Business
AGM Group Announces Fourth Quarter and Full Year 2021 Unaudited Financial Results
BEIJING, April 26, 2022 /PRNewswire/ -- AGM Group Holdings Inc. ("AGMH" or the "Company") (NASDAQ: AGMH), an integrated technology company focusing on
About this update from Agm Group Holdings Inc.
[{"type":"text","content":"BEIJING, April 26, 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 fourth quarter and full year ended December 31, 2021.\nFourth Quarter 2021 Operating and Financial Highlights \nTotal computing power delivered was approximately 440,000 TH/S, compared with nil in the same period of 2020.Total revenues were $31.37 million, an increase of approximately $31.36 million from $13,595 in the same period of 2020.Gross profit was $5.88 million, an increase of approximately $5.88 million from $4,933 in the same period of 2020.Net income was $3.84 million, compared to net loss of $92,664 in the same period of 2020.Full Year 2021 Operating and Financial Highlights \nTotal computing power delivered was 440,000 TH/S, compared with nil in 2020.Total revenues were $36.71 million, an increase of approximately $36.66 million from $53,305 in 2020.Gross profit was $6.60 million, an increase of approximately $6.58 million from $14,771 in 2020.Net income was $3.53 million, compared to net loss of $1.07 million in 2020.Mr. Chenjun Li, Chairman and Co-Chief Executive Officer of the Company, commented, \"We have capped off a great year with a strong quarter. Despite the near-term volatility in the prices of Bitcoin and other digital assets, we witnessed solid growth in demand for cryptocurrency mining and increased deliveries of mining equipment. Notably, total computing power delivered was 440,000 TH/s in the fourth quarter. Our stellar performance is a result of our efforts in strengthening our supply chain, upgrading products, and is a testament to our successful shift into new growth strategies. We are very pleased with the swift progress as our full-year revenues resulted in $36.71 million, out of which $31.37 million were from the fourth quarter. Meanwhile, we turned into profitability in 2021, with net income of $3.53 million compared to net loss of $1.07 million in the prior year. As we enter 2022, we will continue focusing on delivering mining machines, acquiring new customers and improving supply chain capability while seeking additional growth avenues. We are confident that our endeavors in broadening ...