CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME(All amounts in thousands, except for share and per share data) For the three months endedSeptember 30, For the three months endedDecember 31, 2023 2024 2023 2024 NET REVENUES Educational program and services $671 $1,168 $2,395 $1,527 HybriU licensing - - - 1,924 Total net revenues 671 1,168 2,395 3,451 COST OF REVENUES Educational program and services (1,400) (1,004) (1,187) (1,193) GROSS (LOSS) PROFIT (729) 164 1,208 2,258 Operating expenses: Selling and marketing (330) (236) (296) (227)General and administrative (903) (1,004) (912) (974)Research and development (242) (144) (242) (144)Total operating expenses (1,475) (1,384) (1,450) (1,345) OPERATING LOSS (INCOME) (2,204) (1,220) (242) 913 OTHER INCOME (EXPENSES) Interest (expenses) income (39) (114) 15 (15)Foreign exchange gain (loss), net 21 - (12) - Other (expenses) income, net (12) 146 94 49 Gain on disposal of assets - - 1,400 - Total other (expenses) income (30) 32 1,497 34 (LOSS) INCOME BEFORE INCOME TAX AND NON-CONTROLLING INTEREST (2,234) (1,188) 1,255 947 Income tax (expenses) benefit (1) - - 334 NET (LOSS) INCOME $(2,235) $(1,188) $1,255 $1,281 Less: Net (loss) income attributable to non-controlling interests - - - - NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (2,235) (1,188) 1,255 1,281 OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX - - - - TOTAL COMPREHENSIVE (LOSS) INCOME (2,235) (1,188) 1,255 1,281 Net (loss) income per share – basic and diluted $(0.04) $(0.02) $0.02 $0.02 Net (loss) income per ADS – basic and diluted $(0.78) $(0.42) $0.44 $0.45 Weighted average shares used in calculating basic and diluted net (loss) income per share 57,127,524 57,127,524 52,127,524 57,127,524 AMBOW EDUCATION HOLDING LTD.
CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except for share and per share data) As ofDecember 31, As ofDecember 31, 2023 2024 As Revised ASSETS Current assets: Cash and cash equivalents $274 $1,123 Restricted cash 9,781 7,318 Accounts receivable, net 2,280 2,541 Prepaid and other current assets 178 659 Total current assets 12,513 11,641 Non-current assets: Property and equipment, net 6 1,200 Intangible assets, net 522 512 Operating lease right-of-use asset 4,896 2,722 Other non-current assets, net 2,629 1,296 Total non-current assets 8,053 5,730 Total assets $20,566 $17,371 LIABILITIES Current liabilities: Short-term borrowings 3,939 2,700 Accounts payable 1,386 749 Accrued and other liabilities 1,468 1,029 Income taxes payable, current 510 12 Operating lease liability, current 2,486 2,357 Total current liabilities 9,789 6,847 Non-current liabilities: Operating lease liability, non-current 4,349 3,787 Total non-current liabilities 4,349 3,787 Total liabilities $14,138 $10,634 EQUITY Preferred shares (US$ 0.003 par value; 1,666,667 shares authorized, nil issued and outstanding as of December 31, 2023 and 2024) - - Class A Ordinary shares (US$ 0.003 par value; 66,666,667 and 66,666,667 shares authorized; 52,419,109 and 52,419,109 shares issued and outstanding as of December 31, 2023 and 2024, respectively) 146 146 Class C Ordinary shares (US$ 0.003 par value; 8,333,333 and 8,333,333 shares authorized; 4,708,415 and 4,708,415 shares issued and outstanding as of December 31, 2023 and 2024, respectively) 13 13 Additional paid-in capital 517,031 517,031 Accumulated deficit (510,634) (510,325)Accumulated other comprehensive income (128) (128)Total equity 6,428 6,737 Total liabilities and equity $20,566 $17,371 AMBOW EDUCATION HOLDING LTD.
Net income attributable to the Company’s ordinary shareholders was $1.3 million, or $0.02 per basic and diluted share for the fourth quarter of 2024 and 2023.1 Financial results for the second half of 2024 have not been audited or reviewed by the Company’s independent registered accounting firm.2 Financial results for the full fiscal year ended December 31, 2024 have been audited by the Company’s independent registered accounting firm.
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