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (US $)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (US $)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n16,136<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,597<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n9,820<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,945<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,561<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,544<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,931<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,026<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Gross (loss)\/profit<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (425<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 53<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (111<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (81<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating expenses<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales and marketing expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n147<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n78<\/td>\n\u00a0<\/td>\n<\/tr>\n
General and administrative expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,112<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,046<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,498<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research and development expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n56<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,223<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,317<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,225<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,632<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss from operations<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,648<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (4,264<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1,336<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,713<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Other income\/(expenses)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n151<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other expenses, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19<\/td>\n)<\/td>\n<\/tr>\n
Impairment on long-term investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(209<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(209<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in fair value of warrant liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n172<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,782<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n71<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n987<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total other income\/(expenses)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,829<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(68<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n997<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss before income tax benefit<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,548<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,435<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1,404<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1,716<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
Income tax benefit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,546<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,431<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (1,403<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (1,714<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,546<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,431<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,403<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,714<\/td>\n)<\/td>\n<\/tr>\n
Foreign currency translation gain\/(loss)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n202<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n283<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Comprehensive loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,344<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,448<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (1,120<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (1,709<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss per share<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss per common share<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and diluted**<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (0.35<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (0.34<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (0.19<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (0.24<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Weighted average number of common shares outstanding:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and diluted**<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7,185,114<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7,097,440<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7,195,605<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7,114,726<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
**Retrospectively restated for effect of the 1-for-5 reverse stock split on January 18, 2023.<\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n ZW DATA ACTION TECHNOLOGIES INC.<\/strong>
\n
\n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong>
\n
(In thousands)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended June 30,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (US $)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (US $)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n<\/tr>\n
\n Cash flows from operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,546<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,431<\/td>\n)<\/td>\n<\/tr>\n
\n Adjustments to reconcile net loss to net cash used in operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n645<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,108<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of operating lease right-of-use assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n208<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n134<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share-based compensation expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n83<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n84<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for allowances for credit losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n455<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n947<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment on long-term investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in fair value of warrant liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(172<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,782<\/td>\n)<\/td>\n<\/tr>\n
Disposal of fixed assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4<\/td>\n)<\/td>\n<\/tr>\n
Other non-operating income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(150<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(72<\/td>\n)<\/td>\n<\/tr>\n
\n Changes in operating assets and liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n588<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(290<\/td>\n)<\/td>\n<\/tr>\n
Prepayment and deposit to suppliers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n86<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,100<\/td>\n\u00a0<\/td>\n<\/tr>\n
Due from related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term deposits and prepayments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(51<\/td>\n)<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(513<\/td>\n)<\/td>\n<\/tr>\n
Advance from customers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n208<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(402<\/td>\n)<\/td>\n<\/tr>\n
Accrued payroll and other accruals<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(303<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(220<\/td>\n)<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n311<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxes payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8<\/td>\n\u00a0<\/td>\n<\/tr>\n
Lease payment liability related to short-term leases<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(41<\/td>\n)<\/td>\n<\/tr>\n
Operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(196<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(119<\/td>\n)<\/td>\n<\/tr>\n
\n Net cash used in operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (862<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,144<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash flows from investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investment and advance to ownership investee entities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(43<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from disposal of long-term investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n433<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayment of short-term loans from ownership investee entities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n<\/tr>\n
Short-term loans to unrelated parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,000<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,600<\/td>\n)<\/td>\n<\/tr>\n
Repayment of short-term loans and interest income from unrelated parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n148<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,109<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash used in investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1,462<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (479<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash flows from financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash provided by\/(used in) financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effect of exchange rate fluctuation on cash and cash equivalents<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(67<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(96<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net decrease in cash and cash equivalents<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,391<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,719<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents at beginning of the period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,391<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,173<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents at end of the period<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,000<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4,454<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
**Retrospectively restated for effect of the 1-for-5 reverse stock split on January 18, 2023.<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

BEIJING, Aug. 21, 2023 (GLOBE NEWSWIRE) — ZW Data Action Technologies Inc. (Nasdaq: CNET) (the “Company”), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and six months ended June 30, 2023. Second Quarter 2023 Financial Results Revenues For the second quarter of 2023, revenues increased by approximately $2.88 million, or 41.4%, to $9.82 million from $6.95 million for the same period last year. The increase in revenues was primarily attributable to the increase in our main stream service revenues, i.e. distribution of the right to use search engine marketing services as a result of the end of the peak infection wave of COVID-19 … <\/p>\n

Continue reading “ZW Data Action Technologies Reports Second Quarter and First Half 2023 Unaudited Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-779218","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nZW Data Action Technologies Reports Second Quarter and First Half 2023 Unaudited Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/zw-data-action-technologies-reports-second-quarter-and-first-half-2023-unaudited-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ZW Data Action Technologies Reports Second Quarter and First Half 2023 Unaudited Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BEIJING, Aug. 21, 2023 (GLOBE NEWSWIRE) — ZW Data Action Technologies Inc. (Nasdaq: CNET) (the “Company”), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and six months ended June 30, 2023. Second Quarter 2023 Financial Results Revenues For the second quarter of 2023, revenues increased by approximately $2.88 million, or 41.4%, to $9.82 million from $6.95 million for the same period last year. 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