Ebang International Holdings Inc. - EBON STOCK NEWS

Ebang International Holdings Inc. (Nasdaq: EBON) reported its financial results for the fiscal year 2023, with total net revenues decreasing by 85.0% to US$4.9 million, gross loss of US$16.7 million, and a net loss of US$38.0 million. Despite challenges, the company saw revenue growth in cryptocurrency exchange and payment businesses. The financials were impacted by bankruptcy of virtual currency banks, fraud incidents, and absence of one-time revenue from court mediations in 2022.

Ebang International Holdings Inc. (Nasdaq: EBON) announced its cryptocurrency exchange, Ebonex, has no exposure to recent banking failures including Silvergate Bank, Signature Bank, and Silicon Valley Bank. CEO Dong Hu emphasized the company's commitment to customer safety through a diversified banking partnership strategy. He assured that customer funds are secure and easily accessible while maintaining strong financial health. Ebang plans to expand its Fintech business focused on security and compliance to enhance customer trust globally.

Ebang International Holdings reported its unaudited financial results for the first half of fiscal year 2022. Total net revenues increased by 36.97% to US$25.06 million, primarily due to a payment from a former customer. However, computing power sold decreased by 60% year-over-year to 0.32 million Thash/s. Gross profit rose significantly to US$14.24 million, up from US$5.64 million in 2021. Despite this, the net loss widened to US$10.92 million compared to US$4.26 million in the same period last year. Increased operational expenses were also noted.

Ebang International Holdings Inc. (Nasdaq: EBON) announced its partnership with Mastercard to launch Ebonex, a new cryptocurrency exchange platform in Australia. This collaboration allows Ebonex to become the first Australian cryptocurrency exchange to receive Mastercard’s Principal Member status, enabling it to issue crypto-linked Mastercard payment cards. Customers will be able to spend crypto seamlessly by converting it to fiat currency. Ebang aims to enhance its market reach while providing innovative rewards through these cards.

Ebang International Holdings Inc. (Nasdaq: EBON) received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, as its shares have traded below $1.00 for 30 consecutive business days. The company has until December 14, 2022, to regain compliance or may transfer to the Nasdaq Capital Market. It is actively monitoring share prices and considering measures to improve its financial position. The notification does not affect current trading, and the company continues to operate on the Nasdaq Global Select Market under ticker EBON.

Ebang International Holdings Inc. (Nasdaq: EBON) announced plans to apply for a Money Service Operator License (MSO License) from the Hong Kong Customs and Excise Department. This license will enable the company to operate money changing and remittance services in Hong Kong, enhancing its global collection and payment business. The pursuit of the MSO License follows their acquisition of Compass Global Holdings, which allowed them to obtain an Australian Financial Services License. Importantly, obtaining this license is not guaranteed and may not improve financial performance.

Ebang International Holdings Inc. (Nasdaq: EBON) reported robust financial results for the fiscal year ended December 31, 2021. Total net revenues surged to US$51.45 million, reflecting a 170.73% year-over-year growth from US$19.00 million in 2020. The company's computing power sold reached 1.50 million Thash/s, a 200% increase from 0.50 million Thash/s in 2020. Ebang achieved a net income of US$2.77 million, reversing a loss of US$32.11 million in the prior year. The launch of the Ebonex trading platform signifies strategic expansion in the blockchain financial services market.