Mercurity Fintech Announces Unaudited Financial Results for First Half 2024

Rhea-AI Summary

Mercurity Fintech (MFH) reported its unaudited financial results for H1 2024. The company's GAAP revenue increased by 110.03% to $517,177, compared to $246,242 in H1 2023. While the gross loss decreased by 38.18% to $276,444 from $447,178 in the previous year, the GAAP net loss increased by 48.71% to $3,834,465, up from $2,578,541 in H1 2023.

Positive

• Revenue growth of 110.03% year-over-year to $517,177
• Reduction in gross loss by 38.18% to $276,444

Negative

• Net loss increased by 48.71% to $3,834,465
• Company continues to operate at a gross loss of $276,444
• Operating losses are widening despite revenue growth

Insights

Financial Analyst

The financial results reveal concerning trends despite revenue growth. While GAAP revenue doubled to $517,177, showing a 110.03% increase, the company continues to operate at a loss. The gross loss improved by 38.18% to $276,444, but the net loss significantly worsened, increasing by 48.71% to $3,834,465. This widening gap between revenue and net loss suggests escalating operational costs and potential sustainability issues. The revenue growth, while positive, is insufficient to offset mounting expenses. For a company with a market cap of $415 million, these losses represent significant cash burn that could impact long-term viability unless addressed promptly.

NEW YORK, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our company,” or “MFH”) (Nasdaq: MFH), a digital fintech group powered by blockchain technology, today announced its unaudited financial results for the six months ended June 30, 2024.

First Half 2024 Financial and Operating Highlights

• GAAP revenue - First half 2024 GAAP revenues of USD$517,177, compared to revenues of USD$246,242 in first half 2023, reflecting an increase of 110.03% in GAAP revenue and demonstrating the Company’s enhanced profitability and diversified revenue stream for the six months ended June 30, 2024.
• GAAP gross loss - First half 2024 GAAP gross loss of USD$276,444, compared to gross loss of USD$447,178 in first half 2023, reflecting a decrease of 38.18% in GAAP gross loss.
• GAAP net loss - First half 2024 GAAP net loss of USD$3,834,465, compared to net loss of USD$2,578,541 in first half 2023, reflecting an increase of 48.71% in GAAP net loss.

For detailed financial results, please refer to the Company’s filing.

About Mercurity Fintech Holding Inc.

Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing and digital consultation across North America and the Asia-Pacific region. Our focus is on delivering innovative financial solutions while adhering to principles of compliance, professionalism, and operational efficiency. Our aim is to contribute to the evolution of digital finance by providing secure and innovative financial services to individuals and businesses. And our dedication to compliance, professionalism, and operational excellence ensures that we remain a trusted partner in the rapidly transforming financial landscape.

Cautionary Statement Regarding Forward Looking Statements

We have made statements in this report that constitute forward-looking statements. Forward-looking statements involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “should,” “could” and similar expressions. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances or achievements expressed or implied by the forward-looking statements.

These forward-looking statements include statements about: our business and operating strategies and plans for the development of existing and new businesses, ability to implement such strategies and plans and expected time; developments in, or changes to, laws, regulations, governmental policies, incentives, taxation and regulatory and policy environment affecting our operations and the cryptocurrency and blockchain industry; our future business development, financial condition and results of operations; expected changes in our revenues, costs or expenditures; general business, political, social and economic conditions in mainland China and the international markets where we base our operations.

The ultimate correctness of these forward-looking statements depends upon a number of known and unknown risks and events. Many factors could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Consequently, you should not place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date on which they are made, and, except as required by law; we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update this forward-looking information. Nonetheless, we reserve the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this interim report. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

CONTACTS

Mercurity Fintech Holding Inc.

Hoi Yi Xian
ir@mercurityfintech.com
Tel: + 1 646 283 7120

International Elite Capital Inc.

Vicky Cheung
Tel: +1(646) 866-7928
Email: mfhfintech@iecapitalusa.com

FAQ

What was Mercurity Fintech's (MFH) revenue growth in H1 2024?

Mercurity Fintech's revenue grew by 110.03% to $517,177 in H1 2024, compared to $246,242 in H1 2023.

How much net loss did MFH report in H1 2024?

MFH reported a net loss of $3,834,465 in H1 2024, representing a 48.71% increase from the $2,578,541 loss in H1 2023.

Did Mercurity Fintech's gross loss improve in H1 2024?

Yes, MFH's gross loss improved by 38.18%, decreasing to $276,444 in H1 2024 from $447,178 in H1 2023.