Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,”
“we” or “our”), a global application-specific integrated circuit
(“ASIC”) chip design company and a manufacturer of high-performance
Bitcoin mining machines, today announced its unaudited financial
results for the first six months of fiscal year 2021.
Operational and Financial Highlights for the First Six
Months of Fiscal Year 2021
Total computing power sold in the first
six months of 2021 was 0.80 million Thash/s, representing a
period-over-period increase of 220.00% from 0.25 million Thash/s in
the same period of 2020.
Total net revenues in the first six months
of 2021 were US$18.30 million, representing a 65.69%
period-over-period increase from US$11.04 million in the same
period of 2020.
Gross profit in the first six months of
2021 was US$5.64 million compared to the gross loss of US$0.97
million in the same period of 2020.
Net loss in the first six months of 2021
was US$4.26 million compared to US$6.96 million in the same period
of 2020. Mr. Dong Hu, Chairman and Chief Executive
Officer of the Company, commented, “Over the past few years, the
Company has been focusing on the research and development and sales
of Bitcoin mining machines. However, this business is susceptible
to the impact of macro and micro environments such as global
political and regulatory attitude toward cryptocurrency in general,
economic competitions, chip production capacity and supply, and
Bitcoin price fluctuations. To achieve long-term stable growth, the
company plans to vigorously develop financial technology (FinTech)
business, while steadily carry out research and development as well
as sales business of mining machines of Bitcoin and other
cryptocurrencies such as Litecoin and Dogecoin. The Company plans
to gradually launch software-as-a-service (SaaS) businesses on some
of its platforms, aiming to provide a full set of FinTech solutions
to industry players who lack technical support and security. The
Company has gradually increased the initial investment in this
business, including but not limited to talent recruitment,
equipment purchase, software development, and customer acquisition,
which business we expect to bring continuous and stable revenue to
the Company. The mining farm business includes the Company’s
original mining machine hosting business and the newly derived
self-mining business. Up to now, the Company has completed the
establishment of the business team and started the preparatory work
for the construction of North American and European mining farms in
June 2021. The self-mining business can well offset the negative
impact of the plummeting Bitcoin price on the sales of mining
machines, thereby further ensuring the Company's long-term stable
and healthy development.”
Unaudited Financial Results for the First Six Months of
Fiscal Year 2021
Total net revenues in the first six months
of 2021 were US$18.30 million, representing a 65.69%
period-over-period increase from US$11.04 million in the same
period of 2020. The period-over-period increase in total net
revenues were mainly due to the increase of Bitcoin price in the
first six months of 2021, which increase the expected returns on
Bitcoin related activities such as mining, and in turn resulted in
a much higher demand on our Bitcoin mining machines.
Cost of revenues in the first six months
of 2021 was US$12.66 million compared to US$12.01 million in the
same period of 2020. The cost of revenues remained stable mainly
due to the combined impact of the increase in the Company’s sales
and the lower inventory cost related to the utilization of the
impaired inventories in our production.
Gross profit in the first six months of
2021 was US$5.64 million compared to the gross loss of US$0.97
million in the same period of 2020.
Total operating expenses in the first six
months of 2021 were US$10.58 million compared to US$7.71 million in
the same period of 2020.
- Selling expenses in the first six months
of 2021 maintain stable with the amount of US$0.59 million compared
to US$0.45 million in the same period of 2020.
- General and administrative expenses in
the first six months of 2021 were US$9.99 million compared to
US$7.26 million in the same period of 2020. The period-over-period
increase in general and administrative expenses was mainly caused
by an increase in amortization of intangible asset for the
exclusive Authorization of Patent Technology (AsicBoost) in
Korea.
Loss from operations in the first six
months of 2021 was US$4.95 million compared to US$8.68 million in
the same period of 2020.
Other income in the first six months of
2021 was US$0.17 million compared to US$0.02 million in the same
period of 2020. The period-over-period increase in other income was
mainly caused by the increase in investment income from short term
investment in the six months ended June 30, 2021.
Government grants in the first six months
of 2021 were US$0.02 million compared to US$2.54 million in the
same period of 2020. The period-over-period decrease in government
grants was mainly caused by the decrease of tax rewards from the
Chinese government.
Other expense in the first six months of
2021 was US$1.15 million compared to US$0.02 million in the same
period of 2020. The period-over-period increase in other expense
was mainly caused by the loss on fair value changes from short term
investment in the six months ended June 30, 2021.
Net loss in the first six months of 2021
was US$4.26 million compared to US$6.96 million in the same period
of 2020.
Net loss attributable to Ebang International Holdings
Inc. in the first six months of 2021 was US$3.58
million compared to US$6.21 million in the same period of 2020.
Basic and diluted net loss per shares in
the first six months of 2021 were both US$0.02 compared to US$0.06
in the same period of 2020.
About Ebang International Holdings Inc.
Ebang International Holdings Inc. is a blockchain technology
company with strong application-specific integrated circuit (ASIC)
chip design capability. With years of industry experience and
expertise in ASIC chip design, it has become a global bitcoin
mining machine producer with steady access to wafer foundry
capacity. With its licensed and registered entities in various
jurisdictions, the Company intends to launch a professional,
convenient and innovative digital asset financial service platform
to expand into the upstream and the downstream of blockchain and
cryptocurrency industry value chain. For more information, please
visit
https://ir.ebang.com.cn/. 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. Certain statements contained herein
are “forward-looking” statements within the meaning of the
applicable securities laws and regulations. Generally, these
statements can be identified by the use of words such as “aim,”
“anticipate,” “believe,” “commit,” “continue,” “could,” “estimate,”
“expect,” “forecast,” “intend,” “may,” “outlook,” “plan,”
“potential,” “predict,” “project,” “remain,” “should,” “will,”
“would,” and 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 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. 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.cn
Ascent Investor Relations LLCMs. Tina XiaoTel: (917)
609-0333Email: tina.xiao@ascent-ir.com
EBANG INTERNATIONAL HOLDINGS
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (Stated in US dollars)
|
|
June 30,2021 |
|
|
December 31,2020 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
278,195,874 |
|
|
$ |
13,669,439 |
|
Restricted cash, current |
|
|
110,463 |
|
|
|
406,857 |
|
Investments |
|
|
6,882,081 |
|
|
|
40,835,000 |
|
Accounts receivable, net |
|
|
6,996,013 |
|
|
|
7,205,113 |
|
Notes receivable |
|
|
- |
|
|
|
765,967 |
|
Advances to suppliers |
|
|
3,114,174 |
|
|
|
221,186 |
|
Inventories, net |
|
|
5,844,991 |
|
|
|
3,845,091 |
|
Prepayments |
|
|
636,103 |
|
|
|
522,808 |
|
Due from related party |
|
|
4,648 |
|
|
|
- |
|
Other current assets, net |
|
|
804,943 |
|
|
|
1,128,599 |
|
Total current
assets |
|
|
302,589,290 |
|
|
|
68,600,060 |
|
|
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
|
|
Restricted cash, non-current |
|
|
- |
|
|
|
47,455 |
|
Operating lease right-of-use assets |
|
|
606,695 |
|
|
|
898,335 |
|
Operating lease right-of-use assets - related parties |
|
|
1,466,805 |
|
|
|
17,701 |
|
Property, plant and equipment, net |
|
|
33,414,525 |
|
|
|
29,123,243 |
|
Intangible assets, net |
|
|
22,410,188 |
|
|
|
23,077,435 |
|
VAT recoverables |
|
|
28,440,372 |
|
|
|
21,897,063 |
|
Deferred tax assets |
|
|
70,170 |
|
|
|
- |
|
Other assets |
|
|
545,012 |
|
|
|
538,934 |
|
Total non-current
assets |
|
|
86,953,767 |
|
|
|
75,600,166 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
389,543,057 |
|
|
$ |
144,200,226 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,343,819 |
|
|
$ |
2,762,187 |
|
Notes payable |
|
|
2,740,621 |
|
|
|
1,087,673 |
|
Loans due within one year, less unamortized debt issuance
costs |
|
|
- |
|
|
|
765,967 |
|
Income taxes payable |
|
|
562,452 |
|
|
|
556,137 |
|
Advances from customers |
|
|
10,114,303 |
|
|
|
832,842 |
|
Accrued liabilities and other payables |
|
|
12,053,301 |
|
|
|
21,921,614 |
|
Operating lease liabilities, current |
|
|
743,368 |
|
|
|
659,807 |
|
Operating lease liabilities - related parties, current |
|
|
589,450 |
|
|
|
17,701 |
|
Due to related party |
|
|
- |
|
|
|
5,652,833 |
|
Total current
liabilities |
|
|
29,147,314 |
|
|
|
34,256,761 |
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
|
|
|
Operating lease liabilities, non-current |
|
|
7,065 |
|
|
|
118,827 |
|
Operating lease liabilities, related parties, non-current |
|
|
608,107 |
|
|
|
- |
|
Deferred tax liabilities |
|
|
- |
|
|
|
872 |
|
|
|
|
|
|
|
|
|
|
Total non-current
liabilities |
|
|
615,172 |
|
|
|
119,699 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
29,762,486 |
|
|
|
34,376,460 |
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Class A ordinary share, HKD0.001 par value, 333,374,217 shares
authorized, 139,209,554 and 89,909,554 shares issued and
outstanding as of June 30, 2021 and December 31, 2020,
respectively |
|
|
17,848 |
|
|
|
11,411 |
|
Class B ordinary share, HKD0.001 par value, 46,625,783 shares
authorized, 46,625,783 and 46,625,783 shares issued and outstanding
as of June 30, 2021 and December 31, 2020, respectively |
|
|
5,978 |
|
|
|
5,978 |
|
Additional paid-in capital |
|
|
393,010,189 |
|
|
|
138,288,921 |
|
Accumulated deficit |
|
|
(42,218,740 |
) |
|
|
(38,581,419 |
) |
Statutory reserves |
|
|
11,106,522 |
|
|
|
11,049,847 |
|
Accumulated other comprehensive loss |
|
|
(8,256,547 |
) |
|
|
(7,648,332 |
) |
Total Ebang International Holdings Inc. shareholders’
equity |
|
|
353,665,250 |
|
|
|
103,126,406 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
|
6,115,321 |
|
|
|
6,697,360 |
|
|
|
|
|
|
|
|
|
|
Total
equity |
|
|
359,780,571 |
|
|
|
109,823,766 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity |
|
$ |
389,543,057 |
|
|
$ |
144,200,226 |
|
EBANG INTERNATIONAL HOLDINGS
INC.UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS(Stated in US dollars)
|
|
For the six months
ended June
30, 2021 |
|
|
For the six months
ended June
30, 2020 |
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
15,310,854 |
|
|
$ |
4,954,499 |
|
Service revenue |
|
|
2,984,707 |
|
|
|
6,087,856 |
|
Total
revenues |
|
|
18,295,561 |
|
|
|
11,042,355 |
|
Cost of revenues |
|
|
12,657,744 |
|
|
|
12,009,303 |
|
Gross profit
(loss) |
|
|
5,637,817 |
|
|
|
(966,948 |
) |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Selling expenses |
|
|
594,027 |
|
|
|
452,608 |
|
General and administrative
expenses |
|
|
9,989,018 |
|
|
|
7,257,855 |
|
Total operating
expenses |
|
|
10,583,045 |
|
|
|
7,710,463 |
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(4,945,228 |
) |
|
|
(8,677,411 |
) |
|
|
|
|
|
|
|
|
|
Other income
(expenses): |
|
|
|
|
|
|
|
|
Interest income |
|
|
119,772 |
|
|
|
12,714 |
|
Interest expenses |
|
|
(4,369 |
) |
|
|
(579,486 |
) |
Other income |
|
|
167,382 |
|
|
|
16,080 |
|
Exchange gain |
|
|
1,469,620 |
|
|
|
474,488 |
|
Government grants |
|
|
21,678 |
|
|
|
2,541,708 |
|
Other expenses |
|
|
(1,154,704 |
) |
|
|
(16,436 |
) |
Total other
income |
|
|
619,379 |
|
|
|
2,449,068 |
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes benefit (provision) |
|
|
(4,325,849 |
) |
|
|
(6,228,343 |
) |
|
|
|
|
|
|
|
|
|
Income taxes benefit
(provision) |
|
|
69,964 |
|
|
|
(735,048 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(4,255,885 |
) |
|
|
(6,963,391 |
) |
Less: net income attributable
to non-controlling interest |
|
|
(675,239 |
) |
|
|
(751,104 |
) |
Net loss attributable
to Ebang International Holdings Inc. |
|
$ |
(3,580,646 |
) |
|
$ |
(6,212,287 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive
loss |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,255,885 |
) |
|
$ |
(6,963,391 |
) |
Other comprehensive
loss: |
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
|
(515,015 |
) |
|
|
(1,189,594 |
) |
|
|
|
|
|
|
|
|
|
Total comprehensive
loss |
|
|
(4,770,900 |
) |
|
|
(8,152,985 |
) |
Less: comprehensive loss
attributable to non-controlling interest |
|
|
(582,039 |
) |
|
|
(876,484 |
) |
Comprehensive loss
attributable to Ebang International Holdings Inc. |
|
$ |
(4,188,861 |
) |
|
$ |
(7,276,501 |
) |
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to Ebang International Holdings
Inc. |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
169,460,752 |
|
|
|
111,876,848 |
|
Diluted |
|
|
169,460,752 |
|
|
|
111,876,848 |
|
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