HONG KONG, Feb. 17, 2022 /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 and full year ended December
31, 2021.
Cryptocurrency Business Progress
BIT Mining has completed the transition of its business to an
enterprise that covers cryptocurrency mining, data center operation
and mining pool. The Company has adopted a development strategy to
focus on cryptocurrency mining operations globally.
As of today, the theoretical maximum total hash rate capacity of
our Ethereum mining machines is approximately 4,800.0 GH/s, of
which 4,737.6 GH/s have been deployed. For the three months
ended December 31, 2021, we produced
3,957 Ethereum from our Ethereum cryptocurrency mining operations,
and recognized revenue of approximately US$16.5 million. As of today, we have produced
7,649 Ethereum in aggregate.
As of today, the theoretical maximum total hash rate capacity of
our Bitcoin mining machines is approximately 825.4 PH/s. As of
today, we have completed the migration of all of our Bitcoin mining
machines to the U.S. and Kazakhstan. In the U.S., we have Bitcoin
mining machines with a total hash rate capacity of 532.7 PH/s, of
which 378.5 PH/s have been deployed in data centers and the
remainder have been fine-tuned and are waiting to be deployed. In
Kazakhstan, we have Bitcoin mining
machines with a total hash rate capacity of 292.7 PH/s, of which
135.3 PH/s have been deployed in data centers and the remainder
have been fine-tuned and are waiting to be deployed. For the three
months ended December 31, 2021, we
produced 102 Bitcoins from our Bitcoin cryptocurrency mining
operations, and recognized revenue of approximately US$5.6 million. As of today, we have produced 488
Bitcoin in aggregate.
In terms of our data center business, in September 2021 we entered into a Membership
Interest Purchase Agreement and certain other auxiliary agreements
(the "Ohio Mining Site Agreements") with Viking Data Centers, LLC
("Viking Data Centers") to acquire a 51% equity
interest in a cryptocurrency mining data center in
Ohio (the "Ohio Mining Site") with
power capacity of up to 85 megawatts. In October 2021, we increased our investment in the
Ohio Mining Site and brought its total planned power capacity up to
150 megawatts. Upon the successful execution of the increased
investment, the Company's equity interest in the Ohio Mining Site
increased to 55%, and Viking Data Centers held the remaining 45%.
The development of the Ohio Mining Site is expected to be completed
in the first half of 2022. As of today, construction of the plant
and substation has been completed, with power capacity of 50
megawatts, of which 43 megawatts is in operation. The data center
in Hong Kong, with a maximum
capacity of approximately 1.4 megawatts, has been operational and
mining ETH since October 2021. The
Company has terminated its data center construction plan in
Kazakhstan, which was announced in
May of 2021, due to the unstable local power supply. The Company's
Bitcoin mining machines which were deployed in the third-party data
centers in Kazakhstan, remain in
operation and have not been impacted.
On October 14, 2021, the Company
announced that its mining pool subsidiary, BTC.com, would
completely exit the China market,
cease registering new users from China and start to retire accounts of existing
users from China. The Company has
been working on solutions with its existing users in China, such as migrating users' mining
machines to overseas markets so that they have access to our
services in a compliant manner. In addition, price of Bitcoin and
Ethereum increased compared to the third quarter, which offset the
impact of exiting from China
market. For the three months ended December
31, 2021, the mining pool business generated revenue of
approximately US$472.9 million,
increased from US$386.5 million for
the third quarter of 2021.
Termination of the Online Lottery Business in Europe
The Company is in the process of terminating its online lottery
business in Europe which was
operated under The Multi Group ("TMG"), a subsidiary the Company
acquired in July 2017. As of today,
TMG has ceased all of its business operations. TMG contributed
US$0.3 million, or 0.1%, of the
Company's total revenue, and net loss of US$0.4 million, for the three months ended
December 31, 2021. Due to the
expansion of the Company's cryptocurrency mining business, the
Company does not expect the termination of its online lottery
business in Europe to have a
material impact on its operational results or financial
position.
"We are glad to announce our fourth quarter and full year 2021
financial results, as we continue to execute on our strategy to
create value within the cryptocurrency ecosystem," said Mr.
Xianfeng Yang, CEO of BIT Mining.
"Over the past year, we completed the migration of our mining
machines to new mining sites in North
America and Central Asia.
We also made significant progress in the construction of our U.S.
based data centres, which now provide critical operational
efficiencies for our business. Additionally, anticipating
Ethereum's potential to play a pivotal role in the decentralization
and tokenization that are driving internet technology innovation,
we deployed significant Ethereum computing power in 2021. These
deployments have generated positive returns, illustrating our
team's ability to spot industry trends and deploy capital
profitably. Looking forward, we plan to continue to enhance our
value proposition and further strengthen our mining
technology."
Fourth Quarter 2021 Highlights
for Continuing Operations
- Revenues were US$495.8 million in
the fourth quarter of 2021, representing an increase of
US$102.7 million from US$393.1 million for the third quarter of 2021,
and a sharp increase of US$495.0
million from US$0.8 million
for the fourth quarter of 2020. Revenues during the fourth quarter
of 2021 primarily consisted of US$472.9
million in revenue contribution from the mining pool
business that we began consolidating in our financial statements
from April 2021.
- Operating loss was US$15.0
million in the fourth quarter of 2021, representing a
decrease of US$20.0 million from
US$35.0 million for the third quarter
of 2021, and an increase of US$10.0
million from US$5.0 million
for the fourth quarter of 2020.
- Non-GAAP operating loss[1] was US$12.3 million in the fourth quarter of 2021, as
compared with non-GAAP operating loss of US$22.7 million for the third quarter of 2021,
and non-GAAP operating loss of US$2.2
million for the fourth quarter of 2020.
- Net loss attributable to BIT Mining was US$8.8 million in the fourth quarter of 2021, as
compared with net loss attributable to BIT Mining of US$29.6 million for the third quarter of 2021,
and net loss attributable to BIT Mining of US$5.6 million for the fourth quarter of
2020.
- Non-GAAP net loss[1] attributable to BIT Mining was
US$6.3 million in the fourth quarter
of 2021, as compared with non-GAAP net loss attributable to BIT
Mining of US$17.3 million for the
third quarter of 2021, and non-GAAP net loss attributable to BIT
Mining of US$2.7 million for the
fourth quarter of 2020.
- Basic and diluted loss per American Depositary Share ("ADS")
attributable to BIT Mining Limited for the fourth quarter of 2021
was US$0.12.
- Non-GAAP basic and diluted loss per ADS[1] attributable to BIT Mining
Limited for the fourth quarter of 2021 was US$0.09.
Full Year 2021 Highlights for Continuing
Operations
- Revenues were US$1,326.9 million
for full year 2021, compared with Revenues of US$2.2 million for full year 2020.
- Operating loss was US$66.2
million for full year 2021, compared with operating loss of
US$17.0 million for full year
2020.
- Non-GAAP operating loss[1] was US$34.5 million for full year 2021, compared with
non-GAAP operating loss of US$8.9
million for full year 2020.
- Net loss attributable to BIT Mining was US$49.5 million for full year 2021, compared with
net loss attributable to BIT Mining of US$23.3 million for full year 2020.
- Non-GAAP net loss[1] attributable to BIT Mining was
US$23.6 million for full year 2021,
compared with non-GAAP net loss attributable to BIT Mining of
US$11.0 million for full year
2020.
- Basic and diluted loss per ADS attributable to BIT Mining
Limited for full year 2021 was US$0.80
- Non-GAAP basic and diluted loss per ADS attributable to BIT
Mining Limited for full year 2021 was US$0.38
[1]
Non-GAAP financial measures exclude the impact of share-based
compensation expenses, impairment of long-term investments,
deferred tax benefit relating to valuation allowance, gain on
previously held equity interest, impairment of property and
equipment, impairment of cryptocurrencies, net gain or loss on
disposal of cryptocurrencies, changes in fair value of contingent
considerations and changes in fair value of derivative
instrument. Reconciliations of non-GAAP financial measures to U.S.
GAAP financial measures are set forth in the table at the end of
this release.
|
Fourth Quarter 2021 Financial
Results for Continuing Operations
Revenues
Revenues were US$495.8 million for
the fourth quarter of 2021, representing a sharp increase of
US$495.0 million from US$0.8 million for the fourth quarter of 2020 and
an increase of US$102.7 million from
US$393.1 million for the
third quarter of 2021. The year-over-year increase was mainly
attributable to the mining pool business that we have consolidated
since April 2021. The sequential
increase was mainly attributable to an increase of US$16.3 million in cryptocurrency
mining business due to deployments of mining machines in
Hong Kong and the U.S., as well as
an increase of US$86.4 million in
revenues from the mining pool business due to rising of market
prices of cryptocurrencies. Revenues were mainly comprised of
revenues from the mining pool business of US$472.9 million and the cryptocurrency mining
business of US$22.1
million.
Operating Costs and Expenses
Operating costs and expenses were US$503.7 million for the fourth quarter of 2021,
representing an increase of US$498.0
million from US$5.7 million for the fourth quarter
of 2020, and an increase of US$89.5
million or 21.6% from US$414.2 million for the third quarter
of 2021. The year-over-year increase was mainly due to a
significant increase of US$477.2
million in cost for the allocation to pool participants
associated with the mining pool business and an increase of
US$9.1 million in depreciation and
amortization expense. The sequential increase was mainly due
to an increase of US$82.2
million in cost for the allocation to pool participants
associated with the mining pool business.
Cost of revenue was US$493.2
million for the fourth quarter of 2021, representing an
increase of US$492.6 million from
US$0.6 million for the
fourth quarter of 2020, and an increase of US$88.4 million or 21.8% from US$404.8 million for the third quarter
of 2021. The year-over-year increase was mainly attributable
to a significant increase of US$477.2
million in cost for the allocation to pool participants
associated with the mining pool business and an increase of
US$8.7 million in depreciation and
amortization expense. The sequential increase was mainly due
to an increase of US$82.2
million in cost for the allocation to pool participants
associated with the mining pool business.
Cost of revenue was comprised of the direct cost of
revenue of US$484.4 million and
depreciation and amortization of US$8.8
million. The direct cost of revenue mainly included direct
costs relating to (i) the mining pool business of US$477.2 million, (ii) the cryptocurrency
mining business of US$2.4 million and
(iii) the data center business of US$2.1
million.
Sales and marketing expenses were US$0.3 million for the fourth quarter of
2021, representing an increase of US$0.1
million or 50.0% from US$0.2
million for the fourth quarter of 2020, and an
increase of US$0.1 million or 50.0%
from US$0.2 million for the third
quarter of 2021.
General and administrative expenses were US$9.1 million for the fourth quarter of 2021,
representing an increase of US$4.7
million from US$4.4 million for the fourth quarter
of 2020, and an increase of US$1.0
million or 12.3% from US$8.1
million for the third quarter of 2021. The
year-over-year increase was mainly due to an increase of
US$2.0 million in consulting expenses
and an increase of US$1.3 million in
expenses for employees, relating to our consolidations of (i) Loto
Interactive Limited since March 2021,
and (ii) the mining pool business since April 2021. The
sequential increase was mainly due to an increase of US$0.3
million in transaction expenses relating to the mining pool
business and an increase of US$0.2
million in share-based compensation expenses associated with
share options granted to the Company's directors and employees.
Service development expenses were US$1.2
million for the fourth quarter of 2021, representing an
increase of US$0.7 million from
US$0.5 million for the
fourth quarter of 2020, and an increase of US$0.1 million or 9.1% from US$1.1 million for the third quarter of
2021. The year-over-year increase was mainly due to an
increase of US$0.7 million in
expenses for employees, relating to our consolidations of Loto
Interactive Limited and the mining pool business.
Net Gain on Disposal of
Cryptocurrencies
Net gain on disposal of cryptocurrencies was
US$4.1 million for the fourth quarter
of 2021, mainly due to increasing market prices for
cryptocurrencies by
using first-in-first-out ("FIFO") to calculate the
cost of disposition during the fourth quarter of 2021. Net gain on
disposal of cryptocurrencies was US$11.2
million for the third quarter of 2021. There was no such net
loss or gain for the fourth quarter of 2020.
Impairment of
Cryptocurrencies
Impairment of cryptocurrencies was US$9.3
million for the fourth quarter of 2021, representing a
decrease of US$4.3 million from
US$13.6 million for the third quarter
of 2021, mainly due to impairment provided for cryptocurrency
assets held in mining pool business, including cryptocurrencies
payable to pool participants as a result of the price
fluctuation of cryptocurrencies. There was no such
impairment for the fourth quarter of 2020.
Changes in fair value of contingent
considerations
Changes in fair value of contingent considerations
was US$15.2 million for the fourth quarter of 2021, due to the
re-measurement on the fair value of the contingent considerations
related to the combination of BTC.com. There was no such amount for
the third quarter of 2021 and for the fourth quarter of 2020.
Impairment of Property and
Equipment
Impairment of property and equipment was US$9.3 million for the fourth quarter of 2021,
mainly due to the closure and demolition of data centers in
Sichuan, China. Impairment of
property and equipment was US$9.8
million for the third quarter of 2021. There was no such
impairment for the fourth quarter of 2020.
Operating Loss
Operating loss was US$15.0 million
for the fourth quarter of 2021, compared with operating
loss of US$5.0 million for
the fourth quarter of 2020, and operating loss of
US$35.0 million for the
third quarter of 2021.
Non-GAAP operating loss was US$12.3 million for the fourth quarter
of 2021, compared with non-GAAP operating loss of US$2.2 million for the fourth quarter
of 2020, and non-GAAP operating loss of US$22.7 million for the third quarter of
2021. The year-over-year increase in non-GAAP operating loss was
mainly due to increases in revenue and costs of revenue for the
mining pool business as mentioned above. The sequential decrease in
non-GAAP operating loss was mainly due to the increase in revenue
of the cryptocurrency mining business for the fourth quarter of
2021.
Net Loss Attributable to BIT
Mining
Net loss attributable to BIT Mining was US$8.8 million for the fourth quarter of
2021, compared with net loss attributable to BIT Mining of
US$5.6 million for
the fourth quarter of 2020, and net
loss attributable to BIT Mining of US$29.6 million for the
third quarter of 2021. The sequential decrease in net loss
attributable to BIT Mining was mainly due to the changes in fair
value of contingent considerations related to combination of
BTC.com of US$15.2 million for the
fourth quarter of 2021.
Non-GAAP net loss attributable to BIT Mining was US$6.3 million for the fourth quarter of 2021,
compared with non-GAAP net loss attributable to BIT Mining of
US$2.7 million for the fourth quarter
of 2020, and non-GAAP net loss attributable to BIT Mining of
US$17.3 million for
the third quarter of 2021. The year-over-year increase in
non-GAAP operating loss was mainly due to the inclusion of revenue
and the costs of revenue for the mining pool business as mentioned
above. The sequential decrease in non-GAAP operating loss was
mainly due to the increase in revenue of the cryptocurrency mining
business for the fourth quarter of 2021.
Fourth Quarter 2021 Financial
Results for Discontinued Operations
Net Loss from Discontinued Operations, Net of
Taxes
Net gain from discontinued operations, net of taxes was nil for
the fourth quarter of 2021, compared with net loss from
discontinued operations, net of taxes of US$3.0 million for the fourth quarter of 2020,
and net loss from discontinued operations, net of taxes of
US$6.7 million for the third quarter
of 2021. The Company disposed of its Chinese lottery-related
business and terminated all of its lottery business-related VIE
contracts in July 2021.
The comparative financial information for the three months
ended September 30, 2021 and
December 31, 2020 have been
reclassified to reflect the disposal of VIE subsidiaries as a
discontinued operation. The sequential increase was mainly due to
the disposal loss of such VIE subsidiaries as discontinued
operations, net of taxes of US$6.7
million for the third quarter of 2021.
Cash and Cash Equivalents and Restricted Cash
As of December 31, 2021, the
Company had cash and cash equivalents of US$17.7 million and restricted
cash[2] of US$0.1 million,
compared with cash and cash equivalents of US$34.4 million and restricted cash of
US$0.2 million as of
September 30, 2021.
Cryptocurrency Assets
As of December 31, 2021, the
Company had cryptocurrency assets of US$55.1 million, the equivalent of 450
Bitcoins, 5,931 Ethereum, 51.8 million Dogecoins and various other
cryptocurrency assets, including those generated from the mining
pool business and the cryptocurrency mining business.
[2]
Restricted cash represent deposits in merchant banks yet to be
withdrawn.
|
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven
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 owns the world's top blockchain browser BTC.com and the
comprehensive mining pool business operated under BTC.com,
providing multi-currency mining services including BTC, ETH and
LTC. The Company has also entered into a definitive agreement to
acquire a 7-nanometer cryptocurrency mining machine manufacturer,
Bee Computing, to complete the Company's vertical integration with
its supply chain, increase its self-sufficiency and strengthen its
competitive position.
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, impairment of long-term
investments, deferred tax benefit relating to valuation allowance,
gain on previously held equity interest, impairment of property and
equipment, impairment of cryptocurrencies, net gain or loss on
disposal of cryptocurrencies, changes in fair value of contingent
considerations and changes in fair value of derivative
instrument relating to valuation allowance 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@btcm.group
Ir.btc.com
www.btcm.group
The Piacente Group, Inc.
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)
|
|
|
|
December 31,
2020*
(recast)
|
December 31,
2021
|
|
|
US$
|
US$
|
|
|
Audited
|
Unaudited
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
|
47,307
|
17,670
|
Restricted
cash
|
|
587
|
134
|
Accounts
receivable
|
|
-
|
737
|
Prepayments and other
current assets
|
|
1,562
|
25,371
|
Cryptocurrency
assets
|
|
-
|
55,077
|
Current assets for
discontinued operations
|
|
2,016
|
-
|
Total current
assets
|
|
51,472
|
98,989
|
|
|
|
|
Non-current
assets:
|
|
|
|
Property and
equipment, net
|
|
997
|
72,891
|
Intangible assets,
net
|
|
240
|
76,583
|
Deposits
|
|
162
|
99
|
Long-term
investment
|
|
14,056
|
10,051
|
Right-of-use
assets
|
|
1,429
|
6,968
|
Amounts due from
related party - non-current
|
|
-
|
9,046
|
Other non-current
assets
|
|
87
|
609
|
Goodwill
|
|
-
|
26,569
|
Non-current assets
for discontinued operations
|
|
3,660
|
-
|
Total non-current
assets
|
|
20,631
|
202,816
|
|
|
|
|
TOTAL
ASSETS
|
|
72,103
|
301,805
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
|
-
|
56,726
|
Amounts due to
related parties
|
|
-
|
8,021
|
Accrued payroll
and welfare payable
|
|
171
|
489
|
Accrued
expenses and other current liabilities
|
|
7,498
|
15,203
|
Income tax
payable
|
|
84
|
498
|
Operating lease
liabilities - current
|
|
569
|
2,173
|
Current
liabilities for discontinued operations
|
|
2,960
|
-
|
Total current
liabilities
|
|
11,282
|
83,110
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
Deferred tax
liabilities, non-current
|
|
-
|
4,596
|
Operating lease
liabilities - non-current
|
|
890
|
4,979
|
Non-current
liabilities for discontinued operations
|
|
81
|
-
|
Total non-current
liabilities
|
|
971
|
9,575
|
|
|
|
|
TOTAL
LIABILITIES
|
|
12,253
|
92,685
|
|
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
Class A
ordinary shares, par value US$0.00005
per share, 700,000,000 and 1,599,935,000
shares authorized as of December 31, 2020
and December 31, 2021, respectively;
430,127,692 and 710,078,070 shares issued
and outstanding as of December 31, 2020 and
December 31, 2021, respectively
|
|
22
|
36
|
|
|
|
|
Class A
preference shares, par value
US$0.00005 per share;0 and 65,000 shares
authorized as of December 31, 2020 and
December 31, 2021; 0 and 65,000 shares
issued and outstanding as of December 31,
2020 and December 31, 2021, respectively
|
|
-
|
-
|
|
|
|
|
Class B
ordinary shares, par value US$0.00005
per share; 300,000,000 and 400,000,000
shares authorized as of December 31, 2020
and December 31, 2021,respectively; 99
shares issued and outstanding as of
December 31, 2020 and December 31, 2021
|
|
-
|
-
|
Additional
paid-in capital
|
|
412,364
|
590,567
|
Treasury
shares
|
|
(21,604)
|
(21,604)
|
Accumulated
deficit and statutory reserve
|
|
(324,351)
|
(382,624)
|
Accumulated
other comprehensive loss
|
|
(4,598)
|
(2,407)
|
Total BIT Mining
Limited shareholders' equity
|
|
61,833
|
183,968
|
Noncontrolling
interests
|
|
(1,983)
|
25,152
|
Total
shareholders' equity
|
|
59,850
|
209,120
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
72,103
|
301,805
|
|
|
|
|
|
|
|
|
* The Company has changed its reporting currency from Renminbi
("RMB") to U.S dollars ("USD")
for the period commencing July 1, 2021. Prior periods' comparative
financial information has been
recast as if the Company always used USD as its reporting
currency.
|
BIT Mining
Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of U.S. dollars ("US$"),
except for number of shares, per share (or ADS)
data)
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
2020*
|
|
September
30,
2021
|
|
December
31,
2021
|
|
December
31,
2020*
|
|
December
31,
2021
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Unaudited
|
Revenues
|
|
824
|
|
393,093
|
|
495,758
|
|
2,167
|
|
1,326,856
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
(558)
|
|
(404,826)
|
|
(493,163)
|
|
(2,016)
|
|
(1,325,250)
|
Sales and marketing expenses
|
|
(248)
|
|
(226)
|
|
(271)
|
|
(1,148)
|
|
(951)
|
General and administrative expenses
|
|
(4,416)
|
|
(8,120)
|
|
(9,079)
|
|
(14,330)
|
|
(25,760)
|
Service development expenses
|
|
(494)
|
|
(1,057)
|
|
(1,207)
|
|
(1,941)
|
|
(3,155)
|
Total operating
costs and expenses
|
|
(5,716)
|
|
(414,229)
|
|
(503,720)
|
|
(19,435)
|
|
(1,355,116)
|
Other operating income
|
|
4
|
|
4
|
|
608
|
|
534
|
|
658
|
Government grant
|
|
6
|
|
-
|
|
-
|
|
21
|
|
-
|
Other operating expenses
|
|
(123)
|
|
(4,592)
|
|
(8,280)
|
|
(273)
|
|
(13,306)
|
Net gain on disposal of cryptocurrencies
|
|
-
|
|
11,239
|
|
4,112
|
|
-
|
|
6,717
|
Impairment of cryptocurrencies
|
|
-
|
|
(13,552)
|
|
(9,342)
|
|
-
|
|
(31,757)
|
Changes in fair value of derivative instrument
|
|
-
|
|
2,860
|
|
-
|
|
-
|
|
3,696
|
Changes in fair value of contingent considerations
|
|
-
|
|
-
|
|
15,182
|
|
-
|
|
15,182
|
Impairment of property and equipment
|
|
-
|
|
(9,820)
|
|
(9,286)
|
|
-
|
|
(19,106)
|
Operating loss
from continuing operations
|
|
(5,005)
|
|
(34,997)
|
|
(14,968)
|
|
(16,986)
|
|
(66,176)
|
Other income, net
|
|
-
|
|
84
|
|
230
|
|
42
|
|
594
|
Interest income
|
|
31
|
|
19
|
|
-
|
|
242
|
|
56
|
Interest expense
|
|
-
|
|
(66)
|
|
-
|
|
-
|
|
(775)
|
Gain (loss) from equity method investments
|
|
(588)
|
|
24
|
|
(349)
|
|
(1,865)
|
|
(1,184)
|
Gain on previously held equity interest
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,500
|
Impairment of long-term investments
|
|
-
|
|
-
|
|
-
|
|
(4,787)
|
|
-
|
Gain from disposal of subsidiaries
|
|
-
|
|
17
|
|
91
|
|
-
|
|
234
|
Loss before income
tax
|
|
(5,562)
|
|
(34,919)
|
|
(14,996)
|
|
(23,354)
|
|
(61,751)
|
Income tax benefit
|
|
-
|
|
-
|
|
242
|
|
30
|
|
242
|
Net loss from
continuing operations
|
|
(5,562)
|
|
(34,919)
|
|
(14,754)
|
|
(23,324)
|
|
(61,509)
|
Loss from discontinued operations , net of applicable income
taxes
|
|
(2,909)
|
|
(47)
|
|
-
|
|
(8,779)
|
|
(2,224)
|
Loss on disposal of discontinued operations, net of applicable
income taxes
|
|
-
|
|
(6,697)
|
|
-
|
|
-
|
|
(6,697)
|
Net loss from
discontinued operations, net of applicable
income taxes
|
|
(2,909)
|
|
(6,744)
|
|
-
|
|
(8,779)
|
|
(8,921)
|
Net
loss
|
|
(8,471)
|
|
(41,663)
|
|
(14,754)
|
|
(32,103)
|
|
(70,430)
|
Less: Net loss attributable to noncontrolling interest from
continuing operations
|
|
-
|
|
(5,302)
|
|
(5,982)
|
|
-
|
|
(11,978)
|
Less: Net income (loss) attributable to noncontrolling interest
from discontinued operations
|
|
(11)
|
|
-
|
|
-
|
|
309
|
|
(179)
|
Less: Net income (loss) attributable to noncontrolling
interests
|
|
(11)
|
|
(5,302)
|
|
(5,982)
|
|
309
|
|
(12,157)
|
Net loss
attributable to BIT Mining Limited
|
|
(8,460)
|
|
(36,361)
|
|
(8,772)
|
|
(32,412)
|
|
(58,273)
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
Share of other comprehensive income (loss) of an equity method
investee
|
|
-
|
|
-
|
|
-
|
|
(177)
|
|
631
|
Reclassification into loss from equity method
investments
|
|
-
|
|
-
|
|
-
|
|
-
|
|
131
|
Foreign currency translation (loss) gain
|
|
(1,380)
|
|
537
|
|
627
|
|
(2,597)
|
|
2,028
|
Other
comprehensive income (loss), net of tax
|
|
(1,380)
|
|
537
|
|
627
|
|
(2,774)
|
|
2,790
|
Comprehensive
loss
|
|
(9,851)
|
|
(41,126)
|
|
(14,127)
|
|
(34,877)
|
|
(67,640)
|
Less:
Comprehensive income (loss) attributable to noncontrolling
interests
|
|
(11)
|
|
(5,268)
|
|
(5,417)
|
|
309
|
|
(11,558)
|
Comprehensive loss
attributable to BIT Mining Limited
|
|
(9,840)
|
|
(35,858)
|
|
(8,710)
|
|
(35,186)
|
|
(56,082)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
430,018,184
|
|
692,417,296
|
|
707,716,805
|
|
430,011,263
|
|
622,337,974
|
Diluted
|
|
430,018,184
|
|
692,417,296
|
|
707,716,805
|
|
430,011,263
|
|
622,337,974
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to BIT Mining Limited-Basic and
Diluted
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
(0.01)
|
|
(0.04)
|
|
(0.01)
|
|
(0.06)
|
|
(0.08)
|
Net loss from discontinued operations
|
|
(0.01)
|
|
(0.01)
|
|
-
|
|
(0.02)
|
|
(0.01)
|
Net loss
|
|
(0.02)
|
|
(0.05)
|
|
(0.01)
|
|
(0.08)
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS**
attributable to BIT Mining Limited-Basic and
Diluted
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations
|
|
(0.13)
|
|
(0.43)
|
|
(0.12)
|
|
(0.55)
|
|
(0.80)
|
Net loss from discontinued operations
|
|
(0.07)
|
|
(0.10)
|
|
-
|
|
(0.20)
|
|
(0.14)
|
Net loss
|
|
(0.20)
|
|
(0.53)
|
|
(0.12)
|
|
(0.75)
|
|
(0.94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The Company has
changed its reporting currency from Renminbi ("RMB") to U.S dollars
("USD") for the period commencing July 1, 2021. Prior periods'
comparative
financial information has been recast as if the Company always used
USD as its reporting currency.
|
|
|
|
|
|
|
|
|
|
|
|
** 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$"),
except for number of shares, per share (or ADS)
data)
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
December 31,
2020*
|
|
September 30,
2021
|
|
December 31,
2021
|
|
December 31,
2020*
|
|
December 31,
2021
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Unaudited
|
Operating loss
from continuing operations
|
|
(5,005)
|
|
(34,997)
|
|
(14,968)
|
|
(16,986)
|
|
(66,176)
|
Adjustment for share-based compensation expenses
|
|
2,833
|
|
3,040
|
|
3,344
|
|
8,047
|
|
6,446
|
Adjustment for impairment of property and equipment
|
|
-
|
|
9,820
|
|
9,286
|
|
-
|
|
19,106
|
Adjustment for impairment of cryptocurrencies
|
|
-
|
|
13,552
|
|
9,342
|
|
-
|
|
31,757
|
Adjustment for net gain on disposal of cryptocurrencies
|
|
-
|
|
(11,239)
|
|
(4,112)
|
|
-
|
|
(6,717)
|
Adjustment for changes in fair value of derivative
instrument
|
|
-
|
|
(2,860)
|
|
-
|
|
-
|
|
(3,696)
|
Adjustment for changes in fair value of contingent
considerations
|
|
-
|
|
-
|
|
(15,182)
|
|
-
|
|
(15,182)
|
Adjusted operating
loss from continuing operations (non-
GAAP)
|
|
(2,172)
|
|
(22,684)
|
|
(12,290)
|
|
(8,939)
|
|
(34,462)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to BIT Mining Limited from continuing operations
|
|
(5,562)
|
|
(29,617)
|
|
(8,772)
|
|
(23,324)
|
|
(49,531)
|
Net loss attributable
to BIT Mining Limited from discontinued
operations
|
|
(2,898)
|
|
(6,744)
|
|
-
|
|
(9,088)
|
|
(8,742)
|
Net loss
attributable to BIT Mining Limited
|
|
(8,460)
|
|
(36,361)
|
|
(8,772)
|
|
(32,412)
|
|
(58,273)
|
Adjustment for share-based compensation expenses
|
|
2,833
|
|
3,040
|
|
3,344
|
|
8,047
|
|
6,446
|
Adjustment for impairment of long-term investments
|
|
-
|
|
-
|
|
-
|
|
4,787
|
|
-
|
Adjustment for deferred tax benefit relating to valuation
allowance
|
|
(9)
|
|
-
|
|
(242)
|
|
(531)
|
|
(242)
|
Adjustment for gain on previously held equity interest
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(5,500)
|
Adjustment for impairment of property and equipment
|
|
-
|
|
9,820
|
|
9,286
|
|
-
|
|
19,106
|
Adjustment for impairment of cyptocurrencies
|
|
-
|
|
13,552
|
|
9,342
|
|
-
|
|
31,757
|
Adjustment
for net gain on disposal of cryptocurrencies
|
|
-
|
|
(11,239)
|
|
(4,112)
|
|
-
|
|
(6,717)
|
Adjustment for changes in fair value of contingent
considerations
|
|
-
|
|
-
|
|
(15,182)
|
|
-
|
|
(15,182)
|
Adjustment for changes in fair value of derivative
instrument
|
|
-
|
|
(2,860)
|
|
-
|
|
-
|
|
(3,696)
|
Adjusted net loss
attributable to BIT Mining Limited from continuing
operations (non-GAAP)
|
|
(2,738)
|
|
(17,304)
|
|
(6,336)
|
|
(11,021)
|
|
(23,559)
|
Adjusted net loss
attributable to BIT Mining Limited from discontinued
operations (non-GAAP)
|
|
(2,898)
|
|
(6,744)
|
|
-
|
|
(9,088)
|
|
(8,742)
|
Adjusted net loss
attributable to BIT Mining Limited (non-
GAAP)
|
|
(5,636)
|
|
(24,048)
|
|
(6,336)
|
|
(20,109)
|
|
(32,301)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
430,018,184
|
|
692,417,296
|
|
707,716,805
|
|
430,011,263
|
|
622,337,974
|
Diluted
|
|
430,018,184
|
|
692,417,296
|
|
707,716,805
|
|
430,011,263
|
|
622,337,974
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to BIT Mining Limited (non-
GAAP)-Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations (non-GAAP)
|
|
(0.00)
|
|
(0.02)
|
|
(0.01)
|
|
(0.03)
|
|
(0.04)
|
Net loss from discontinued operations (non-GAAP)
|
|
(0.01)
|
|
(0.01)
|
|
-
|
|
(0.02)
|
|
(0.01)
|
Net loss (non-GAAP)
|
|
(0.01)
|
|
(0.03)
|
|
(0.01)
|
|
(0.05)
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS**
attributable to BIT Mining Limited (non-
GAAP)-Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations (non-GAAP)
|
|
(0.06)
|
|
(0.25)
|
|
(0.09)
|
|
(0.26)
|
|
(0.38)
|
Net loss from discontinued operations (non-GAAP)
|
|
(0.07)
|
|
(0.10)
|
|
-
|
|
(0.21)
|
|
(0.14)
|
Net loss (non-GAAP)
|
|
(0.13)
|
|
(0.35)
|
|
(0.09)
|
|
(0.47)
|
|
(0.52)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The Company has
changed its reporting currency from Renminbi ("RMB") to U.S dollars
("USD") for the period commencing July 1, 2021. Prior periods'
comparative financial
information has been recast as if the Company always used USD as
its reporting currency.
|
|
|
|
|
|
|
|
|
|
|
|
** American
Depositary Shares, which are traded on the NYSE. Each ADS
represents ten Class A ordinary shares of the Company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator adjustment
for net loss attributable to BIT Mining Limited
|
|
|
|
|
|
|
|
|
|
|
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-31-2021-301484864.html
SOURCE BIT Mining Limited