BIT Mining Limited Announces Unaudited Financial Results for the Fourth Quarter and Full Year ended December 31, 2021
BIT Mining reported significant financial results for Q4 and full year 2021. Revenues surged to US$495.8 million in Q4, up US$102.7 million from Q3, predominantly from its mining pool business. The company produced 3,957 Ethereum and 102 Bitcoins in Q4, generating US$16.5 million and US$5.6 million in revenue respectively. However, BIT Mining faced an operating loss of US$15.0 million in Q4. Overall, the company reported a net loss of US$8.8 million, an improvement from the US$29.6 million loss in Q3. The transition to cryptocurrency mining remains a key focus.
- Q4 revenue increased to US$495.8 million, up US$102.7 million from Q3.
- Total revenues for 2021 reached US$1,326.9 million, a significant rise from US$2.2 million in 2020.
- Mining pool business contributed US$472.9 million to Q4 revenue, showcasing strong market presence.
- Operating loss of US$15.0 million in Q4, despite revenue growth.
- Net loss of US$8.8 million for Q4 2021, although improved from prior quarter.
- Termination of online lottery business in Europe with minimal revenue impact.
HONG KONG, Feb. 17, 2022 /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 fourth quarter and full year ended December 31, 2021.
Cryptocurrency Business Progress
BIT Mining has completed the transition of its business to an enterprise that covers cryptocurrency mining, data center operation and mining pool. The Company has adopted a development strategy to focus on cryptocurrency mining operations globally.
As of today, the theoretical maximum total hash rate capacity of our Ethereum mining machines is approximately 4,800.0 GH/s, of which 4,737.6 GH/s have been deployed. For the three months ended December 31, 2021, we produced 3,957 Ethereum from our Ethereum cryptocurrency mining operations, and recognized revenue of approximately US
As of today, the theoretical maximum total hash rate capacity of our Bitcoin mining machines is approximately 825.4 PH/s. As of today, we have completed the migration of all of our Bitcoin mining machines to the U.S. and Kazakhstan. In the U.S., we have Bitcoin mining machines with a total hash rate capacity of 532.7 PH/s, of which 378.5 PH/s have been deployed in data centers and the remainder have been fine-tuned and are waiting to be deployed. In Kazakhstan, we have Bitcoin mining machines with a total hash rate capacity of 292.7 PH/s, of which 135.3 PH/s have been deployed in data centers and the remainder have been fine-tuned and are waiting to be deployed. For the three months ended December 31, 2021, we produced 102 Bitcoins from our Bitcoin cryptocurrency mining operations, and recognized revenue of approximately US
In terms of our data center business, in September 2021 we entered into a Membership Interest Purchase Agreement and certain other auxiliary agreements (the "Ohio Mining Site Agreements") with Viking Data Centers, LLC ("Viking Data Centers") to acquire a
On October 14, 2021, the Company announced that its mining pool subsidiary, BTC.com, would completely exit the China market, cease registering new users from China and start to retire accounts of existing users from China. The Company has been working on solutions with its existing users in China, such as migrating users' mining machines to overseas markets so that they have access to our services in a compliant manner. In addition, price of Bitcoin and Ethereum increased compared to the third quarter, which offset the impact of exiting from China market. For the three months ended December 31, 2021, the mining pool business generated revenue of approximately US
Termination of the Online Lottery Business in Europe
The Company is in the process of terminating its online lottery business in Europe which was operated under The Multi Group ("TMG"), a subsidiary the Company acquired in July 2017. As of today, TMG has ceased all of its business operations. TMG contributed US
"We are glad to announce our fourth quarter and full year 2021 financial results, as we continue to execute on our strategy to create value within the cryptocurrency ecosystem," said Mr. Xianfeng Yang, CEO of BIT Mining. "Over the past year, we completed the migration of our mining machines to new mining sites in North America and Central Asia. We also made significant progress in the construction of our U.S. based data centres, which now provide critical operational efficiencies for our business. Additionally, anticipating Ethereum's potential to play a pivotal role in the decentralization and tokenization that are driving internet technology innovation, we deployed significant Ethereum computing power in 2021. These deployments have generated positive returns, illustrating our team's ability to spot industry trends and deploy capital profitably. Looking forward, we plan to continue to enhance our value proposition and further strengthen our mining technology."
Fourth Quarter 2021 Highlights for Continuing Operations
- Revenues were US
$495.8 million in the fourth quarter of 2021, representing an increase of US$102.7 million from US$393.1 million for the third quarter of 2021, and a sharp increase of US$495.0 million from US$0.8 million for the fourth quarter of 2020. Revenues during the fourth quarter of 2021 primarily consisted of US$472.9 million in revenue contribution from the mining pool business that we began consolidating in our financial statements from April 2021. - Operating loss was US
$15.0 million in the fourth quarter of 2021, representing a decrease of US$20.0 million from US$35.0 million for the third quarter of 2021, and an increase of US$10.0 million from US$5.0 million for the fourth quarter of 2020. - Non-GAAP operating loss[1] was US
$12.3 million in the fourth quarter of 2021, as compared with non-GAAP operating loss of US$22.7 million for the third quarter of 2021, and non-GAAP operating loss of US$2.2 million for the fourth quarter of 2020. - Net loss attributable to BIT Mining was US
$8.8 million in the fourth quarter of 2021, as compared with net loss attributable to BIT Mining of US$29.6 million for the third quarter of 2021, and net loss attributable to BIT Mining of US$5.6 million for the fourth quarter of 2020. - Non-GAAP net loss[1] attributable to BIT Mining was US
$6.3 million in the fourth quarter of 2021, as compared with non-GAAP net loss attributable to BIT Mining of US$17.3 million for the third quarter of 2021, and non-GAAP net loss attributable to BIT Mining of US$2.7 million for the fourth quarter of 2020. - Basic and diluted loss per American Depositary Share ("ADS") attributable to BIT Mining Limited for the fourth quarter of 2021 was US
$0.12 . - Non-GAAP basic and diluted loss per ADS[2] attributable to BIT Mining Limited for the fourth quarter of 2021 was US
$0.09 .
Full Year 2021 Highlights for Continuing Operations
- Revenues were US
$1,326.9 million for full year 2021, compared with Revenues of US$2.2 million for full year 2020. - Operating loss was US
$66.2 million for full year 2021, compared with operating loss of US$17.0 million for full year 2020. - Non-GAAP operating loss[1] was US
$34.5 million for full year 2021, compared with non-GAAP operating loss of US$8.9 million for full year 2020. - Net loss attributable to BIT Mining was US
$49.5 million for full year 2021, compared with net loss attributable to BIT Mining of US$23.3 million for full year 2020. - Non-GAAP net loss[1] attributable to BIT Mining was US
$23.6 million for full year 2021, compared with non-GAAP net loss attributable to BIT Mining of US$11.0 million for full year 2020. - Basic and diluted loss per ADS attributable to BIT Mining Limited for full year 2021 was US
$0.80 - Non-GAAP basic and diluted loss per ADS attributable to BIT Mining Limited for full year 2021 was US
$0.38
[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, impairment of long-term investments, deferred tax benefit relating to valuation allowance, gain on previously held equity interest, impairment of property and equipment, impairment of cryptocurrencies, net gain or loss on disposal of cryptocurrencies, changes in fair value of contingent considerations and changes in fair value of derivative instrument. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release. |
Fourth Quarter 2021 Financial Results for Continuing Operations
Revenues
Revenues were US
Operating Costs and Expenses
Operating costs and expenses were US
Cost of revenue was US
Sales and marketing expenses were US
General and administrative expenses were US
Service development expenses were US
Net Gain on Disposal of Cryptocurrencies
Net gain on disposal of cryptocurrencies was US
Impairment of Cryptocurrencies
Impairment of cryptocurrencies was US
Changes in fair value of contingent considerations
Changes in fair value of contingent considerations was US
Impairment of Property and Equipment
Impairment of property and equipment was US
Operating Loss
Operating loss was US
Non-GAAP operating loss was US
Net Loss Attributable to BIT Mining
Net loss attributable to BIT Mining was US
Non-GAAP net loss attributable to BIT Mining was US
Fourth Quarter 2021 Financial Results for Discontinued Operations
Net Loss from Discontinued Operations, Net of Taxes
Net gain from discontinued operations, net of taxes was nil for the fourth quarter of 2021, compared with net loss from discontinued operations, net of taxes of US
Cash and Cash Equivalents and Restricted Cash
As of December 31, 2021, the Company had cash and cash equivalents of US
Cryptocurrency Assets
As of December 31, 2021, the Company had cryptocurrency assets of US
[2] Restricted cash represent deposits in merchant banks yet to be withdrawn. |
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, and data center operation. 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, ETH and LTC. The Company has also entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, to complete the Company's vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position.
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
To supplement the Company's financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses, impairment of long-term investments, deferred tax benefit relating to valuation allowance, gain on previously held equity interest, impairment of property and equipment, impairment of cryptocurrencies, net gain or loss on disposal of cryptocurrencies, changes in fair value of contingent considerations and changes in fair value of derivative instrument relating to valuation allowance in the Company's consolidated affiliated entities. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures.
Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of the Company's continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.
For more information:
BIT Mining Limited
ir@btcm.group
Ir.btc.com
www.btcm.group
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
BIT Mining Limited | |||
December 31, 2020* | December 31, 2021 | ||
US$ | US$ | ||
Audited | Unaudited | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | 47,307 | 17,670 | |
Restricted cash | 587 | 134 | |
Accounts receivable | - | 737 | |
Prepayments and other current assets | 1,562 | 25,371 | |
Cryptocurrency assets | - | 55,077 | |
Current assets for discontinued operations | 2,016 | - | |
Total current assets | 51,472 | 98,989 | |
Non-current assets: | |||
Property and equipment, net | 997 | 72,891 | |
Intangible assets, net | 240 | 76,583 | |
Deposits | 162 | 99 | |
Long-term investment | 14,056 | 10,051 | |
Right-of-use assets | 1,429 | 6,968 | |
Amounts due from related party - non-current | - | 9,046 | |
Other non-current assets | 87 | 609 | |
Goodwill | - | 26,569 | |
Non-current assets for discontinued operations | 3,660 | - | |
Total non-current assets | 20,631 | 202,816 | |
TOTAL ASSETS | 72,103 | 301,805 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | - | 56,726 | |
Amounts due to related parties | - | 8,021 | |
Accrued payroll and welfare payable | 171 | 489 | |
Accrued expenses and other current liabilities | 7,498 | 15,203 | |
Income tax payable | 84 | 498 | |
Operating lease liabilities - current | 569 | 2,173 | |
Current liabilities for discontinued operations | 2,960 | - | |
Total current liabilities | 11,282 | 83,110 | |
Non-current liabilities: | |||
Deferred tax liabilities, non-current | - | 4,596 | |
Operating lease liabilities - non-current | 890 | 4,979 | |
Non-current liabilities for discontinued operations | 81 | - | |
Total non-current liabilities | 971 | 9,575 | |
TOTAL LIABILITIES | 12,253 | 92,685 | |
Shareholders' Equity: | |||
Class A ordinary shares, par value US | 22 | 36 | |
Class A preference shares, par value | - | - | |
Class B ordinary shares, par value US | - | - | |
Additional paid-in capital | 412,364 | 590,567 | |
Treasury shares | (21,604) | (21,604) | |
Accumulated deficit and statutory reserve | (324,351) | (382,624) | |
Accumulated other comprehensive loss | (4,598) | (2,407) | |
Total BIT Mining Limited shareholders' equity | 61,833 | 183,968 | |
Noncontrolling interests | (1,983) | 25,152 | |
Total shareholders' equity | 59,850 | 209,120 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 72,103 | 301,805 | |
| |||
BIT Mining Limited | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December | September | December | December | December | ||||||
US$ | US$ | US$ | US$ | US$ | ||||||
Unaudited | Unaudited | Unaudited | Audited | Unaudited | ||||||
Revenues | 824 | 393,093 | 495,758 | 2,167 | 1,326,856 | |||||
Operating costs and expenses: | ||||||||||
Cost of revenue | (558) | (404,826) | (493,163) | (2,016) | (1,325,250) | |||||
Sales and marketing expenses | (248) | (226) | (271) | (1,148) | (951) | |||||
General and administrative expenses | (4,416) | (8,120) | (9,079) | (14,330) | (25,760) | |||||
Service development expenses | (494) | (1,057) | (1,207) | (1,941) | (3,155) | |||||
Total operating costs and expenses | (5,716) | (414,229) | (503,720) | (19,435) | (1,355,116) | |||||
Other operating income | 4 | 4 | 608 | 534 | 658 | |||||
Government grant | 6 | - | - | 21 | - | |||||
Other operating expenses | (123) | (4,592) | (8,280) | (273) | (13,306) | |||||
Net gain on disposal of cryptocurrencies | - | 11,239 | 4,112 | - | 6,717 | |||||
Impairment of cryptocurrencies | - | (13,552) | (9,342) | - | (31,757) | |||||
Changes in fair value of derivative instrument | - | 2,860 | - | - | 3,696 | |||||
Changes in fair value of contingent considerations | - | - | 15,182 | - | 15,182 | |||||
Impairment of property and equipment | - | (9,820) | (9,286) | - | (19,106) | |||||
Operating loss from continuing operations | (5,005) | (34,997) | (14,968) | (16,986) | (66,176) | |||||
Other income, net | - | 84 | 230 | 42 | 594 | |||||
Interest income | 31 | 19 | - | 242 | 56 | |||||
Interest expense | - | (66) | - | - | (775) | |||||
Gain (loss) from equity method investments | (588) | 24 | (349) | (1,865) | (1,184) | |||||
Gain on previously held equity interest | - | - | - | - | 5,500 | |||||
Impairment of long-term investments | - | - | - | (4,787) | - | |||||
Gain from disposal of subsidiaries | - | 17 | 91 | - | 234 | |||||
Loss before income tax | (5,562) | (34,919) | (14,996) | (23,354) | (61,751) | |||||
Income tax benefit | - | - | 242 | 30 | 242 | |||||
Net loss from continuing operations | (5,562) | (34,919) | (14,754) | (23,324) | (61,509) | |||||
Loss from discontinued operations , net of applicable income | (2,909) | (47) | - | (8,779) | (2,224) | |||||
Loss on disposal of discontinued operations, net of applicable | (6,697) | - | (6,697) | |||||||
Net loss from discontinued operations, net of applicable | (2,909) | (6,744) | - | (8,779) | (8,921) | |||||
Net loss | (8,471) | (41,663) | (14,754) | (32,103) | (70,430) | |||||
Less: Net loss attributable to noncontrolling interest from | - | (5,302) | (5,982) | - | (11,978) | |||||
Less: Net income (loss) attributable to noncontrolling interest | (11) | - | - | 309 | (179) | |||||
Less: Net income (loss) attributable to noncontrolling interests | (11) | (5,302) | (5,982) | 309 | (12,157) | |||||
Net loss attributable to BIT Mining Limited | (8,460) | (36,361) | (8,772) | (32,412) | (58,273) | |||||
Other comprehensive income (loss) | ||||||||||
Share of other comprehensive income (loss) of an equity method | - | - | - | (177) | 631 | |||||
Reclassification into loss of loss from equity method investments | - | - | - | - | 131 | |||||
Foreign currency translation (loss) gain | (1,380) | 537 | 627 | (2,597) | 2,028 | |||||
Other comprehensive income (loss), net of tax | (1,380) | 537 | 627 | (2,774) | 2,790 | |||||
Comprehensive loss | (9,851) | (41,126) | (14,127) | (34,877) | (67,640) | |||||
Less: Comprehensive income (loss) attributable to noncontrolling | (11) | (5,268) | (5,417) | 309 | (11,558) | |||||
Comprehensive loss attributable to BIT Mining Limited | (9,840) | (35,858) | (8,710) | (35,186) | (56,082) | |||||
Weighted average number of Class A and Class B ordinary | ||||||||||
Basic | 430,018,184 | 692,417,296 | 707,716,805 | 430,011,263 | 622,337,974 | |||||
Diluted | 430,018,184 | 692,417,296 | 707,716,805 | 430,011,263 | 622,337,974 | |||||
Losses per share attributable to BIT Mining Limited-Basic and | ||||||||||
Net loss from continuing operations | (0.01) | (0.04) | (0.01) | (0.06) | (0.08) | |||||
Net loss from discontinued operations | (0.01) | (0.01) | - | (0.02) | (0.01) | |||||
Net loss | (0.02) | (0.05) | (0.01) | (0.08) | (0.09) | |||||
Losses per ADS** attributable to BIT Mining Limited-Basic and | ||||||||||
Net loss from continuing operations | (0.13) | (0.43) | (0.12) | (0.55) | (0.80) | |||||
Net loss from discontinued operations | (0.07) | (0.10) | - | (0.20) | (0.14) | |||||
Net loss | (0.20) | (0.53) | (0.12) | (0.75) | (0.94) | |||||
*The Company has changed its reporting currency from Renminbi ("RMB") to U.S dollars ("USD") for the period commencing July 1, 2021. Prior periods' comparative | ||||||||||
** American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company. | ||||||||||
BIT Mining Limited | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||
US$ | US$ | US$ | US$ | US$ | ||||||
Unaudited | Unaudited | Unaudited | Audited | Unaudited | ||||||
Operating loss from continuing operations | (5,005) | (34,997) | (30,150) | (16,986) | (81,358) | |||||
Adjustment for share-based compensation expenses | 2,833 | 3,040 | 3,344 | 8,047 | 6,446 | |||||
Adjustment for impairment of property and equipment | - | 9,820 | 9,286 | - | 19,106 | |||||
Adjustment for impairment of cryptocurrencies | - | 13,552 | 9,342 | - | 31,757 | |||||
Adjustment for net gain on disposal of cryptocurrencies | - | (11,239) | (4,112) | - | (6,717) | |||||
Adjustment for changes in fair value of derivative instrument | - | (2,860) | - | - | (3,696) | |||||
Adjustment for changes in fair value of contingent considerations | - | - | (15,182) | - | (15,182) | |||||
Adjusted operating loss from continuing operations (non- | (2,172) | (22,684) | (12,290) | (8,939) | (34,462) | |||||
Net loss attributable to BIT Mining Limited from continuing operations | (5,562) | (29,617) | (8,772) | (23,324) | (49,531) | |||||
Net loss attributable to BIT Mining Limited from discontinued | (2,898) | (6,744) | - | (9,088) | (8,742) | |||||
Net loss attributable to BIT Mining Limited | (8,460) | (36,361) | (8,772) | (32,412) | (58,273) | |||||
Adjustment for share-based compensation expenses | 2,833 | 3,040 | 3,344 | 8,047 | 6,446 | |||||
Adjustment for impairment of long-term investments | - | - | - | 4,787 | - | |||||
Adjustment for deferred tax benefit relating to valuation allowance | (9) | - | (242) | (531) | (242) | |||||
Adjustment for gain on previously held equity interest | - | - | - | - | (5,500) | |||||
Adjustment for impairment of property and equipment | - | 9,820 | 9,286 | - | 19,106 | |||||
Adjustment for impairment of cyptocurrencies | - | 13,552 | 9,342 | - | 31,757 | |||||
Adjustment for net gain or loss on disposal of cryptocurrencies | - | (11,239) | (4,112) | - | (6,717) | |||||
Adjustment for changes in fair value of contingent considerations | - | - | (15,182) | - | (15,182) | |||||
Adjustment for changes in fair value of derivative instrument | - | (2,860) | - | - | (3,696) | |||||
Adjusted net loss attributable to BIT Mining Limited from continuing | (2,738) | (17,304) | (6,336) | (11,021) | (23,559) | |||||
Adjusted net loss attributable to BIT Mining Limited from discontinued | (2,898) | (6,744) | - | (9,088) | (8,742) | |||||
Adjusted net loss attributable to BIT Mining Limited (non- | (5,636) | (24,048) | (6,336) | (20,109) | (32,301) | |||||
Weighted average number of Class A and Class B ordinary | ||||||||||
Basic | 430,018,184 | 692,417,296 | 707,716,805 | 430,011,263 | 622,337,974 | |||||
Diluted | 430,018,184 | 692,417,296 | 707,716,805 | 430,011,263 | 622,337,974 | |||||
Losses per share attributable to BIT Mining Limited (non- | ||||||||||
Net loss from continuing operations (non-GAAP) | (0.00) | (0.02) | (0.01) | (0.03) | (0.04) | |||||
Net loss from discontinued operations (non-GAAP) | (0.01) | (0.01) | - | (0.02) | (0.01) | |||||
Net loss (non-GAAP) | (0.01) | (0.03) | (0.01) | (0.05) | (0.05) | |||||
Losses per ADS** attributable to BIT Mining Limited (non- | ||||||||||
Net loss from continuing operations (non-GAAP) | (0.06) | (0.25) | (0.09) | (0.26) | (0.38) | |||||
Net loss from discontinued operations (non-GAAP) | (0.07) | (0.10) | - | (0.21) | (0.14) | |||||
Net loss (non-GAAP) | (0.13) | (0.35) | (0.09) | (0.47) | (0.52) | |||||
*The Company has changed its reporting currency from Renminbi ("RMB") to U.S dollars ("USD") for the period commencing July 1, 2021. Prior periods' comparative financial | ||||||||||
** American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company. | ||||||||||
Numerator adjustment for net loss attributable to BIT Mining Limited | ||||||||||
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SOURCE BIT Mining Limited
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