Revenue for the full year stood at US$278.9 million, a decrease of 23.3% y-o-y as the company shifts its focus to higher margin revenues and returns on investment.
Including expenses related to the business combination amounting to US$11.6 million as well as its final noncash revaluation loss on financial liabilities amounting to US$245.7 million, 17LIVE recorded non-operating expenses of US$258.7 million.
Excluding the net effects of one-offs, FY2023 adjusted operating income increased 40.1% y-o-y to US$15.4 million, adjusted ebitda increased 26% y-o-y to US$20 million and adjusted net profit increased 93.9% y-o-y to US$11 million.
FY2023 gross profit stood at US$114.9 million, while gross profit margins improved to 41.2% from 34.7% in FY2022. The gross margin expansion was also driven by the increasing contribution from its in-app game revenue.
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As at Dec 31, 2023, 17LIVE’s cash and cash equivalents stood at US$102.7 million to pursue both organic and inorganic growth through acquisitions
“Whilst the group’s transition into a listed entity has created complexities due to one-offs and non-cash items in our FY2023 financial results, it has spearheaded our growth trajectory in 2024 as we execute business strategies to emerge the undisputed leader of live streaming entertainment in Asia,” says executive chairman and CEO Joseph Phua.
“We are confident that 17LIVE is on the right path to grow and will continue to adhere to prudent financial management, implement measures to realise cost and operational efficiencies as well as explore strategic alternatives to tap on the group’s inherent strengths and war chest for exponential growth going forward to create value for our stakeholders,” he adds.
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Shares in 17LIVE closed flat at $1.47 on Feb 27.
