Ubiqconn Technology announced non-audited revenue of NT$250,385 thousand for August 2024, a year-over-year decline of 46.25%. The company’s cumulative revenue for the first eight months of 2024 totaled NT$1,427,648 thousand, reflecting a 40.99% decrease compared to the same period last year. Despite the year-over-year decline in August, revenue surged by 184.44% compared to July, surpassing the NT$200 million mark. The company attributed this sharp month-over-month increase to deferred shipments from July due to typhoon disruptions, with maritime sector revenue more than doubling from July. The decline in this year's revenue is primarily attributed to reduced demand from maritime customers and the absence of voting machine orders due to rescheduled foreign government tenders. Nevertheless, high-margin brand and satellite product revenues grew by 74.99% and 44.00%, respectively, compared to last year, in line with expectations.
For the first eight months of this year, the revenue distribution across Ubiqconn’s four major business segments was as follows: maritime accounted for 61.65%, brands for 13.26%, satellite communications for 13.14%, and customized value-added services for 11.95%.
The company noted that the maritime sector faced challenges this year due to a cautious post-pandemic recreational maritime market and heightened competition within the industry, leading to a revenue decline. In response, Ubiqconn has begun adjusting its product positioning, including the development of Global Maritime Distress Safety System (GMDSS) products, and expanding its focus from recreational fishing boats to yachts and commercial vessels. The company is also continuing to develop its brand and satellite product lines. Recently, Ubiqconn announced the successful development of Taiwan's first domestically designed and manufactured drone equipped with an Inertial Navigation System (INS). Additionally, Ubiqconn is working on several projects in the automotive applications and government solutions sectors, aiming to boost the company's profit margins and return to a growth trajectory.