AKRON,
Ohio, May 30, 2023 /PRNewswire/ -- BIT Mining
Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or
"our company"), a leading technology-driven cryptocurrency mining
company, today reported its unaudited financial results for the
first quarter ended March 31,
2023.
Cryptocurrency Business Progress
BIT Mining has four primary business segments covering
self-mining, mining pool, data center operation and mining machine
manufacturing. The Company is pursuing its development strategy to
focus on cryptocurrency mining operations globally.
Mining Machine
Manufacturing
Our subsidiary, Bee Computing, has launched the latest
generation of its popular DOGE/LTC mining machine, model LD4
("LD4"), an aluminum Printed Circuit Board ("PCB") and a single
airflow channel mining machine design.
- The engineering sample of our next generation BTC mining ASIC
has finished its assembly and testing. The system design team is
currently working on ASIC validation and completing the hash board
to bring up the hash rate. We anticipate the hardware and software
design will be optimized by August
2023, at which time we will have the first engineering demo
sample of the mining machine.
- We have successfully produced more than 7,920 DOGE/LTC mining
machines with a total theoretical hash rate capacity of
approximately 37,742 GH/s. We have deployed all of the DOGE/LTC
mining machines at the cryptocurrency mining data center we host in
Akron, Ohio (the "Ohio Mining
Site") for use in our self-mining business.
Self-mining
As of today, the total hash rate capacity of our online DOGE/LTC
mining machines is approximately 31,327 GH/s. For the three months
ended March 31, 2023, we produced
31.6 million DOGE and 17,169 LTC from our DOGE/LTC cryptocurrency
mining operations, and recognized revenue of approximately
US$4.1 million.
Due to continued declines in cryptocurrency markets since the
second half of 2022, we suspended the operation of certain types of
BTC mining machines. Despite the modest recovery and narrow growth
in cryptocurrency asset prices, there remains considerable
uncertainty in the market. Facing with this current environment, we
are still determined to improve our quality and efficiency. As of
today, the total hash rate capacity of our online BTC mining
machines is approximately 64 PH/s. For the three months ended
March 31, 2023, we produced 99 BTC
from our BTC cryptocurrency mining operations, and recognized
revenue of approximately US$2.1
million.
Mining Pool
Supported by the growth in cryptocurrency prices in the first
quarter of 2023, our mining pool business revenue increased from
US$53.9 million for the three months
ended December 31, 2022 to
US$60.0 million for the three months
ended March 31, 2023.
Data Center
Operation
During the first quarter of 2023, our
82.5 megawatt space (the "82.5 Megawatt Space") in the Ohio Mining
Site recognized approximately $5.9
million in service fee revenue, an increase of 13%
sequentially compared with the fourth quarter of 2022.
From April 24,
2023 to May 26, 2023, the Ohio
Mining Site experienced a continuous power outage. The outage from
April 24, 2023 to April 28, 2023 was caused by the utility company
serving the Ohio Mining Site (the "Utility Company") temporarily
suspending electricity supply to the Ohio Mining Site for
maintenance purposes. The outage after the completion of
maintenance, was caused by a failure by our partner, Viking Data
Centers LLC (the "VDC"), to timely settle charges with the Utility
Company. VDC was responsible for settling such charges on a regular
basis per relevant agreements with us. VDC failed to timely pay the
Utility Company despite our having timely paid VDC for our portion
of the electricity bills. We were officially aware of this fact on
May 25, 2023, at the first tripartite
meeting with VDC and the Utility Company.
Although the electricity supply to the
Ohio Mining Site was ultimately restored, we have demanded that VDC
compensate us for losses we incurred due to the extended power
outage. We reserve all of our rights under our Restructuring and
Spin-Off Agreement with VDC, as well as our claims under other
relevant agreements. Furthermore, we are actively working with the
Utility Company to install a separate meter and service line for
the 82.5 Megawatt Space, and have established a collaboration with
a new data center for contingency purposes.
"We are pleased to report first quarter results that demonstrate
a quarter-over-quarter improvment in both top- and bottom-line
results as the cryptocurrency market began to rebound early in
2023. During the first quarter, even with continued market
uncertainties and pressures, we stayed focused on our development
strategy and investing in our future growth," said Xianfeng Yang, CEO of BIT Mining. "In May, we
launched the latest generation of our popular Dogecoin/Litecoin
mining machine, the model LD4. This ground-breaking model provides
significant improvements in both efficiency and technological
advancement over the prior generation. With the assembly and
testing complete, we are now in the process of validating the ASIC
and finalizing the hash board to bring up the hash rate. We
anticipate the hardware and software design will be optimized by
August 2023, and expect to have the
first engineering demo sample of the mining machine. We also announced our strategic
alliance with Chain Reaction to develop the next-generation systems
for bitcoin mining based on Chain Reaction's Electrum ASIC
solution. As a leading cryptocurrency mining machine company, we
will stay committed to further pushing the boundaries of technology
and broadening our footprint in the industry value chain. We will
continue to uphold our value proposition, contributing to
accelerating the industry's efficiency while creating long-term
value for our shareholders."
First Quarter 2023 Highlights
- Revenues were US$72.9 million in
the first quarter of 2023, representing a sharp decrease of
US$223.8 million from US$296.7 million for the first quarter of 2022,
and an increase of US$11.9 million
from US$61.0 million for the fourth
quarter of 2022. Revenues during the first quarter of 2023 were
primarily comprised of US$60.0
million in revenue contribution from the mining pool
business.
- Operating loss was US$6.0 million
in the first quarter of 2023, representing an increase of
US$4.4 million from US$1.6 million for the first quarter of 2022, and
a decrease of US$109.8 million from
US$115.8 million for the fourth
quarter of 2022.
- Non-GAAP operating loss1 was US$5.2 million in the first quarter of 2023, as
compared with non-GAAP operating loss of US$0.1 million for the first quarter of 2022, and
non-GAAP operating loss of US$18.0
million for the fourth quarter of 2022.
- Net loss attributable to BIT Mining was US$4.9 million in the first quarter of 2023, as
compared with net loss attributable to BIT Mining of US$0.3 million for the first quarter of 2022, and
net loss attributable to BIT Mining of US$117.5 million for the fourth quarter of
2022.
- Non-GAAP net loss1 attributable to BIT Mining
was US$4.2 million in the first
quarter of 2023, as compared with non-GAAP net income attributable
to BIT Mining of US$1.1 million for
the first quarter of 2022, and non-GAAP net loss attributable to
BIT Mining of US$17.5 million for the
fourth quarter of 2022.
- Basic and diluted losses per American Depositary Share
("ADS")2 attributable to BIT Mining Limited for the
first quarter of 2023 were US$0.46.
- Non-GAAP basic and diluted losses per ADS2
attributable to BIT Mining Limited for the first quarter of 2023
were US$0.39.
|
1 Non-GAAP financial measures exclude
the impact of share-based compensation expenses, impairment of
property and equipment, impairment of intangible assets, impairment
of goodwill, impairment of long-term investments, and changes in
fair value of contingent considerations. Reconciliations of
non-GAAP financial measures to U.S. GAAP financial measures are set
forth in the table at the end of this release.
|
|
2 The
Company changed the ratio of ADSs to its Class A ordinary shares
(the "ADS Ratio"), par value US$0.00005 per share, from the former
ADS Ratio of one (1) ADS to ten (10) Class A ordinary shares, to
the current ADS Ratio of one (1) ADS to one hundred (100) Class A
ordinary shares (the "ADS Ratio Change"). The ADS Ratio Change was
effective at the start of trading on December 23, 2022.
|
First Quarter 2023 Financial Results
Revenues
Revenues were US$72.9 million for
the first quarter of 2023, representing a sharp decrease of
US$223.8 million or 75.4% from
US$296.7 million for the first
quarter of 2022 and an increase of US$11.9
million or 19.5% from US$61.0
million for the fourth quarter of 2022. The year-over-year
decrease was mainly attributable to continuous declines in
cryptocurrency prices since the second quarter of 2022. The
sequential increase was mainly attributable to the recovering of
cryptocurrency assets market and current growth of cryptocurrency
assets prices in the first quarter of 2023. Revenues were mainly
comprised of US$60.0 million from the
mining pool business and US$7.0
million from the self-mining business.
Operating Costs and Expenses
Operating costs and expenses were US$78.9
million for the first quarter of 2023, representing a sharp
decrease of US$217.1 million or 73.3%
from US$296.0 million for the first
quarter of 2022, and an increase of US$1.2
million or 1.5% from US$77.7
million for the fourth quarter of 2022.
Cost of revenue was US$71.7
million for the first quarter of 2023, representing a sharp
decrease of US$216.2 million or 75.1%
from US$287.9 million for the first
quarter of 2022, and an increase of US$0.6
million or 0.8% from US$71.1
million for the fourth quarter of 2022. The year-over-year
decrease was mainly attributable to (i) a significant decrease of
US$210.6 million in cost for the
allocation to pool participants associated with the mining pool
business and (ii) a decrease of US$5.6
million in depreciation and amortization expense. The
sequential increase was mainly due to (i) an increase of
US$6.0 million in cost for the
allocation to pool participants associated with the mining pool
business, which was partially offset by (ii) a decrease of
US$5.4 million in depreciation and
amortization. Cost of revenue was comprised of the direct cost of
revenue of US$69.3 million and
depreciation and amortization of US$2.4
million. The direct cost of revenue mainly included direct
costs relating to (i) the mining pool business of US$59.3 million, (ii) the data center business of
US$7.3 million and (iii) the
cryptocurrency mining business of US$5.1
million.
Sales and marketing expenses were US$0.1
million for the first quarter of 2023, representing a
decrease of US$0.1 million or 50.0%
from US$0.2 million for the first
quarter of 2022, and unchanged from the fourth quarter of 2022.
General and administrative expenses were US$6.5 million for the first quarter of 2023,
representing a minor decrease of US$0.3
million or 4.4% from US$6.8
million for the first quarter of 2022, and an increase of
US$0.7 million or 12.1% from
US$5.8 million for the fourth quarter
of 2022. The year-over-year decrease was mainly due to (i) a
decrease of US$1.2 million in
share-based compensation expenses associated with fewer share
options granted to the Company's directors and employees, (ii) a
decrease of US$1.1 million in legal
and compliance consulting expenses, and (iii) a decrease of
US$0.7 million in operating expenses,
which was partially offset by (iv) an increase of US$2.7 million in consulting expenses related to
production of the Company's LD4 DOGE/LTC mining machine. The
sequential increase was mainly due to an increase of US$0.5 million in share-based compensation
expenses associated with share options granted to the Company's
directors and employees in the first quarter of 2023.
Service development expenses were US$0.6
million for the first quarter of 2023, representing a
decrease of US$0.5 million or 45.5%
from US$1.1 million for the first
quarter of 2022, and a decrease of US$0.1
million or 14.3% from US$0.7
million for the fourth quarter of 2022. The year-over-year
decrease was mainly due to a decrease of US$0.5 million in staff costs and benefits as a
result of a decrease in headcount.
Net Gain on Disposal of Cryptocurrency Assets
Net gain on disposal of cryptocurrency assets was US$1.9 million for the first quarter of 2023,
representing a decrease of US$3.0
million from US$4.9 million
for the first quarter of 2022, and a decrease of US$3.9 million from US$5.8
million for the fourth quarter of 2022, by using
first-in-first-out ("FIFO") to calculate the cost of disposition
during the first quarter of 2023.
Impairment of Cryptocurrency Assets
Impairment of cryptocurrency assets was US$1.6 million for the first quarter of 2023,
representing a decrease of US$6.1
million from US$7.7 million
for the first quarter of 2022 and a decrease of US$1.7 million from US$3.3
million for the fourth quarter of 2022, mainly due to
provisions for impairment of cryptocurrency assets held as a result
of fluctuations in cryptocurrency prices.
Impairment of Property and Equipment
Impairment of property and equipment was nil for the first
quarter of 2023 and 2022, and was US$22.6
million for the fourth quarter of 2022, which was mainly due
to the provision for impairment of mining machines in Kazakhstan and the U.S.
Impairment of Intangible Assets
Impairment of intangible assets was nil for the first quarter of
2023 and 2022, and was US$48.6
million for the fourth quarter of 2022, which was mainly due
to impairment of the brand name and domain that the Company
acquired through its acquisition of BTC.com in April 2021.
Impairment of Goodwill
Impairment of goodwill was nil for the first quarter of 2022 and
2023, and was US$26.6 million for the
fourth quarter of 2022, which was mainly due to the impairment of
equity value that the Company acquired through its acquisition of
BTC.com in April 2021.
Operating Loss
Operating loss was US$6.0 million
for the first quarter of 2023, compared with operating loss of
US$1.6 million for the first quarter
of 2022, and operating loss of US$115.8
million for the fourth quarter of 2022.
Non-GAAP operating loss was US$5.2
million for the first quarter of 2023, compared with
non-GAAP operating loss of US$0.1
million for the first quarter of 2022, and non-GAAP
operating loss of US$18.0 million for
the fourth quarter of 2022. The year-over-year increase in non-GAAP
operating loss was mainly due to a decrease in gross profit from
the cryptocurrency business, which was mainly attributable to lower
cryptocurrency prices compared to the corresponding reporting
period. The sequential decrease in non-GAAP operating loss was
mainly due to an increase in gross profit from the cryptocurrency
business, which was mainly attributable to higher cryptocurrency
prices compared to the corresponding reporting period.
Net Loss Attributable to BIT Mining
Net loss attributable to BIT Mining was US$4.9 million for the first quarter of 2023,
compared with net loss attributable to BIT Mining of US$0.3 million for the first quarter of 2022, and
net loss attributable to BIT Mining of US$117.5 million for the fourth quarter of 2022.
The year-over-year increase in net loss attributable to BIT Mining
was mainly due to (i) a decrease of US$7.6
million in gross profit from the cryptocurrency business,
which was mainly attributable to lower cryptocurrency prices
compared to the corresponding reporting period; (ii) a decrease of
US$6.1 million in impairment of
cryptocurrency assets; and (iii) a decrease of US$3.0 million in net gain on disposal of
cryptocurrency assets. The sequential decrease in net loss
attributable to BIT Mining was mainly due to the impairment of
intangible assets and goodwill related to BTC.com and the
impairment of mining machines in the fourth quarter of 2022 while
there was no such item in the current period.
Non-GAAP net loss attributable to BIT Mining was US$4.2 million for the first quarter of 2023,
compared with non-GAAP net income attributable to BIT Mining of
US$1.1 million for the first quarter
of 2022, and non-GAAP net loss attributable to BIT Mining of
US$17.5 million for the fourth
quarter of 2022. Both the year-over-year increase, and sequential
decrease, in non-GAAP net loss attributable to BIT Mining were
mainly due to the changes of gross profits or losses of the
cryptocurrency business as mentioned above.
Cash and Cash Equivalents, Restricted Cash and Short-term
Investment
As of March 31, 2023, the Company
had cash and cash equivalents of US$4.6
million, restricted cash3 of US$0.1 million and short-term
investment4 of US$2.4
million, compared with cash and cash equivalents of
US$5.4 million, restricted cash of
US$0.1 million and short-term
investment of US$2.4 million as of
December 31, 2022.
Cryptocurrency Assets
As of March 31, 2023, the Company
had cryptocurrency assets of US$18.4
million in aggregate, which is the U.S. dollar equivalent of
289 BTC, 3,243 ETH, 69.5 million DOGE and various other
cryptocurrency assets, including those generated from its mining
pool and cryptocurrency mining businesses.
|
3 Restricted
cash represents deposits in merchant banks yet to be
withdrawn.
|
|
4 Short-term
investment represents fixed coupon notes with original maturities
of greater than three months but less than a year.
|
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company, with a long-term strategy to create
value across the cryptocurrency industry. Its business covers
cryptocurrency mining, mining pool, data center operation and
mining machine manufacturing. The Company owns the world's top
blockchain browser BTC.com and the comprehensive mining pool
business operated under BTC.com, providing multi-currency mining
services including BTC, ETC and LTC. The Company also owns a
7-nanometer cryptocurrency mining machine manufacturer, Bee
Computing, enabling the Company's self-efficiency through vertical
integration with its supply chain.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates", "target",
"going forward", "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
About Non-GAAP Financial Measures
As a supplement to net loss, we use the non-GAAP financial
measure of adjusted net loss which is U.S. GAAP net loss as
adjusted to exclude share-based compensation expenses, impairment
of property and equipment, impairment of intangible assets,
impairment of goodwill, impairment of long-term investments, and
changes in fair value of contingent considerations. All adjustments
are non-cash and we believe they are not reflective of our general
business performance. This non-GAAP financial measure is provided
as additional information to help our investors compare business
trends among different reporting periods on a consistent basis and
to enhance investors' overall understanding of our current
financial performance and prospects for the future. This non-GAAP
financial measure should not be considered in addition to or as a
substitute for or superior to U.S. GAAP net loss. In addition, our
definition of adjusted net loss may be different from the
definition of such term used by other companies, and therefore
comparability may be limited.
For more information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
|
BIT Mining
Limited
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
(Amounts in
thousands of U.S. dollars ("US$"), except for number of
shares)
|
|
|
|
|
|
December 31,
2022
|
|
|
March 31,
2023
|
|
|
|
US$
|
|
|
US$
|
|
|
|
Audited
|
|
|
Unaudited
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
5,448
|
|
|
|
4,618
|
|
|
Restricted
cash
|
|
|
126
|
|
|
|
126
|
|
|
Short-term
investment
|
|
|
2,360
|
|
|
|
2,360
|
|
|
Accounts
receivable
|
|
|
4,120
|
|
|
|
4,748
|
|
|
Prepayments and other
current assets
|
|
|
8,310
|
|
|
|
9,992
|
|
|
Cryptocurrency
assets
|
|
|
14,972
|
|
|
|
18,359
|
|
|
Total current
assets
|
|
|
35,336
|
|
|
|
40,203
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
27,220
|
|
|
|
30,904
|
|
|
Intangible assets,
net
|
|
|
3,314
|
|
|
|
2,994
|
|
|
Deposits
|
|
|
2,387
|
|
|
|
2,470
|
|
|
Long-term
investments
|
|
|
8,049
|
|
|
|
6,659
|
|
|
Right-of-use
assets
|
|
|
4,135
|
|
|
|
3,833
|
|
|
Long-term prepayments
and other non-current assets
|
|
|
6,363
|
|
|
|
1,108
|
|
|
Total non-current
assets
|
|
|
51,468
|
|
|
|
47,968
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
86,804
|
|
|
|
88,171
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
23,425
|
|
|
|
30,096
|
|
|
Accrued payroll and
welfare payable
|
|
|
819
|
|
|
|
449
|
|
|
Accrued expenses and
other current liabilities
|
|
|
5,155
|
|
|
|
4,502
|
|
|
Income tax
payable
|
|
|
73
|
|
|
|
73
|
|
|
Operating lease
liabilities - current
|
|
|
1,367
|
|
|
|
1,291
|
|
|
Total current
liabilities
|
|
|
30,839
|
|
|
|
36,411
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities - non-current
|
|
|
2,837
|
|
|
|
2,585
|
|
|
Total non-current
liabilities
|
|
|
2,837
|
|
|
|
2,585
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
33,676
|
|
|
|
38,996
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005 per share; 1,599,935,000
shares authorized as of December 31, 2022 and March 31, 2023;
1,063,813,210 and 1,111,232,210 shares issued and outstanding as
of
December 31, 2022 and March 31, 2023, respectively
|
|
|
54
|
|
|
|
54
|
|
|
Class A preference
shares, par value US$0.00005 per share; 65,000 shares
authorized as of December 31, 2022 and March 31, 2023; 65,000
shares
issued and outstanding as of December 31, 2022 and March 31,
2023
|
|
|
-
|
|
|
|
-
|
|
|
Class B ordinary
shares, par value US$0.00005 per share; 400,000,000
shares authorized as of December 31, 2022 and March 31, 2023; 99
shares
issued and outstanding as of December 31, 2022 and March 31,
2023
|
|
|
-
|
|
|
|
-
|
|
|
Additional paid-in
capital
|
|
|
620,807
|
|
|
|
621,561
|
|
|
Treasury
shares
|
|
|
(21,604)
|
|
|
|
(21,604)
|
|
|
Accumulated deficit and
statutory reserve
|
|
|
(542,169)
|
|
|
|
(547,086)
|
|
|
Accumulated other
comprehensive loss
|
|
|
(3,960)
|
|
|
|
(3,750)
|
|
|
Total shareholders'
equity
|
|
|
53,128
|
|
|
|
49,175
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
86,804
|
|
|
|
88,171
|
|
|
BIT Mining
Limited
|
|
|
Condensed
Consolidated Statements of Comprehensive Loss
|
|
|
(Amounts in
thousands of U.S. dollars ("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2022
|
|
|
December 31,
2022
|
|
|
March 31,
2023
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Revenues
|
|
|
296,678
|
|
|
|
61,043
|
|
|
|
72,872
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
(287,904)
|
|
|
|
(71,062)
|
|
|
|
(71,708)
|
|
|
Sales and
marketing expenses
|
|
|
(159)
|
|
|
|
(120)
|
|
|
|
(135)
|
|
|
General and
administrative expenses
|
|
|
(6,849)
|
|
|
|
(5,846)
|
|
|
|
(6,474)
|
|
|
Service
development expenses
|
|
|
(1,107)
|
|
|
|
(682)
|
|
|
|
(556)
|
|
|
Total operating
costs and expenses
|
|
|
(296,019)
|
|
|
|
(77,710)
|
|
|
|
(78,873)
|
|
|
Other operating
income
|
|
|
255
|
|
|
|
82
|
|
|
|
1
|
|
|
Government
grant
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
Other operating
expenses
|
|
|
(903)
|
|
|
|
(3,964)
|
|
|
|
(302)
|
|
|
Net gain on
disposal of cryptocurrency assets
|
|
|
4,859
|
|
|
|
5,843
|
|
|
|
1,881
|
|
|
Impairment of
cryptocurrency assets
|
|
|
(7,673)
|
|
|
|
(3,321)
|
|
|
|
(1,557)
|
|
|
Changes in fair
value of contingent considerations
|
|
|
1,247
|
|
|
|
-
|
|
|
|
-
|
|
|
Impairment of
property and equipment
|
|
|
-
|
|
|
|
(22,641)
|
|
|
|
-
|
|
|
Impairment of
intangible assets
|
|
|
-
|
|
|
|
(48,555)
|
|
|
|
-
|
|
|
Impairment of
goodwill
|
|
|
-
|
|
|
|
(26,569)
|
|
|
|
-
|
|
|
Operating
loss
|
|
|
(1,556)
|
|
|
|
(115,790)
|
|
|
|
(5,978)
|
|
|
Other income,
net
|
|
|
532
|
|
|
|
531
|
|
|
|
90
|
|
|
Interest
income
|
|
|
72
|
|
|
|
25
|
|
|
|
40
|
|
|
Interest
expense
|
|
|
(174)
|
|
|
|
-
|
|
|
|
-
|
|
|
Gain from equity
method investments
|
|
|
152
|
|
|
|
8
|
|
|
|
931
|
|
|
Impairment of
long-term investments
|
|
|
-
|
|
|
|
(2,250)
|
|
|
|
-
|
|
|
Loss before income
tax
|
|
|
(974)
|
|
|
|
(117,476)
|
|
|
|
(4,917)
|
|
|
Income tax
benefits
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net
loss
|
|
|
(974)
|
|
|
|
(117,476)
|
|
|
|
(4,917)
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
|
(696)
|
|
|
|
-
|
|
|
|
-
|
|
|
Net loss
attributable to BIT Mining Limited
|
|
|
(278)
|
|
|
|
(117,476)
|
|
|
|
(4,917)
|
|
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain
|
|
|
261
|
|
|
|
236
|
|
|
|
210
|
|
|
Other comprehensive
income, net of tax
|
|
|
261
|
|
|
|
236
|
|
|
|
210
|
|
|
Comprehensive
loss
|
|
|
(713)
|
|
|
|
(117,240)
|
|
|
|
(4,707)
|
|
|
Less:
Comprehensive loss attributable to noncontrolling
interests
|
|
|
(649)
|
|
|
|
-
|
|
|
|
(130)
|
|
|
Comprehensive loss
attributable to BIT Mining Limited
|
|
|
(64)
|
|
|
|
(117,240)
|
|
|
|
(4,577)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
710,078,169
|
|
|
|
1,063,813,210
|
|
|
|
1,075,002,062
|
|
|
Diluted
|
|
|
710,078,169
|
|
|
|
1,063,813,210
|
|
|
|
1,075,002,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to BIT Mining Limited-Basic
and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(0.00)
|
|
|
|
(0.11)
|
|
|
|
(0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS*
attributable to BIT Mining Limited-Basic
and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(0.04)
|
|
|
|
(11.04)
|
|
|
|
(0.46)
|
|
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of the Company.
|
|
Losses per
ADS have been retrospectively adjusted for the ADS Ratio Change
from the former ADS Ratio of 1 ADS to 10 Class A ordinary
shares,
to the current ADS Ratio of 1 ADS to 100 Class A
ordinary shares, effective on December 23, 2022.
|
|
BIT Mining
Limited
|
|
|
Reconciliation of
non-GAAP results of operations measures to the nearest comparable
GAAP measures
|
|
|
(Amounts in
thousands of U.S. dollars ("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2022
|
|
|
December 31,
2022
|
|
|
March 31,
2023
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Operating
loss
|
|
|
(1,556)
|
|
|
|
(115,790)
|
|
|
|
(5,978)
|
|
|
Adjustment for
share-based compensation expenses
|
|
|
2,667
|
|
|
|
-
|
|
|
|
754
|
|
|
Adjustment for
impairment of intangible assets
|
|
|
|
|
|
|
48,555
|
|
|
|
-
|
|
|
Adjustment for
impairment of property and equipment
|
|
|
-
|
|
|
|
22,641
|
|
|
|
-
|
|
|
Adjustment for
changes in fair value of contingent
considerations
|
|
|
(1,247)
|
|
|
|
-
|
|
|
|
-
|
|
|
Adjustment for
impairment of goodwill
|
|
|
-
|
|
|
|
26,569
|
|
|
|
-
|
|
|
Adjusted operating
loss (non-GAAP)
|
|
|
(136)
|
|
|
|
(18,025)
|
|
|
|
(5,224)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to BIT Mining Limited
|
|
|
(278)
|
|
|
|
(117,476)
|
|
|
|
(4,917)
|
|
|
Adjustment for
share-based compensation expenses
|
|
|
2,667
|
|
|
|
-
|
|
|
|
754
|
|
|
Adjustment for
impairment of intangible assets
|
|
|
-
|
|
|
|
48,555
|
|
|
|
-
|
|
|
Adjustment for
impairment of goodwill
|
|
|
-
|
|
|
|
26,569
|
|
|
|
-
|
|
|
Adjustment for
impairment of long-term investments
|
|
|
-
|
|
|
|
2,250
|
|
|
|
-
|
|
|
Adjustment for
impairment of property and equipment
|
|
|
-
|
|
|
|
22,641
|
|
|
|
-
|
|
|
Adjustment for
changes in fair value of contingent
considerations
|
|
|
(1,247)
|
|
|
|
-
|
|
|
|
-
|
|
|
Adjusted net income
(loss) attributable to BIT Mining
Limited (non-GAAP)
|
|
|
1,142
|
|
|
|
(17,461)
|
|
|
|
(4,163)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
710,078,169
|
|
|
|
1,063,813,210
|
|
|
|
1,075,002,062
|
|
|
Diluted
|
|
|
710,078,169
|
|
|
|
1,063,813,210
|
|
|
|
1,075,002,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses)
per share attributable to BIT Mining
Limited (non-GAAP)- Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
(non-GAAP)
|
|
|
0.00
|
|
|
|
(0.02)
|
|
|
|
(0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses)
per ADS* attributable to BIT Mining
Limited (non-GAAP)- Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
(non-GAAP)
|
|
|
0.16
|
|
|
|
(1.64)
|
|
|
|
(0.39)
|
|
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of the Company.
|
|
Losses per
ADS have been retrospectively adjusted for the ADS Ratio Change
from the former ADS Ratio of 1 ADS to 10 Class A ordinary
shares,
to the current ADS Ratio of 1 ADS to 100 Class A
ordinary shares, effective on December 23, 2022.
|
View original
content:https://www.prnewswire.com/news-releases/bit-mining-limited-announces-unaudited-financial-results-for-the-first-quarter-ended-march-31-2023-301837562.html
SOURCE BIT Mining Limited
