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CooTek Announces Fourth Quarter and Full Year 2019 Unaudited Results

SHANGHAI, March 12, 2020 /PRNewswire/ -- CooTek (Cayman) Inc. (NYSE: CTK) ("CooTek" or the "Company"), a fast-growing global mobile internet company, today reported unaudited financial results for the fourth quarter and full year ended December 31, 2019.Fourth Quarter 2019 Highlights

Net revenue was US$69.0 million, an increase of 47% from US$47.0 million during the same period last year.



Gross profit was US$65.1 million, an increase of 49% from US$43.6 million during the same period last year.



Gross profit margin was 94.4%, an increase of 1.8% year-over-year.



Net loss was US$6.6 million, compared with net income US$3.8 million during the same period last year.



Adjusted net loss[1] (Non-GAAP) was US$6.2 million, compared with adjusted net income (Non-GAAP) of US$4.6 million during the same period last year.



Portfolio products continued to be the main driver of revenue growth, contributing nearly 94% of total revenue.

Full Year 2019 Highlights

Net revenue was US$177.9 million, an increase of 33% from US$134.1 million in 2018.



Gross profit was US$162.6 million, an increase of 36% from US$119.2 million in 2018.



Gross profit margin was 91.4%, compared with 88.9% in 2018, an increase of 2.5% year-over-year.



Net loss was US$36.8 million, compared with net income of US$10.1 million last year.



Adjusted net loss (Non-GAAP) was US$33.2 million, compared with adjusted net income (Non-GAAP) of US$12.5 million in 2018.

December 2019 Operational Highlights

The average daily active users ("DAUs") of the Company's portfolio products[2] were 24.7 million, an increase of 46% from 16.9 million in December 2018.



The average monthly active users ("MAUs") of the Company's portfolio products were 74.6 million, an increase of 62% from 46.1 million in December 2018.



The user engagement[3] of the Company's portfolio products was approximately 33%, compared with approximately 37% in December 2018.



The average DAUs of TouchPal Smart Input were 137.6 million, a decrease of 2% from 140.8 million in December 2018.



The average MAUs of TouchPal Smart Input were 182.8 million, a decrease of 4% from 190.5 million in December 2018.



The user engagement of TouchPal Smart Input was approximately 75%, compared with approximately 74% in December 2018.



The average DAUs of the Company's global products[4] were 162.3 million, an increase of 3% from 157.7 million in December 2018.



The average MAUs of the Company's global products were 257.4 million, an increase of 9% from 236.6 million in December 2018.

"Our performance during the quarter far exceeded our expectations as our business bounced back strongly to regain its growth momentum," commented Mr. Karl Zhang, CooTek's Co-Founder and Chairman. "Our ability to derive sophisticated user insights and drive growth remains one of our key core competencies. Our in-house advertisement network grew rapidlyA during the quarter and beyond. During the first week of March 2020, we generated approximately 60% of our revenue from our ads network. Average revenue per user ("ARPU") rose as we reduced our dependency on third-party ad partners. Total DAUs of our content-rich portfolio of apps also regained growth momentum, which makes us optimistic about our future growth potential. Our focus remains on empowering everyone to enjoy relevant content seamlessly and we will continue developing and growing our portfolio of content-rich apps to meet the evolving needs of users."
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