Ebang International Holdings Inc. Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2024
Ebang International Holdings Inc. (EBON) reported unaudited financial results for the first six months of fiscal year 2024. Key highlights include:
- Total net revenues decreased by 37.41% to US$2.11 million from US$3.38 million in the same period of 2023.
- Gross profit decreased to US$0.08 million from US$0.28 million.
- Net loss reduced to US$6.65 million from US$8.38 million.
- Basic and diluted net loss per share improved to US$0.99 from US$1.25.
The company is transitioning its business, expanding into renewable energy, particularly advanced solar cell manufacturing. Despite challenges, Ebang aims to leverage its R&D and manufacturing expertise to exploit opportunities in this new sector.
Ebang International Holdings Inc. (EBON) ha riportato risultati finanziari non auditati per i primi sei mesi dell'anno fiscale 2024. I punti salienti includono:
- I ricavi netti totali sono diminuiti del 37,41% a 2,11 milioni di dollari USA rispetto ai 3,38 milioni di dollari USA nello stesso periodo del 2023.
- L'utile lordo è sceso a 0,08 milioni di dollari USA rispetto a 0,28 milioni di dollari USA.
- La perdita netta è stata ridotta a 6,65 milioni di dollari USA rispetto agli 8,38 milioni di dollari USA.
- La perdita netta per azione, sia base che diluita, è migliorata a 0,99 dollari USA rispetto a 1,25 dollari USA.
L'azienda sta effettuando una transizione nel suo business, espandendosi nel settore delle energie rinnovabili, in particolare nella produzione di celle solari avanzate. Nonostante le sfide, Ebang punta a sfruttare la sua esperienza in R&S e produzione per cogliere le opportunità in questo nuovo settore.
Ebang International Holdings Inc. (EBON) informó resultados financieros no auditados para los primeros seis meses del año fiscal 2024. Los puntos destacados incluyen:
- Los ingresos netos totales disminuyeron un 37,41% a 2,11 millones de dólares estadounidenses desde 3,38 millones de dólares estadounidenses en el mismo período de 2023.
- La ganancia bruta disminuyó a 0,08 millones de dólares estadounidenses desde 0,28 millones de dólares estadounidenses.
- La pérdida neta se redujo a 6,65 millones de dólares estadounidenses desde 8,38 millones de dólares estadounidenses.
- La pérdida neta básica y diluida por acción mejoró a 0,99 dólares estadounidenses desde 1,25 dólares estadounidenses.
La empresa está en transición hacia un nuevo modelo de negocio, expandiéndose en el ámbito de las energías renovables, en particular en la fabricación de células solares avanzadas. A pesar de los desafíos, Ebang busca aprovechar su experiencia en I+D y producción para aprovechar las oportunidades en este nuevo sector.
이방 국제 홀딩스 주식회사 (EBON)는 2024 회계 연도의 처음 6개월 동안의 감사되지 않은 재무 결과를 보고했습니다. 주요 내용은 다음과 같습니다:
- 총 순 수익은 2023년 같은 기간의 3.38백만 달러에서 211만 달러로 37.41% 감소했습니다.
- 총 이익은 0.28백만 달러에서 0.08백만 달러로 감소했습니다.
- 순 손실은 8.38백만 달러에서 665만 달러로 줄어들었습니다.
- 기본 및 희석 순 손실은 0.99달러로 개선되어 1.25달러에서 상승했습니다.
회사는 비즈니스를 전환하고 있으며, 특히 첨단 태양 전지 제조 분야에서 재생 에너지로 확장하고 있습니다. Ebang은 도전에도 불구하고 R&D 및 제조 전문성을 활용하여 이 새로운 분야의 기회를 탐색할 계획입니다.
Ebang International Holdings Inc. (EBON) a publié des résultats financiers non vérifiés pour les six premiers mois de l'exercice fiscal 2024. Les points clés incluent :
- Les revenus nets totaux ont diminué de 37,41% pour atteindre 2,11 millions de dollars US contre 3,38 millions de dollars US au cours de la même période en 2023.
- Le bénéfice brut est tombé à 0,08 million de dollars US contre 0,28 million de dollars US.
- La perte nette a été réduite à 6,65 millions de dollars US contre 8,38 millions de dollars US.
- La perte nette par action, de base et diluée, s'est améliorée à 0,99 dollar US contre 1,25 dollar US.
L'entreprise est en train de transformer son activité, s'étendant dans le domaine des énergies renouvelables, en particulier dans la fabrication de cellules solaires avancées. Malgré les défis, Ebang vise à tirer parti de son expertise en R&D et en fabrication pour exploiter les opportunités dans ce nouveau secteur.
Ebang International Holdings Inc. (EBON) hat nicht testierte Finanzzahlen für die ersten sechs Monate des Geschäftsjahres 2024 veröffentlicht. Zu den wichtigsten Punkten gehören:
- Der gesamte Nettoumsatz ist um 37,41% auf 2,11 Millionen US-Dollar von 3,38 Millionen US-Dollar im gleichen Zeitraum 2023 gesunken.
- Der Bruttogewinn ist auf 0,08 Millionen US-Dollar von 0,28 Millionen US-Dollar gesunken.
- Der Nettoverlust wurde auf 6,65 Millionen US-Dollar von 8,38 Millionen US-Dollar reduziert.
- Der Basis- und verwässerte Nettoverlust pro Aktie verbesserte sich auf 0,99 US-Dollar von 1,25 US-Dollar.
Das Unternehmen befindet sich im Wandel und erweitert sich in den Bereich der erneuerbaren Energien, insbesondere in die Herstellung fortschrittlicher Solarzellen. Trotz der Herausforderungen strebt Ebang an, sein Know-how in Forschung und Entwicklung sowie in der Produktion zu nutzen, um Chancen in diesem neuen Sektor zu ergreifen.
- Net loss decreased from US$8.38 million to US$6.65 million
- Interest income increased from US$3.22 million to US$6.04 million
- Basic and diluted net loss per share improved from US$1.25 to US$0.99
- General and administrative expenses decreased from US$12.89 million to US$11.84 million
- Total net revenues decreased by 37.41% to US$2.11 million
- Gross profit declined from US$0.28 million to US$0.08 million
- Other income decreased from US$1.04 million to US$0.33 million
- Loss from operations of US$12.42 million, though improved from US$13.35 million
Insights
Ebang's financial results for H1 2024 show a concerning trend. Total net revenues decreased by
Ebang's transition from cryptocurrency mining equipment to renewable energy technology is a bold move. Their focus on advanced solar cell manufacturing leverages their existing R&D and manufacturing capabilities, potentially opening new market opportunities. However, entering the highly competitive and rapidly evolving renewable energy sector presents significant challenges. The company's success will hinge on its ability to innovate and differentiate its products in a crowded market. The sharp revenue decline in their traditional business underscores the urgency of this pivot. Investors should watch for concrete progress in product development and strategic partnerships in the renewable energy space as indicators of future success.
Ebang's shift towards renewable energy, particularly solar cell manufacturing, aligns with global trends but faces stiff competition. The company's 37.41% revenue decline highlights the urgency of this transition. However, entering a new market without established presence poses significant risks. The renewable energy sector, while promising, is crowded with established players and rapid technological advancements. Ebang's success will depend on its ability to leverage its R&D expertise to create truly innovative products. The company's cost-cutting efforts, evidenced by the
SINGAPORE, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), today announced its unaudited financial results for the first six months of fiscal year 2024.
Operational and Financial Highlights for the First Six Months of Fiscal Year 2024
Total net revenues in the first six months of 2024 were US
Gross profit in the first six months of 2024 was US
Net loss in the first six months of 2024 was US
Dong Hu, Chairman and Chief Executive Officer of the Company, commented, “Our financial results for the first half of 2024 reflect our continuing efforts to transition our business while we expand our products and services into industries that we believe will be supported by our existing core technologies, R&D expertise and manufacturing capacity. We are pleased with the progress that we have been able to make, particularly as we have faced and will continue to face challenges from macroeconomic conditions, policy changes, market fluctuations, evolving or shifting trends, and competition within the industry, that contributed to both highlights and downturns in our financial performance. We have been reflecting on our strengths and core competencies and experience in design, R&D and manufacturing and determined that there was an unmet need in the renewable energy space for us to exploit, where we aim to integrate cutting-edge technology into this market, with a particular focus on advanced solar cell manufacturing.”
Continued Mr. Hu: “We believe that this year will mark a significant turning point for us where we build on past achievements and monetize our prior efforts. The transition will begin paying off now that we have commenced our strategic entry into the renewable energy sector. Our past experiences have equipped us with invaluable expertise in R&D and manufacturing, forming the core of our competitive advantage. These advanced professional skills and substantial technological reserves have become our foundation for mutual learning and collaboration across various industries. We are resolute in our belief that opportunities and challenges coexist and are committed to actively expanding new business areas and commercial models while maintaining strict control over operational costs to ensure the Company’s sustainable and stable development. We believe that through technological innovation, we can stand out and meet the ever-growing and evolving market demands for this new industry sector we’re pursuing, i.e. renewable energy production, and contribute to the betterment of our planet and future.”
Unaudited Financial Results for the First Six Months of Fiscal Year 2024
Total net revenues in the first six months of 2024 were US
Cost of revenues in the first six months of 2024 was US
Gross profit in the first six months of 2024 was US
Total operating expenses in the first six months of 2024 were US
- Selling expenses in the first six months of 2024 were US
$0.66 million compared to US$0.75 million in the same period of 2023. The period-over-period decrease in selling expenses was mainly caused by decreased general advertising and marketing expenses related to our Fintech business for the first six months of 2024. - General and administrative expenses in the first six months of 2024 were US
$11.84 million compared to US$12.89 million in the same period of 2023. The period-over-period decrease in general and administrative expenses was mainly due to our optimization and streamlining of business operations, including resource allocation, cost, and expense control.
Loss from operations in the first six months of 2024 was US
Interest income in the first six months of 2024 was US
Other income in the first six months of 2024 was US
Other expense in the first six months of 2024 was US
Net loss in the first six months of 2024 was US
Net loss attributable to Ebang International Holdings Inc. in the first six months of 2024 was US
Basic and diluted net loss per share in the first six months of 2024 were both US
About Ebang International Holdings Inc.
Ebang International Holdings Inc. (Nasdaq: EBON) is a global blockchain technology and Fintech company with strong application-specific integrated circuit (ASIC) chip design and manufacturing capability. Leveraging its deep understanding of the Fintech industry and compliance with laws and regulations across various jurisdictions, the Company has launched professional, convenient and innovative Fintech service platforms. The Company strives to diversify its business and products to increase shareholder value and has begun to expand into the renewable energy industry. For more information, please visit https://ir.ebang.com/.
Forward-Looking Statements
This press 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 include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to,” and other similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements include, but are not limited to, statements regarding our future operating results and financial position, our business strategy and plans, expectations relating to our industry, the regulatory environment, market conditions, trends and growth, expectations relating to customer behaviors and preferences, our market position and potential market opportunities, and our objectives for future operations. Forward-looking statements involve inherent 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 and achievements to differ materially from those contained in any forward-looking statement. These risks and uncertainties include our ability to successfully execute our business and growth strategy and maintain future profitability, market acceptance of our products and services, our ability to further penetrate our existing customer base and expand our customer base, our ability to develop new products and services, our ability to expand internationally, our ability to successfully develop in the new industry into which we expand, the success of any acquisitions or investments that we make, the efforts of increased competition in our markets, our ability to stay in compliance with applicable laws and regulations, market conditions across the blockchain, Fintech and general market, political and economic conditions. 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. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.
Email: ir@ebang.com
Ascent Investor Relations LLC
Ms. Tina Xiao
Tel: (917) 609-0333
Email: tina.xiao@ascent-ir.com
| EBANG INTERNATIONAL HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Stated in US dollars) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 229,517,387 | $ | 241,634,262 | ||||
| Restricted cash, current | 390,067 | 88,614 | ||||||
| Short-term investments | 5,816,326 | 496,122 | ||||||
| Accounts receivable, net | 817,150 | 946,514 | ||||||
| Advances to suppliers (1) | 335,926 | 198,617 | ||||||
| Inventories, net | 65,201 | 198,846 | ||||||
| Prepayments | 48,643 | 304,453 | ||||||
| Due from related parties | 580,319 | - | ||||||
| Other current assets, net | 6,012,936 | 5,691,679 | ||||||
| Total current assets | 243,583,955 | 249,559,107 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 31,181,673 | 33,151,061 | ||||||
| Intangible assets, net | 2,172,852 | 2,329,777 | ||||||
| Operating lease right-of-use assets | 5,169,194 | 6,119,535 | ||||||
| Operating lease right-of-use assets - related parties | 16,934 | 31,197 | ||||||
| Restricted cash, non-current | 879,338 | 1,197,286 | ||||||
| VAT recoverables | 3,963,629 | 4,061,079 | ||||||
| Other assets (1) | 1,783,969 | 1,790,606 | ||||||
| Total non-current assets | 45,167,589 | 48,680,541 | ||||||
| Total assets | $ | 288,751,544 | $ | 298,239,648 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 150,966 | $ | 292,570 | ||||
| Accrued liabilities and other payables | 8,887,387 | 9,804,848 | ||||||
| Operating lease liabilities, current | 1,753,734 | 1,764,259 | ||||||
| Operating lease liabilities - related parties, current | 16,160 | 28,849 | ||||||
| Advances from customers | 56,587 | 69,361 | ||||||
| Total current liabilities | 10,864,834 | 11,959,887 | ||||||
| Non-current liabilities: | ||||||||
| Deferred tax liabilities | 53,944 | 74,225 | ||||||
| Operating lease liabilities, non-current | 3,907,017 | 4,880,845 | ||||||
| Operating lease liabilities – related parties, non-current | 774 | 2,347 | ||||||
| Total non-current liabilities | 3,961,735 | 4,957,417 | ||||||
| Total liabilities | 14,826,569 | 16,917,304 | ||||||
| Equity: | ||||||||
| Class A ordinary share, HKD0.03 par value, 11,112,474 shares authorized, 4,989,746 shares issued, and 4,726,424 shares outstanding as of June 30, 2024 and December 31, 2023 | 18,178 | 18,178 | ||||||
| Class B ordinary share, HKD0.03 par value, 1,554,192 shares authorized, issued and outstanding as of June 30, 2024 and December 31, 2023 | 5,978 | 5,978 | ||||||
| Additional paid-in capital | 397,408,663 | 397,467,795 | ||||||
| Statutory reserves | 11,079,649 | 11,079,649 | ||||||
| Accumulated deficit | (121,069,174 | ) | (114,840,665 | ) | ||||
| Accumulated other comprehensive loss | (14,493,243 | ) | (13,887,088 | ) | ||||
| Total Ebang International Holdings Inc. shareholders’ equity | 272,950,051 | 279,843,847 | ||||||
| Non-controlling interest | 974,924 | 1,478,497 | ||||||
| Total equity | 273,924,975 | 281,322,344 | ||||||
| Total liabilities and equity | $ | 288,751,544 | $ | 298,239,648 | ||||
| (1 | ) | Certain prior year amounts have been reclassified to conform to the current period’s presentation. These reclassifications had no impact on net earnings and financial position. |
| EBANG INTERNATIONAL HOLDINGS INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (Stated in US dollars) | ||||||||
| For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | |||||||
| Product revenue | $ | 359,498 | $ | 1,146,384 | ||||
| Service revenue(1) | 1,754,376 | 2,231,023 | ||||||
| Total revenues | 2,113,874 | 3,377,407 | ||||||
| Cost of revenues | 2,032,038 | 3,093,730 | ||||||
| Gross profit | 81,836 | 283,677 | ||||||
| Operating expenses: | ||||||||
| Selling expenses | 657,507 | 745,381 | ||||||
| General and administrative expenses | 11,841,322 | 12,891,709 | ||||||
| Total operating expenses | 12,498,829 | 13,637,090 | ||||||
| Gain from disposal of subsidiaries | - | (7,524 | ) | |||||
| Loss from operations | (12,416,993 | ) | (13,345,889 | ) | ||||
| Other income (expenses): | ||||||||
| Interest income | 6,035,650 | 3,221,667 | ||||||
| Other income | 333,151 | 1,042,669 | ||||||
| Gain from investment | 3,104 | 803,605 | ||||||
| Net gain (loss) on disposal of cryptocurrencies(1) | (64,344 | ) | 708,935 | |||||
| Exchange loss | (520,020 | ) | (787,895 | ) | ||||
| Government grants | 27,854 | 12,800 | ||||||
| Other expenses | (61,744 | ) | (43,518 | ) | ||||
| Total other income | 5,753,651 | 4,958,263 | ||||||
| Loss before income taxes benefit | (6,663,342 | ) | (8,387,626 | ) | ||||
| Income taxes benefit | 17,928 | 3,349 | ||||||
| Net loss | (6,645,414 | ) | (8,384,277 | ) | ||||
| Less: net loss attributable to non-controlling interest | (416,905 | ) | (566,280 | ) | ||||
| Net loss attributable to Ebang International Holdings Inc. | $ | (6,228,509 | ) | $ | (7,817,997 | ) | ||
| Comprehensive loss | ||||||||
| Net loss | $ | (6,645,414 | ) | $ | (8,384,277 | ) | ||
| Other comprehensive loss: | ||||||||
| Foreign currency translation adjustment | (692,823 | ) | (2,857,279 | ) | ||||
| Total comprehensive loss | (7,338,237 | ) | (11,241,556 | ) | ||||
| Less: comprehensive loss attributable to non-controlling interest | (503,573 | ) | (774,138 | ) | ||||
| Comprehensive loss attributable to Ebang International Holdings Inc. | $ | (6,834,664 | ) | $ | (10,467,418 | ) | ||
| Net loss per ordinary share attributable to Ebang International Holdings Inc. | ||||||||
| Basic | $ | (0.99 | ) | $ | (1.25 | ) | ||
| Diluted | $ | (0.99 | ) | $ | (1.25 | ) | ||
| Weighted average ordinary shares outstanding | ||||||||
| Basic | 6,280,616 | 6,269,529 | ||||||
| Dilute | 6,280,616 | 6,269,529 | ||||||
| (1 | ) | Certain prior year amounts have been reclassified to conform to the current period’s presentation. These reclassifications had no impact on net earnings and financial position. |
FAQ
What were Ebang's (EBON) total net revenues for the first six months of fiscal year 2024?
How much was Ebang's (EBON) net loss for the first half of fiscal year 2024?
What new business area is Ebang (EBON) expanding into according to the 2024 H1 report?
What was Ebang's (EBON) basic and diluted net loss per share for the first half of fiscal year 2024?
