ZW Data Action Technologies Reports Q1 2024 Results

TL;DR

ZW Data Action Technologies Q1 revenue hit $7.17M, up from last year. Expenses also shifted.

AI Summary

ZW Data Action Technologies Inc. filed its 10-Q for the period ending March 31, 2024. The company reported revenue of $7,174,506 for the first quarter of 2024, a significant increase from the prior year. Operating expenses, including research and development, general and administrative, and selling and marketing, also saw changes compared to the first quarter of 2023.

Why It Matters

This filing provides insight into ZW Data Action Technologies' financial performance and operational expenses for the first quarter of 2024, which can impact investor decisions.

Risk Assessment

Risk Level: medium — The filing is a routine quarterly report, but the company's financial performance and expense management can present risks.

Key Numbers

• $7.17M — Q1 2024 Revenue (Represents the total revenue for the first quarter of 2024.)
• $4.4875 — Stock Price (Indicates a stock price point mentioned in the filing.)
• $3.59 — Stock Price (Indicates another stock price point mentioned in the filing.)

Key Players & Entities

• ZW Data Action Technologies Inc. (company) — Filer
• 20240331 (date) — Reporting Period End Date
• 7,174,506 (dollar_amount) — Q1 2024 Revenue
• 2023-01-01 (date) — Prior Year Period Start Date
• 2023-03-31 (date) — Prior Year Period End Date

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 CNET Nasdaq Capital Market Indicat

Filing Documents

• cnet20240630_10q.htm (10-Q) — 1723KB
• ex_699480.htm (EX-31.1) — 9KB
• ex_699481.htm (EX-31.2) — 9KB
• ex_699482.htm (EX-32.1) — 4KB
• 0001171843-24-004216.txt ( ) — 9948KB
• cnet-20240331.xsd (EX-101.SCH) — 93KB
• cnet-20240331_def.xml (EX-101.DEF) — 529KB
• cnet-20240331_lab.xml (EX-101.LAB) — 407KB
• cnet-20240331_pre.xml (EX-101.PRE) — 575KB
• cnet-20240331_cal.xml (EX-101.CAL) — 50KB
• cnet20240630_10q_htm.xml (XML) — 2195KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE

Interim Financial Statements

Item 1. Interim Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1-2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4-5 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7-26

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27-37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 38

Other Information

Item 5. Other Information 38

Exhibits

Item 6. Exhibits 39

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Interim Financial Statements

Item 1. Interim Financial Statements The Public Company Accounting Oversight Board (the " PCAOB " ) had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprived our investors of the benefits of such inspections. Our auditor, the independent registered public accounting firm that issues the audit report in our SEC filings, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Our auditor is located in Hong Kong Special Administrative Region of the PRC ("Hong Kong"), China, a jurisdiction where the PCAOB was unable to conduct inspections and investigations before 2022. As a result, we and investors in our securities were deprived of the benefits of such PCAOB inspections. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in China mainland and Hong Kong in 2022. However, the inability of the PCAOB to conduct inspections of auditors in Hong Kong in the past made it more difficult to evaluate the effectiveness of our independent registered public accounting firm's audit procedures or quality control procedures as compared to auditors outside of China mainland and Hong Kong that have been subject to the PCAOB inspections, which could cause investors and potential investors in our securities to lose confidence in our audit procedures and reported financial information and the quality of our financial statements. Our common stock may be delisted and prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, or the HFCAA, as amended by the Accelerating Holdin

View Full Filing

View this 10-Q filing on SEC EDGAR