AKRON,
Ohio, Feb. 23, 2024 /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 ended
December 31, 2023.
On December 28, 2023, the Company
entered into an agreement with Esport – Win Limited, a Hong Kong limited liability company, to sell
its entire mining pool business for a total consideration of
US$5 million. The sale does not
include or affect any of BIT Mining's other businesses. The
disposal of the mining pool business represents a strategic shift
and has a major effect on the Company's results of operations.
Accordingly, the Company's consolidated financial statements for
the period ended December 31, 2023
and the comparable periods have been reclassified to reflect the
mining pool business segment as discontinued operations.
Fourth Quarter 2023 Highlights for Continuing
Operations
- Revenues were US$10.4 million for
the fourth quarter of 2023, representing an increase of
US$3.2 million from US$7.2 million for the fourth quarter of 2022,
and a decrease of US$1.2 million from
US$11.6 million for the third quarter
of 2023.
- Operating loss was US$1.6 million
for the fourth quarter of 2023, representing a significant decrease
of US$36.7 million from US$38.3 million for the fourth quarter of 2022,
and a decrease of US$2.5 million from
US$4.1 million for the third quarter
of 2023.
- Non-GAAP operating loss1 was US$1.3 million for the fourth quarter of 2023,
compared with non-GAAP operating loss of US$15.7 million for the fourth quarter of 2022,
and non-GAAP operating loss of US$4.1
million for the third quarter of 2023.
- Net loss attributable to BIT Mining was US$0.8 million for the fourth quarter of 2023,
compared with net loss attributable to BIT Mining of US$40.0 million for the fourth quarter of 2022,
and net loss attributable to BIT Mining of US$4.7 million for the third quarter of
2023.
- Non-GAAP net loss1 attributable to BIT Mining was
US$0.9 million for the fourth
quarter of 2023, compared with non-GAAP net loss attributable to
BIT Mining of US$15.1 million for the
fourth quarter of 2022, and non-GAAP net loss attributable to BIT
Mining of US$3.9 million for the
third quarter of 2023.
- Basic and diluted losses per American Depositary Share
("ADS")2 attributable to BIT Mining Limited including
from continuing operations and discontinued operations for the
fourth quarter of 2023 were US$0.38.
- Non-GAAP basic and diluted losses per ADS2
attributable to BIT Mining Limited including from continuing
operations and discontinued operations for the fourth quarter of
2023 were US$0.39.
Full Year 2023 Highlights for Continuing Operations
- Revenues were US$43.1 million for
the full year 2023, compared with revenues of US$57.0 million for the full year 2022.
- Operating loss was US$12.9
million for the full year 2023, compared with operating loss
of US$88.1 million for the full year
2022.
- Non-GAAP operating loss1 was US$11.9 million for the full year 2023, compared
with non-GAAP operating loss of US$42.1
million for the full year 2022.
- Net loss attributable to BIT Mining was US$11.1 million for the full year 2023, compared
with net loss attributable to BIT Mining of US$74.8 million for the full year 2022.
- Non-GAAP net loss1 attributable to BIT Mining was
US$9.9 million for the full year
2023, compared with non-GAAP net loss attributable to BIT Mining of
US$26.6 million for the full year
2022.
- Basic and diluted losses per ADS2 attributable to
BIT Mining Limited including from continuing operations and
discontinued operations for the full year 2023 were US$1.31.
- Non-GAAP basic and diluted losses per ADS2
attributable to BIT Mining Limited including from continuing
operations and discontinued operations for the full year 2023 were
US$1.21.
Full Year 2023 Highlights for Discontinued Operations
- Net loss from discontinued operations, net of taxes was
US$3.4 million for the full year
2023, compared with net loss from discontinued operations, net of
taxes of US$80.6 million for the full
year 2022. The year-over-year decrease of US$77.2 million was mainly attributable to the
impairment of intangible assets in the amount of US$48.6 million and impairment of goodwill in the
amount of US$26.6 million in the year
of 2022 associated with the discontinued operations.
|
1 Non-GAAP
financial measures exclude the impact of share-based compensation
expenses, impairment of intangible assets, impairment of property
and equipment, impairment of equity investments, changes in fair
value of contingent considerations, and changes in fair value of
derivative instruments. Reconciliations of non-GAAP financial
measures to U.S. GAAP financial measures are set forth in the table
at the end of this release.
|
|
2 The
Company changed the ratio of ADSs to its Class A ordinary
shares (the "ADS Ratio"), par value US$0.00005 per share, from the
former ADS Ratio of one (1) ADS to ten (10) Class A
ordinary shares, to the current ADS Ratio of one (1) ADS to
one hundred (100) Class A ordinary shares (the "ADS Ratio
Change"). The ADS Ratio Change was effective on December 23,
2022.
|
Fourth Quarter 2023 Financial Results for Continuing
Operations
Revenues
Revenues were mainly comprised of US$4.7
million from the self-mining business and US$5.7 million from the data center business.
Self-mining
As of today, the total hash rate capacity of our
DOGE/LTC mining machines in operation is approximately
24,766.0 GH/s. For the three months ended December 31, 2023, we produced 38.3 million
DOGE and 10,615 LTC from our DOGE/LTC
cryptocurrency mining operations and recognized
revenue of approximately US$3.6
million.
Considerable uncertainty persists in the market despite the
recent modest recovery and narrow growth in
cryptocurrency asset prices. Facing this current
environment, we remain determined to improve our quality and
efficiency. As of today, the total hash rate capacity of our BTC
mining machines in operation is approximately 56.63 PH/s. For the
three months ended December 31, 2023,
we produced 21 BTC from our BTC cryptocurrency mining
operations and recognized revenue of approximately US$0.8 million. We also recognized revenue of
approximately US$0.3 million from our
ETC cryptocurrency mining operations.
Data Center Operation
During the fourth quarter of 2023, our 82.5 megawatt space (the
"82.5 Megawatt Space") at the Ohio Mining Site recognized
approximately $5.7 million in service
fee revenue, representing a decrease of US$0.7 million compared with the third quarter of
2023, primarily due to one of our customers entered into
arrangement directly with the utility service provider. As a
result, our service fee revenue from
the customer decreased during the fourth quarter of
2023.
Overall
Revenues were US$10.4 million for
the fourth quarter of 2023, representing an increase of
US$3.2 million, or 44.4%, from
US$7.2 million for the fourth quarter
of 2022, and a decrease of US$1.2
million, or 10.3%, from US$11.6
million for the third quarter of 2023. The year-over-year
increase was mainly attributable to an increase of US$3.6 million in the DOGE/LTC
cryptocurrency production, due to an increase in hash
power related to new mining machines that were put into operation
in 2023. The sequential decrease was mainly attributable to higher
computing power of the whole network in the fourth quarter of 2023
compared with the computing power in the third quarter of
2023, resulting in an increased difficulty in
cryptocurrency mining activities.
Operating Costs and Expenses
Operating costs and expenses were US$13.2
million for the fourth quarter of 2023, representing a
decrease of US$9.7 million, or 42.4%,
from US$22.9 million for the fourth
quarter of 2022, and a decrease of US$1.8
million, or 12.0%, from US$15.0
million for the third quarter of 2023.
Cost of revenue was US$8.9 million
for the fourth quarter of 2023, representing a decrease of
US$7.5 million, or 45.7%, from
US$16.4 million for the fourth
quarter of 2022, and a decrease of US$1.9
million, or 17.6%, from US$10.8
million for the third quarter of 2023. The sequential
decrease was mainly attributable to the decrease in electricity
fees payable to the utility service provider as one of our
customers entered into arrangement directly with the utility
service provider. The year-over-year decrease was mainly
attributable to the decrease in electricity fees payable mentioned
above, and the overall year-over-year decrease in electricity rates
charged by the utility service provider. Cost of revenue was
comprised of the direct cost of revenue of US$6.0 million and depreciation and amortization
of US$2.9 million. The direct cost of
revenue mainly included direct costs relating to (i) the
cryptocurrency mining business of US$1.3 million, and (ii) the data center business
of US$4.7 million.
Sales and marketing expenses were US$0.3
million for the fourth quarter of 2023, compared with
US$0.03 million for the fourth
quarter of 2022 and US$0.03 million
for the third quarter of 2023.
General and administrative expenses were US$4.1 million for the fourth quarter of 2023,
representing a decrease of US$1.9
million, or 31.7%, from US$6.0
million for the fourth quarter of 2022 and a slight decrease
of US$0.1 million, or 2.4%, from
US$4.2 million for the third quarter
of 2023. The year-over-year decrease was mainly due to a decrease
of US$1.0 million in technical
service fee.
Service development expenses were nil for the fourth quarter of
2023, compared with US$0.5 million
for the fourth quarter of 2022 and US$0.04
million for the third quarter of 2023. The year-over-year
decrease was mainly due to a decrease in staff costs, benefits,
share-based compensation and other related expenses as a result of
a decrease in headcount.
Net Gain on Disposal of Cryptocurrency
Assets
Net gain on disposal of cryptocurrency assets was
US$1.5 million for the fourth quarter
of 2023, representing a decrease of US$2.2
million from US$3.7 million
for the fourth quarter of 2022, and an increase of US$0.6 million from US$0.9
million for the third quarter of 2023, by using the
first-in-first-out ("FIFO") method to calculate the cost of
disposition during the fourth quarter of 2023.
Impairment of Cryptocurrency
Assets
Impairment of cryptocurrency assets was
US$0.2 million for the fourth quarter
of 2023, representing a decrease of US$1.9
million from US$2.1 million
for the fourth quarter of 2022, and a decrease of US$0.5 million from US$0.7
million for the third quarter of 2023, mainly due to less
provision recorded for impairment of cryptocurrency
assets held as a result of generally increasing
cryptocurrency prices.
Impairment of Property and Equipment
Impairment of property and equipment was nil for the third and
fourth quarters of 2023 and was US$22.6
million for the fourth quarter of 2022, which was mainly due
to the provision for impairment of mining machines in Kazakhstan and the U.S.
Operating Loss from continuing
operations
Operating loss from continuing operations was US$1.6 million for the fourth quarter of 2023,
compared with operating loss from continuing operations of
US$38.3 million for the fourth
quarter of 2022, and operating loss from continuing operations of
US$4.1 million for the third quarter
of 2023.
Non-GAAP operating loss from continuing operations was
US$1.3 million for the fourth quarter
of 2023, compared with non-GAAP operating loss from continuing
operations of US$15.7 million for the
fourth quarter of 2022, and non-GAAP operating loss from continuing
operations of US$4.1 million for the
third quarter of 2023. The year-over-year decrease in non-GAAP
operating loss from continuing operations was mainly due to
(i) an increase of US$2.8
million in revenue of the self-mining business, due to
increases in cryptocurrency prices and mining machine,
(ii) a decrease of US$1.9
million in impairment of cryptocurrency assets,
(iii) a decrease of US$4.4 million in
depreciation and amortization expenses due to impairment of mining
machines and intangible asset in 2022, and (iv) a decrease of
US$1.2 million in cloud computing
power rental costs. The sequential decrease in non-GAAP operating
loss from continuing operations was mainly due to (i) a decrease of
US$0.5 million in impairment of
cryptocurrency assets and an increase of US$0.6 million in net gain on disposal of
cryptocurrency assets resulting from increases in
cryptocurrency prices, and (ii) a decrease of
US$0.8 million in other operating
expenses.
Net Loss Attributable to BIT Mining including from
continuing operations and discontinued operations
Net loss attributable to BIT Mining was US$4.2 million for the fourth quarter of 2023,
compared with net loss attributable to BIT Mining of US$109.2 million for the fourth quarter of 2022,
and net loss attributable to BIT Mining of US$4.4 million for the third quarter of 2023. The
year-over-year decrease in net loss attributable to BIT Mining was
mainly due to (i) a decrease of US$22.6
million in impairment of property and equipment, (ii)
decrease in net loss from discontinued operations resulting from a
decrease of US$48.6 million in
impairment of intangible assets and a decrease of US$26.6 million in impairment of goodwill, and
(iii) a decrease of US$2.3 million in
impairment of long-term investments.
Non-GAAP net loss attributable to BIT Mining was US$4.4 million for the fourth quarter of 2023,
compared with non-GAAP net loss attributable to BIT Mining of
US$9.1 million for the fourth quarter
of 2022, and non-GAAP net loss attributable to BIT Mining of
US$3.6 million for the third quarter
of 2023. The year-over-year decrease in non-GAAP net loss
attributable to BIT Mining was mainly due to the reasons related to
the decrease in net loss from discontinued operations mentioned
above. The sequential increase in non-GAAP net loss attributable to
BIT Mining was mainly due to the increase in net loss from
discontinued operations of US$3.8
million.
Cash and Cash Equivalents, Restricted Cash and Short-term
Investment
As of December 31, 2023, the
Company had cash and cash equivalents of US$3.6 million, compared with cash and cash
equivalents of US$5.4 million,
restricted cash3 of US$0.1
million, and short-term investment4 of
US$2.4 million as of December 31, 2022.
Cryptocurrency Assets
As of December 31, 2023, the
Company had cryptocurrency assets of US$7.6 million in aggregate, which comprised of
22.6 BTC, 12.2 million DOGE, 11,955 LTC, and various
other cryptocurrency assets, which were generated from
its cryptocurrency mining businesses, without regard
to its mining pool businesses.
|
3 Restricted
cash represents deposits in merchant banks yet to be
withdrawn.
|
|
4 Short-term
investment represents fixed coupon notes with original maturities
of greater than three months but less than a year.
|
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company with operations in
cryptocurrency mining, data center operation and
mining machine manufacturing. The Company is strategically creating
long-term value across the industry with its
cryptocurrency ecosystem. Anchored by its
cost-efficient data centers that strengthen its profitability with
steady cash flow, the Company also conducts self-mining operations
that enhance its marketplace resilience by leveraging
self-developed and purchased mining machines to seamlessly adapt to
dynamic cryptocurrency pricing. The Company also owns
7-nanometer BTC chips and has strong capabilities in the
development of LTC/DOGE miners and ETC miners.
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
As a supplement to net loss, we use the non-GAAP financial
measure of adjusted net loss which is U.S. GAAP net loss as
adjusted to exclude the impact of share-based compensation
expenses, impairment of intangible assets, impairment of equity
investments, impairment of property and equipment, changes in fair
value of contingent considerations, and changes in fair value of
derivative instruments. All adjustments are non-cash and we believe
they are not reflective of our general business performance. This
non-GAAP financial measure is provided as additional information to
help our investors compare business trends among different
reporting periods on a consistent basis and to enhance investors'
overall understanding of our current financial performance and
prospects for the future. This non-GAAP financial measure should
not be considered in addition to or as a substitute for or superior
to U.S. GAAP net loss. In addition, our definition of adjusted net
loss may be different from the definition of such term used by
other companies, and therefore comparability may be limited.
For more information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
|
BIT Mining
Limited
|
|
Condensed
Consolidated Balance Sheets
|
|
(Amounts in
thousands of U.S. dollars ("US$"), except for number of
shares)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
|
|
December 31,
2023
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
5,371
|
|
|
|
3,575
|
|
|
Restricted
cash
|
|
|
126
|
|
|
|
-
|
|
|
Short-term
investment
|
|
|
2,360
|
|
|
|
-
|
|
|
Accounts
receivable
|
|
|
3,575
|
|
|
|
2,873
|
|
|
Prepayments and other
current assets
|
|
|
8,310
|
|
|
|
12,723
|
|
|
Cryptocurrency
assets
|
|
|
5,573
|
|
|
|
7,629
|
|
|
Current assets of
discontinued operations
|
|
|
10,021
|
|
|
|
13,712
|
|
|
Total current
assets
|
|
|
35,336
|
|
|
|
40,512
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
27,209
|
|
|
|
22,833
|
|
|
Intangible assets,
net
|
|
|
3,299
|
|
|
|
2,033
|
|
|
Deposits
|
|
|
2,387
|
|
|
|
2,467
|
|
|
Long-term
investments
|
|
|
8,049
|
|
|
|
6,307
|
|
|
Right-of-use
assets
|
|
|
4,135
|
|
|
|
3,752
|
|
|
Long-term prepayments
and other non-current assets
|
|
|
6,363
|
|
|
|
47
|
|
|
Non-current assets of
discontinued operations
|
|
|
26
|
|
|
|
-
|
|
|
Total non-current
assets
|
|
|
51,468
|
|
|
|
37,439
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
86,804
|
|
|
|
77,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
3,672
|
|
|
|
2,291
|
|
|
Accrued payroll and
welfare payable
|
|
|
747
|
|
|
|
458
|
|
|
Accrued expenses and
other current liabilities
|
|
|
4,825
|
|
|
|
4,335
|
|
|
Income tax
payable
|
|
|
73
|
|
|
|
76
|
|
|
Operating lease
liabilities - current
|
|
|
1,367
|
|
|
|
1,413
|
|
|
Current liabilities of
discontinued operations
|
|
|
20,155
|
|
|
|
27,605
|
|
|
Total current
liabilities
|
|
|
30,839
|
|
|
|
36,178
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities - non-current
|
|
|
2,837
|
|
|
|
2,339
|
|
|
Total non-current
liabilities
|
|
|
2,837
|
|
|
|
2,339
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
33,676
|
|
|
|
38,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005 per share;
1,599,935,000 shares authorized as of December 31, 2022 and
December 31, 2023; 1,063,813,210 and 1,111,232,210 shares
issued
and outstanding as of December 31, 2022 and December 31, 2023,
respectively
|
|
|
54
|
|
|
|
54
|
|
|
Class A preference
shares, par value US$0.00005 per share; 65,000
shares authorized as of December 31, 2022 and December 31,
2023;
65,000 shares issued and outstanding as of December 31, 2022
and December 31, 2023
|
|
|
-
|
|
|
|
-
|
|
|
Class B ordinary
shares, par value US$0.00005 per share; 400,000,000
shares authorized as of December 31, 2022 and December 31,
2023;
99 shares issued and outstanding as of December 31, 2022 and
December 31, 2023
|
|
|
-
|
|
|
|
-
|
|
|
Additional paid-in
capital
|
|
|
620,807
|
|
|
|
621,837
|
|
|
Treasury
shares
|
|
|
(21,604)
|
|
|
|
(21,604)
|
|
|
Accumulated deficit and
statutory reserve
|
|
|
(542,169)
|
|
|
|
(556,597)
|
|
|
Accumulated other
comprehensive loss
|
|
|
(3,960)
|
|
|
|
(4,256)
|
|
|
Total shareholders'
equity
|
|
|
53,128
|
|
|
|
39,434
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
86,804
|
|
|
|
77,951
|
|
|
BIT Mining
Limited
|
|
Condensed
Consolidated Statements of Comprehensive Loss
|
|
(Amounts in
thousands of U.S. dollars ("US$"),
|
|
except for
number of shares, per share (or ADS) data)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
December 31,
2022
|
|
|
September 30,
2023
|
|
|
December 31,
2023
|
|
|
December 31,
2022
|
|
|
December 31,
2023
|
|
|
Revenues
|
|
|
|
|
7,168
|
|
|
|
11,639
|
|
|
|
10,407
|
|
|
|
57,025
|
|
|
|
43,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
|
(16,417)
|
|
|
|
(10,763)
|
|
|
|
(8,935)
|
|
|
|
(61,195)
|
|
|
|
(39,147)
|
|
|
Sales and marketing
expenses
|
|
|
|
|
(27)
|
|
|
|
(33)
|
|
|
|
(256)
|
|
|
|
(336)
|
|
|
|
(378)
|
|
|
General and
administrative expenses
|
|
|
|
|
(5,951)
|
|
|
|
(4,184)
|
|
|
|
(4,054)
|
|
|
|
(21,946)
|
|
|
|
(19,153)
|
|
|
Service development
expenses
|
|
|
|
|
(481)
|
|
|
|
(38)
|
|
|
|
-
|
|
|
|
(2,213)
|
|
|
|
(874)
|
|
|
Total operating
costs
and expenses
|
|
|
|
|
(22,876)
|
|
|
|
(15,018)
|
|
|
|
(13,245)
|
|
|
|
(85,690)
|
|
|
|
(59,552)
|
|
|
Other operating
income
|
|
|
|
|
135
|
|
|
|
-
|
|
|
|
86
|
|
|
|
115
|
|
|
|
220
|
|
|
Government
grant
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
29
|
|
|
|
-
|
|
|
Other operating
expenses
|
|
|
|
|
(1,750)
|
|
|
|
(995)
|
|
|
|
(197)
|
|
|
|
(3,234)
|
|
|
|
(1,494)
|
|
|
Net gain (loss) on
disposal of
cryptocurrency assets
|
|
|
|
|
3,711
|
|
|
|
932
|
|
|
|
1,531
|
|
|
|
(5,384)
|
|
|
|
7,074
|
|
|
Impairment of
cryptocurrency assets
|
|
|
|
|
(2,097)
|
|
|
|
(691)
|
|
|
|
(163)
|
|
|
|
(9,396)
|
|
|
|
(2,280)
|
|
|
Changes in fair value
of
contingent
considerations
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,247
|
|
|
|
-
|
|
|
Impairment of
property
and equipment
|
|
|
|
|
(22,641)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(35,224)
|
|
|
|
-
|
|
|
Impairment of
intangible assets
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,539)
|
|
|
|
-
|
|
|
Operating
loss
|
|
|
|
|
(38,348)
|
|
|
|
(4,133)
|
|
|
|
(1,581)
|
|
|
|
(88,051)
|
|
|
|
(12,931)
|
|
|
Other income
(expense), net
|
|
|
|
|
531
|
|
|
|
(5)
|
|
|
|
395
|
|
|
|
9,031
|
|
|
|
797
|
|
|
Interest
income
|
|
|
|
|
25
|
|
|
|
200
|
|
|
|
-
|
|
|
|
150
|
|
|
|
242
|
|
|
Interest
expense
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(218)
|
|
|
|
-
|
|
|
Gain from equity
method investments
|
|
|
|
|
8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
164
|
|
|
|
939
|
|
|
Impairment of long-
term investments
|
|
|
|
|
(2,250)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,250)
|
|
|
|
-
|
|
|
Gain from disposal
of
subsidiaries
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,340
|
|
|
|
-
|
|
|
Changes in fair value
of
derivative instruments
|
|
|
|
|
-
|
|
|
|
(808)
|
|
|
|
423
|
|
|
|
-
|
|
|
|
(110)
|
|
|
Loss before income
tax
from continuing
operations
|
|
|
|
|
(40,034)
|
|
|
|
(4,746)
|
|
|
|
(763)
|
|
|
|
(77,834)
|
|
|
|
(11,063)
|
|
|
Income tax
benefits
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net loss from
continuing
operations
|
|
|
|
|
(40,034)
|
|
|
|
(4,746)
|
|
|
|
(763)
|
|
|
|
(77,834)
|
|
|
|
(11,063)
|
|
|
Net (loss) income
from
discontinued
operations, net of
applicable income taxes
|
|
|
|
|
(69,123)
|
|
|
|
387
|
|
|
|
(3,455)
|
|
|
|
(80,593)
|
|
|
|
(3,365)
|
|
|
Net
loss
|
|
|
|
|
(109,157)
|
|
|
|
(4,359)
|
|
|
|
(4,218)
|
|
|
|
(158,427)
|
|
|
|
(14,428)
|
|
|
Less: Net loss
attributable to
noncontrolling interests
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,012)
|
|
|
|
-
|
|
|
Net loss
attributable to
BIT Mining Limited
|
|
|
|
|
(109,157)
|
|
|
|
(4,359)
|
|
|
|
(4,218)
|
|
|
|
(155,415)
|
|
|
|
(14,428)
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
|
|
236
|
|
|
|
(44)
|
|
|
|
188
|
|
|
|
(1,735)
|
|
|
|
(296)
|
|
|
Other
comprehensive
income (loss), net of tax
|
|
|
|
|
236
|
|
|
|
(44)
|
|
|
|
188
|
|
|
|
(1,735)
|
|
|
|
(296)
|
|
|
Comprehensive
loss
|
|
|
|
|
(108,921)
|
|
|
|
(4,403)
|
|
|
|
(4,030)
|
|
|
|
(160,162)
|
|
|
|
(14,724)
|
|
|
Less: comprehensive
loss attributable to
noncontrolling interests
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,142)
|
|
|
|
-
|
|
|
Comprehensive
loss
attributable to BIT
Mining Limited
|
|
|
|
|
(108,921)
|
|
|
|
(4,403)
|
|
|
|
(4,030)
|
|
|
|
(157,020)
|
|
|
|
(14,724)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
1,063,813,210
|
|
|
|
1,111,232,309
|
|
|
|
1,111,232,309
|
|
|
|
871,036,499
|
|
|
|
1,102,373,814
|
|
|
Diluted
|
|
|
|
|
1,063,813,210
|
|
|
|
1,111,232,309
|
|
|
|
1,111,232,309
|
|
|
|
871,036,499
|
|
|
|
1,102,373,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to BIT
Mining Limited-Basic
and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
|
|
|
(0.04)
|
|
|
|
(0.00)
|
|
|
|
(0.00)
|
|
|
|
(0.09)
|
|
|
|
(0.01)
|
|
|
Net (loss) income
from
discontinued operations
|
|
|
|
|
(0.06)
|
|
|
|
0.00
|
|
|
|
(0.00)
|
|
|
|
(0.09)
|
|
|
|
(0.00)
|
|
|
Net loss
|
|
|
|
|
(0.10)
|
|
|
|
(0.00)
|
|
|
|
(0.00)
|
|
|
|
(0.18)
|
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS*
attributable to BIT
Mining Limited-Basic
and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
|
|
|
(3.76)
|
|
|
|
(0.43)
|
|
|
|
(0.07)
|
|
|
|
(8.59)
|
|
|
|
(1.00)
|
|
|
Net (loss) income
from
discontinued operations
|
|
|
|
|
(6.50)
|
|
|
|
0.04
|
|
|
|
(0.31)
|
|
|
|
(9.25)
|
|
|
|
(0.31)
|
|
|
Net loss
|
|
|
|
|
(10.26)
|
|
|
|
(0.39)
|
|
|
|
(0.38)
|
|
|
|
(17.84)
|
|
|
|
(1.31)
|
|
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of the Company.
|
|
BIT Mining
Limited
Reconciliation of non-GAAP results of operations measures to the
nearest comparable GAAP measures
(Amounts in thousands of U.S. dollars ("US$"),
except for number of shares, per share (or ADS) data)
(Unaudited)
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
2022
|
|
|
September 30,
2023
|
|
|
December 31,
2023
|
|
|
December 31,
2022
|
|
|
December 31,
2023
|
|
|
Operating loss from continuing
operations
|
|
|
(38,348)
|
|
|
|
(4,133)
|
|
|
|
(1,581)
|
|
|
|
(88,051)
|
|
|
|
(12,931)
|
|
|
Adjustment for
share-based compensation
expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
276
|
|
|
|
4,474
|
|
|
|
1,030
|
|
|
Adjustment for
impairment of intangible assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,539
|
|
|
|
-
|
|
|
Adjustment for
impairment of property and
equipment
|
|
|
22,641
|
|
|
|
-
|
|
|
|
-
|
|
|
|
35,224
|
|
|
|
-
|
|
|
Adjustment for changes
in fair value of contingent
considerations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,247)
|
|
|
|
-
|
|
|
Adjusted operating loss (non-GAAP) from
continuing operations
|
|
|
(15,707)
|
|
|
|
(4,133)
|
|
|
|
(1,305)
|
|
|
|
(42,061)
|
|
|
|
(11,901)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to BIT Mining
Limited
|
|
|
(109,157)
|
|
|
|
(4,359)
|
|
|
|
(4,218)
|
|
|
|
(155,415)
|
|
|
|
(14,428)
|
|
|
Net (loss) income
attributable to BIT Mining
Limited
from discontinued operations, net of applicable
income taxes
|
|
|
(69,123)
|
|
|
|
387
|
|
|
|
(3,455)
|
|
|
|
(80,593)
|
|
|
|
(3,365)
|
|
|
Net loss attributable to BIT Mining Limited
from continuing operations
|
|
|
(40,034)
|
|
|
|
(4,746)
|
|
|
|
(763)
|
|
|
|
(74,822)
|
|
|
|
(11,063)
|
|
|
Adjustment for
share-based compensation
expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
276
|
|
|
|
4,474
|
|
|
|
1,030
|
|
|
Adjustment for
impairment of intangible
assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,539
|
|
|
|
-
|
|
|
Adjustment for
impairment of equity
investments
|
|
|
2,250
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,250
|
|
|
|
-
|
|
|
Adjustment for
impairment of property
and equipment
|
|
|
22,641
|
|
|
|
-
|
|
|
|
-
|
|
|
|
35,224
|
|
|
|
-
|
|
|
Adjustment for changes
in fair value of
derivative instruments
|
|
|
-
|
|
|
|
808
|
|
|
|
(423)
|
|
|
|
-
|
|
|
|
110
|
|
|
Adjustment for changes
in fair value of
contingent considerations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,247)
|
|
|
|
-
|
|
|
Adjusted net loss attributable to BIT Mining
Limited (non-GAAP) from continuing operations
|
|
|
(15,143)
|
|
|
|
(3,938)
|
|
|
|
(910)
|
|
|
|
(26,582)
|
|
|
|
(9,923)
|
|
|
Net loss from discontinued operations, net of
applicable income taxes
|
|
|
(69,123)
|
|
|
|
387
|
|
|
|
(3,455)
|
|
|
|
(80,593)
|
|
|
|
(3,365)
|
|
|
Adjustment for
impairment of intangible assets
|
|
|
48,555
|
|
|
|
-
|
|
|
|
-
|
|
|
|
48,555
|
|
|
|
-
|
|
|
Adjustment for
impairment of goodwill
|
|
|
26,569
|
|
|
|
-
|
|
|
|
-
|
|
|
|
26,569
|
|
|
|
-
|
|
|
Adjusted net income (loss) attributable to BIT
Mining Limited (non-GAAP) from discontinued
operations
|
|
|
6,001
|
|
|
|
387
|
|
|
|
(3,455)
|
|
|
|
(5,469)
|
|
|
|
(3,365)
|
|
|
Adjusted net loss attributable to BIT Mining
Limited (non-GAAP)
|
|
|
(9,142)
|
|
|
|
(3,551)
|
|
|
|
(4,365)
|
|
|
|
(32,051)
|
|
|
|
(13,288)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of Class A and
Class B ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,063,813,210
|
|
|
|
1,111,232,309
|
|
|
|
1,111,232,309
|
|
|
|
871,036,499
|
|
|
|
1,102,378,814
|
|
|
Diluted
|
|
|
1,063,813,210
|
|
|
|
1,111,232,309
|
|
|
|
1,111,232,309
|
|
|
|
871,036,499
|
|
|
|
1,102,373,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share attributable to BIT Mining
Limited (non-GAAP)-Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss
from continuing operations
(non-GAAP)
|
|
|
(0.01)
|
|
|
|
(0.00)
|
|
|
|
(0.00)
|
|
|
|
(0.03)
|
|
|
|
(0.01)
|
|
|
Adjusted net (loss)
income from discontinued operations
(non-GAAP)
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
(0.00)
|
|
|
|
(0.01)
|
|
|
|
(0.00)
|
|
|
Adjusted net loss
(non-GAAP)
|
|
|
(0.01)
|
|
|
|
(0.00)
|
|
|
|
(0.00)
|
|
|
|
(0.04)
|
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS* attributable to BIT Mining
Limited (non-GAAP)-Basic and Diluted (Note)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss
from continuing operations (non-GAAP)
|
|
|
(1.42)
|
|
|
|
(0.35)
|
|
|
|
(0.08)
|
|
|
|
(3.05)
|
|
|
|
(0.90)
|
|
|
Adjusted net (loss)
income from discontinued operations
(non-GAAP)
|
|
|
0.56
|
|
|
|
0.03
|
|
|
|
(0.31)
|
|
|
|
(0.63)
|
|
|
|
(0.31)
|
|
|
Adjusted net loss
(non-GAAP)
|
|
|
(0.86)
|
|
|
|
(0.32)
|
|
|
|
(0.39)
|
|
|
|
(3.68)
|
|
|
|
(1.21)
|
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents 100 Class
A ordinary shares of the Company.
|
View original
content:https://www.prnewswire.com/news-releases/bit-mining-limited-announces-unaudited-financial-results-for-the-fourth-quarter-and-full-year-ended-december-31-2023-302070108.html
SOURCE BIT Mining Limited
