Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Ebang International Holdings Inc. Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2023

SINGAPORE, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a global blockchain technology and Fintech company, today announced its unaudited financial results for the first six months of fiscal year 2023.

Operational and Financial Highlights for the First Six Months of Fiscal Year 2023

Total net revenues in the first six months of 2023 were US$4.09 million, representing an 83.69% period-over-period decrease from US$25.06 million in the same period of 2022.

Gross profit in the first six months of 2023 was US$0.99 million compared to the gross profit of US$14.24 million in the same period of 2022.

Net loss in the first six months of 2023 was US$8.38 million compared to US$10.92 million in the same period of 2022.

Mr. Dong Hu, Chairman and Chief Executive Officer of the Company, commented, “The first half of 2023 was a challenging period. Industry fluctuations and macroeconomic impacts have not yet led to a qualitative improvement in our performance, our cryptocurrency exchange business and cross-border payment and foreign exchange business have been developing steadily. Still, we have seen signs of gradual stability in consumer demand and the prospects for a sustainable economic market. We will continue to focus on providing personalized and diversified technology platforms and services, so that our customers can enjoy safer and more stable, efficient, and sustainable products and services, and we will continue to strive for customer satisfaction. Additionally, we have improved our cost control and capital utilization.”

Mr. Hu continues, “Looking forward to the future, we will continue to expand our business within selected regulated markets, adhere to technological innovation as our core driving force, develop and implement a new business strategy to achieve consistent growth, and actively embrace various opportunities while tackling challenges in the future. We are confident in our long-term prospects.” 

Unaudited Financial Results for the First Six Months of Fiscal Year 2023

Total net revenues in the first six months of 2023 were US$4.09 million, representing an 83.69% period-over-period decrease from US$25.06 million in the same period of 2022. The period-over-period decrease in total net revenues was due to the combined impact of: 1) a decrease in sale of products in the first six months of 2023; and 2) the receipt of payment from a former customer as a result of a court mediation in the first six months of 2022.

Cost of revenues in the first six months of 2023 was US$3.09 million, representing a 71.40% period-over-period decrease from US$10.82 million in the same period of 2022. The period-over-period decrease in cost of revenues was mainly due to the combined impact of a decrease in the Company’s sales of products, and decreased inventory write-downs for the potentially obsolete and slow-moving inventories for the first six months of 2023, compared to the same period in 2022.

Gross profit in the first six months of 2023 was US$0.99 million, compared to the gross profit of US$14.24 million in the same period of 2022.

Total operating expenses in the first six months of 2023 were US$13.64 million compared to US$24.59 million in the same period of 2022.

  • Selling expenses in the first six months of 2023 were US$0.75 million compared to US$1.69 million in the same period of 2022. The period-over-period decrease in selling expenses was mainly caused by decreased general advertising and marketing expenses due to the adoption of precise advertising and other marketing methods related to our Fintech business for the first six months of 2023.
  • General and administrative expenses in the first six months of 2023 were US$12.89 million compared to US$22.90 million in the same period of 2022. The period-over-period decrease in general and administrative expenses was mainly due to the combined impact of 1) the Company’s optimization of its internal cost control; 2) lower bad debt expenses and depreciation expenses; 3) lower amortization expenses due to full impairment of intangible assets during the year of 2022.

Loss from operations in the first six months of 2023 was US$12.64 million compared to US$10.34 million in the same period of 2022.

Interest income in the first six months of 2023 was US$3.22 million compared to US$1.16 million in the same period of 2022. The period-over-period increase in interest income was mainly caused by an increase in interest rate for US dollar deposits and the Company had more fixed-term deposit with large principals for the first six months of 2023, compared to the same period in 2022.

Other income in the first six months of 2023 was US$1.04 million compared to US$0.57 million in the same period of 2022. The period-over-period increase in other income was mainly due to the Company taking possession of customer deposits collected from previous years as a result of defaults by customers under their respective contracts with the Company.

Other expense in the first six months of 2023 was US$0.04 million compared to US$0.39 million in the same period of 2022.

Net loss in the first six months of 2023 was US$8.38 million compared to US$10.92 million in the same period of 2022.

Net loss attributable to Ebang International Holdings Inc. in the first six months of 2023 was US$7.82 million compared to US$10.08 million in the same period of 2022.

Basic and diluted net loss per share in the first six months of 2023 were both US$1.25 compared to US$1.61 in the same period of 2022.

About Ebang International Holdings Inc.

Ebang International Holdings Inc. is a global blockchain technology and Fintech company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise, it has become a global Bitcoin mining machine producer. Based on its deep understanding of the Fintech industry and compliance with laws and regulations in various jurisdictions, it has launched professional, convenient and innovative Fintech service platforms. It strives to expand into the upstream and downstream markets of the blockchain and Fintech industry value chain to achieve diversified products and services. For more information, please visit https://ir.ebang.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to,” and other similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements include, but are not limited to, statements regarding our future operating results and financial position, our business strategy and plans, expectations relating to our industry, the regulatory environment, market conditions, trends and growth, expectations relating to customer behaviors and preferences, our market position and potential market opportunities, and our objectives for future operations. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. These risks and uncertainties include our ability to successfully execute our business and growth strategy and maintain future profitability, market acceptance of our products and services, our ability to further penetrate our existing customer base and expand our customer base, our ability to develop new products and services, our ability to expand internationally, the success of any acquisitions or investments that we make, the efforts of increased competition in our markets, our ability to stay in compliance with applicable laws and regulations, market conditions across the blockchain, Fintech and general market, political and economic conditions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.

Investor Relations Contact

For investor and media inquiries, please contact:

Ebang International Holdings Inc.
Email: ir@ebang.com

Ascent Investor Relations LLC
Ms. Tina Xiao
Tel: (917) 609-0333
Email: tina.xiao@ascent-ir.com

EBANG INTERNATIONAL HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS 
(Unaudited)
(Stated in US dollars)

 June 30,
2023
 December 31,
2022
 
     
ASSETS    
Current assets:    
Cash and cash equivalents$248,861,659 $251,294,952 
Restricted cash, current 39,076  29,039 
Short-term investments 869,805  5,835,377 
Accounts receivable, net 1,818,940  3,334,727 
Advances to suppliers 1,095,080  1,178,168 
Inventories, net 548,233  440,064 
Prepayments 52,703  281,611 
Other current assets, net 3,065,188  6,711,422 
Total current assets 256,350,684  269,105,360 
       
Non-current assets:      
Property, plant and equipment, net 33,892,642  36,549,278 
Intangible assets, net 6,176,539  6,890,738 
Operating lease right-of-use assets 4,569,216  5,343,608 
Operating lease right-of-use assets - related parties 741,695  519,140 
Restricted cash, non-current 973,034  903,125 
Goodwill 2,239,453  2,299,628 
VAT recoverables 20,085,172  21,132,898 
Other assets 904,382  1,421,309 
Total non-current assets 69,582,133  75,059,724 
       
Total assets$325,932,817 $344,165,084 
       
LIABILITIES AND EQUITY      
Current liabilities:      
Accounts payable$629,685 $1,456,577 
Accrued liabilities and other payables 7,041,128  11,519,091 
Operating lease liabilities, current 946,906  1,217,604 
Operating lease liabilities - related parties, current 519,288  283,567 
Income taxes payable 75,185  - 
Advances from customers 2,749  1,010,852 
Total current liabilities 9,214,941  15,487,691 
       
Non-current liabilities:      
Deferred tax liabilities 1,043,942  1,133,539 
Operating lease liabilities, non-current 4,242,577  5,755,973 
Total non-current liabilities 5,286,519  6,889,512 
       
Total liabilities 14,501,460  22,377,203 
       
Equity:      
Class A ordinary share, HKD0.03 par value, 11,112,474 shares authorized, 4,726,424 and 4,700,852 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively 18,178  18,080 
Class B ordinary share, HKD0.03 par value, 1,554,192 shares authorized, issued and outstanding as of June 30, 2023 and December 31, 2022, respectively 5,978  5,978 
Additional paid-in capital 398,505,590  397,620,927 
Statutory reserves 11,079,649  11,079,649 
Accumulated deficit (85,886,519) (78,068,522)
Accumulated other comprehensive loss (14,373,681) (11,724,531)
Total Ebang International Holdings Inc. shareholders’ equity 309,349,195  318,931,581 
Non-controlling interest 2,082,162  2,856,300 
Total equity 311,431,357  321,787,881 
       
Total liabilities and equity$325,932,817 $344,165,084 


EBANG INTERNATIONAL HOLDINGS INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(Unaudited)
(Stated in US dollars)

 For the
six months
ended
June 30, 
2023
 For the
six months
ended 
June 30, 
2022
 
     
Product revenue$1,146,384 $25,059,635 
Service revenue 2,939,958  - 
Total revenues 4,086,342  25,059,635 
Cost of revenues 3,093,730  10,816,229 
Gross profit 992,612  14,243,406 
       
Operating expenses:      
Selling expenses 745,381  1,685,425 
General and administrative expenses 12,891,709  22,901,323 
Total operating expenses 13,637,090  24,586,748 
       
Gain from disposal of subsidiaries (7,524)   
       
Loss from operations (12,636,954) (10,343,342)
       
Other income (expenses):      
Interest income 3,221,667  1,162,470 
Other income 1,042,669  571,462 
Gain from investment 803,605  - 
Exchange gain (loss) (787,895) (1,932,890)
Government grants 12,800  2,505 
Other expenses (43,518) (390,051)
Total other income (expenses) 4,249,328  (586,504)
       
Loss before income taxes benefit (8,387,626) (10,929,846)
       
Income taxes benefit 3,349  10,683 
       
Net loss (8,384,277) (10,919,163)
Less: net loss attributable to non-controlling interest (566,280) (844,096)
Net loss attributable to Ebang International Holdings Inc.$(7,817,997)$(10,075,067)
       
Comprehensive loss      
Net loss$(8,384,277)$(10,919,163)
Other comprehensive loss:      
Foreign currency translation adjustment (2,857,279) (3,857,482)
       
Total comprehensive loss (11,241,556) (14,776,645)
Less: comprehensive loss attributable to non-controlling interest (774,138) (313,096)
Comprehensive loss attributable to Ebang International Holdings Inc.$(10,467,418)$(14,463,549)
       
Net loss per ordinary share attributable to Ebang International Holdings Inc.      
Basic(1)$(1.25)$(1.61)
Diluted(1)$(1.25)$(1.61)
       
Weighted average ordinary shares outstanding      
Basic(1) 6,269,529  6,243,040 
Diluted(1) 6,269,529  6,243,040 
 

(1) Retrospectively adjusted for the effect of the Reverse Stock Split effected on November 20, 2022.


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MillValley.com & California Media Partners, LLC. All rights reserved.