UCloudlink : 1Q 2026 Earnings Presentation

Published: 2026-05-13 09:44:16 ET UCL

Published on 05/13/2026 at 09:44 am EDT

(Nasdaq: UCL)

1Q 2026 Earnings Conference Call

Presentation

May 2026

Bridging Divides: Powering a Connected Future

(Nasdaq: UCL)

Global Connectivity

Divide

Eliminate the global connectivity divide by breaking down international roaming barriers, providing seamless network access worldwide.

Single-Multi

Network Divide

Solve the single-multi network divide by intelligently optimizing connectivity across multiple networks.

Bridging the "Pet People" Divide

Pioneer the Pet-Tech era, using AI to foster emotional bonds between humans and their pets.

(1)

DAU Breakdown: Traditional vs. New Business Lines

Note 1: Average Daily Active User (DAU)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

2024 2025 2026Q1 E2026Q2

New business lines partially offset the negative impact of external headwinds on our traditional

business;

PetPhone, UniCord Pro etc, continue to ramp up and support steady growth in new business revenue.

1,397 MAU

Note 1: In Q1 2026.

Average Monthly Active User (MAU)

Since its launch, PetPhone is evolving into PetPogo, a global pet connection app built around the

"Pet+AI Social" concept. Following strong market validation at MWC 2026, this new version is set for 5

commercial deployment in Q2 2026, expect to become a key growth engine for the ecosystem. 5

PetPogo

AI-Powered

Communication

At CES 2026 in Las Vegas, we unveiled our PetPogo ecosystem, featuring the PetPhone and the all-new PetCam, exceptional global media attention and market validation.

2026 CES

(1)

DAU

(1)

GlocalMe Life business (excluding PetPhone) Year-over-Year Growth

UniCord Pro

UniCord Plus

RoamPlug

Note 1: In Q1 2026.

Average Daily Active User (DAU)

UniCord Pro, continues to gain strong traction, with sales volume and market adoption accelerating rapidly.

Security Camera

Car Infotainment

Strong momentum

in High-Growth Verticals

Year-over-Year Growth

DAU

(1)

Year-over-Year Growth

Revenue

(2)

Accumulatively Installed

Base on IoT Solutions

2.93M

Delivered another quarter of robust year-over-year growth.

Secured key CarPlay infotainment orders, expanding our presence in the automotive market.

Security camera business entered full-scale deployment with accelerating growth momentum.

Note1: In Q1 2026, Average Daily Active Users (DAU) Note2: As of March 31, 2026 9

SIM Business Line - eSIM TRIO Gains Strong Market Validation

SIM Business

Including OTA SIM, eSIM, and eSIM TRIO

Expanding eSIM TRIO Leadership

(1)

enue

170.4% Rev (1)

Year-over-Year Growth

Note1: In Q1 2026, Average Daily Active Users (DAU)

Driving future user and revenue growth

Our carrier co-issuance program is accelerating rapidly, with the "First SIM" model gaining strong adoption among both operators and users, confirming strong product-market fit.

In markets where terrestrial network have been disrupted due to conflict, its unique ability to provide

resilient connectivity is proving to be a critical differentiator.

Powered by AI-powered HyperConn®, the device intelligently switches between terrestrial, in-flight, and home Wi-Fi, to deliver a seamless "One Hub, Global Freedom" roaming experience.

Enabling critical two-way messaging and Emergency SOS via satellite, extending connectivity beyond

Awards: Best of MWC 2026, HomeCrux - The Best of CES, Yanko Design / Techlicious, CES 2026 Spotlight Awards.

cellular reach-from oceans to deserts.

GlocalMe MeowGo G50 Max - Redefining Connectivity When It Matters Most

(Nasdaq: UCL)

Daily Active Terminals (DAT) (1)

# Terminals

332,298

320,499

308,917

304,845

297,082

Average daily active terminals ("DAT") (1)

+432%

+75% 9K

+1072%7K

34K

297K

Monthly Active Users ("MAU") (2)

76K

66K

+77%

+142%

43K

27K

+609%16K

623K

277K

578K

268,798

196,493

GlocalMe IoT business

GlocalMe SIM business

GlocalMe Life business

GlocalMe MeowGo business

GlocalMe IoT

business

GlocalMe SIM

business

GlocalMe Life

business

GlocalMe MeowGo business

Jan Apr Jul Oct

2020 2021 2022 2023

2024 2025 2026

Note:

Notes: K indicates thousands

Average daily active terminals include terminals connected to our platform that are serviced by us or our business partners.

Data consumed by the active terminals including data consumed by users who contributed to our revenues from data connectivity services and data consumed by users who did not contribute to such revenues.

Monthly Active Users ("MAU") represent the average number of users per month, who engage with services across its various business lines. MAU is primarily derived from active subscription relationships within valid service plan periods, and active terminals or devices under usage-based service models (including emergency networks).

31.5%

24.0%

13%

30.3%

31.2%

39%

49%

43%

32.0%

37.8%

40.4%

47.4%

17.3%

38%

13.6%

12.9%

28%

13.8%

33%

20.4%

15.5%

17.1%

14.8%

16%

20%

13%

69.7% (1)

Non-Mainland China Revenue Contribution

Note:

In Q1 2026

2021 2022 2023 2024 2025 Q1'25 Q1'26

$91.6

$85.6

$81.4

$73.8

$71.4

32%

35%

25%

49%

35%

68%

65%

75%

65%

51%

$18.7

24%

76%

$16.9

21%

79%

Revenues US$mm

-6.3%3

-21.8%2

-10.1%1

Note:

2021 2022 2023 2024 2025 Q1'25 Q1'26

Q1 2026 total revenues YoY%

Q1 2026 revenues from sales of products YoY%

Q1 2026 revenues from services YoY%

PaaS and SaaS services

Revenues 14.5%

PaaS and SaaS services

Revenues 14.5%

2.0 local data connectivity services

revenues

7.7%

Sales of products 24.3%

75.7%

Service-related revenues 2025 Q1

1.0 international data connectivity services and other

service-related revenues(1) 53.5%

2.0 local data connectivity services

revenues

11.3%

Sales of products 21.1%

78.9%

Service-related revenues 2026 Q1

1.0 international data connectivity services and other

service-related revenues(1) 53.1%

Note:

1. Other service-related revenues include revenues from others

Gross Profit US$mm

Gross margin

43.0%

60.8%

56.0% 58.5% 58.0%

52.4%

45.5% 49.0% 48.4%

57.3%

51.7%

54.5%

49.1%

29.6%

$32.5

$21.8

$42.0

$44.4

$42.7

$9.7 $8.3

2021 2022 2023 2024 2025

Q1'25 Q1'26

(3)

R&D

15%

G&A

26%

S&M

59%

Operating expenses(1) US$mm

$47.1

$40.8

$40.4

$34.4

$34.6

45%

40%

48%

64%

50%

53%

$9.9

$10.8

64%

2021 2022 2023 2024 2025

Q1'25 Q1'26

Note:

173 R&D Staff (2) 178 Business Development, Sales and Marketing Staff (2) 77 Administration and Management Staff (2)

Operating expenses excluding share-based compensation

As of March 31, 2026

Operating Cash Flow US$mm

2021

$4.4

$6.5

$3.2

$9.2

Q1'25

Q1'26

$0.2

2022 2023 2024 2025

$(8.7)

$(21.7)

$0.9

2.4%

1.2%

1.3%

0.6%

$0.4

$1.0

$2.1

$4.0

CAPEX US$mm

4.4%

2021 2022 2023 2024 2025

1.6% 0.2%

$0.3 $0.03

Q1'25 Q1'26

Net Income/(Loss) US$mm

2021

2022

(1)

$2.8

$4.6(1)

(1)

$6.3

(1)

$(19.9)

2023 2024 2025

Q1'25 Q1'26

$(0.6)

(1) (1)

$(3.5)

(1)

$(46.0)

Adjusted EBITDA (non-GAAP) US$mm

2021

$7.1

$7.2

2022

2023

2024

2025

$9.8

$1.4

$(2.3)

Q1'25 Q1'26

$(2.0)

Note:

$(22.6)

Operating expenses including share-based compensation of US$8.8 million in 2021, US$3.1 million in 2022, US$3.3 million in 2023, US$1.2 million in 2024, US$ 1.0 million in 2025,

Q & A

Appendix

Vision and Mission Statement

Connecting and Sharing without Limitations

The Ideal Network of Life

To Make the World Better Connected with Maximized Network Utility

through the Power of Mobile Data Traffic Sharing

Data Traffic Sharing back Data Traffic

Intelligent Data Traffic Factory

MVNOs

MNOs

International Travelers

Data Suppliers

Repackaging

Redistributing

Data Users

Local Users

SIM Card Resellers

Dynamic Allocation

Recycling

Corporates

Mobile Users Future Implementation

Business

Partners

Enabled by Cloud SIM Technology

Machines

Data Traffic Sharing back Data Traffic

Best Coverage

Best Speed

Best Price

Flexible Solution

High Throughput

World's First and Leading Mobile Data Traffic Sharing Marketplace

(Nasdaq: UCL)

Four Core Technological Pillars

(Nasdaq: UCL)

The First Pillar: CloudSIM - Global Cloud-Network Technology

The Third Pillar: High-Precision Positioning Technology

Core

Technologies

The Second Pillar:

AI powered HyperConn -Global Intelligent Connection Hub

The Fourth Pillar: Data AI - Connectivity Data Intelligence

Note: AI indicates Artificial Intelligence

"Enabling people to use mobile data traffic freely, anytime and anywhere"

Consumers

International travel Everyday life

All Stakeholders

All scenarios

Businesses

MNOs/MVNOs

Cost of data roaming

Keeping touch of valuables and loved ones

Underutilized capacity for mobile data

Network coverage & ⮚ Unreliable indoor Wi-Fi

congestion

IoT module and device manufacturers

Need for diverse

travel services

Inflexible data plans

Limited 5G connectivity

Reliable connectivity with no temporary disconnections

Addressing Data Connectivity Pain Points for Businesses and Consumers

(Nasdaq: UCL)

Evolution of our Business

(Nasdaq: UCL)

2014

present

2018

present

2024 -

Vision

MNO A

MNO C

MNO

uCloudlink 1.0

uCloudlink 2.0

uCloudlink 3.0

Between Countries Between Carriers

GlocalMe Ecosystem

(Trial Phase)

Sharing Marketplace (Next Phase)

for cross-border travelers

International Data Connectivity Solutions

for local users

Local Data Connectivity Solutions

Offer high quality connectivity solutions to meet users' everyday needs for security, convenience, and intelligent lifestyles

Acquire and retain users

beyond the travel sector

Diversified revenue streams

Capitalize on scalable user base accumulated through uCloudlink 1.0 and 2.0 models

Trial testing user access to maximize network utility and eliminate waste

…

Sales of Products Data Connectivity Services PaaS / SaaS Services

Retail Wholesale

Usage-based Revenue-sharing and subscription-based

Retail: Providing products directly to consumers under our own brands

Wholesale: Providing products to our distributor partners

Collecting revenue based on the data usage of all terminals (including GMI devices) that use our cloud SIM technology

Providing our business partners with cloud SIM platform services and earning revenue through revenue sharing

The introduction of our one-stop GlocalMe app and the ongoing growth of our user base will enable further diversification of our revenue stream through new monetization models

Providing CRM, SIM card management, data analysis, security & emergency communications, and other services to our business partners

Providing value-added services such as location tracking and translation services to retail users

Profitable Monetization Model: Recurring Revenues with Scalable User Base

(Nasdaq: UCL)

GlocalMe SIM Global potential market of ~100 million of

users/devices

GlocalMe Life Global potential market of tens of millions of

users/devices

PetPhone

/PetPogo Global potential market of ~100 million of users/devices

GlocalMe MBB Global potential market of millions of users/devices

GlocalMe IoT Global potential market of ~100 million of users/devices

Connecting PSetoepple3, IoT and Pets

Telecom Class Service Quality

Proprietary Technology

Team & Talent

Operational Track-record

Strategic Global Partnerships

Complex Value Chain

212

Patents (1)

11 Years

Business

Across 64 Countries and Regions (3)

Major Markets such as US, China, Japan, Southeast Asia, etc.

Knowhow

Chipsets, SIMs, Devices, Mobile Networks, Software, Data Pricing, Services, etc.

Notes:

As of March 31, 2026, with 183 patents approved and 29 patent applications pending approval, globally

As of March 31, 2026, only full-time employees are counted

173 R&D Staff

(2)

178 business development,

Sales and Marketing Staff (2)

77 Administration and

Management Staff (2)

Improves network coverage and alleviates congestion both indoors and outdoors

Better Data Connections for MNOs and Users

4G / 5G

Wi-Fi Operator

Satellite

Cost-effectively leverage multiple networks to resolve operator congestion and coverage issues, delivering optimal network quality. Enables MNOs to improve user experience without expensive upgrades to existing infrastructure

One account, one device: Effortlessly manage all networks intelligently to deliver optimal network quality at minimal cost.

Improved overall network efficiency and access to worldwide networks via "Navigation + Electronic Toll Pass"

Cloud SIM Technology HyperConn Solutions

Seed SIM

Pool of SIM Cards from 397 MNOs(3)

Globally

(2)

Notes:

212 Patents (1) Software-based

Ready to Support All Three Generations of our Businesses

As of March 31, 2026, with 183 patents approved and 29 patent applications pending approval, globally

As of March 31, 2026, among these SIM cards, c.30% are owned by the Company with remaining SIMs owned by our business partners

Ecosystem Powered by Our PaaS and SaaS Platform

(Nasdaq: UCL)

PaaS Platform

Hosting Partners' SIM cards

Industrial Wi-Fi Router

Terminals / Devices

SaaS Platform

Full Business Software Solutions

Intelligent Selection of Best-performing Network

Hyperconn

Customer Management and Billing

Supports a Massive Number of Terminals and Users

Internet of Everything

Live Broadcasting e-commerce

PaaS and SaaS Ecosystem

Traffic Tracking

Data Analysis

uCloudlink SaaS/PaaS platform based on our innovative cloud SIM technology and HyperConn solutions

Between Countries

Between Carriers

Full Marketplace

Single Operator Entry Point to Access All Locally Available Networks

GlocalMe Inside App

embedded, low friction, to become

GMI standard for local data connectivity

Strategic Partnerships

Cooperation with MNOs, MVNOs and smart device manufacturers to increase user base. Business partners can manage business to provide better data connection services to end-users via our PaaS and SaaS platform

Localize Operations in key markets by leveraging expertise of strong local business partners

Capture Local Data Connectivity Market Opportunity

Trial phase for GlocalMe Ecosystem to offer connectivity solutions to meet everyday needs for security, convenience, and intelligent lifestyles

Capitalize Scalable user base accumulated through uCloudlink 1.0 and 2.0 models

Tested users access to Complete Data Traffic in trials and eliminate wastage

Gateway to Digital Mobile Ecosystem offering opportunities for VAS deployments

Data Traffic with Massive User Base

Strengthen Leadership Position

1.0 2.0 3.0

Single Operator Entry Point to Access all Available Networks Globally

Innovative Global 5G Roaming Solution

Expand eco-system: expanding globally backed by our PaaS and SaaS platform.

Enhance Service Quality with improved network connectivity, quality and speed

2014 2018

Initiated in 2024 & Evolution into Full Marketplace

Clear Growth Strategies Across Business Models

(Nasdaq: UCL)

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UCLOUDLINK GROUP INC.^

UNAL'DITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(In thousands ofUS$)^

For the three months ended

Reconciliation of Net Loss to Adjusted Net Income/(Loss Netloss<

Add: share-based compensations

fair value loss in other investments<

2025 21126

(614) (3,493)<

329 196<

729 653<

share of loss in equity method investment, net of taxa

Reconciliation of Net Loss to Adjusted EBITDA<

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For the three months ended

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Disclaimer

uCloudlink Group Inc. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 13:43 UTC.