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Ebang International Holdings Inc. Reports Unaudited Financial Results for The First Six Months of Fiscal Year 2021
HANGZHOU, China, Oct. 01, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a global
About this update from Ebang International Holdings Inc.
[{"type":"text","content":"HANGZHOU, China, Oct. 01, 2021 (GLOBE NEWSWIRE) -- 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 ma...