The company has achieved a structural shift in profitability, expanding gross margins from 33.0% in 2019Q4 to 70.6% in 2023Q3, even as total revenue declined by 59.5% over the same period.
| Sales/Revenue | 299.74M | 364.63M | 316.17M | 290.23M | 328.82M | 357.32M | 471.61M | 906.46M | 714.14M | 284.71M | 70.32M |
| Revenue Growth % | -24.35% | 15.33% | 8.94% | -11.74% | -7.98% | -24.23% | -47.97% | 26.93% | 150.83% | 304.86% | - |
| Cost of Goods Sold | 93.94M | 119.59M | 107.14M | 90.95M | 103.06M | 92.39M | 265.44M | 649.72M | 517.07M | 213.37M | 47.72M |
| COGS % of Revenue | - | 32.8% | 33.89% | 31.34% | 31.34% | 25.86% | 56.28% | 71.68% | 72.41% | 74.94% | 67.86% |
| Gross Profit | 205.8M | 245.05M | 209.03M | 199.29M | 225.76M | 264.93M | 206.18M | 256.74M | 197.07M | 71.34M | 22.6M |
| Gross Margin % | 68.66% | 67.2% | 66.11% | 68.66% | 68.66% | 74.14% | 43.72% | 28.32% | 27.59% | 25.06% | 32.14% |
| Gross Profit Growth % | - | 17.23% | 4.89% | -11.73% | -14.78% | 28.5% | -19.69% | 30.28% | 176.24% | 215.66% | - |
| Operating Expenses | 274.15M | 246.98M | 218.94M | 250.16M | 326.67M | 403.06M | 396M | 404.09M | 289.85M | 163.75M | 80.26M |
| OpEx % of Revenue | - | 67.73% | 69.25% | 86.19% | 99.35% | 112.8% | 83.97% | 44.58% | 40.59% | 57.52% | 114.13% |
| Selling, General & Admin | 154.6M | 149.17M | 130.35M | 128.36M | 203.73M | 196.34M | 221.41M | 227.84M | 155.49M | 92.1M | 46.54M |
| SG&A % of Revenue | - | 40.91% | 41.23% | 44.23% | 61.96% | 54.95% | 46.95% | 25.14% | 21.77% | 32.35% | 66.18% |
| Research & Development | 129.73M | 0 | 94.82M | 121.81M | 154.48M | 206.72M | 174.6M | 176.25M | 134.36M | 71.65M | 33.72M |
| R&D % of Revenue | - | - | 29.99% | 41.97% | 46.98% | 57.85% | 37.02% | 19.44% | 18.81% | 25.17% | 47.95% |
| Other Operating Expenses | -3M | 97.81M | -6.23M | 0 | -31.53M | 0 | 0 | 0 | 0 | 677K | 232K |
| Operating Income | -68.35M | -1.93M | -9.9M | -50.88M | -100.91M | -138.13M | -189.82M | -147.35M | -92.78M | -92.42M | -57.66M |
| Operating Margin % | -22.8% | -0.53% | -3.13% | -17.53% | -30.69% | -38.66% | -40.25% | -16.26% | -12.99% | -32.46% | -81.99% |
| Operating Income Growth % | - | 80.51% | 80.54% | 49.58% | 26.95% | 27.23% | -28.83% | -58.81% | -0.4% | -60.28% | - |
| EBITDA | -50.92M | 3.08M | -3.94M | -39.35M | -70.5M | -106.31M | -147.75M | -114.98M | -74.39M | -83.58M | -54.23M |
| EBITDA Margin % | -16.99% | 0.84% | -1.25% | -13.56% | -21.44% | -29.75% | -31.33% | -12.68% | -10.42% | -29.35% | -77.11% |
| EBITDA Growth % | 14.84% | 178.11% | 89.98% | 44.18% | 33.68% | 28.05% | -28.5% | -54.56% | 10.99% | -54.13% | - |
| D&A (Non-Cash Add-back) | 17.43M | 5.01M | 5.96M | 11.52M | 30.41M | 31.82M | 42.07M | 32.37M | 18.39M | 8.84M | 3.43M |
| EBIT | -77.77M | 2.65M | -6.53M | -63.75M | -105.77M | -131.74M | -213.26M | -98.56M | -59.11M | -94.15M | -57.47M |
| Net Interest Income | 388K | 1.19M | 2.75M | 392K | -815K | -2.22M | -5.59M | -4.82M | -3.4M | 192K | 283K |
| Interest Income | 1.36M | 1.26M | 2.88M | 1.2M | 2.32M | 6.6M | 6.13M | 6.3M | 3.66M | 314K | 283K |
| Interest Expense | 971K | 73.92K | 132K | 808K | 3.14M | 8.81M | 11.72M | 11.12M | 7.05M | 122K | 0 |
| Other Income/Expense | -10.38M | 4.5M | 3.24M | -13.68M | -8M | -2.42M | -35.16M | 37.67M | 26.62M | -1.85M | 187K |
| Pretax Income | -78.74M | 2.57M | -6.66M | -64.55M | -108.91M | -140.55M | -224.99M | -109.68M | -66.17M | -94.27M | -57.47M |
| Pretax Margin % | -26.27% | 0.71% | -2.11% | -22.24% | -33.12% | -39.33% | -47.71% | -12.1% | -9.27% | -33.11% | -81.73% |
| Income Tax | -986K | 71.01K | 110K | -1.89M | -455K | 32K | 86K | 162K | 30K | -3.98M | 3.91M |
| Effective Tax Rate % | 1.25% | 2.76% | -1.65% | 2.92% | 0.42% | -0.02% | -0.04% | -0.15% | -0.05% | 4.22% | -6.8% |
| Net Income | -77.51M | 411.47K | -7.05M | -62.1M | -106.96M | -140.58M | -225.07M | -109.97M | -66.2M | -90.29M | -61.38M |
| Net Margin % | -25.86% | 0.11% | -2.23% | -21.4% | -32.53% | -39.34% | -47.72% | -12.13% | -9.27% | -31.71% | -87.29% |
| Net Income Growth % | 59.13% | 105.84% | 88.65% | 41.95% | 23.91% | 37.54% | -104.68% | -66.12% | 26.68% | -47.1% | - |
| Net Income (Continuing) | -77.75M | 2.5M | -6.77M | -62.67M | -108.45M | -140.58M | -225.07M | -109.84M | -66.2M | -90.29M | -61.38M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 29.86M | 33.65M | 31.48M | 30.17M | 30.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -12.96 | 0.07 | -1.19 | -10.40 | -17.87 | -23.73 | -38.80 | -19.07 | -15.33 | -15.60 | -10.67 |
| EPS Growth % | 60.32% | 105.71% | 88.56% | 41.8% | 24.69% | 38.84% | -103.46% | -24.4% | 1.73% | -46.2% | - |
| EPS (Basic) | - | 0.07 | -1.19 | -10.40 | -17.87 | -23.73 | -38.80 | -19.07 | -15.33 | -15.60 | -10.67 |
| Diluted Shares Outstanding | 5.98M | 6.03M | 5.97M | 5.98M | 5.95M | 5.91M | 5.81M | 5.75M | 4.31M | 5.77M | 5.77M |
| Basic Shares Outstanding | 5.98M | 6.03M | 5.97M | 5.98M | 5.95M | 5.91M | 5.81M | 5.75M | 4.31M | 5.77M | 5.77M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Regulatory Data Monetization Constraints
As reported in financial statements, Aurora Mobile's revenue has experienced a persistent downward trend, declining from $182.8M in 2019Q4 to $74.1M in 2023Q3, reflecting a challenging transition away from low-margin advertising toward a more specialized, yet currently smaller, SaaS-based developer services and data intelligence model.
The consistent year-over-year revenue decline suggests that the company's pivot to higher-quality revenue streams has not yet offset the loss of legacy advertising volume. Investors should monitor whether the current revenue base has finally stabilized or if the competitive landscape in the Chinese mobile ecosystem continues to erode the company's market share.
Based on historical income statement data, Aurora Mobile has successfully expanded its gross margin from 33.0% in 2019Q4 to 70.6% in 2023Q3, indicating a fundamental shift in the business model toward higher-value software services that carry significantly lower direct costs than the previous advertising-heavy revenue mix.
This margin expansion is a positive indicator of the company's move up the value chain, suggesting that the underlying SaaS and data intelligence products possess better pricing power. However, the sustainability of these margins depends on the company's ability to maintain its technical moat against larger, more diversified cloud infrastructure providers.
According to recent SEC filings, despite significant gross margin improvements, Aurora Mobile continues to struggle with operating leverage, as evidenced by an operating margin of -2.5% in 2023Q3, which highlights the heavy burden of R&D and SG&A expenses relative to the current, smaller revenue base.
The company appears to be caught in a cycle where high fixed costs for R&D and infrastructure are not being sufficiently absorbed by current revenue levels. Achieving consistent operating profitability will likely require a significant scaling of the data intelligence segment without a proportional increase in headcount or server-related overhead.
As observed in historical financial disclosures, Aurora Mobile's net income has been periodically impacted by substantial stock-based compensation charges, such as the $106.3M recorded in 2022Q4, which complicates the assessment of true operational performance and masks the underlying cash burn associated with the company's growth initiatives.
The reliance on equity-based compensation suggests a strategy to preserve cash, yet it creates a disconnect between GAAP losses and the actual cash-generating capability of the business. Analysts should focus on the trend of non-SBC operating expenses to determine if the core business is moving closer to a sustainable break-even point.
Based on the provided financial context, the most significant risk to Aurora Mobile's income statement is the potential for regulatory intervention under China's PIPL, which could fundamentally impair the company's ability to aggregate and monetize the consumer metadata that currently underpins its high-margin data intelligence solutions.
If regulatory pressure forces a reduction in data harvesting capabilities, the company's primary competitive advantage could be severely diminished, leading to a rapid contraction in its most profitable revenue segments. Investors should be wary of the assumption that the current data-driven business model is immune to shifting domestic policy priorities.
Quick answers to the most common questions about buying JG stock.
For fiscal year 2025, Aurora Mobile Limited (JG) reported total revenue of $364.6M. This represents a 418.5% increase compared to $70.3M in 2016.
Aurora Mobile Limited (JG) is profitable, generating $0.4M in net income for the fiscal year ending 2025 with a net profit margin of 0.1%.
Aurora Mobile Limited (JG) reported an operating income of $-1.9M, resulting in an operating profit margin of -0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Aurora Mobile Limited (JG) generated $245.0M in gross profit for the year, representing a gross profit margin of 67.2%. This demonstrates the company's core pricing power and production efficiency.