---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-23-003481"
form_type: "8-K"
ticker: "CNET"
cik: "0001376321"
company_name: "ZW Data Action Technologies Inc."
filed_at: "2023-05-22T23:59:59+00:00"
generated_at: "2026-06-14T18:06:47.571716+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# ZW Data Action Q1 revenue down 17.5% to $6.32M; net loss widens to $1.14M

## Summary
- Revenue fell to $6.32M from $7.65M YoY, driven by COVID-19 impact on SME clients.
- Gross loss of $0.31M vs. gross profit of $0.13M a year ago; gross margin turned negative.
- Net loss attributable to CNET of $1.14M ($0.16 per share) vs. $0.72M ($0.10) in Q1 2022.
- Cash and equivalents dropped to $1.59M from $4.39M as of Dec 31, 2022.
- Operating loss margin was 21% vs. 20% a year earlier; operating loss narrowed to $1.31M.

## SEC filing metadata
- accession: 0001171843-23-003481
- form_type: 8-K
- ticker: CNET
- cik: 0001376321
- company_name: ZW Data Action Technologies Inc.
- filed_at: 2023-05-22T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1376321/000117184323003481/0001171843-23-003481-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1376321/000117184323003481/f8k_052223.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-23-003481
- JSON: https://secwatch.observer/filing/0001171843-23-003481.json
- Plain text: https://secwatch.observer/filing/0001171843-23-003481.txt

## Key facts
- Earnings Releases
  ZW Data Action Technologies Inc. reported first quarter of 2023 results: revenue $6.32 million, net income Net loss attributable to CNET was approximately $1.14 million, EPS loss per share of $0.16.
  - Period: first quarter of 2023
  - Revenue: $6.32 million
  - Net income: Net loss attributable to CNET was approximately $1.14 million
  - EPS: loss per share of $0.16
  - Result: reported results
  source text: three months ended March 31, 2023. First Quarter 2023 Financial Results Revenues For the first quarter of 2023, revenues decreased by approximately $1.34 million, or 17.5%, to $6.32 million from $7.65 million for the same period last year. The decrease in revenues was primarily attributable to the decrease in revenues from our Internet advertising and related data
  evidence_url: https://www.sec.gov/Archives/edgar/data/1376321/000117184323003481/0001171843-23-003481-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.