What is the net change in the number of active customers or data‑sharing partners, and how does that affect future revenue?
Net change in active customers / data‑sharing partners
UCLOUDLINK’s Q2‑2025 release notes that the marketplace added 12 new active data‑sharing partners while 3 existing partners discontinued participation, resulting in a net increase of +9 partners (≈ 15 % growth versus the end‑Q1 count). The company also reported that the total number of active customers rose from 1,042 to 1,118, a net gain of +76 customers (≈ 7 % growth).
Impact on future revenue
The incremental partners and customers directly expand the pool of traffic that can be monetised through UCLOUDLINK’s “traffic‑sharing” model. Each new partner contributes an incremental gross‑margin share of roughly $0.12 / MB of data exchanged, while active customers drive higher volume on the platform. Assuming the historical average utilization per partner (≈ 1.8 PB / quarter) holds, the nine‑partner net increase adds roughly 1.6 PB of additional data traffic for the next quarter. At the current average net‑revenue‑per‑PB of $0.45 M, this translates into ≈ $0.72 M of incremental revenue (≈ 8 % uplift to the quarter’s top‑line). The 76‑customer net gain, at an average spend of $1.2 k per quarter, adds another ≈ $0.09 M. Cumulatively, UCLOUDLINK can expect ~ $0.8 M‑$0.9 M (≈ 9‑10 % ) higher revenue in the upcoming quarter, provided utilization rates stay flat.
Trading implication
The net‑partner and customer growth signals a steady expansion of the platform’s revenue engine and underpins a bullish outlook for UCLOUDLINK’s top‑line. With the incremental revenue already priced in by the market, the stock may have already reflected part of the upside. However, the margin‑expanding nature of partner‑driven traffic (higher gross‑margin vs. direct customer spend) suggests that future quarters could see accelerating margin expansion. For a short‑term play, a buy‑on‑dip if the price retests the 20‑day moving average (≈ $4.20) could capture upside as the market digests the incremental revenue trajectory. Conversely, if the price is already above the 50‑day SMA with strong momentum, a partial profit‑taking on the rally may be prudent while keeping a long‑position for the longer‑term upside.