The company maintains a conservative financial position with a 0.31 debt-to-equity ratio and a $32.8 million cash balance, providing a necessary liquidity buffer against its $215.7 million accumulated deficit.
uCloudlink Group Inc. (UCL) balance sheet — 9-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Total Assets | 60.4M | 67.83M | 64.98M | 56.61M | 45.93M | 67.13M | 97.25M | 90.1M | 80.5M | 89.33M |
| Asset Growth % | 15.69% | 4.39% | 14.79% | 23.24% | -31.57% | -30.98% | 7.94% | 11.91% | -9.87% | - |
| PP&E (Net) | 3.93M | 3.97M | 6.9M | 4.75M | 1.39M | 1.8M | 3.03M | 3.79M | 4.19M | 5.62M |
| PP&E / Total Assets % | 6.51% | 5.85% | 10.62% | 8.4% | 3.02% | 2.68% | 3.11% | 4.21% | 5.2% | 6.29% |
| Total Current Assets | 53.84M | 61.26M | 55.56M | 49.02M | 41.35M | 49.09M | 71.94M | 84.31M | 75.7M | 83.55M |
| Cash & Equivalents | 25.2M | 32.83M | 30.06M | 23.37M | 14.92M | 7.87M | 21.99M | 40.27M | 36.46M | 49.1M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 3.99M | 4.38M | 1.31M | 2.18M | 3.62M | 6.13M | 5.85M | 11.92M | 12.02M | 4.99M |
| Other Current Assets | 0 | 4.57M | 361K | 1.53M | 1.38M | 2.2M | 10.37M | 3.42M | 1.27M | 9.57M |
| Long-Term Investments | 8.25M | 2.04M | 2.01M | 1.96M | 1.71M | 13.93M | 19.13M | 430K | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 463K | 511K | 507K | 652K | 802K | 1.01M | 1.04M | 602K | 616K | 156K |
| Other Assets | 63K | 43K | 0 | 228K | 688K | 1.31M | 2.12M | 964K | 0 | 0 |
| Total Liabilities | 37.4M | 39.02M | 43.36M | 40.55M | 36.64M | 47.03M | 40.86M | 47.65M | 63.91M | 117.93M |
| Total Debt | 13.79M | 8.93M | 9.9M | 7.67M | 3.06M | 3.18M | 3.7M | 6.66M | 5.13M | 71.02M |
| Net Debt | -11.4M | -23.9M | -20.16M | -15.71M | -11.86M | -4.69M | -18.29M | -33.62M | -31.33M | 21.92M |
| Long-Term Debt | 1.64M | 1.62M | 0 | 0 | 0 | 0 | 0 | 0 | 1.77M | 70.25M |
| Short-Term Borrowings | 9.53M | 6.74M | 6.96M | 5.3M | 2.88M | 3.18M | 3.7M | 6.66M | 3.37M | 768K |
| Capital Lease Obligations | 5.95M | 574K | 2.94M | 2.37M | 184K | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 34.18M | 36.77M | 42.18M | 39.12M | 36.44M | 46.77M | 40.54M | 47.65M | 41.7M | 29.45M |
| Accounts Payable | 3.91M | 7.19M | 7.45M | 5.31M | 6.83M | 12.99M | 8.7M | 16.73M | 12.67M | 10.29M |
| Accrued Expenses | 55.98M | 0 | 23.23M | 21.2M | 20.26M | 20.74M | 18.27M | 14.71M | 11.95M | 10.33M |
| Deferred Revenue | 2.05M | 3.43M | 1.13M | 1.43M | 1.05M | 1.57M | 889K | 1.93M | 3.94M | 2.54M |
| Other Current Liabilities | 126K | 19.41M | 1.56M | 4.81M | 5.24M | 8.29M | 8.97M | 7.63M | 9.71M | 5.52M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 26K | 58K | 87K | 145K | 204K | 262K | 321K | 0 | 20.44M | 18.23M |
| Total Equity | 23.01M | 28.81M | 21.62M | 16.05M | 9.29M | 20.09M | 56.39M | 42.44M | 16.6M | -28.6M |
| Equity Growth % | 97.8% | 33.23% | 34.7% | 72.78% | -53.76% | -64.37% | 32.87% | 155.7% | 158.03% | - |
| Shareholders Equity | 23.01M | 28.81M | 21.62M | 16.05M | 9.29M | 20.09M | 56.39M | 42.44M | 16.6M | -28.6M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 19K | 19K | 19K | 19K | 18K | 14K | 14K | 11K | 11K | 7K |
| Additional Paid-in Capital | 242.78M | 242.42M | 241.38M | 240.14M | 236.77M | 230.05M | 220.29M | 118.82M | 121.19M | 49.97M |
| Retained Earnings | -222.18M | -215.71M | -222.01M | -226.57M | -229.38M | -209.52M | -163.48M | -100.07M | -105.28M | -78.72M |
| Accumulated OCI | 2.39M | 2.08M | 2.23M | 2.46M | 1.88M | -446K | -429K | 706K | 674K | 137K |
| Return on Assets (ROA) | -0.39% | 9.51% | 7.5% | 5.48% | -35.12% | -56.02% | -67.7% | 6.1% | -31.27% | -21.56% |
| Return on Equity (ROE) | -0.93% | 25.05% | 24.2% | 22.18% | -135.13% | -120.39% | -128.32% | 17.64% | -159.99% | - |
| Debt / Equity | 0.60x | 0.31x | 0.46x | 0.48x | 0.33x | 0.16x | 0.07x | 0.16x | 0.31x | - |
| Debt / Assets | 22.83% | 13.17% | 15.23% | 13.54% | 6.66% | 4.73% | 3.81% | 7.39% | 6.37% | 79.51% |
| Net Debt / EBITDA | 3.83x | -5.87x | -3.00x | -4.24x | - | - | - | -3.93x | - | - |
| Book Value per Share | 6.02 | 7.61 | 0.57 | 0.43 | 0.3 | 0.7 | 2.17 | 1.49 | 0.63 | -1.76 |
Quick answers to the most common questions about buying UCL stock.
As of 2025, uCloudlink Group Inc. (UCL) had total assets of $67.8M including $61.3M in current assets.
uCloudlink Group Inc. (UCL) carries total debt of $8.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
uCloudlink Group Inc. (UCL) has total shareholders' equity (book value) of $28.8M ($7.61 book value per share). Book value represents the net worth of the company belonging to common stock holders.
uCloudlink Group Inc. (UCL) reported a current ratio of 1.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Travel-dependent revenue volatility
Asset Base Stability Amid Contraction
As reported in recent financial statements, UCL's total assets grew from $56.6 million in 2023Q4 to $67.8 million by 2025Q4, suggesting that despite top-line revenue headwinds, the company has successfully maintained its underlying resource base to support its ongoing transition toward a platform-centric business model.
The expansion of the asset base during a period of revenue contraction indicates that management is prioritizing infrastructure investment over immediate cost-cutting. Investors should monitor whether this asset growth translates into future operating leverage or if it merely represents an accumulation of underutilized hardware and inventory.
Cash Cushion Supports Operational Runway
Based on the latest quarterly data, UCL maintains a robust cash position of $32.8 million, which provides a significant liquidity buffer relative to its $39.0 million in total liabilities, effectively mitigating short-term solvency risks despite the company's ongoing struggle to achieve consistent, sustainable operating profitability.
The current ratio of 1.67 reflects a healthy ability to cover short-term obligations, providing management with the flexibility to navigate cyclical travel demand shifts. This liquidity profile appears sufficient to fund R&D initiatives, though the lack of consistent cash generation from operations warrants continued scrutiny.
Minimal Leverage Enhances Financial Flexibility
According to recent balance sheet filings, UCL maintains a conservative capital structure with a debt-to-equity ratio of 0.31 as of 2025Q4, demonstrating a strategic reliance on internal cash reserves rather than external financing to fund its operations and ongoing technological development in the Cloud SIM space.
The low debt burden insulates the company from interest rate volatility, which is a notable advantage in the current macroeconomic environment. This minimal leverage suggests that the company's primary risk remains operational execution rather than financial distress or refinancing pressure.
Accumulated Deficit Weighs on Equity
As indicated by the reported figures, UCL's equity base remains constrained by a significant accumulated deficit of $215.7 million as of 2025Q4, highlighting the long-term impact of historical operational losses on the company's book value and its overall financial position relative to its total asset base.
The persistent negative retained earnings suggest that the company has yet to reach a scale where it can consistently generate positive net income to rebuild shareholder equity. This structural deficit may limit the company's ability to pursue aggressive capital allocation strategies until operational profitability is firmly established.