HONG
KONG, May 27, 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
first quarter ended March 31,
2022.
Cryptocurrency Business Progress
BIT Mining is a leading technology-driven cryptocurrency mining
company with three primary business segments covering self-mining,
mining pool and data center operation. The Company is pursuing its
development strategy to focus on cryptocurrency mining operations
globally.
As of today, the online total hash rate capacity of our Ethereum
mining machines is approximately 4,452.7GH/s. For the three months
ended March 31, 2022, we produced
5,420 Ethereum from our Ethereum cryptocurrency mining operations,
and recognized revenue of approximately US$16.0 million.
As of today, the online total hash rate capacity of our Bitcoin
mining machines is approximately 246.1PH/s. For the three months
ended March 31, 2022, we produced 166
Bitcoins from our Bitcoin cryptocurrency mining operations, and
recognized revenue of approximately US$6.9
million.
In terms of our data center business, we have hosted a
cryptocurrency mining data center in Ohio (the "Ohio Mining Site"). As of today, we
have completed the substation with power capacity of 50 megawatts
which are operational at the Ohio Mining Site.
The mining pool subsidiary of the Company, BTC.com, has
completely exited the China
market, ceased registering new users from China and started to retire accounts of
existing users from China since
October 2021. Combined with the
effect of declines in prices of cryptocurrencies in the first
quarter of 2022, mining pool business revenue decreased from
US$474.9 million in the fourth
quarter of 2021 to US$272.3 million
for the three months ended March 31,
2022.
"We are glad to announce our financial results for the first
quarter ended March 31, 2022, 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
quarter, we focused on our expansion in North America and have made significant
progress in the construction of our data centers in Ohio. In the meantime, we continued our
Bitcoin and Ethereum mining businesses and the integration of other
businesses such as mining pool operation and mining machine
manufacturing to create synergies. Given our early-mover advantage
in Ethereum mining, we are also making inroads into Proof-of-Stake
(POS) operations by providing a series of services including
governance and monitoring, account system and nodes management.
Looking forward, we plan to continue to enhance our value
proposition and further strengthen our mining technology."
First Quarter 2022 Highlights for Continuing
Operations
- Revenues were US$296.7 million in
the first quarter of 2022, representing a significant decrease of
US$201.1 million from US$497.8 million for the fourth quarter of 2021,
and a sharp increase of US$294.1
million from US$2.6 million
for the first quarter of 2021. Revenues during the first quarter of
2022 primarily consisted of US$272.3
million in revenue contribution from the mining pool
business that we began consolidating in our financial statements
from April 2021.
- Operating loss was US$4.3 million
in the first quarter of 2022, representing a decrease of
US$12.8 million from US$17.1 million for the fourth quarter of 2021,
and an increase of US$3.0 million
from US$1.3 million for the first
quarter of 2021.
- Non-GAAP operating loss[1] was US$0.1 million in the first quarter of 2022, as
compared with non-GAAP operating loss of US$9.9 million for the fourth quarter of 2021,
and non-GAAP operating loss of US$1.3
million for the first quarter of 2021.
- Net loss attributable to BIT Mining was US$3.1 million in the first quarter of 2022, as
compared with net loss attributable to BIT Mining of US$11.0 million for the fourth quarter of 2021,
and net income attributable to BIT Mining of US$3.3 million for the first quarter of
2021.
- Non-GAAP net income[1] attributable to BIT Mining
was US$1.2 million in the first
quarter of 2022, as compared with non-GAAP net loss attributable to
BIT Mining of US$4.1 million for the
fourth quarter of 2021, and non-GAAP net loss attributable to BIT
Mining of US$2.2 million for the
first quarter of 2021.
- Basic and diluted losses per American Depositary Share ("ADS")
attributable to BIT Mining Limited for the first quarter of 2022
was US$0.04.
- Non-GAAP basic and diluted earnings per ADS[1]
attributable to BIT Mining Limited for the first quarter of 2022
was US$0.02.
[1]Non-GAAP
financial measures exclude the impact of share-based compensation
expenses, impairment of intangible assets, 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,
and changes in fair value of contingent considerations.
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 2022 Financial Results for Continuing
Operations
Revenues
Revenues were US$296.7 million for
the first quarter of 2022, representing a sharp increase of
US$294.1 million from US$2.6 million for the first quarter of 2021 and
a significant decrease of US$201.1
million or 40.4% from US$497.8
million for the fourth 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 decrease was mainly attributable to a
decrease of US$202.6 million in the
mining pool business due to discontinuation of service to users in
mainland China since October 2021, partially offset by an increase of
US$1.3 million in revenues from the
data center business in Ohio.
Revenues were mainly comprised of revenues from the mining pool
business of US$272.3 million and the
cryptocurrency mining business of US$22.9
million.
Operating Costs and Expenses
Operating costs and expenses were US$298.8 million for the first quarter of 2022,
representing a sharp increase of US$294.9
million from US$3.9 million
for the first quarter of 2021, and a significant decrease of
US$202.8 million or 40.4% from
US$501.6 million for the fourth
quarter of 2021. The year-over-year increase was mainly due to a
significant increase of US$269.9
million in cost for the allocation to pool participants
associated with the mining pool business and an increase of
US$10.4 million in depreciation and
amortization expense. The sequential decrease was mainly due to a
decrease of US$209.3 million in cost
for the allocation to pool participants associated with the mining
pool business and an increase of US$5.8
million in depreciation and amortization expense.
Cost of revenue was US$290.7
million for the first quarter of 2022, representing a sharp
increase of US$289.5 million from
US$1.2 million for the first quarter
of 2021, and a significant decrease of US$200.6 million or 40.8% from US$491.3 million for the fourth quarter of 2021.
The year-over-year increase was mainly attributable to a
significant increase of US$269.9
million in cost for the allocation to pool participants
associated with the mining pool business and an increase of
US$10.4 million in depreciation and
amortization expense. The sequential decrease was mainly due to a
decrease of US$209.3 million in cost
for the allocation to pool participants associated with the mining
pool business and an increase of US$5.8
million in depreciation and amortization expense. Cost of
revenue was comprised of the direct cost of revenue of US$280.0 million and depreciation and
amortization of US$10.7 million. The
direct cost of revenue mainly included direct costs relating to (i)
the mining pool business of US$269.9
million, (ii) the cryptocurrency mining business of
US$6.6 million and (iii) the data
center business of US$3.5
million.
Sales and marketing expenses were US$0.2
million for the first quarter of 2022, representing an
increase of US$0.1 million from
US$0.1 million for the first quarter
of 2021, and a decrease of US$0.1
million or 33.3% from US$0.3
million for the fourth quarter of 2021. The sequential
decrease was mainly due to a decrease of US$0.1 million in compensation expenses for
employees.
General and administrative expenses were US$6.8 million for the first quarter of 2022,
representing an increase of US$4.3
million from US$2.5 million
for the first quarter of 2021, and a decrease of US$2.0 million or 22.7% from US$8.8 million for the fourth quarter of 2021.
The year-over-year increase was mainly due to (i) an increase of
US$1.8 million in share-based
compensation expenses associated with share options granted to the
Company's directors and employees, (ii) an increase of US$0.6 million in compensation expenses for
employees as a result of an increase in headcount, and (iii) an
increase of US$0.4 million in
overseas travel expense for purposes of business development. The
sequential decrease was mainly due to (i) a decrease of
US$0.9 million in consulting expense,
and (ii) a decrease of US$0.6 million
in share-based compensation expenses associated with share options
granted to the Company's directors and employees.
Service development expenses were US$1.1
million for the first quarter of 2022, representing an
increase of US$1.0 million from
US$0.1 million for the first quarter
of 2021, and a decrease of US$0.1
million or 8.3% from US$1.2
million for the fourth 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$4.9 million for the first quarter of 2022, by
using first-in-first-out ("FIFO") to calculate the cost of
disposition during the first quarter of 2022. Net gain on disposal
of cryptocurrencies was US$4.1
million for the fourth quarter of 2021. There was no such
net gain or loss for the first quarter of 2021.
Impairment of Cryptocurrencies
Impairment of cryptocurrencies was US$7.7
million for the first quarter of 2022, representing a
decrease of US$1.6 million from
US$9.3 million for the fourth quarter
of 2021, mainly due to impairment provided for cryptocurrency
assets held as a result of the price fluctuation of
cryptocurrencies. There was no such impairment for the first
quarter of 2021.
Changes in Fair Value of Contingent
Considerations
Changes in fair value of contingent considerations was
US$1.2 million for the first quarter
of 2022, representing a decrease of US$12.7
million from US$13.9 million
for the fourth quarter of 2021, mainly 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 first
quarter of 2021.
Impairment of Property and Equipment
Impairment of property and equipment was nil for the first
quarter of 2022 and 2021. Impairment of property and equipment was
US$12.6 million for the fourth
quarter of 2021, mainly due to the closure and demolition of data
centers in Sichuan, China.
Operating Loss
Operating loss was US$4.3 million
for the first quarter of 2022, compared with operating loss of
US$1.3 million for the first quarter
of 2021, and operating loss of US$17.1
million for the fourth quarter of 2021.
Non-GAAP operating loss was US$0.1
million for the first quarter of 2022, compared with
non-GAAP operating loss of US$1.3
million for the first quarter of 2021, and non-GAAP
operating loss of US$9.9 million for
the fourth quarter of 2021. The year-over-year decrease in non-GAAP
operating loss was mainly due to increases of the cryptocurrency
mining business for the first quarter of 2022 as there was no
cryptocurrency mining business in the first quarter of 2021. The
sequential decrease in non-GAAP operating loss was mainly due to
(i) a decrease of US$5.8 million in
losses on disposal of mining machines, (ii) a decrease of
US$2.3 million in other operating
expenses related to the Company's F-3 filing, and (iii) a decrease
of US$1.0 million in provision of
prepayment related to discontinued data center operation in
Sichuan, China.
Net Loss Attributable to BIT Mining
Net loss attributable to BIT Mining was US$3.1 million for the first quarter of 2022,
compared with net income attributable to BIT Mining of US$3.3 million for the first quarter of
2021, and net loss attributable to BIT Mining of US$11.0 million for the fourth quarter of 2021.
The sequential decrease in net loss attributable to BIT Mining was
mainly due to impairment of property and equipment of US$12.6 million related to the closure and
demolition of data centers in Sichuan,
China for the fourth quarter of 2021, while there was no
such impairment during the first quarter of 2022.
Non-GAAP net income attributable to BIT Mining was US$1.2 million for the first quarter of 2022,
compared with non-GAAP net loss attributable to BIT Mining of
US$2.2 million for the first
quarter of 2021, and non-GAAP net loss attributable to BIT Mining
of US$4.1 million for the fourth
quarter of 2021. The year-over-year increase in non-GAAP net income attributable to BIT Mining was mainly
due to the revenue of the increased cryptocurrencies mining pool
revenue as mentioned above. The sequential decrease in non-GAAP net
loss attributable to BIT Mining was mainly due to (i) a decrease in
general and administrative expenses, (ii) a decrease in losses on
disposal of mining machines, and (iii) a decrease in other
operating expenses related to the Company's F-3 filing mentioned
above for the first quarter of 2022.
First Quarter 2022 Financial Results for Discontinued
Operations
Net Loss from Discontinued Operations, Net of
Taxes
Net loss from discontinued operations, net of taxes was nil for
the first quarter of 2022 and for the fourth quarter of 2021, net
loss from discontinued operations, net of taxes was US$1.3 million for the first quarter of 2021. The
year over year decrease of US$1.3
million was mainly due to the disposal of the Company's
Chinese lottery-related business and termination of its lottery
business-related VIE contracts in July
2021. The comparative financial information for the three
months ended March 31, 2021 have been
reclassified to reflect Chinese lottery-related business as a
discontinued operation.
Cash and Cash Equivalents and Restricted Cash
As of March 31, 2022, the Company
had cash and cash equivalents of US$20.9
million and restricted cash[2] of US$0.1 million, compared with cash and cash
equivalents of US$17.7 million and
restricted cash of US$0.1 million as
of December 31, 2021.
Cryptocurrency Assets
As of March 31, 2022, the Company
had cryptocurrency assets of US$34.8
million and cryptocurrency assets pledged for a loan of
US$9.6 million, which in aggregate
are the equivalent of 359 Bitcoins, 6,735 Ethereum (including 4,000
Ethereum for pledge loan), 52.9 million Dogecoins and various other
cryptocurrency assets, including those generated from its mining
pool business and cryptocurrency mining business.
[2]Restricted cash represents deposits in
merchant banks yet to be withdrawn.
|
About BIT Mining Limited
BIT Mining Limited (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 that
provides multi-currency mining services including BTC, ETH and LTC.
The Company has 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 intangible
assets, 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, and changes in fair value of
contingent considerations. 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.btcm.group
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,
2021
|
|
|
March 31,
2022
|
|
|
|
US$
|
|
|
US$
|
|
|
|
|
Audited
|
|
|
|
Unaudited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
17,670
|
|
|
|
20,914
|
|
Restricted
cash
|
|
|
134
|
|
|
|
131
|
|
Accounts
receivable
|
|
|
737
|
|
|
|
1,844
|
|
Amounts due from
related party
|
|
|
-
|
|
|
|
5,060
|
|
Prepayments and other
current assets
|
|
|
21,525
|
|
|
|
27,694
|
|
Cryptocurrency
assets
|
|
|
55,077
|
|
|
|
34,783
|
|
Cryptocurrency assets
pledged for a loan
|
|
|
-
|
|
|
|
9,628
|
|
Total current
assets
|
|
|
95,143
|
|
|
|
100,054
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
70,199
|
|
|
|
62,052
|
|
Intangible assets,
net
|
|
|
71,931
|
|
|
|
69,565
|
|
Deposits
|
|
|
99
|
|
|
|
99
|
|
Long-term
investments
|
|
|
10,050
|
|
|
|
9,375
|
|
Right-of-use
assets
|
|
|
6,166
|
|
|
|
5,852
|
|
Amounts due from
related party - non-current
|
|
|
11,504
|
|
|
|
10,958
|
|
Other non-current
assets
|
|
|
4,455
|
|
|
|
4,442
|
|
Goodwill
|
|
|
26,569
|
|
|
|
26,569
|
|
Total non-current
assets
|
|
|
200,973
|
|
|
|
188,912
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
296,116
|
|
|
|
288,966
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short term
loan
|
|
|
-
|
|
|
|
6,306
|
|
Accounts
payable
|
|
|
54,438
|
|
|
|
43,310
|
|
Amounts due to related
party
|
|
|
8,021
|
|
|
|
7,143
|
|
Accrued payroll and
welfare payable
|
|
|
489
|
|
|
|
608
|
|
Accrued expenses and
other current liabilities
|
|
|
18,738
|
|
|
|
18,434
|
|
Income tax
payable
|
|
|
498
|
|
|
|
494
|
|
Operating lease
liabilities - current
|
|
|
2,213
|
|
|
|
2,105
|
|
Total current
liabilities
|
|
|
84,397
|
|
|
|
78,400
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
Operating lease
liabilities - non-current
|
|
|
4,569
|
|
|
|
4,235
|
|
Total non-current
liabilities
|
|
|
4,569
|
|
|
|
4,235
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
88,966
|
|
|
|
82,635
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005 per share; 1,599,935,000 shares
authorized as of December 31, 2021 and March 31, 2022; 710,078,070
shares
issued and outstanding as of December 31, 2021 and March 31,
2022
|
|
|
36
|
|
|
|
36
|
|
Class A preference
shares, par value US$0.00005 per share; 65,000 shares
authorized as of December 31, 2021 and March 31, 2022; 65,000
shares issued
and outstanding as of December 31, 2021 and March 31,
2022
|
|
|
-
|
|
|
|
-
|
|
Class B ordinary
shares, par value US$0.00005 per share; 400,000,000 shares
authorized as of December 31, 2021 and March 31, 2022; 99 shares
issued and
outstanding as of December 31, 2021 and March 31, 2022
|
|
|
-
|
|
|
|
-
|
|
Additional paid-in
capital
|
|
|
590,567
|
|
|
|
593,234
|
|
Treasury
shares
|
|
|
(21,604)
|
|
|
|
(21,604)
|
|
Accumulated deficit and
statutory reserve
|
|
|
(384,867)
|
|
|
|
(387,918)
|
|
Accumulated other
comprehensive loss
|
|
|
(2,355)
|
|
|
|
(2,141)
|
|
Total BIT Mining
Limited shareholders' equity
|
|
|
181,777
|
|
|
|
181,607
|
|
Noncontrolling
interests
|
|
|
25,373
|
|
|
|
24,724
|
|
Total shareholders'
equity
|
|
|
207,150
|
|
|
|
206,331
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
296,116
|
|
|
|
288,966
|
|
BIT Mining
Limited
|
Condensed
Consolidated Statements of Comprehensive Income
(Loss)
|
(Amounts in
thousands of U.S. dollars ("US$"),
|
except for
number of shares, per share (or ADS) data)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2021*
|
|
|
December 31,
2021
|
|
|
March 31,
2022
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Revenues
|
|
|
2,621
|
|
|
|
497,778
|
|
|
|
296,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
(1,228)
|
|
|
|
(491,328)
|
|
|
|
(290,677)
|
|
Sales and marketing
expenses
|
|
|
(132)
|
|
|
|
(271)
|
|
|
|
(159)
|
|
General and administrative
expenses
|
|
|
(2,480)
|
|
|
|
(8,782)
|
|
|
|
(6,849)
|
|
Service development
expenses
|
|
|
(63)
|
|
|
|
(1,207)
|
|
|
|
(1,107)
|
|
Total operating
costs and expenses
|
|
|
(3,903)
|
|
|
|
(501,588)
|
|
|
|
(298,792)
|
|
Other operating
income
|
|
|
36
|
|
|
|
250
|
|
|
|
255
|
|
Other operating
expenses
|
|
|
(44)
|
|
|
|
(9,660)
|
|
|
|
(903)
|
|
Net gain on disposal of
cryptocurrencies
|
|
|
-
|
|
|
|
4,112
|
|
|
|
4,859
|
|
Impairment of
cryptocurrencies
|
|
|
-
|
|
|
|
(9,342)
|
|
|
|
(7,673)
|
|
Changes in fair value of
contingent considerations
|
|
|
-
|
|
|
|
13,936
|
|
|
|
1,247
|
|
Impairment of property and
equipment
|
|
|
-
|
|
|
|
(12,572)
|
|
|
|
-
|
|
Impairment of intangible
assets
|
|
|
-
|
|
|
|
(56)
|
|
|
|
-
|
|
Operating loss from
continuing operations
|
|
|
(1,290)
|
|
|
|
(17,142)
|
|
|
|
(4,329)
|
|
Other income, net
|
|
|
181
|
|
|
|
230
|
|
|
|
532
|
|
Interest income
|
|
|
16
|
|
|
|
-
|
|
|
|
72
|
|
Interest expense
|
|
|
(109)
|
|
|
|
-
|
|
|
|
(174)
|
|
(Loss) gain from equity
method investments
|
|
|
(1,005)
|
|
|
|
(349)
|
|
|
|
152
|
|
Gain on previously held
equity interest
|
|
|
5,516
|
|
|
|
-
|
|
|
|
-
|
|
Gain from disposal of
subsidiaries
|
|
|
-
|
|
|
|
91
|
|
|
|
-
|
|
Income (loss) before
income tax
|
|
|
3,309
|
|
|
|
(17,170)
|
|
|
|
(3,747)
|
|
Income tax benefit
|
|
|
-
|
|
|
|
359
|
|
|
|
-
|
|
Net income (loss)
from continuing operations
|
|
|
3,309
|
|
|
|
(16,811)
|
|
|
|
(3,747)
|
|
Loss from discontinued
operations, net of
applicable income taxes
|
|
|
(1,313)
|
|
|
|
-
|
|
|
|
-
|
|
Net loss from
discontinued operations, net of
applicable income taxes
|
|
|
(1,313)
|
|
|
|
-
|
|
|
|
-
|
|
Net income
(loss)
|
|
|
1,996
|
|
|
|
(16,811)
|
|
|
|
(3,747)
|
|
Less: Net loss attributable
to noncontrolling
interest from continuing operations
|
|
|
-
|
|
|
|
(5,796)
|
|
|
|
(696)
|
|
Less: Net loss attributable
to noncontrolling
interest from discontinued operations
|
|
|
(45)
|
|
|
|
-
|
|
|
|
-
|
|
Less: Net loss attributable
to noncontrolling
interests
|
|
|
(45)
|
|
|
|
(5,796)
|
|
|
|
(696)
|
|
Net income (loss)
attributable to BIT Mining
Limited
|
|
|
2,041
|
|
|
|
(11,015)
|
|
|
|
(3,051)
|
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of other comprehensive
income of an equity
method
investee
|
|
|
631
|
|
|
|
-
|
|
|
|
-
|
|
Reclassification into loss
from equity method
investments
|
|
|
131
|
|
|
|
-
|
|
|
|
-
|
|
Foreign currency translation
(loss) gain
|
|
|
(641)
|
|
|
|
714
|
|
|
|
261
|
|
Other comprehensive
income, net of tax
|
|
|
121
|
|
|
|
714
|
|
|
|
261
|
|
Comprehensive income
(loss)
|
|
|
2,117
|
|
|
|
(16,097)
|
|
|
|
(3,486)
|
|
Less: Comprehensive loss
attributable to
noncontrolling interests
|
|
|
(45)
|
|
|
|
(5,196)
|
|
|
|
(649)
|
|
Comprehensive income
(loss) attributable to BIT
Mining
Limited
|
|
|
2,162
|
|
|
|
(10,901)
|
|
|
|
(2,837)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
487,551,175
|
|
|
|
707,716,805
|
|
|
|
710,078,169
|
|
Diluted
|
|
|
498,573,411
|
|
|
|
707,716,805
|
|
|
|
710,078,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses)
per share attributable to BIT
Mining Limited-Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
continuing operations
|
|
|
0.007
|
|
|
|
(0.02)
|
|
|
|
(0.004)
|
|
Net loss from discontinued
operations
|
|
|
(0.003)
|
|
|
|
-
|
|
|
|
-
|
|
Net income (loss)
|
|
|
0.004
|
|
|
|
(0.02)
|
|
|
|
(0.004)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(losses) per ADS** attributable to BIT
Mining Limited-Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
continuing operations
|
|
|
0.07
|
|
|
|
(0.16)
|
|
|
|
(0.04)
|
|
Net loss from discontinued
operations
|
|
|
(0.03)
|
|
|
|
-
|
|
|
|
-
|
|
Net income (loss)
|
|
|
0.04
|
|
|
|
(0.16)
|
|
|
|
(0.04)
|
|
|
|
|
*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$"),
|
except for number of
shares, per share (or ADS) data)
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2021*
|
|
|
December 31,
2021
|
|
|
March 31,
2022
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Operating loss from
continuing operations
|
|
|
(1,290)
|
|
|
|
(17,142)
|
|
|
|
(4,329)
|
|
Adjustment for share-based
compensation
expenses
|
|
|
33
|
|
|
|
3,344
|
|
|
|
2,667
|
|
Adjustment for impairment of
intangible assets
|
|
|
-
|
|
|
|
56
|
|
|
|
-
|
|
Adjustment for impairment of
property and
equipment
|
|
|
-
|
|
|
|
12,572
|
|
|
|
-
|
|
Adjustment for impairment of
cryptocurrencies
|
|
|
-
|
|
|
|
9,342
|
|
|
|
7,673
|
|
Adjustment for net gain on
disposal of
cryptocurrencies
|
|
|
-
|
|
|
|
(4,112)
|
|
|
|
(4,859)
|
|
Adjustment for changes in
fair value of contingent
considerations
|
|
|
-
|
|
|
|
(13,936)
|
|
|
|
(1,247)
|
|
Adjusted operating
loss from continuing
operations (non-GAAP)
|
|
|
(1,257)
|
|
|
|
(9,876)
|
|
|
|
(95)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to BIT Mining Limited
from continuing operations
|
|
|
3,309
|
|
|
|
(11,015)
|
|
|
|
(3,051)
|
|
Net loss attributable
to BIT Mining Limited from
discontinued
operations
|
|
|
(1,268)
|
|
|
|
-
|
|
|
|
-
|
|
Net income (loss)
attributable to BIT Mining
Limited
|
|
|
2,041
|
|
|
|
(11,015)
|
|
|
|
(3,051)
|
|
Adjustment for share-based
compensation
expenses
|
|
|
33
|
|
|
|
3,344
|
|
|
|
2,667
|
|
Adjustment for impairment of
intangible assets
|
|
|
-
|
|
|
|
56
|
|
|
|
-
|
|
Adjustment for deferred tax
benefit relating to
valuation allowance
|
|
|
-
|
|
|
|
(359)
|
|
|
|
-
|
|
Adjustment for gain on
previously held equity
interest
|
|
|
(5,516)
|
|
|
|
-
|
|
|
|
-
|
|
Adjustment for impairment of
property and
equipment
|
|
|
-
|
|
|
|
12,572
|
|
|
|
-
|
|
Adjustment for impairment of
cyptocurrencies
|
|
|
-
|
|
|
|
9,342
|
|
|
|
7,673
|
|
Adjustment for net gain on
disposal of
cryptocurrencies
|
|
|
-
|
|
|
|
(4,112)
|
|
|
|
(4,859)
|
|
Adjustment for changes in
fair value of contingent
considerations
|
|
|
-
|
|
|
|
(13,936)
|
|
|
|
(1,247)
|
|
Adjusted net (loss)
income attributable to BIT
Mining Limited from continuing operations (non-
GAAP)
|
|
|
(2,174)
|
|
|
|
(4,108)
|
|
|
|
1,183
|
|
Adjusted net loss
attributable to BIT
Mining Limited from discontinued operations (non-GAAP)
|
|
|
(1,268)
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted net (loss)
income attributable to BIT
Mining Limited (non-GAAP)
|
|
|
(3,442)
|
|
|
|
(4,108)
|
|
|
|
1,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
487,551,175
|
|
|
|
707,716,805
|
|
|
|
710,078,169
|
|
Diluted
|
|
|
498,573,411
|
|
|
|
707,716,805
|
|
|
|
710,078,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) Earnings
per share attributable to BIT
Mining Limited
(non-GAAP)- Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from
continuing operations
(non-GAAP)
|
|
|
(0.004)
|
|
|
|
(0.01)
|
|
|
|
0.002
|
|
Net loss from discontinued
operations (non-
GAAP)
|
|
|
(0.003)
|
|
|
|
-
|
|
|
|
-
|
|
Net (loss) income
(non-GAAP)
|
|
|
(0.007)
|
|
|
|
(0.01)
|
|
|
|
0.002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses (Earnings)
per ADS** attributable to BIT
Mining Limited (non-GAAP)- Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from
continuing operations
(non-GAAP)
|
|
|
(0.04)
|
|
|
|
(0.06)
|
|
|
|
0.02
|
|
Net loss from discontinued
operations (non-
GAAP)
|
|
|
(0.03)
|
|
|
|
-
|
|
|
|
-
|
|
Net (loss) income
(non-GAAP)
|
|
|
(0.07)
|
|
|
|
(0.06)
|
|
|
|
0.02
|
|
|
|
|
|
*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.
|
View original
content:https://www.prnewswire.com/news-releases/bit-mining-limited-announces-unaudited-financial-results-for-the-first-quarter-ended-march-31-2022-301556588.html
SOURCE BIT Mining Limited