Business
Ebang International Reports Financial Results for Fiscal Year 2023
SINGAPORE, April 26, 2024 (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, April 26, 2024 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a global blockchain technology and Fintech company, today announced its financial results for the fiscal year ended December 31, 2023. Operational and Financial Highlights for Fiscal Year 2023 Total net revenues in the 2023 fiscal year decreased by 85.0% to US$4.9 million, from US$32.3 million in the 2022 fiscal year. Gross loss in the 2023 fiscal year was US$16.7 million, compared to a gross profit of US$15.4 million in the 2022 fiscal year. Net loss in the 2023 fiscal year was US$38.0 million, compared to US$45.8 million in the 2022 fiscal year. Mr. Dong Hu, Chairman, and Chief Executive Officer of the Company, commented, “Opportunities and challenges have coexisted since 2023; however, the approval and listing of spot Bitcoin ETFs have given us a glimpse of a promising future for the cryptocurrency market. The strengthening of Fintech regulatory systems and regimes has made our commitment to compliance mechanisms unwavering. Despite the fluctuations in the industry and the impact of the macroeconomic environment, we remain true to our original aspiration, and strive to develop and improve our global Fintech businesses. As for the 2023 fiscal year, our revenue generated from our cryptocurrency exchange and cross-border payment and foreign exchange businesses increased by approximately 36% as compared to the 2022 fiscal year. In the future, we will continue to promote innovation in products and technologies, make real-time adjustments to business strategies in response to the constantly changing market environments, streamline costs and expenses, enhance capital utilization, and prepare for new opportunities in the market.” Financial Results for Fiscal Year 2023 Total net revenues in the 2023 fiscal year decreased by 85.0% to US$4.9 million, from US$32.3 million in the 2022 fiscal year, primarily due to: (1) the bankruptcy of virtual currency banks in the United States and the exposure of certain fraud incidents on international trading platforms, which led market participants to become increasingly cautious about cryptocurrency related products and services in 2023; and (2) the absence in 2023 of revenue derived from a one-time payment corresponding to the recognition of RMB173.4 million in revenue in 2...