Ucommune (Ucommune.US) reported a 1.7% YoY revenue growth in Q2 with a net profit of US$2.2 million.

UCL.US announced its second quarter 2024 earnings. The company reported Q2 revenue of $22.4 million, up 1.7% YoY; net income of $2.2 million, compared to a net loss of $0.9 million in the same period last year; basic and diluted earnings per share of $0.06, compared to a loss of $0.02 in the same period last year.

Gross profit was $11 million, up 11.4% YoY. Operating income was $2.3 million, compared to a loss of $0.9 million in the same period last year.

Adjusted net income was $2.6 million, compared to $1.8 million in the same period last year; adjusted EBITDA was $3.3 million, compared to $2.1 million in the same period last year.

As of June 30, 2024, the company had $26.8 million in cash and cash equivalents. Capital expenditure was $1.6 million, compared to $0.5 million in the same period last year.

Looking ahead, UCL expects Q3 revenue to be between $24 million and $28 million, up 0.4% to 17.2% YoY.