On March 15, CooTek (Cayman) Inc. (CTK) declared its financial results for Q4 and fiscal 2021. Along with this, the company also posted about shares purchase by its senior management. Consequently, the stock was trending actively in the premarket with a gain of 37.98% at the last check.
In the previous trading session on Monday, the stock suffered a loss of 11.57% as 2.25 million shares exchanged hands. After fluctuating between a high of $0.2249 and a low of $0.1951, the stock closed the session at a price of $0.1972 per share. The volume of the session remained below the average at 88%. Following the announcements today, the stock rebounded and had reached a value of $0.27 per share at the time of writing. The volume of the share traded in the premarket session was 4.5 million, well above the regular session’s average.
The mobile applications and artificial intelligence technology developer, CooTek (Cayman) Inc. is based in China. Founded in 2008, the company has a market capitalization of $14.99 million with its 62.28 million outstanding shares.
CTK’s 2021 Financial Results
Net Revenues
The company reported net revenues of US$53.0 million for Q4 and US$272.1 million for fiscal 2021. The net revenues marked a respective YOY decline of 48% and 38% for Q4 and fiscal 2021.
Net Income/Loss
Moreover, CTK had adjusted net income of $0.5 million in Q4 2021, against an adjusted net loss of $17.3 million in the year-ago period.
The adjusted net loss was $10.2 million for fiscal 2021, against $42.0 million for fiscal 2020.
Gross Profit
Furthermore, the gross profit declined by 51% and 43% YOY for Q4 and fiscal 2021 respectively. Thus, the gross profit was $47.0 million for Q4 and $239.3 million for fiscal 2021.
Share Purchase by Senior Management
Today, the company also announced that its Chairman of Board, Karl Kan Zhang has shared his intention of purchasing up to $3 million of CTK’s ADSs for the next six months. Mr. Zhang plans to purchase the shares with his personal funds and will independently decide upon the share purchase and its terms.
CTK’s Other Developments
On January 28, the company announced that its mobile game, Love Fantasy has topped the list of Most Downloaded iOS Chinese Overseas Games in December 2021. In December, the game’s total downloads increased by 216.5% month-on-month to reach 2.5 million. Additionally, the game ranked second on the Most Downloaded Chinese Overseas Games on Google Play.
