<p>Zedge Inc ((ZDGE)) 已召开其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>为代理商介绍 TipRanks MCP</h3>
<ul>
<li>将机构级市场数据直接传输到 Claude、ChatGPT、Cursor 和其他兼容 MCP 的 AI 工具中。</li>
<li>旨在个人研究、投资组合监控和 AI 辅助投资工作流程。</li>
</ul>
<p>Zedge Inc. 最新的财报电话会议传达了谨慎乐观的语气，管理层强调了盈利的核心业务、每用户收入的增长以及强劲的订阅和自由现金流增长。尽管高管们承认每月活跃用户减少和广告疲软带来的压力，但他们强调强劲的现金生成、无债务的资产负债表以及可见的产品里程碑使公司比一年前更具竞争力。</p>
<h2>GAAP 盈利能力和改善的收益</h2>
<p>Zedge 恢复了稳健的 GAAP 盈利能力，营业收入从一年前的 20 万美元跃升至 110 万美元。GAAP 净收入攀升至 90 万美元，或每股稀释后 0.07 美元，而非 GAAP 收益也有所上升，调整后的 EBITDA 增加 1% 至 130 万美元，突显出严格的成本控制。</p>
<h2>收入增长和订阅势头</h2>
<p>总收入达到 800 万美元，同比增长 3%，但真正的亮点是订阅。订阅收入激增 32%，净活跃订阅用户接近 130 万，增长约 40.6%，递延收入增加 26% 至 620 万美元，显示出未来订阅现金流的更强可见性。</p>
<h2>每用户变现创纪录</h2>
<p>每月活跃用户的平均收入达到了近 0.12 美元的季度记录，运营指标上升约 21.2% 至 0.119。这一改善表明，尽管总 MAU 下降，Zedge 仍在从每个用户身上榨取更多价值，部分抵消了规模下降带来的拖累。</p>
<h2>市场韧性和 iOS 上行</h2>
<p>Zedge 市场广告在调整一次性因素后基本持平，显示出基础需求的韧性。同时，iOS 收入增长 35%，现在占总销售的 6.5%，而去年为 5.1%，Zedge Premium 的总交易价值大约增长了 16.6-17%，表明市场活动更加健康。</p>
<h2>现金生成和资产负债表强度</h2>
<p>自由现金流同比激增 55% 至 120 万美元，年初至今增长 10%，突显出现金效率的改善。公司在季度末拥有 1970 万美元现金且无债务，为管理层提供了充足的灵活性，以资助新项目而不影响资产负债表。</p>
<h2>股东回报和资本配置</h2>
<p>Zedge 加大了对股东的回报，将季度股息提高 25% 至每股 0.02 美元。董事会还扩大了股票回购授权，总额约为 700 万美元，公司已经回购了约 150 万股，花费约 480 万美元，剩余回购能力约为 220 万美元。</p>
<h2>DataSeeds 获得验证胜利</h2>
<p>DataSeeds 达成了一个关键里程碑，为现有的领先技术客户交付了首个六位数订单，证明其能够处理更大、更复杂、时间敏感的项目。管理层将此视为在企业市场建立重要信誉的机会，即使收入流仍然不稳定。</p>
<h2>创新管道和 TapeDeck 扩展</h2>
<p>公司继续推进其创新议程，本季度发布了两个额外的 alpha 产品，总共四个上线，并仍在按计划推进本财年六个 alpha 的目标。TapeDeck 通过与 Sync Music、Tuff Gong 和 BWL Entertainment 的新协议扩展了其独立音乐目录，旨在在扩大用户获取之前加强其艺术家阵容。</p>
<h2>MAU 下降凸显增长挑战</h2>
<p>整体每月活跃用户在本季度下降，尽管每用户变现改善，但这突显了一个关键的战略挑战。管理层正在投资于营销、产品和数据科学工作，以稳定并最终增长 MAU，但他们强调恢复用户规模将需要时间。</p>
<h2>来自 Emojipedia 的广告逆风</h2>
<p>广告收入在本季度下降约 4%，管理层指出 Emojipedia 和谷歌搜索结果的变化是主要驱动因素。比较也受到去年一次性 45 万美元广告平台整合奖金的扭曲，掩盖了核心广告业务的基础稳定性。</p>
<h2>DataSeeds 收入特征不均</h2>
<p>尽管最近获得了六位数的胜利，但高管们警告说 DataSeeds 的收入将保持不均且难以预测。尽管管道在改善，但大型项目的时机和规模不可预测，使投资者对这一新兴收入流的短期可见性有限。</p>
<h2>早期产品风险和 Alpha 流失</h2>
<p>创新管道显示出其固有风险，因为至少一个 alpha 应用 Syncat 未能达到内部收入和参与阈值。管理层指出，其他几个 alpha 仍处于早期阶段，难以评估，这强化了高失败率是其实验产品战略的固有特征。</p>
<h2>广告可比性和一次性扭曲</h2>
<p>管理层强调，核心广告趋势在剔除一次性项目和平台变化后比表面数字更具韧性。给投资者的信息是，广告疲软是由离散事件驱动的，而不是广泛的恶化，即使报告的增长仍然疲软。</p>
<h2>新投资的短期可预测性有限</h2>
<p>像 TapeDeck 和其他新产品这样的举措仍处于早期阶段，尽管有前景的目录和合作伙伴关系，但短期收入影响不明确。Zedge 正在有意优先考虑目录构建和产品市场契合，而不是激进的用户获取，这限制了立即的收入提升，但旨在实现更持久的增长。</p>
<h2>指导和战略优先事项</h2>
<p>展望 2026 财年的剩余时间，管理层计划进一步加强 Zedge 市场的变现能力，系统性地构建 DataSeeds，并在严格的投资框架内推进其 alpha 产品管道。他们认为，当前的指标——不断上升的订阅收入、创纪录的 ARPMAU、不断增长的 iOS 比例、扩大的递延收入以及健康的自由现金流和现金储备——支持继续为这些增长举措提供资金，同时保持盈利能力。</p>
<p>Zedge 的财报电话会议描绘了一个精简且盈利的数字平台，在短期波动与长期对订阅、数据和新内容体验的投资之间取得平衡。对于投资者来说，关键的收获是这家公司在变现方面表现更佳，回报股东，并积极进行实验，但仍在与用户增长和其最新业务的不确定贡献作斗争。</p>

ZDGE

<p>Zedge Inc. 报告了第三季度的业绩，显示出回归 GAAP 盈利能力，净收入为 90 万美元，收入增长 3% 达到 800 万美元。订阅收入激增 32%，而自由现金流跃升 55%。公司将股息提高了 25%，并扩大了股票回购。然而，月活跃用户数量下降，广告业务受到 Emojipedia 变动的影响。管理层强调，尽管在用户规模增长方面面临挑战，但公司保持无债务的资产负债表和强劲的现金状况</p>

<p>Zedge Inc ((ZDGE)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Zedge Inc ((ZDGE)) 已召开其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Introducing TipRanks MCP for Agents</h3>
<div class="lb-trans"><h3>为代理商介绍 TipRanks MCP</h3>
</div><ul>
<li>Deliver institutional-grade market data directly into Claude, ChatGPT, Cursor, and other MCP-compatible AI tools.</li>
<li>Designed for personal research, portfolio monitoring, and AI-assisted investment workflows.</li>
</ul>
<div class="lb-trans"><ul>
<li>将机构级市场数据直接传输到 Claude、ChatGPT、Cursor 和其他兼容 MCP 的 AI 工具中。</li>
<li>旨在个人研究、投资组合监控和 AI 辅助投资工作流程。</li>
</ul>
</div><p>Zedge Inc.’s latest earnings call carried a cautiously optimistic tone, with management highlighting profitable core operations, rising revenue per user, and robust subscription and free cash flow growth. While executives acknowledged pressure from lower monthly active users and softer advertising, they stressed that strong cash generation, a debt-free balance sheet, and visible product milestones leave the company better positioned than a year ago.</p>
<div class="lb-trans"><p>Zedge Inc. 最新的财报电话会议传达了谨慎乐观的语气，管理层强调了盈利的核心业务、每用户收入的增长以及强劲的订阅和自由现金流增长。尽管高管们承认每月活跃用户减少和广告疲软带来的压力，但他们强调强劲的现金生成、无债务的资产负债表以及可见的产品里程碑使公司比一年前更具竞争力。</p>
</div><h2>GAAP Profitability and Improved Earnings</h2>
<div class="lb-trans"><h2>GAAP 盈利能力和改善的收益</h2>
</div><p>Zedge returned to solid GAAP profitability, with operating income jumping to $1.1 million from $0.2 million a year earlier. GAAP net income climbed to $0.9 million, or $0.07 per diluted share, while non‑GAAP earnings also rose, and adjusted EBITDA edged up 1% to $1.3 million, underscoring disciplined cost control.</p>
<div class="lb-trans"><p>Zedge 恢复了稳健的 GAAP 盈利能力，营业收入从一年前的 20 万美元跃升至 110 万美元。GAAP 净收入攀升至 90 万美元，或每股稀释后 0.07 美元，而非 GAAP 收益也有所上升，调整后的 EBITDA 增加 1% 至 130 万美元，突显出严格的成本控制。</p>
</div><h2>Revenue Growth and Subscription Momentum</h2>
<div class="lb-trans"><h2>收入增长和订阅势头</h2>
</div><p>Total revenue reached $8.0 million, up 3% year over year, but the real highlight was subscriptions. Subscription revenue surged 32%, with net active subscribers nearing 1.3 million, a gain of about 40.6%, and deferred revenue increased 26% to $6.2 million, signaling stronger visibility into future subscription cash flows.</p>
<div class="lb-trans"><p>总收入达到 800 万美元，同比增长 3%，但真正的亮点是订阅。订阅收入激增 32%，净活跃订阅用户接近 130 万，增长约 40.6%，递延收入增加 26% 至 620 万美元，显示出未来订阅现金流的更强可见性。</p>
</div><h2>Monetization Per User Hits Record</h2>
<div class="lb-trans"><h2>每用户变现创纪录</h2>
</div><p>Average revenue per monthly active user hit a record quarterly level of nearly $0.12, with the operating metric rising about 21.2% to $0.119. This improvement shows Zedge is squeezing more value from each user even as total MAUs decline, partially offsetting the drag from lower scale.</p>
<div class="lb-trans"><p>每月活跃用户的平均收入达到了近 0.12 美元的季度记录，运营指标上升约 21.2% 至 0.119。这一改善表明，尽管总 MAU 下降，Zedge 仍在从每个用户身上榨取更多价值，部分抵消了规模下降带来的拖累。</p>
</div><h2>Marketplace Resilience and iOS Upside</h2>
<div class="lb-trans"><h2>市场韧性和 iOS 上行</h2>
</div><p>Zedge Marketplace advertising held essentially flat year over year when adjusted for one‑offs, pointing to resilient underlying demand. Meanwhile, iOS revenue grew 35% and now accounts for 6.5% of total sales versus 5.1% last year, and Zedge Premium gross transaction value rose roughly 16.6–17%, indicating healthier marketplace activity.</p>
<div class="lb-trans"><p>Zedge 市场广告在调整一次性因素后基本持平，显示出基础需求的韧性。同时，iOS 收入增长 35%，现在占总销售的 6.5%，而去年为 5.1%，Zedge Premium 的总交易价值大约增长了 16.6-17%，表明市场活动更加健康。</p>
</div><h2>Cash Generation and Balance Sheet Strength</h2>
<div class="lb-trans"><h2>现金生成和资产负债表强度</h2>
</div><p>Free cash flow jumped 55% year over year to $1.2 million and is up 10% year to date, highlighting improved cash efficiency. The company ended the quarter with $19.7 million in cash and no debt, giving management ample flexibility to fund new initiatives without stressing the balance sheet.</p>
<div class="lb-trans"><p>自由现金流同比激增 55% 至 120 万美元，年初至今增长 10%，突显出现金效率的改善。公司在季度末拥有 1970 万美元现金且无债务，为管理层提供了充足的灵活性，以资助新项目而不影响资产负债表。</p>
</div><h2>Shareholder Returns and Capital Allocation</h2>
<div class="lb-trans"><h2>股东回报和资本配置</h2>
</div><p>Zedge stepped up shareholder returns, boosting its quarterly dividend by 25% to $0.02 per share. The board also expanded the share repurchase authorization, now around $7 million in total, and the company has already bought back about 1.5 million shares for roughly $4.8 million, leaving approximately $2.2 million in remaining capacity.</p>
<div class="lb-trans"><p>Zedge 加大了对股东的回报，将季度股息提高 25% 至每股 0.02 美元。董事会还扩大了股票回购授权，总额约为 700 万美元，公司已经回购了约 150 万股，花费约 480 万美元，剩余回购能力约为 220 万美元。</p>
</div><h2>DataSeeds Scores a Validation Win</h2>
<div class="lb-trans"><h2>DataSeeds 获得验证胜利</h2>
</div><p>DataSeeds hit a key milestone by delivering its first six‑figure order for an existing leading technology customer, demonstrating it can handle larger, complex, time‑sensitive projects. Management framed this as an important credibility builder in the enterprise market, even if the revenue stream remains uneven.</p>
<div class="lb-trans"><p>DataSeeds 达成了一个关键里程碑，为现有的领先技术客户交付了首个六位数订单，证明其能够处理更大、更复杂、时间敏感的项目。管理层将此视为在企业市场建立重要信誉的机会，即使收入流仍然不稳定。</p>
</div><h2>Innovation Pipeline and TapeDeck Expansion</h2>
<div class="lb-trans"><h2>创新管道和 TapeDeck 扩展</h2>
</div><p>The company continued to push its innovation agenda, releasing two additional alpha products this quarter for a total of four live, and remains on track for six alphas this fiscal year. TapeDeck expanded its independent music catalog via new agreements with Sync Music, Tuff Gong, and BWL Entertainment, aimed at strengthening its artist roster before scaling user acquisition.</p>
<div class="lb-trans"><p>公司继续推进其创新议程，本季度发布了两个额外的 alpha 产品，总共四个上线，并仍在按计划推进本财年六个 alpha 的目标。TapeDeck 通过与 Sync Music、Tuff Gong 和 BWL Entertainment 的新协议扩展了其独立音乐目录，旨在在扩大用户获取之前加强其艺术家阵容。</p>
</div><h2>MAU Declines Underscore Growth Challenge</h2>
<div class="lb-trans"><h2>MAU 下降凸显增长挑战</h2>
</div><p>Overall monthly active users declined during the quarter, highlighting a key strategic challenge despite better monetization per user. Management is investing in marketing, product, and data science efforts to stabilize and eventually grow MAUs, but they emphasized that restoring user scale will take time.</p>
<div class="lb-trans"><p>整体每月活跃用户在本季度下降，尽管每用户变现改善，但这突显了一个关键的战略挑战。管理层正在投资于营销、产品和数据科学工作，以稳定并最终增长 MAU，但他们强调恢复用户规模将需要时间。</p>
</div><h2>Advertising Headwinds from Emojipedia</h2>
<div class="lb-trans"><h2>来自 Emojipedia 的广告逆风</h2>
</div><p>Advertising revenue slipped around 4% for the quarter, with management pointing to Emojipedia and changes to Google’s search results as primary drivers. Comparisons were also distorted by a one‑time $450,000 ad‑platform integration bonus in the prior year, masking the underlying stability of the core ad business.</p>
<div class="lb-trans"><p>广告收入在本季度下降约 4%，管理层指出 Emojipedia 和谷歌搜索结果的变化是主要驱动因素。比较也受到去年一次性 45 万美元广告平台整合奖金的扭曲，掩盖了核心广告业务的基础稳定性。</p>
</div><h2>Lumpy DataSeeds Revenue Profile</h2>
<div class="lb-trans"><h2>DataSeeds 收入特征不均</h2>
</div><p>Despite the recent six‑figure win, executives cautioned that DataSeeds revenue will remain lumpy and difficult to forecast. While the pipeline is improving, the timing and size of large projects are unpredictable, leaving investors with limited short‑term visibility into this emerging revenue stream.</p>
<div class="lb-trans"><p>尽管最近获得了六位数的胜利，但高管们警告说 DataSeeds 的收入将保持不均且难以预测。尽管管道在改善，但大型项目的时机和规模不可预测，使投资者对这一新兴收入流的短期可见性有限。</p>
</div><h2>Early-Stage Product Risk and Alpha Attrition</h2>
<div class="lb-trans"><h2>早期产品风险和 Alpha 流失</h2>
</div><p>The innovation pipeline showed its inherent risk as at least one alpha app, Syncat, failed to hit internal revenue and engagement thresholds. Management noted that several other alphas are still too early to judge, reinforcing that a high failure rate is baked into their experimental product strategy.</p>
<div class="lb-trans"><p>创新管道显示出其固有风险，因为至少一个 alpha 应用 Syncat 未能达到内部收入和参与阈值。管理层指出，其他几个 alpha 仍处于早期阶段，难以评估，这强化了高失败率是其实验产品战略的固有特征。</p>
</div><h2>Advertising Comparability and One-Off Distortions</h2>
<div class="lb-trans"><h2>广告可比性和一次性扭曲</h2>
</div><p>Management stressed that core advertising trends are more resilient than headline figures suggest once one‑time items and platform changes are stripped out. The message to investors was that ad weakness is driven by discrete events rather than broad deterioration, even if reported growth remains muted.</p>
<div class="lb-trans"><p>管理层强调，核心广告趋势在剔除一次性项目和平台变化后比表面数字更具韧性。给投资者的信息是，广告疲软是由离散事件驱动的，而不是广泛的恶化，即使报告的增长仍然疲软。</p>
</div><h2>Limited Near-Term Predictability for New Bets</h2>
<div class="lb-trans"><h2>新投资的短期可预测性有限</h2>
</div><p>Initiatives like TapeDeck and other new products remain in early stages, with promising catalogs and partnerships but unclear near‑term revenue impact. Zedge is deliberately prioritizing catalog build and product‑market fit over aggressive user acquisition, limiting immediate top‑line uplift but aiming for more durable growth later.</p>
<div class="lb-trans"><p>像 TapeDeck 和其他新产品这样的举措仍处于早期阶段，尽管有前景的目录和合作伙伴关系，但短期收入影响不明确。Zedge 正在有意优先考虑目录构建和产品市场契合，而不是激进的用户获取，这限制了立即的收入提升，但旨在实现更持久的增长。</p>
</div><h2>Guidance and Strategic Priorities</h2>
<div class="lb-trans"><h2>指导和战略优先事项</h2>
</div><p>Looking ahead to the rest of fiscal 2026, management plans to further strengthen monetization in the Zedge Marketplace, build DataSeeds methodically, and advance its alpha product pipeline within a disciplined investment framework. They argue that current metrics—rising subscription revenue, record ARPMAU, growing iOS mix, expanding deferred revenue, and healthy free cash flow and cash reserves—support continued funding of these growth initiatives while maintaining profitability.</p>
<div class="lb-trans"><p>展望 2026 财年的剩余时间，管理层计划进一步加强 Zedge 市场的变现能力，系统性地构建 DataSeeds，并在严格的投资框架内推进其 alpha 产品管道。他们认为，当前的指标——不断上升的订阅收入、创纪录的 ARPMAU、不断增长的 iOS 比例、扩大的递延收入以及健康的自由现金流和现金储备——支持继续为这些增长举措提供资金，同时保持盈利能力。</p>
</div><p>Zedge’s earnings call painted a picture of a lean, profitable digital platform balancing short‑term volatility with long‑term bets on subscriptions, data, and new content experiences. For investors, the key takeaway is a company that is monetizing better, rewarding shareholders, and experimenting aggressively, but still wrestling with user growth and unpredictable contributions from its newest ventures.</p>
<div class="lb-trans"><p>Zedge 的财报电话会议描绘了一个精简且盈利的数字平台，在短期波动与长期对订阅、数据和新内容体验的投资之间取得平衡。对于投资者来说，关键的收获是这家公司在变现方面表现更佳，回报股东，并积极进行实验，但仍在与用户增长和其最新业务的不确定贡献作斗争。</p>
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Zedge 公司在实现利润增长的同时也面临增长风险