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Blue Hat Interactive Entertainment Technology Ordinary Shares (Nasdaq: BHAT) is a pioneering player in the development and commercialization of augmented reality (AR) interactive entertainment games and toys in China. The company's extensive portfolio includes products such as AR Racer, AR Crazy Bug, AR 3D Magic Box, AR Dinosaur, Talking Tom and Friends Bouncing Bubble, and Immersive Education Classes.
BHAT segments its operations into Interactive toys - animation series, Interactive toys - game series, Mobile games, Information services, and Communication services. The game series is the company's leading revenue generator, with the majority of its revenues stemming from the Chinese market.
In recent developments, BHAT has made significant strides in transforming its business model. On August 15, 2023, the company completed a $29.8 million issuance of ordinary shares, marking a notable advancement in its pivot towards commodity trading, particularly in gold and jewelry. This shift, guided by CEO Mr. Xiaodong Chen, aims to create sustainable value for global shareholders.
The company has also strategically realigned its leadership, appointing Mr. Pan Weicheng as the Chief Strategy Officer in May 2023, and has divested its Variable Interest Entity (VIE) structure within mainland China. BHAT's future growth strategies are aimed at expanding its business focus to Southeast Asia and the United States while leveraging artificial intelligence (AI) to enhance its commodity trading framework.
Further illustrating its commitment to AI, on March 19, 2024, BHAT announced its entry into AI financial services through its subsidiary, Golden Strategy Ltd. The company envisages a three-stage development plan for AI technology: infrastructure construction, revenue increase potential, and productivity enhancement. This strategic shift is poised to address the evolving market dynamics and the growing interest in AI technology applications in the financial sector.
Moreover, on May 15, 2024, BHAT introduced an AI digital person named 'Aileen' as its Chief Information Officer (CIO). Aileen's role is to collect industry information and support decision-making processes, reflecting BHAT's innovative approach in integrating AI with real-world business scenarios.
BHAT is on a transformative journey, embracing cutting-edge technologies and strategic realignments to enhance its market position and drive future growth.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) reported significant financial growth for Q3 and the first nine months of 2021. Total revenues surged by 235.6% to $13.3 million in Q3, driven by the IDC and mobile gaming sectors. Nine-month revenues reached $31.3 million, up 254.3% year-over-year. Gross profit for Q3 climbed 94.3% to $5.4 million, with net income up 21.5% to $2.0 million. The company maintained $11.9 million in cash as of September 30, 2021. CEO Xiaodong Chen expressed confidence in ongoing growth and strategic investments.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) reported significant financial growth for Q2 and H1 2021. Q2 revenues surged to US $8.0 million, up 206.4% year-over-year, driven by mobile games and communication services. Gross profit reached US $4.7 million, a 138.4% increase, while income from operations rose by 159.0% to US $1.9 million. Net income fell to US $0.2 million due to increased expenses. H1 revenues reached US $17.9 million, with gross profit at US $8.8 million. The company had US $11.5 million in cash as of June 30, 2021.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced the signing of cooperation agreements with 10 kindergartens in Jinfeng District, Yinchuang, Ningxia, to implement an AR personal safety and awareness course. This initiative follows a successful exhibition in July 2021 attended by over 80 kindergartens. Supported by the local government and educational authorities, the program aims to enhance early children's education through AR technology. CEO Xiaodong Chen expressed optimism for nationwide promotion to improve children's safety awareness.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced that its subsidiary, Xunpusen Technology Co., Ltd., has signed an agreement to provide SMS channel services for JD Cloud, a major cloud computing provider in China. Xunpusen will own the network SMS channel port and supply the necessary technology and support services to JD Cloud. This agreement will be effective until May 25, 2022. CEO Xiaodong Chen expressed optimism about the partnership, highlighting Blue Hat's growing momentum in the SMS service market.
On July 21, 2021, Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a partnership with Tencent QQ to develop two toy products featuring QQ emoji branding. The QQ Emoji Gyro Inertial Mystery Box is now available for purchase, while the QQ Emoji Bubble Sticks are set to launch soon. CEO Xiaodong Chen expressed enthusiasm for the collaboration and future product developments. The partnership highlights Blue Hat's focus on integrating popular IP into their offerings, potentially enhancing market presence in China's toy and entertainment sectors.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a new partnership for its subsidiary, Xunpusen Technology, with a top Chinese e-commerce brand to enhance server hosting and broadband services. This move aligns with China's rapid IDC market growth, driven by increased online activities. In Q1 2021, Blue Hat saw revenue from communication services reach US$5.37 million, nearly matching the previous year's total. Xunpusen plans to expand from over 200 to 1,000 data cabinets to meet rising digital demand.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced on June 23, 2021, that it received a notification from Nasdaq regarding non-compliance with minimum bid price requirements, as its closing bid price has been below $1.00 for 30 consecutive trading days. The company has until December 15, 2021, to regain compliance to avoid potential delisting. During this period, shares will continue to trade on the Nasdaq Capital Market, and the company plans to monitor its share price closely.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has completed a registered direct offering, selling 6,290,000 ordinary shares at $0.90 each, generating total gross proceeds of approximately $5.66 million. Following this offering, the company has 53,417,200 shares outstanding. Additionally, unregistered warrants for 4,088,500 shares at an exercise price of $1.12 have been issued. The net proceeds of about $5.23 million will be allocated for working capital and general corporate purposes.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a securities purchase agreement with two institutional investors for the sale of 6,290,000 ordinary shares at $0.90 per share, generating gross proceeds of $5,661,000. The offering includes unregistered warrants to purchase 4,088,500 shares at an exercise price of $1.12, expiring in three years. The transactions are expected to close around May 10, 2021. Following the offering, the total number of ordinary shares outstanding will be 53,417,200.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) reported significant growth for Q1 2021, with total revenues of US$9.9 million, up 343.1% year-over-year from US$2.2 million. This increase was driven by acquisitions and strong sales across mobile games and communication services. Gross profit reached US$4.1 million, a 143.8% increase, while net income rose to US$1.2 million, up 62.0%. As of March 31, 2021, cash and equivalents stood at US$14.7 million.
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