AKRON, Ohio, Aug. 18, 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 second quarter ended June 30,
2023.
Cryptocurrency Business Progress
BIT Mining has four primary business segments: 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
We continue to invest in the research and development of the
next generation of 7nm BTC mining machines. Together with our
strategic ally, Chain Reaction, a semiconductor company focused on
disruptive blockchain and privacy hardware, we are producing
next-generation BTC mining systems. Our system design team
continues to work on ASIC validation while completing
the hash board to increase hash rates. We expect to optimize the
hardware and software design as well as have the mining machine's
first engineering prototype sample by September 2023.
Self-mining
As of today, the total hash rate capacity of our
DOGE/LTC mining machines in operation is approximately
31,607.3 GH/s. For the three months ended June 30, 2023, we
produced 29.4 million DOGE and 16,027 LTC from our
DOGE/LTC cryptocurrency mining operations
and recognized revenue of approximately US$3.6 million.
Due to declines in cryptocurrency markets since the
second half of 2022, we have suspended the operation of certain
types of BTC mining machines. Considerable uncertainty persists in
the market despite this quarter's modest recovery and narrow growth
in cryptocurrency asset prices. Facing this current
environment, we remain determined to improve our quality and
efficiency. As of today, the total hash rate capacity of our BTC
mining machines in operation is approximately 50.9 PH/s. For the
three months ended June 30, 2023, we produced 22.6 BTC from
our BTC cryptocurrency mining operations and
recognized revenue of approximately US$0.6
million. We also recognized revenues of approximately
US$0.4 million from our ETC and other
cryptocurrency mining operations.
Mining Pool
Supported by the growth in cryptocurrency prices in
the second quarter of 2023, our mining pool business revenue
increased from US$60.0 million for
the three months ended March 31,
2023, to US$65.9 million for
the three months ended June 30,
2023.
Data Center Operation – Power Outage at Ohio Mining
Site
During the second quarter of 2023, our 82.5 megawatt space (the
"82.5 Megawatt Space") in the Ohio Mining Site recognized
approximately $3.6 million in service
fee revenue, representing a sequential decrease of 39.0% compared
with the first quarter of 2023, primarily due to the power outage
discussed below.
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 our service provider,
Viking Data Centers LLC ("VDC"), failing to timely settle charges
with the Utility Company. VDC was responsible for settling such
charges on a regular basis, per our relevant agreements. VDC failed
to pay the Utility Company in a timely manner despite our paying
VDC on time for our portion of the electricity bills. After being
made aware of this incident, we worked closely with VDC and the
Utility Company to resolve this problem. On May 26, 2023, the
electricity supply to the Ohio Mining Site was restored.
We continue to monitor this situation with VDC and urge
them to rectify the management of the electricity supply.
Furthermore, we reserve all of our rights under our Restructuring
and Spin-Off Agreement with VDC, as well as our claims under other
relevant agreements.
In the wake of the negative impact of the power outage at the
Ohio Mining Site, the Company is also actively seeking potential
alternative locations other than Akron,
Ohio. On June 26, 2023, the Company entered into a
hosting services agreement with Texas-based Lonestar Dream Inc. for 13
megawatts of power capacity (the "Texas Mining Site"). Currently,
we have about 3,600 DOGE/LTC mining machines operating
at the Texas Mining Site.
"We are delighted to share that for the second quarter of 2023,
both our top- and bottom-line results continued to improve
quarter-over-quarter. Despite ongoing uncertainties and operational
challenges, we resolutely executed our strategy and successfully
capitalized on the ongoing recovery in the
cryptocurrency market," said Xianfeng Yang, CEO of BIT Mining. "Furthermore,
we continued to drive progress in our mining machine business'
collaboration with Chain Reaction on the development of our
next-generation 7nm BTC mining machine, and are on track to
complete hardware and software design optimization as well as
produce an engineering prototype sample by September 2023.
Meanwhile, our diversified revenue streams strategy propelled
revenue growth in the mining pool business, which also benefited
from the strengthening cryptocurrency prices in the
second quarter of 2023. Looking ahead, we will remain dedicated to
enhancing efficiency, upgrading our mining machine technology and
expanding our industry presence while creating shareholder value
through sustained innovation."
Second Quarter 2023 Highlights
- Revenues were US$74.1 million for
the second quarter of 2023, representing a sharp decrease of
US$121.4 million from US$195.5 million for the second quarter of 2022
and an increase of US$1.2 million
from US$72.9 million for the first
quarter of 2023. Revenues during the second quarter of 2023 were
primarily comprised of US$65.9
million in revenue contribution from the mining pool
business.
- Operating loss was US$1.5 million
for the second quarter of 2023, representing a significant decrease
of US$19.0 million from US$20.5 million for the second quarter of 2022
and a decrease of US$4.5 million from
US$6.0 million for the first quarter
of 2023.
- Non-GAAP operating loss1 was US$1.5 million for the second quarter of 2023, as
compared with non-GAAP operating loss of US$17.8 million for the second quarter of 2022
and non-GAAP operating loss of US$5.2
million for the first quarter of 2023.
- Net loss attributable to BIT Mining was US$0.9 million for the second quarter of 2023, as
compared with net loss attributable to BIT Mining of US$18.2 million for the second quarter of 2022
and net loss attributable to BIT Mining of US$4.9 million for the first quarter of
2023.
- Non-GAAP net loss1 attributable to BIT Mining was
US$1.2 million for the second quarter
of 2023, as compared with non-GAAP net loss attributable to BIT
Mining of US$15.6 million for the
second quarter of 2022 and non-GAAP net loss attributable to BIT
Mining of US$4.2 million for the
first quarter of 2023.
- Basic and diluted losses per American Depositary Share
("ADS")2 attributable to BIT Mining Limited for the
second quarter of 2023 were US$0.08.
- Non-GAAP basic and diluted losses per ADS2
attributable to BIT Mining Limited for the second quarter of 2023
were US$0.11.
|
1 Non-GAAP
financial measures exclude the impact of share-based compensation
expenses, impairment of property and equipment, changes in fair
value of contingent considerations, and changes in fair value of
derivative instruments. 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.
|
Second Quarter 2023 Financial Results
Revenues
Revenues were US$74.1 million for
the second quarter of 2023, representing a sharp decrease of
US$121.4 million or 62.1% from
US$195.5 million for the second
quarter of 2022 and a slight increase of US$1.2 million or 1.6% from US$72.9 million for the first quarter of 2023.
The year-over-year decrease was mainly attributable to lower
cryptocurrency asset prices in the second quarter of
2023 as compared with the overall prices in the second quarter of
2022. The sequential increase was mainly attributable to recovery
in the cryptocurrency asset market and higher
cryptocurrency asset prices in the second quarter of
2023 as compared with the first quarter of 2023. Revenues were
mainly comprised of US$65.9 million
from the mining pool business, US$4.6
million from the self-mining business, and US$3.6 million from the data center business.
Operating Costs and Expenses
Operating costs and expenses were US$78.0
million for the second quarter of 2023, representing a sharp
decrease of US$124.7 million or 61.5%
from US$202.7 million for the second
quarter of 2022, and a slight decrease of US$0.9 million or 1.1% from US$78.9 million for the first quarter of
2023.
Cost of revenue was US$72.9
million for the second quarter of 2023, representing a sharp
decrease of US$123.0 million or 62.8%
from US$195.9 million for the second
quarter of 2022 and a slight increase of US$1.2 million or 1.7% from US$71.7 million for the first quarter of 2023.
The year-over-year decrease was mainly attributable to (i) a
significant decrease of US$112.4
million in cost for the allocation to pool participants
associated with the mining pool business, (ii) a decrease of
US$5.0 million in depreciation and
amortization expense, and (iii) a decrease of US$4.6 million in direct production costs related
to data center service. The sequential increase was mainly due to
(i) an increase of US$5.9
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$5.1
million in direct production costs related to data center
service, including the reduction in power cost due to the power
outage at the Ohio Mining Site in April and May 2023.
Cost of revenue was comprised of the direct cost of revenue of
US$70.0 million and depreciation and
amortization of US$2.9 million. The
direct cost of revenue mainly included direct costs relating to
(i) the mining pool business of US$65.2
million, (ii) the data center business of US$3.6 million, and (iii) the
cryptocurrency mining business of US$1.2 million.
Sales and marketing expenses were US$0.1
million for the second quarter of 2023, representing a
decrease of US$0.1 million or 50.0%
from US$0.2 million for the second
quarter of 2022 and unchanged from the first quarter of 2023.
General and administrative expenses were US$4.6 million for the second quarter of 2023,
representing a decrease of US$0.9
million or 16.4% from US$5.5
million for the second quarter of 2022 and a decrease of
US$1.9 million or 29.2% from
US$6.5 million for the first quarter
of 2023. 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 in the
second quarter of 2023, which was partially offset by (ii) an
increase of US$0.3 million in
consulting expenses related to the production of the Company's LD4
DOGE/LTC mining machine. The sequential decrease was
mainly due to (i) a decrease of US$2.4
million in consulting expenses related to the completion of
the Company's LD4 DOGE/LTC mining machine mass
production, which was partially offset by (ii) an increase of
US$0.6 million in legal and
compliance consulting expenses.
Service development expenses were US$0.3
million for the second quarter of 2023, representing a
decrease of US$0.8 million or 72.7%
from US$1.1 million for the second
quarter of 2022 and a decrease of US$0.3
million or 50.0% from US$0.6
million for the first quarter of 2023. The year-over-year
decrease was mainly due to a decrease of US$0.6 million in staff costs and benefits as a
result of a decrease in headcount.
Net (Loss) Gain on Disposal of Cryptocurrency
Assets
Net gain on disposal of cryptocurrency assets was
US$3.9 million for the second quarter
of 2023, representing an improvement of US$10.8 million from a loss of US$6.9 million for the second quarter of 2022 and
an increased gain of US$2.0 million
from a gain of US$1.9 million for the
first quarter of 2023, by using first-in-first-out ("FIFO") to
calculate the cost of disposition during the second quarter of
2023.
Impairment of Cryptocurrency
Assets
Impairment of cryptocurrency assets was
US$1.7 million for the second quarter
of 2023, representing a decrease of US$3.2
million from US$4.9 million
for the second quarter of 2022 and an increase of US$0.1 million from US$1.6
million for the first quarter of 2023, 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 and
second quarters of 2023 and was US$0.8
million for the second quarter of 2022, which was mainly due
to the provision for impairment of mining machines in Kazakhstan.
Operating Loss
Operating loss was US$1.5 million
for the second quarter of 2023, compared with operating loss of
US$20.5 million for the second
quarter of 2022 and operating loss of US$6.0
million for the first quarter of 2023.
Non-GAAP operating loss was US$1.5
million for the second quarter of 2023, compared with
non-GAAP operating loss of US$17.8
million for the second quarter of 2022 and non-GAAP
operating loss of US$5.2 million for
the first quarter of 2023. The year-over-year decrease in non-GAAP
operating loss was mainly due to (i) a decrease of
US$10.8 million in net loss on
disposal of cryptocurrency assets, (ii) a
decrease of US$3.2 million in
impairment of cryptocurrency assets, and (iii) an
increase of US$1.6 million in gross
profit of the cryptocurrency business, which was
mainly attributable to higher cryptocurrency prices
compared to the corresponding reporting period. The sequential
decrease in non-GAAP operating loss was mainly due to (i) a
decrease of US$2.4 million in
consulting expenses related to the completion of the Company's LD4
DOGE/LTC mining machine mass production and
(ii) an increase of US$2.0
million in net gain on disposal of
cryptocurrency assets, 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$0.9 million for the second quarter of 2023,
compared with net loss attributable to BIT Mining of US$18.2 million for the second quarter of 2022
and net loss attributable to BIT Mining of US$4.9 million for the first quarter of 2023. The
year-over-year decrease in net loss attributable to BIT Mining and
the sequential decrease in net loss attributable to BIT Mining were
mainly due to the reasons mentioned above.
Non-GAAP net loss attributable to BIT Mining was US$1.2 million for the second quarter of 2023,
compared with non-GAAP net loss attributable to BIT Mining of
US$15.6 million for the second
quarter of 2022 and non-GAAP net loss attributable to BIT Mining of
US$4.2 million for the first quarter
of 2023. Both the year-over-year
decrease and the sequential decrease in non-GAAP net loss
attributable to BIT Mining were mainly due to the reasons mentioned
above.
Cash and Cash Equivalents, Restricted Cash and Short-term
Investment
As of June 30, 2023, the Company had cash and cash
equivalents of US$4.6 million,
restricted cash3 of US$0.1
million, compared with cash and cash equivalents of
US$4.6 million, restricted cash of
US$0.1 million, and short-term
investment4 of US$2.4
million as of March 31,
2023.
Cryptocurrency Assets
As of June 30, 2023, the Company had
cryptocurrency assets of US$14.7 million in aggregate, which is the U.S.
dollar equivalent of 210 BTC, 90.3 million DOGE,
10,030 LTC, 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, DOGE 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 the impact of share-based compensation
expenses, impairment of property and equipment, changes in fair
value of contingent considerations, and changes in fair value of
derivative instruments. 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
The Piacente Group, Inc.
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)
|
|
(Unaudited)
|
|
|
|
December 31,
2022
|
|
|
June 30,
2023
|
|
|
|
US$
|
|
|
US$
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
5,448
|
|
|
|
4,561
|
|
|
Restricted
cash
|
|
|
126
|
|
|
|
129
|
|
|
Short-term
investment
|
|
|
2,360
|
|
|
|
-
|
|
|
Accounts
receivable
|
|
|
4,120
|
|
|
|
4,130
|
|
|
Prepayments and other
current assets
|
|
|
8,310
|
|
|
|
14,288
|
|
|
Cryptocurrency
assets
|
|
|
14,972
|
|
|
|
14,745
|
|
|
Total current
assets
|
|
|
35,336
|
|
|
|
37,853
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
27,220
|
|
|
|
28,581
|
|
|
Intangible assets,
net
|
|
|
3,314
|
|
|
|
2,672
|
|
|
Deposits
|
|
|
2,387
|
|
|
|
2,460
|
|
|
Long-term
investments
|
|
|
8,049
|
|
|
|
6,398
|
|
|
Right-of-use
assets
|
|
|
4,135
|
|
|
|
3,523
|
|
|
Long-term prepayments
and other non-current assets
|
|
|
6,363
|
|
|
|
661
|
|
|
Total non-current
assets
|
|
|
51,468
|
|
|
|
44,295
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
86,804
|
|
|
|
82,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
23,425
|
|
|
|
25,755
|
|
|
Accrued payroll and
welfare payable
|
|
|
819
|
|
|
|
598
|
|
|
Accrued expenses and
other current liabilities
|
|
|
5,155
|
|
|
|
4,589
|
|
|
Income tax
payable
|
|
|
73
|
|
|
|
75
|
|
|
Operating lease
liabilities - current
|
|
|
1,367
|
|
|
|
1,209
|
|
|
Total current
liabilities
|
|
|
30,839
|
|
|
|
32,226
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities - non-current
|
|
|
2,837
|
|
|
|
2,331
|
|
|
Total non-current
liabilities
|
|
|
2,837
|
|
|
|
2,331
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
33,676
|
|
|
|
34,557
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2023; 1,063,813,210
and
1,111,232,210 shares issued and outstanding as of December 31, 2022
and June
30, 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 June 30, 2023; 65,000 shares
issued and
outstanding as of December 31, 2022 and June 30, 2023
|
|
|
-
|
|
|
|
-
|
|
|
Class B ordinary
shares, par value US$0.00005 per share; 400,000,000 shares
authorized as of December 31, 2022 and June 30, 2023; 99 shares
issued and
outstanding as of December 31, 2022 and June 30, 2023
|
|
|
-
|
|
|
|
-
|
|
|
Additional paid-in
capital
|
|
|
620,807
|
|
|
|
621,561
|
|
|
Treasury
shares
|
|
|
(21,604)
|
|
|
|
(21,604)
|
|
|
Accumulated deficit and
statutory reserve
|
|
|
(542,169)
|
|
|
|
(548,020)
|
|
|
Accumulated other
comprehensive loss
|
|
|
(3,960)
|
|
|
|
(4,400)
|
|
|
Total shareholders'
equity
|
|
|
53,128
|
|
|
|
47,591
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
86,804
|
|
|
|
82,148
|
|
|
BIT Mining
Limited
|
|
Condensed
Consolidated Statements of Comprehensive Loss
|
|
(Amounts in
thousands of U.S. dollars ("US$"),
|
|
except for number of
shares, per share (or ADS) data)
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
2022
|
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
June 30,
2022
|
|
|
June 30,
2023
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
Revenues
|
|
|
195,519
|
|
|
|
72,872
|
|
|
|
74,065
|
|
|
|
492,197
|
|
|
|
146,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
(195,948)
|
|
|
|
(71,708)
|
|
|
|
(72,943)
|
|
|
|
(483,852)
|
|
|
|
(144,651)
|
|
|
Sales and marketing
expenses
|
|
|
(180)
|
|
|
|
(135)
|
|
|
|
(131)
|
|
|
|
(339)
|
|
|
|
(266)
|
|
|
General and
administrative
expenses
|
|
|
(5,515)
|
|
|
|
(6,474)
|
|
|
|
(4,634)
|
|
|
|
(12,364)
|
|
|
|
(11,108)
|
|
|
Service development
expenses
|
|
|
(1,077)
|
|
|
|
(556)
|
|
|
|
(328)
|
|
|
|
(2,184)
|
|
|
|
(884)
|
|
|
Total operating
costs and expenses
|
|
|
(202,720)
|
|
|
|
(78,873)
|
|
|
|
(78,036)
|
|
|
|
(498,739)
|
|
|
|
(156,909)
|
|
|
Other operating
income
|
|
|
21
|
|
|
|
1
|
|
|
|
209
|
|
|
|
276
|
|
|
|
210
|
|
|
Government
grant
|
|
|
9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9
|
|
|
|
-
|
|
|
Other operating
expenses
|
|
|
(612)
|
|
|
|
(302)
|
|
|
|
-
|
|
|
|
(1,515)
|
|
|
|
(302)
|
|
|
Net (loss) gain on
disposal of
cryptocurrency assets
|
|
|
(6,916)
|
|
|
|
1,881
|
|
|
|
3,923
|
|
|
|
(2,057)
|
|
|
|
5,804
|
|
|
Impairment of
cryptocurrency
assets
|
|
|
(4,947)
|
|
|
|
(1,557)
|
|
|
|
(1,697)
|
|
|
|
(12,620)
|
|
|
|
(3,254)
|
|
|
Changes in fair value
of contingent
considerations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,247
|
|
|
|
-
|
|
|
Impairment of property
and
equipment
|
|
|
(836)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(836)
|
|
|
|
-
|
|
|
Operating
loss
|
|
|
(20,482)
|
|
|
|
(5,978)
|
|
|
|
(1,536)
|
|
|
|
(22,038)
|
|
|
|
(7,514)
|
|
|
Other income,
net
|
|
|
22
|
|
|
|
90
|
|
|
|
317
|
|
|
|
554
|
|
|
|
407
|
|
|
Interest
income
|
|
|
34
|
|
|
|
40
|
|
|
|
2
|
|
|
|
106
|
|
|
|
42
|
|
|
Interest
expense
|
|
|
(44)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(218)
|
|
|
|
-
|
|
|
(Loss) gain from equity
method
investments
|
|
|
(1)
|
|
|
|
931
|
|
|
|
8
|
|
|
|
151
|
|
|
|
939
|
|
|
Changes in fair value
of derivative
instruments
|
|
|
-
|
|
|
|
-
|
|
|
|
275
|
|
|
|
-
|
|
|
|
275
|
|
|
Loss before income
tax
|
|
|
(20,471)
|
|
|
|
(4,917)
|
|
|
|
(934)
|
|
|
|
(21,445)
|
|
|
|
(5,851)
|
|
|
Income tax
benefits
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net
loss
|
|
|
(20,471)
|
|
|
|
(4,917)
|
|
|
|
(934)
|
|
|
|
(21,445)
|
|
|
|
(5,851)
|
|
|
Less: Net loss
attributable to
noncontrolling interests
|
|
|
(2,259)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,955)
|
|
|
|
-
|
|
|
Net loss
attributable to BIT Mining
Limited
|
|
|
(18,212)
|
|
|
|
(4,917)
|
|
|
|
(934)
|
|
|
|
(18,490)
|
|
|
|
(5,851)
|
|
|
Other comprehensive
(loss) income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss)
gain
|
|
|
(1,163)
|
|
|
|
210
|
|
|
|
(650)
|
|
|
|
(902)
|
|
|
|
(440)
|
|
|
Other comprehensive
(loss) income,
net of tax
|
|
|
(1,163)
|
|
|
|
210
|
|
|
|
(650)
|
|
|
|
(902)
|
|
|
|
(440)
|
|
|
Comprehensive
loss
|
|
|
(21,634)
|
|
|
|
(4,707)
|
|
|
|
(1,584)
|
|
|
|
(22,347)
|
|
|
|
(6,291)
|
|
|
Less: Comprehensive
loss
attributable to noncontrolling
interests
|
|
|
(2,407)
|
|
|
|
(130)
|
|
|
|
-
|
|
|
|
(3,056)
|
|
|
|
(130)
|
|
|
Comprehensive loss
attributable to
BIT Mining Limited
|
|
|
(19,227)
|
|
|
|
(4,577)
|
|
|
|
(1,584)
|
|
|
|
(19,291)
|
|
|
|
(6,161)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class
A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
725,833,560
|
|
|
|
1,075,002,062
|
|
|
|
1,111,232,309
|
|
|
|
717,955,865
|
|
|
|
1,093,318,465
|
|
|
Diluted
|
|
|
725,833,560
|
|
|
|
1,075,002,062
|
|
|
|
1,111,232,309
|
|
|
|
717,955,865
|
|
|
|
1,093,318,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to
BIT Mining Limited-Basic and
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(0.03)
|
|
|
|
(0.00)
|
|
|
|
(0.00)
|
|
|
|
(0.03)
|
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS*
attributable to
BIT Mining Limited-Basic and
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(2.51)
|
|
|
|
(0.46)
|
|
|
|
(0.08)
|
|
|
|
(2.58)
|
|
|
|
(0.54)
|
|
|
|
|
* 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$"),
|
|
except for number of
shares, per share (or ADS) data)
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
2022
|
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
June 30,
2022
|
|
|
June 30,
2023
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
Operating
loss
|
|
|
(20,482)
|
|
|
|
(5,978)
|
|
|
|
(1,536)
|
|
|
|
(22,038)
|
|
|
|
(7,514)
|
|
|
Adjustment for
share-based
compensation expenses
|
|
|
1,807
|
|
|
|
754
|
|
|
|
-
|
|
|
|
4,474
|
|
|
|
754
|
|
|
Adjustment for
impairment of
property and equipment
|
|
|
836
|
|
|
|
-
|
|
|
|
-
|
|
|
|
836
|
|
|
|
-
|
|
|
Adjustment for changes
in fair
value of contingent considerations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,247)
|
|
|
|
-
|
|
|
Adjusted operating
loss (non-
GAAP)
|
|
|
(17,839)
|
|
|
|
(5,224)
|
|
|
|
(1,536)
|
|
|
|
(17,975)
|
|
|
|
(6,760)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to BIT Mining
Limited
|
|
|
(18,212)
|
|
|
|
(4,917)
|
|
|
|
(934)
|
|
|
|
(18,490)
|
|
|
|
(5,851)
|
|
|
Adjustment for
share-based
compensation
expenses
|
|
|
1,807
|
|
|
|
754
|
|
|
|
-
|
|
|
|
4,474
|
|
|
|
754
|
|
|
Adjustment for
impairment of
property and equipment
|
|
|
836
|
|
|
|
-
|
|
|
|
-
|
|
|
|
836
|
|
|
|
-
|
|
|
Adjustment for changes
in fair
value of derivative instruments
|
|
|
-
|
|
|
|
-
|
|
|
|
(275)
|
|
|
|
-
|
|
|
|
(275)
|
|
|
Adjustment for changes
in fair
value of contingent considerations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,247)
|
|
|
|
-
|
|
|
Adjusted net loss
attributable to
BIT Mining Limited (non-GAAP)
|
|
|
(15,569)
|
|
|
|
(4,163)
|
|
|
|
(1,209)
|
|
|
|
(14,427)
|
|
|
|
(5,372)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class
A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
725,833,560
|
|
|
|
1,075,002,062
|
|
|
|
1,111,232,309
|
|
|
|
717,955,865
|
|
|
|
1,093,318,465
|
|
|
Diluted
|
|
|
725,833,560
|
|
|
|
1,075,002,062
|
|
|
|
1,111,232,309
|
|
|
|
717,955,865
|
|
|
|
1,093,318,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to
BIT Mining Limited (non-GAAP)-
Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
(non-GAAP)
|
|
|
(0.02)
|
|
|
|
(0.00)
|
|
|
|
(0.00)
|
|
|
|
(0.02)
|
|
|
|
(0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS*
attributable to
BIT Mining Limited (non-GAAP)-
Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
(non-GAAP)
|
|
|
(2.15)
|
|
|
|
(0.39)
|
|
|
|
(0.11)
|
|
|
|
(2.01)
|
|
|
|
(0.49)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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-second-quarter-ended-june-30-2023-301904479.html
SOURCE BIT Mining Limited
