Business
AGM Group Announces First Half 2022 Unaudited Financial Results with Record Revenue and Profitability
1H2022 Revenue of $113.6 million, up 209.5% sequentially 1H2022 Net Income of $14.6 million, up 313.6% sequentially BEIJING, Dec. 19, 2022 /PRNewswire/ -- AGM
About this update from Agm Group Holdings Inc.
[{"type":"text","content":"1H2022 Revenue of $113.6 million, up 209.5% sequentially\n1H2022 Net Income of $14.6 million, up 313.6% sequentially \nBEIJING, Dec. 19, 2022 /PRNewswire/ -- AGM Group Holdings Inc. (\"AGMH\" or the \"Company\") (NASDAQ: AGMH), an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment, today announced its unaudited financial results for the first half year ended June 30, 2022.\nFirst Half 2022 Operating and Financial Highlights \nTotal computing power delivered was approximately 985,688 TH/S, compared to 440,000 TH/S in the second half of 2021.Total revenues were $113.6 million, up 209.5% from $36.7 million in the second half of 2021.Gross profit was $21.6 million, up 227.3% from $6.6 million in the second half of 2021.Net income was $14.6 million, up 313.6% from $3.5 million in the second half of 2021.Mr. Chenjun Li, Chairman and Co-Chief Executive Officer of the Company, commented, \"We have experienced challenging time and market volatility in the first half of 2022, under the combined adverse effects of the Bitcoin price downward trajectory and the COVID-19 lockdown in China. These disruptions are also forcing customers to be more selective of competitive technology in boosting their innovation and productivity, which is the driving momentum in the continued sales of our advanced mining machines, resulting in total revenue more than tripled from US$36.7 million in the second half of 2021 to US$113.6 million in the first half of 2022. These results demonstrate the success and the sustainability of our business strategy and execution, as we continue to expand our customer base and improve supply chain capabilities. Looking into the future, we will focus on expansion opportunities, technological innovation, and product portfolio. We remain confident that our endeavors in broadening business scope and responsive adaption to advanced technologies will sustain our growth trajectory in the ever-evolving cryptocurrency mining market.\"\nMr. Steven Sim, Chief Financial Officer of the Company, stated, \"During the first half of 2022, despite the COVID-19 containment lockdown in China and the overall significant price drop within the Bitcoin market, we delivered a record total revenue of US$113.6 million and net profitability of US$14.6 million, repr...