17LIVE Group Limited has reported a substantial decrease in its financial performance for the fiscal year ending 31 December 2024. The company’s operating revenue plummeted to $190.8m, a 31.6% drop from the previous year’s $278.9m. This decline was accompanied by a net loss of $3.3m, a slight improvement from the $247.9 million loss in 2023.
The financial statements reveal that the cost of revenue decreased to $108.3m from $164m in 2023, contributing to a gross profit of $82.5m. However, operating expenses remained high, totalling $73.6m, with significant allocations to selling, general and administrative, and research and development expenses.
Despite the challenging financial landscape, 17LIVE managed to reduce its loss before income tax to $958,000, compared to a staggering $245m loss in the previous year. The company also reported a comprehensive loss of $6.6m, reflecting foreign currency translation losses.
The company’s financial position showed total assets of $133.2m, down from $164.1m in 2023, with cash and cash equivalents standing at $79.2m. Total liabilities decreased to $48.4m from $73.6m, resulting in net assets of $84.8m.
Looking ahead, 17LIVE faces the challenge of reversing its revenue decline whilst managing its expenses. The company’s financial adjustments and strategic decisions in the coming year will be crucial in determining its future trajectory.
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