Business
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
About this update from Ebang International Holdings Inc.
[{"type":"text","content":"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 produc...