SHENZHEN, China, May 10, 2021 /PRNewswire/ -- BIT Mining Limited
(NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," "our
company," or "our"), a leading cryptocurrency mining enterprise,
today reported its unaudited financial results for the
first quarter ended March 31,
2021.
Cryptocurrency Business Progress
BIT Mining Limited has completed
the transition of its business to an enterprise that covers
cryptocurrency mining, mining pool, and data center operation.
As of today, we have deployed 50,113 mining machines. The
theoretical maximum total hash rate capacity of such mining
machines is about 1,031.5 PH/s, and we currently produce
approximately 4 bitcoins each day.
As of April 30, 2021, we have
produced approximately 110 bitcoins, equivalent to revenue of
approximately RMB40.6 million
(US$6.2 million). As of today, we have produced
approximately 147 bitcoins, equivalent to revenue of approximately
RMB54.4 million (US$8.3 million). We currently own approximately
489 bitcoins, including the 356.04342 bitcoins that we received
from the private placement of our Class A ordinary shares to Good
Luck Information Technology Co., Limited.
On March 31, 2021, we completed
our subscription for shares of Loto Interactive Limited (HKEX:
08198) ("Loto Interactive") which
we refer to as our data center business, our ownership of Loto Interactive thereby
increased to 54.2%, and Loto Interactive became a subsidiary of our
company. As a result, the Company consolidated Loto Interactive on
March 31, 2021. The three
hydroelectric cryptocurrency data centers owned by Loto Interactive
have an aggregate gross area of over 18,000 square meters and a
total power capacity of 435WM. Such data centers could provide data
analysis and storage services for up to 225,000 data processors at
the same time. From April 1, 2021 to
April 30, 2021, revenue generated
from our data center business was RMB28.3
million (US$4.3 million).
We also completed our acquisition of
the entire mining pool business of Bitdeer Technologies Holding
Company operated under BTC.com, including the domain name BTC.com
and the cryptocurrency wallet of BTC.com (collectively, the
"BTC.com Pool Businesses"). From April 1,
2021 to April 30, 2021, the
gross profit of the BTC.com Pool Businesses was RMB 55.3 million (US$8.4
million).
All of the BTC and ETH mining machines that we have purchased
are expected to be deployed by the end of 2021. Assuming full
delivery, our theoretical maximum total BTC hash rate capacity will
increase to approximately 2,000 PH/s, and our theoretical maximum
total ETH hash rate capacity will increase to approximately 4,800
GH/s.
We also have entered into a definitive agreement to acquire a
7-nanometer cryptocurrency mining machine manufacturer, Bee
Computing (HK) Limited, to complete our vertical integration with
our supply chain, increase our self-sufficiency while also
strengthening our competitive position.
First Quarter
2021 Highlights
- Net revenues were RMB19.6 million
(US$3.0 million) in the first quarter
of 2021, representing a significant increase of RMB10.6 million or 117.8% from RMB9.0 million for the fourth quarter of 2020,
and a sharp increase of RMB16.5
million or 532.3% from RMB3.1
million for the first quarter of 2020. Net revenues during
the first quarter of 2021 primarily consisted of RMB11.8 million (US$1.8
million) in revenue contribution from our cryptocurrency
mining business that we initiated on February 27, 2021, which accounted for 60.2% of
total net revenues.
- Operating loss was RMB16.5
million (US$2.5 million) in
the first quarter of 2021, representing a significant decrease of
RMB34.9 million or 67.9% from
RMB51.4 million for the fourth
quarter of 2020, and a significant decrease of RMB20.3 million or 55.2% from RMB36.8 million for the first quarter of
2020.
- Non-GAAP[1] operating loss was RMB16.2 million (US$2.5
million) in the first quarter of 2021, representing a
significant decrease of RMB16.2
million or 50.0% from RMB32.4
million for the fourth quarter of 2020, and a significant
decrease of RMB15.5 million or 48.9%
from RMB31.7 million for the first
quarter of 2020.
- Net income attributable to BIT Mining was RMB13.2 million (US$2.0
million) in the first quarter of 2021, as compared with net
loss attributable to BIT Mining of RMB56.1
million for the fourth quarter of 2020, and net loss
attributable to BIT Mining of RMB36.8
million for the first quarter of 2020.
- Non-GAAP net loss attributable to BIT Mining was RMB22.8 million (US$3.5
million) in the first quarter of 2021, representing a
decrease of RMB14.7 million or 39.2%
from RMB37.5 million for the fourth
quarter of 2020, and a decrease of RMB12.5
million or 35.4% from RMB35.3
million for the first quarter of 2020.
[1]
Non-GAAP financial measures exclude the impact of share-based
compensation expenses, impairment of long-term investments, gain on
previously-held equity interest and deferred tax benefit relating
to valuation allowance. Reconciliations of non-GAAP financial
measures to U.S. GAAP financial measures are set forth in the table
at the end of this release.
|
First Quarter 2021 Financial
Results
Net Revenues
Net revenues were RMB19.6 million
(US$3.0 million) for the first
quarter of 2021, which nearly equals our net revenues for the full
year 2020, representing a sharp increase of RMB16.5 million or 532.3% from RMB3.1 million for the first quarter of 2020 and
a significant increase of RMB10.6
million or 117.8% from RMB9.0
million for the fourth quarter of 2020. The
year-over-year and sequential increase were mainly attributable to
our cryptocurrency mining business initiated at the end of
February 2021.
Operating Expenses
Operating expenses were RMB36.3
million (US$5.5 million) for
the first quarter of 2021, representing a decrease of RMB7.7 million or 17.5% from RMB44.0 million for the first quarter of
2020, and a significant decrease of RMB24.6
million or 40.4% from RMB60.9 million for the fourth quarter of
2020. The year-over-year decrease was mainly due to a decrease
of RMB5.3 million in expenses for
employees as a result of decreases in headcount, a decrease of
RMB4.9 million in share-based
compensation expenses associated with share options granted to the
Company's directors and employees, a decrease of RMB4.1 million in rental expenses mainly
resulting from the partial termination of our office lease in
Shenzhen, and a decrease of
RMB3.1 million in depreciation mainly
associated with leasehold improvements for the partial termination
of our office lease in Shenzhen,
which were partially offset by an increase of RMB5.4 million in consulting expenses, an
increase of RMB2.4 million in server
hosting expenses associated with cryptocurrency mining business, an
increase of RMB0.7 million in
marketing and promotional expenses, and an increase of RMB0.7 million in lottery insurance costs for The
Multi Group, or TMG. The sequential decrease was mainly due to
a decrease of RMB18.8 million in
share-based compensation expenses associated with share options
granted to the Company's directors and employees and a decrease of
RMB13.7 million in expenses for
employees as a result of decreases in headcount, which were
partially offset by an increase of RMB3.9
million in consulting expenses, an increase of RMB2.6 million in server hosting expenses
associated with cryptocurrency mining business, and an increase of
RMB1.0 million in depreciation
associated with cryptocurrency mining machines.
Cost of services was RMB8.5 million (US$1.3 million) for the first quarter of
2021, representing an increase of RMB4.5
million or 112.5% from RMB4.0 million for the first quarter of
2020, and an increase of RMB4.1
million or 93.2% from RMB4.4 million for
the fourth quarter of 2020. The year-over-year increase
was mainly attributable to an increase of RMB2.4 million in server hosting expenses
associated with cryptocurrency mining business, an increase of
RMB1.0 million in depreciation
associated with cryptocurrency mining machines, and an increase of
RMB0.7 million in lottery insurance
costs for TMG. The sequential increase was mainly attributable
to an increase of RMB2.6 million
in server hosting expenses associated with cryptocurrency mining
business and an increase of RMB1.1
million in depreciation associated with cryptocurrency
mining machines.
Sales and marketing expenses were RMB2.5 million (US$0.4 million) for the first quarter of
2021, representing a decrease of RMB0.5
million or 16.7% from RMB3.0 million for
the first quarter of 2020, and a decrease of RMB2.1 million or 45.7% from RMB4.6 million for the fourth quarter of 2020.
The sequential decrease was mainly due to a decrease of
RMB1.8 million in expenses for
employees and a decrease of RMB0.6
million in share-based compensation expenses associated with
share options granted to the Company's directors and employees.
General and administrative expenses were RMB22.6 million (US$3.4
million) for the first quarter of 2021, representing a
decrease of RMB7.3 million or
24.4% from RMB29.9 million for
the first quarter of 2020, and a decrease of RMB18.3 million or 44.7% from RMB40.9 million for the fourth quarter
of 2020. The year-over-year decrease was mainly due to a
decrease of RMB4.0 million in
depreciation mainly associated with leasehold improvements for the
partial termination of our office lease in Shenzhen, a decrease of RMB3.9 million in share-based compensation
expenses associated with share options granted to the Company's
directors and employees, a decrease of RMB2.7 million in rental expenses mainly
resulting from the partial termination of our office lease in
Shenzhen, and a decrease of
RMB2.4 million in expenses for
employees as a result of decreases in headcount, which were
partially offset by an increase of RMB5.4
million in consulting expenses. The sequential
decrease was mainly due to a decrease of RMB16.6 million in share-based compensation
expenses associated with share options granted to the Company's
directors and employees and a decrease of RMB5.3 million in expenses for employees as a
result of decreases in headcount, which were partially offset
by an increase of RMB3.9 million in
consulting expenses.
Service development expenses were RMB2.7 million (US$0.4 million) for the first quarter of 2021,
representing a decrease of RMB4.4
million or 62.0% from RMB7.1 million for the first quarter of
2020, and a decrease of RMB8.4
million or 75.7% from RMB11.1 million for the fourth quarter
of 2020. The year-over-year decrease was mainly due to a
decrease of RMB2.1 million in
expenses for employees as a result of decreases in headcount, a
decrease of RMB1.4 million in rental
expenses mainly resulting from the partial termination of our
office lease in Shenzhen, and a
decrease of RMB0.8 million in
share-based compensation expenses associated with share options
granted to the Company's directors and employees. The sequential
decrease was mainly due to a decrease of RMB6.6 million in expenses for employees as a
result of decreases in headcount and a decrease of
RMB1.7 million in share-based
compensation expenses associated with share options granted to the
Company's directors and employees.
Operating Loss
Operating loss was RMB16.5 million (US$2.5 million) for the first quarter of 2021,
compared with operating loss of RMB36.8 million for
the first quarter of 2020, and operating loss of
RMB51.4 million for the
fourth quarter of 2020. The year-over-year decrease was mainly
due to (i) an increase of RMB16.5
million in revenue, which was mainly attributable to the
cryptocurrency mining business initiated at the end of February 2021, and (ii) a decrease of
RMB7.7 million in operating expenses
due to cost reduction measures implemented by management. The
sequential decrease was mainly due to (i) an increase of
RMB10.6 million in revenue, which was
mainly attributable to the cryptocurrency mining business initiated
at the end of February 2021, and (ii)
a decrease of RMB24.6 million in
operating expenses due to cost reduction measures implemented by
management.
Non-GAAP operating loss was RMB16.2
million (US$2.5 million) for
the first quarter of 2021, compared with non-GAAP operating
loss of RMB31.7 million for
the first quarter of 2020, and non-GAAP operating loss of
RMB32.4 million for the
fourth quarter of 2020. The year-over-year decrease was mainly
due to an increase of RMB16.5 million
in revenue, which was mainly attributable to the cryptocurrency
mining business initiated at the end of February 2021. The sequential decrease was mainly
due to (i) an increase of RMB10.6
million in revenue, which was mainly attributable to the
cryptocurrency mining business initiated at the end of February 2021, and (ii) a decrease of
RMB5.8 million in Non-GAAP operating
expenses due to cost reduction measures implemented by
management.
Net Income (Loss) Attributable to BIT
Mining
Net income attributable to BIT Mining was RMB13.2 million (US$2.0 million) for the first quarter of 2021,
compared with net loss attributable to BIT Mining of
RMB36.8 million for
the first quarter of 2020, and net loss attributable to
BIT Mining of RMB56.1
million for the fourth quarter of 2020. The
year-over-year increase in net income attributable to BIT Mining
was mainly due to (i) an increase of RMB16.5
million in revenue, which was mainly attributable to the
cryptocurrency mining business initiated at the end of February 2021, and (ii) an increase of
RMB36.1 million in gain on
previously-held equity interest in Loto Interactive as a result of
re-measurement of the previously-held equity interest in Loto
Interactive at the acquisition date fair value on March 31, 2021. The sequential increase in net
income attributable to BIT Mining was mainly due to (i) an
increase of RMB10.6 million in
revenue, which was mainly attributable to the cryptocurrency mining
business initiated at the end of February
2021, (ii) a decrease of RMB24.6
million in operating expenses due to cost reduction measures
implemented by management, and (iii) an increase of RMB36.1 million in gain on previously-held equity
interest in Loto Interactive as a result of re-measurement of the
previously-held equity interest in Loto Interactive at the
acquisition date fair value on March 31,
2021.
Non-GAAP net loss attributable to BIT Mining was RMB22.8 million (US$3.5
million) for the first quarter of 2021, compared with
non-GAAP net loss attributable to BIT Mining of RMB35.3 million for the first quarter
of 2020, and non-GAAP net loss attributable to BIT Mining of
RMB37.5 million for
the fourth quarter of 2020. The year-over-year decrease
was mainly due to an increase of RMB16.5
million in revenue, which was mainly attributable to the
cryptocurrency mining business initiated at the end of February 2021. The sequential decrease was mainly
due to (i) an increase of RMB10.6
million in revenue, which was mainly attributable to the
cryptocurrency mining business initiated at the end of February 2021, and (ii) a decrease of
RMB5.8 million in Non-GAAP operating
expenses due to cost reduction measures implemented by
management.
Cash and Cash Equivalents and Restricted Cash
As of March 31, 2021, the Company
had cash and cash equivalents of RMB173.4 million (US$26.5 million) and restricted
cash[2] of RMB309.8 million (US$47.3 million), compared with cash and cash
equivalents of RMB308.7 million
and restricted cash of RMB3.8
million as of December 31,
2020.
Accounts receivable
As of March 31, 2021, the Company
had accounts receivable of RMB20.1 million (US$3.1 million), which primarily represents
service fees receivable from the clients of Loto Interactive.
Cryptocurrency assets
As of March 31, 2021, the Company
had cryptocurrency assets of RMB134.6 million (US$20.5 million), the equivalent of 378
bitcoins, including those received from the private placement in
February 2021 and those generated
from the cryptocurrency mining business initiated at the end of
February 2021.
Prepayments and Other Current Assets
As of March 31, 2021, the balance of prepayment and other
current assets was RMB93.7 million (US$14.3 million), compared with RMB23.0 million as of December 31, 2020. The balance as of March 31, 2021 mainly included: (i) the current
portion of deferred expenses of RMB3.0 million (US$0.5 million); (ii) receivables from third
party payment providers of RMB3.4
million (US$0.5 million);
(iii) deposit receivables of RMB24.6
million (US$3.8 million);
(iv) deductible value-added input tax of RMB40.0 million (US$6.1 million); and (v) other receivables
of RMB22.7 million (US$3.4 million).
[2]
Restricted cash represent: (i) deposits in merchant banks for
mortgage loans and with special purpose use for general offer for
our acquisition of a controlling stake in Loto Interactive, (ii)
deposits in merchant banks yet to be withdrawn, and (iii)
government grants received but pending final clearance.
|
About BIT Mining Limited
BIT Mining Limited (NYSE: BTCM) is a leading 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
has deployed bitcoin mining machines with a theoretical maximum
total hash rate capacity of approximately 1,031.5 PH/s, owns three
hydroelectric cryptocurrency data centers with a total power
capacity of 435MW and owns the entire mining pool business operated
under BTC.com, including the domain name BTC.com and the
cryptocurrency wallet of BTC.com. The Company has also entered into
a definitive agreement to acquire a 7-nanometer cryptocurrency
mining machine manufacturer, Bee Computing (HK) Limited, to
complete its vertical integration with its supply chain, increase
its self-sufficiency while also strengthening its competitive
position.
Currency Convenience Translation
This announcement contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars were made at the exchange rate of
RMB6.5518 to US$1.00, as set forth in the H.10 statistical
release of the Federal Reserve Board on March 31, 2021, and all translations from
Renminbi to Euros were made at the exchange rate of RMB7.8039 to EUR1.00, which was the average of the month-end
exchange rates as set forth in the statistical release of State
Administration of Foreign Exchange at the end of each month in
2021.
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 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@500wan.com
Ms. Danni Zheng
Phone: +86 755 8633 8005
The Piacente Group, Inc.
Helen Wu
Tel: +86 (10) 6508-0677
Email: 500@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: 500@tpg-ir.com
BIT Mining
Limited
Condensed Consolidated Balance Sheets
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares)
|
|
|
December 31,
2020
|
|
March 31,
2021
|
March 31,
2021
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
Audited
|
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
308,676
|
|
173,376
|
26,462
|
Restricted
cash
|
|
3,829
|
|
309,753
|
47,278
|
Accounts
receivable
|
|
-
|
|
20,057
|
3,061
|
Amounts due from
related parties
|
|
368
|
|
821
|
125
|
Prepayments and other
current assets
|
|
22,980
|
|
93,694
|
14,300
|
Cryptocurrency
assets
|
|
-
|
|
134,641
|
20,550
|
Total current
assets
|
|
335,853
|
|
732,342
|
111,776
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
|
19,779
|
|
375,502
|
57,313
|
Intangible assets,
net
|
|
2,398
|
|
2,399
|
366
|
Deposits
|
|
1,480
|
|
26,411
|
4,031
|
Long-term
investments
|
|
99,972
|
|
69,076
|
10,543
|
Right-of-use
assets
|
|
9,327
|
|
12,673
|
1,934
|
Other non-current
assets
|
|
1,664
|
|
86,303
|
13,172
|
Total non-current
assets
|
|
134,620
|
|
572,364
|
87,359
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
470,473
|
|
1,304,706
|
199,135
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short term
loans
|
|
-
|
|
170,208
|
25,979
|
Accounts
payable
|
|
-
|
|
21,318
|
3,254
|
Amounts due to
related parties
|
|
-
|
|
2,503
|
382
|
Accrued payroll
and welfare payable
|
|
13,401
|
|
2,510
|
383
|
Accrued
expenses and other current liabilities
|
|
55,960
|
|
165,945
|
25,324
|
Income tax
payable
|
|
549
|
|
6,785
|
1,036
|
Operating lease
liabilities - current
|
|
3,710
|
|
6,354
|
970
|
Total current
liabilities
|
|
73,620
|
|
375,623
|
57,328
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
payables
|
|
526
|
|
457
|
70
|
Operating lease
liabilities - non-current
|
|
5,807
|
|
7,009
|
1,070
|
Total non-current
liabilities
|
|
6,333
|
|
7,466
|
1,140
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
79,953
|
|
383,089
|
58,468
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005
per share, 700,000,000 shares authorized as of
December 31, 2020 and March 31, 2021;
430,127,692 and 559,934,055 shares issued
and outstanding as of December 31, 2020 and
March 31, 2021, respectively
|
|
151
|
|
194
|
30
|
Class B ordinary shares, par
value US$0.00005
per share; 300,000,000 shares authorized as of
December 31, 2020 and March 31, 2021; 99
shares issued and outstanding as of
December 31, 2020 and March 31, 2021
|
|
-
|
|
-
|
-
|
Additional paid-in
capital
|
|
2,602,883
|
|
2,981,822
|
455,115
|
Treasury
shares
|
|
(143,780)
|
|
(143,780)
|
(21,945)
|
Accumulated deficit
and statutory reserve
|
|
(2,183,918)
|
|
(2,170,756)
|
(331,322)
|
Accumulated other
comprehensive income
|
|
128,441
|
|
136,075
|
20,769
|
Total BIT Mining
Limited shareholders' equity
|
|
403,777
|
|
803,555
|
122,647
|
Noncontrolling
interests
|
|
(13,257)
|
|
118,062
|
18,020
|
Total
shareholders' equity
|
|
390,520
|
|
921,617
|
140,667
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY
|
|
470,473
|
|
1,304,706
|
199,135
|
BIT Mining
Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars
("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
Three Months
Ended
|
|
|
March 31,
2020
|
|
December 31,
2020
|
|
March 31,
2021
|
March 31,
2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
Net
Revenues
|
|
3,064
|
|
8,958
|
|
19,559
|
2,985
|
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
Cost of services
|
|
(3,984)
|
|
(4,350)
|
|
(8,451)
|
(1,290)
|
Sales and marketing expenses
|
|
(3,042)
|
|
(4,550)
|
|
(2,492)
|
(380)
|
General and administrative expenses
|
|
(29,876)
|
|
(40,891)
|
|
(22,645)
|
(3,456)
|
Service development expenses
|
|
(7,146)
|
|
(11,145)
|
|
(2,749)
|
(420)
|
Total operating
expenses
|
|
(44,048)
|
|
(60,936)
|
|
(36,337)
|
(5,546)
|
Other operating income
|
|
4,091
|
|
487
|
|
561
|
86
|
Government grant
|
|
169
|
|
304
|
|
69
|
11
|
Other operating expenses
|
|
(53)
|
|
(254)
|
|
(309)
|
(47)
|
Operating
loss
|
|
(36,777)
|
|
(51,441)
|
|
(16,457)
|
(2,511)
|
Other (expenses) income, net
|
|
(375)
|
|
9
|
|
312
|
48
|
Interest income
|
|
2,391
|
|
1,923
|
|
499
|
76
|
Interest expense
|
|
-
|
|
-
|
|
(792)
|
(121)
|
Loss from equity method investments
|
|
(5,211)
|
|
(7,156)
|
|
(7,044)
|
(1,075)
|
Gain on previously held equity interest
|
|
-
|
|
-
|
|
36,142
|
5,516
|
Impairment of long-term investments
|
|
-
|
|
456
|
|
-
|
-
|
Gain from disposal of a subsidiary
|
|
-
|
|
-
|
|
211
|
32
|
(Loss) income
before income tax
|
|
(39,972)
|
|
(56,209)
|
|
12,871
|
1,965
|
Income tax benefit
|
|
3,593
|
|
1
|
|
-
|
-
|
Net (loss)
income
|
|
(36,379)
|
|
(56,208)
|
|
12,871
|
1,965
|
Less: Net income (loss) attributable to noncontrolling
interests
|
|
449
|
|
(101)
|
|
(291)
|
(44)
|
Net (loss) income
attributable to BIT Mining Limited
|
|
(36,828)
|
|
(56,107)
|
|
13,162
|
2,009
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
Share of other comprehensive (loss) income of an equity
method investee
|
|
(2,409)
|
|
16
|
|
-
|
-
|
Foreign currency translation gain (loss)
|
|
4,104
|
|
(7,853)
|
|
7,634
|
1,165
|
Other
comprehensive income (loss), net of tax
|
|
1,695
|
|
(7,837)
|
|
7,634
|
1,165
|
Comprehensive
(loss) income
|
|
(34,684)
|
|
(64,045)
|
|
20,505
|
3,130
|
Less:
Comprehensive income (loss) attributable to noncontrolling
interests
|
|
449
|
|
(101)
|
|
(291)
|
(44)
|
Comprehensive
(loss) income attributable to BIT Mining Limited
|
|
(35,133)
|
|
(63,944)
|
|
20,796
|
3,174
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
430,002,155
|
|
430,018,184
|
|
487,551,175
|
487,551,175
|
Diluted
|
|
430,002,155
|
|
430,018,184
|
|
498,573,411
|
498,573,411
|
|
|
|
|
|
|
|
|
(Losses) income per
share attributable to BIT Mining Limited-Basic
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(0.09)
|
|
(0.13)
|
|
0.03
|
0.00
|
|
|
|
|
|
|
|
|
(Losses) income per ADS*
attributable to BIT Mining Limited-Basic
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(0.86)
|
|
(1.30)
|
|
0.27
|
0.04
|
|
|
|
|
|
|
|
|
(Losses) income per share
attributable to BIT Mining Limited-Diluted
|
|
|
|
|
|
|
|
Net
(loss) income
|
|
(0.09)
|
|
(0.13)
|
|
0.03
|
0.00
|
|
|
|
|
|
|
|
|
(Losses) income per ADS*
attributable to BIT Mining Limited-Diluted
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(0.86)
|
|
(1.30)
|
|
0.26
|
0.04
|
|
|
|
|
|
|
|
|
* 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 Renminbi ("RMB") and U.S. dollars
("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
Three Months
Ended
|
|
|
March 31,
2020
|
|
December 31,
2020
|
|
March 31,
2021
|
March 31,
2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Unaudited
|
Operating
loss
|
|
(36,777)
|
|
(51,441)
|
|
(16,457)
|
(2,511)
|
Adjustment for share-based compensation expenses
|
|
5,103
|
|
19,046
|
|
212
|
32
|
Adjusted operating
loss (non-GAAP)
|
|
(31,674)
|
|
(32,395)
|
|
(16,245)
|
(2,479)
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to BIT Mining Limited
|
|
(36,828)
|
|
(56,107)
|
|
13,162
|
2,009
|
Adjustment for share-based compensation expenses
|
|
5,103
|
|
19,046
|
|
212
|
32
|
Adjustment for impairment of long-term investments
|
|
-
|
|
(456)
|
|
-
|
-
|
Adjustment for deferred tax benefit relating to valuation
allowance
|
|
(3,599)
|
|
-
|
|
-
|
-
|
Adjustment for gain on previously held equity interest
|
|
-
|
|
-
|
|
(36,142)
|
(5,516)
|
Adjusted net loss
attributable to BIT Mining Limited (non-GAAP)
|
|
(35,324)
|
|
(37,517)
|
|
(22,768)
|
(3,475)
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
430,002,155
|
|
430,018,184
|
|
487,551,175
|
487,551,175
|
Diluted
|
|
430,002,155
|
|
430,018,184
|
|
498,573,411
|
498,573,411
|
|
|
|
|
|
|
|
|
Losses per share
attributable to BIT Mining Limited (non-GAAP)
-Basic
|
|
|
|
|
|
|
|
Net loss (non-GAAP)
|
|
(0.08)
|
|
(0.09)
|
|
(0.05)
|
(0.01)
|
|
|
|
|
|
|
|
|
Losses
per ADS* attributable to BIT Mining Limited (non-GAAP)
-Basic
|
|
|
|
|
|
|
|
Net loss (non-GAAP)
|
|
(0.82)
|
|
(0.87)
|
|
(0.47)
|
(0.07)
|
|
|
|
|
|
|
|
|
Losses per share
attributable to BIT Mining Limited (non-GAAP)
-Diluted
|
|
|
|
|
|
|
|
Net loss (non-GAAP)
|
|
(0.08)
|
|
(0.09)
|
|
(0.05)
|
(0.01)
|
|
|
|
|
|
|
|
|
Losses
per ADS* attributable to BIT Mining Limited (non-GAAP)
-Diluted
|
|
|
|
|
|
|
|
Net loss (non-GAAP)
|
|
(0.82)
|
|
(0.87)
|
|
(0.46)
|
(0.07)
|
|
|
|
|
|
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of the Company.
|
View original
content:http://www.prnewswire.com/news-releases/bit-mining-limited-announces-unaudited-financial-results-for-the-first-quarter-ended-march-31-2021-301287511.html
SOURCE BIT Mining Limited