AKRON,
Ohio, Nov. 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 third quarter ended
September 30, 2022.
Cryptocurrency Business Progress
BIT Mining has four primary business segments covering
self-mining, mining pool, data center operation and mining machine
manufacturing. The Company is pursuing its development strategy to
focus on cryptocurrency mining operations
globally.
Our subsidiary, Bee Computing, has designed a new generation of
highly efficient Bitcoin ("BTC")
and Dogecoin ("DOGE") /
Litecoin ("LTC") mining machines utilizing the most
advanced technology.
- Together with our partners, we have successfully taped out a
12-nanometer chip and have completed mass production of more than
1,000 LTC mining wafers. We are currently in the trial production
stage of DOGE/LTC mining machine products and will
start mass production in the fourth quarter of 2022. We expect to
mass produce approximately 3,300 DOGE/LTC mining
machine products by the end of December
2022 or early January
2023.
- Our research and development of a 7-nanometer chip for
BTC mining machines also has
achieved significant progress. The wafer is currently being taped
out by a well-known semiconductor manufacturing company, and the
results will be received in early December
2022. If the results are valid, we will be able to proceed
with the final verification of ASIC and the mining system in
December 2022.
- Moreover, Bee Computing successfully produced 252 W1 ASIC
Ethereum Classic ("ETC") mining machines in
August 2022, achieving power
efficiency of 0.5 W/MH. These ETC mining machines have been
deployed and are online at the cryptocurrency mining
data center we host in Akron, Ohio
(the "Ohio Mining Site"). As of today, a substation with power
capacity of 82.5 megawatts has completed construction and is
operational at the Ohio Mining Site.
The Ethereum Merge, namely, of the
Ethereum Mainnet and the Beacon Chain Proof-of-Stake
system (the "Merge"), occurred on September
15, 2022. We produced 4,206 Ethereum
("ETH") from our ETH
cryptocurrency mining operations, and recognized
revenue of approximately US$6.4
million for the three months ended September 30, 2022. After the Merge, the Company
changed its strategy to ETC cryptocurrency mining
operations. As of today, the total hash rate capacity of our online
ETC mining machines is approximately 2,806.92 GH/s. For the three
months ended September 30, 2022, we
produced 10,399 ETC from our ETC cryptocurrency mining
operations, and recognized revenue of approximately US$0.3 million.
Due to recent declines in cryptocurrency markets,
we suspended the operation of certain types of BTC mining machines.
Despite the changes and uncertain environment, we are still
determined to improve our quality and efficiency. As of today, the
total hash rate capacity of our online BTC mining machines is
approximately 64.61 PH/s. For the three months ended September 30, 2022, we produced 15 BTC from our
BTC cryptocurrency mining operations, and recognized
revenue of approximately US$0.4
million.
Due to declines in prices of cryptocurrencies in the third
quarter of 2022, mining pool business revenue decreased from
US$178.5 million for the three months
ended June 30, 2022 to US$88.5 million for the three months ended
September 30, 2022.
Sale of Shares of Loto Interactive Limited
On July 12, 2022, the Company
entered into a share sale and purchase agreement (the "Sale and
Purchase Agreement") with an unaffiliated third party (the
"Buyer"), pursuant to which the Company agreed to sell, and the
Buyer agreed to purchase, approximately 51% of the total issued
share capital of Loto Interactive Limited ("Loto Interactive"),
representing 279,673,200 shares of Loto Interactive at the price of
HK$0.28 per
share for a total consideration of HK$78,308,496 (the "Transaction"). After the
Transaction, the Company's share ownership in Loto Interactive will
decrease to 8.79%.
"We are glad to announce our financial results for the third
quarter ended September 30, 2022, as
we continue to execute our strategy to create value across the
cryptocurrency ecosystem," said Mr. Xianfeng Yang, CEO of BIT Mining. "Over the past
quarter, we focused on R&D and identifying synergies across our
vertically integrated supply chain. Cryptocurrency
price weakness and higher energy prices have had a significant
impact on stock prices and revenues of companies in our sector,
including BIT Mining. Despite turbulent market conditions, we
remain committed to our long term growth strategy and confident in
our ability to create value for our shareholders in the future. In
the meantime, we continued to make progress in the construction of
our data centers in Ohio. 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,
node management and account systems. Looking forward, we plan to
continue to further enhance our value proposition and further
strengthen our mining technology."
Third Quarter 2022 Highlights for Continuing
Operations
- Revenues were US$97.0 million in
the third quarter of 2022, representing a sharp decrease of
US$296.1 million from US$393.1 million for the third quarter of 2021,
and a significant decrease of US$98.5
million from US$195.5 million
for the second quarter of 2022. Revenues during the third quarter
of 2022 primarily comprised US$88.5
million in revenue contribution from the mining pool
business.
- Operating loss was US$33.6
million in the third quarter of 2022, representing a
decrease of US$1.4 million from
US$35.0 million for the third quarter
of 2021, and an increase of US$10.3
million from US$23.3 million
for the second quarter of 2022.
- Non-GAAP operating loss[1] was US$14.3 million in the third quarter of 2022, as
compared with non-GAAP operating loss of US$25.0 million for the third quarter of 2021,
and non-GAAP operating loss of US$20.6
million for the second quarter of 2022.
- Net loss attributable to BIT Mining was US$22.2 million in the third quarter of 2022, 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$21.0 million for the second quarter of
2022.
- Non-GAAP net loss[1] attributable to BIT Mining was
US$2.9 million in the third quarter
of 2022, as compared with non-GAAP net loss attributable to BIT
Mining of US$19.6 million for the
third quarter of 2021, and non-GAAP net loss attributable to BIT
Mining of US$18.3 million for the
second quarter of 2022.
- Basic and diluted losses per American Depositary Share ("ADS")
attributable to BIT Mining Limited for the third quarter of 2022
were US$0.23.
- Non-GAAP basic and diluted losses per ADS1 attributable to BIT
Mining Limited for the third quarter of 2022 were US$0.03.
1 Non-GAAP
financial measures exclude the impact of share-based compensation
expenses, impairment of property and equipment, impairment of
intangible assets and changes in fair value or 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.
|
Third Quarter 2022 Financial Results for Continuing
Operations
Revenues
Revenues were US$97.0 million for
the third quarter of 2022, representing a sharp decrease of
US$296.1 million or 75.3% from
US$393.1 million for the third
quarter of 2021 and a significant decrease of US$98.5 million or 50.4% from US$195.5 million for the second quarter of 2022.
The year-over-year and sequential decreases were mainly
attributable to continuous declines in prices of cryptocurrencies
since the second quarter of 2022. Revenues mainly comprised
US$88.5 million from the mining pool
business and US$7.1 million from the
cryptocurrency mining business.
Operating Costs and Expenses
Operating costs and expenses were US$113.6 million for the third quarter of 2022,
representing a sharp decrease of US$300.6
million or 72.6% from US$414.2
million for the third quarter of 2021, and a significant
decrease of US$91.9 million or 44.7%
from US$205.5 million for the second
quarter of 2022. The year-over-year decrease was mainly due to a
significant decrease of US$304.4
million in cost for the allocation to pool participants
associated with the mining pool business. The sequential decrease
was mainly due to a decrease of US$87.1
million in cost for the allocation to pool participants
associated with the mining pool business.
Cost of revenue was US$108.1
million for the third quarter of 2022, representing a sharp
decrease of US$296.7 million or 73.3%
from US$404.8 million for the third
quarter of 2021, and a significant decrease of US$90.6 million or 45.6% from US$198.7 million for the second quarter of 2022.
The year-over-year decrease was mainly attributable to a
significant decrease of US$304.4
million in cost for the allocation to pool participants
associated with the mining pool business. The sequential decrease
was mainly due to a decrease of US$87.1
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$96.8 million and depreciation and amortization
of US$11.3 million. The direct cost
of revenue mainly included direct costs relating to (i) the mining
pool business of US$90.6 million,
(ii) the cryptocurrency mining business of
US$4.3 million and (iii) the data
center business of US$1.9
million.
Sales and marketing expenses were US$0.2
million for the third quarter of 2022, unchanged from
US$0.2 million in both the third
quarter of 2021 and the second quarter of 2022.
General and administrative expenses were US$4.6 million for the third quarter of 2022,
representing a decrease of US$3.5
million or 43.2% from US$8.1
million for the third quarter of 2021, and a decrease of
US$0.9 million or 16.4% from
US$5.5 million for the second quarter
of 2022. The year-over-year decrease was mainly due to (i) a
decrease of US$2.1 million in
share-based compensation expenses associated with fewer share options granted to the Company's
directors and employees, and (ii) a decrease of US$1.7 million in consulting expenses. The
sequential decrease was mainly due to (i) a decrease of
US$1.2 million in share-based
compensation expenses associated with fewer share options granted
to the Company's directors and employees, and (ii) an increase of
US$0.3 million in rental and
travelling expenses.
Service development expenses were US$0.8
million for the third quarter of 2022, representing a
decrease of US$0.3 million or 27.3%
from US$1.1 million for the third
quarter of 2021 and US$1.1 million
for the second quarter of 2022. The year-over-year and
sequential decreases were mainly
due to a decrease of US$0.3 million
in compensation expenses for employees as a result of a decrease in
headcount.
Net (Loss) Gain on Disposal of
Cryptocurrencies
Net gain on disposal of cryptocurrencies was US$4.6 million for the third quarter of 2022,
representing a decrease of US$6.6
million from US$11.2 million
net gain on disposal of cryptocurrencies for the third quarter of
2021, and compared with a US$6.9
million net loss on disposal of cryptocurrencies for the
second quarter of 2022, by using first-in-first-out ("FIFO") to
calculate the cost of disposition during the third quarter of
2022.
Impairment of Cryptocurrencies
Impairment of cryptocurrencies was US$2.5
million for the third quarter of 2022, representing a
decrease of US$11.1 million from
US$13.6 million for the third quarter
of 2021 and a decrease of US$2.4
million from US$4.9 million
for the second quarter of 2022, mainly due to provisions for
impairment of cryptocurrency assets held as a result
of fluctuations in cryptocurrency prices and lower
amounts of cryptocurrencies held as of September 30, 2022.
Impairment of Property and Equipment
Impairment of property and equipment was US$11.7 million for the third quarter of 2022,
representing an significant increase of US$10.9 million from US$0.8 million for the second quarter of 2022,
which was mainly due to a provision for impairment of mining
machines in Kazakhstan and the
U.S. Impairment of property and equipment for the third quarter of
2021 was US$9.8 million, mainly due
to the closure and demolition of big data centers in Sichuan, China.
Impairment of Intangible Assets
Impairment of intangible assets was US$7.5 million for the third quarter of 2022,
mainly due to the impairment of the strategy contract that the
Company acquired through its acquisition of Asgard Data Centers in
October 2021.
Operating Loss
Operating loss was US$33.6 million
for the third quarter of 2022, compared with operating loss of
US$35.0 million for the third quarter
of 2021, and operating loss of US$23.3
million for the second quarter of 2022.
Non-GAAP operating loss was US$14.3
million for the third quarter of 2022, compared with
non-GAAP operating loss of US$25.0
million for the third quarter of 2021, and non-GAAP
operating loss of US$20.6 million for
the second quarter of 2022. The year-over-year decrease in non-GAAP
operating loss was mainly due to (i) a decrease of US$11.1 million of impairment of
cryptocurrencies, (ii) a decrease of US$6.6
million in net gain on disposal of cryptocurrencies, (iii) a
decrease of US$4.6 million in loss on
disposal of mining machines, and (iv) a decrease of US$0.6 million in gross losses of the
cryptocurrency business. The sequential decrease in
non-GAAP operating loss were mainly due to (i) a decrease of
US$11.5 million in net loss on
disposal of cryptocurrencies, (ii) a decrease of US$2.4 million of impairment of cryptocurrencies,
and (iii) an increase of US$7.9
million in gross losses of the cryptocurrency
business, which was mainly attributable to declines in
cryptocurrency market.
Net Loss Attributable to BIT Mining
Net loss attributable to BIT Mining was US$22.2 million for the third quarter of 2022,
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$21.0 million for the second quarter of 2022.
The year-over-year decreases in net loss attributable to BIT Mining
was mainly due to a decrease of US$4.6
million in loss on disposal of mining machines and an
increase of US$3.3 million in gain
from disposal of a subsidiary, which was mainly attributable to the
sale of shares of Loto Interactive Limited in July 2022. The sequential increases in net loss
attributable to BIT Mining were mainly due to an increase in gross
losses of the cryptocurrency business, which was
mainly attributable to declines in cryptocurrency
market.
Non-GAAP net loss attributable to BIT Mining was US$2.9 million for the third quarter of 2022,
compared with non-GAAP net loss attributable to BIT Mining of
US$19.6 million for the third quarter
of 2021, and non-GAAP net loss attributable to BIT Mining of
US$18.3 million for the second
quarter of 2022. The year-over-year and sequential decreases in
non-GAAP net loss attributable to BIT Mining were mainly due to the
reasons as mentioned above.
Third 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 third quarter of 2022, compared with net loss from discontinued
operations, net of taxes of US$6.7
million for the third quarter of 2021. The year over year
decrease of US$6.7 million was due to
the disposal of the Company's Chinese lottery-related business and
termination of its lottery business-related VIE contracts in
July 2021.
Cash and Cash Equivalents and Restricted Cash
As of September 30, 2022, the
Company had cash and cash equivalents of US$12.5 million, restricted cash[2] of
US$0.1 million and time
deposits[3] of US$7.3
million, compared with cash and cash equivalents of
US$22.6 million and restricted cash
of US$0.1 million as of June 30, 2022.
Cryptocurrency Assets
As of September 30, 2022, the
Company had cryptocurrency assets of US$17.4 million in aggregate, which are the
equivalent of 219 BTC, 6,843 ETH, 48.5 million
DOGE and various other cryptocurrency
assets, including those generated from its mining pool and
cryptocurrency mining businesses.
2 Restricted
cash represents deposits in merchant banks yet to be
withdrawn.
|
3 Time
deposit represents deposits in commercial banks with original
maturities of greater than three months but less than one
year.
|
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, data center operation and mining machine
manufacturing. 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,
ETC and LTC. The Company also owns a 7-nanometer
cryptocurrency mining machine manufacturer, Bee
Computing, enabling the Company's self-efficiency through vertical
integration with its supply chain.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates", "target",
"going forward", "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
About Non-GAAP Financial Measures
As a supplement to net income, we use the non-GAAP financial
measure of adjusted net loss which is U.S. GAAP net loss as
adjusted to exclude share-based compensation expenses, impairment
of acquired intangible assets, impairment of property and
equipment, and changes in fair value of derivative instrument. All
adjustments are non-cash and we believe they are not reflective of
our general business performance. This non-GAAP financial measure
is provided as additional information to help our investors compare
business trends among different reporting periods on a consistent
basis and to enhance investors' overall understanding of our
current financial performance and prospects for the future. This
non-GAAP financial measure should not be considered in addition to
or as a substitute for or superior to U.S. GAAP net income. In
addition, our definition of adjusted net income may be different
from the definition of such term used by other companies, and
therefore comparability may be limited.
For more information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
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
|
|
|
September 30,
2022
|
|
|
|
US$
|
|
|
US$
|
|
|
|
Audited
|
|
|
Unaudited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
17,670
|
|
|
|
12,548
|
|
Restricted
cash
|
|
|
134
|
|
|
|
115
|
|
Time
deposits
|
|
|
-
|
|
|
|
7,340
|
|
Accounts
receivable
|
|
|
737
|
|
|
|
3,075
|
|
Prepayments and other
current assets
|
|
|
21,525
|
|
|
|
24,739
|
|
Cryptocurrency
assets
|
|
|
55,077
|
|
|
|
17,384
|
|
Total current assets
|
|
|
95,143
|
|
|
|
65,201
|
|
|
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
70,199
|
|
|
|
37,077
|
|
Intangible assets,
net
|
|
|
71,931
|
|
|
|
53,651
|
|
Deposits
|
|
|
99
|
|
|
|
2,590
|
|
Long-term
investments
|
|
|
10,050
|
|
|
|
10,298
|
|
Right-of-use
assets
|
|
|
6,166
|
|
|
|
4,248
|
|
Amounts due from
related party - non-current
|
|
|
11,504
|
|
|
|
-
|
|
Other non-current
assets
|
|
|
4,455
|
|
|
|
545
|
|
Goodwill
|
|
|
26,569
|
|
|
|
26,569
|
|
Total non-current assets
|
|
|
200,973
|
|
|
|
134,978
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
296,116
|
|
|
|
200,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
54,438
|
|
|
|
24,864
|
|
Amounts due to
related parties
|
|
|
8,021
|
|
|
|
-
|
|
Accrued payroll
and welfare payable
|
|
|
489
|
|
|
|
51
|
|
Accrued expenses
and other current liabilities
|
|
|
18,738
|
|
|
|
6,745
|
|
Income tax
payable
|
|
|
498
|
|
|
|
67
|
|
Operating lease
liabilities - current
|
|
|
2,213
|
|
|
|
1,430
|
|
Total current liabilities
|
|
|
84,397
|
|
|
|
33,157
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
Operating lease
liabilities - non-current
|
|
|
4,569
|
|
|
|
3,086
|
|
Total non-current liabilities
|
|
|
4,569
|
|
|
|
3,086
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
88,966
|
|
|
|
36,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2022;
710,078,070 and
1,063,813,210 shares issued and outstanding as of December 31, 2021
and
September 30, 2022, respectively
|
|
|
36
|
|
|
|
54
|
|
Class A preference
shares, par value US$0.00005 per share; 65,000 shares
authorized as of December 31, 2021 and September 30, 2022; 65,000
shares issued
and outstanding as of December 31, 2021 and September 30,
2022
|
|
|
-
|
|
|
|
-
|
|
Class B ordinary
shares, par value US$0.00005 per share; 400,000,000 shares
authorized as of December 31, 2021 and September 30, 2022; 99
shares issued and
outstanding as of December 31, 2021 and September 30,
2022
|
|
|
-
|
|
|
|
-
|
|
Additional paid-in
capital
|
|
|
590,567
|
|
|
|
620,807
|
|
Treasury
shares
|
|
|
(21,604)
|
|
|
|
(21,604)
|
|
Accumulated deficit and
statutory reserve
|
|
|
(384,867)
|
|
|
|
(431,125)
|
|
Accumulated other
comprehensive loss
|
|
|
(2,355)
|
|
|
|
(4,196)
|
|
Total BIT Mining Limited shareholders'
equity
|
|
|
181,777
|
|
|
|
163,936
|
|
Noncontrolling interests
|
|
|
25,373
|
|
|
|
-
|
|
Total shareholders' equity
|
|
|
207,150
|
|
|
|
163,936
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
296,116
|
|
|
|
200,179
|
|
BIT Mining
Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of U.S. dollars ("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
|
Three Months Ended
|
|
|
|
September 30,
2021
|
|
|
June 30,
2022
|
|
|
September 30,
2022
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Revenues
|
|
|
393,093
|
|
|
|
195,519
|
|
|
|
96,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
(404,826)
|
|
|
|
(198,721)
|
|
|
|
(108,072)
|
|
Sales and marketing
expenses
|
|
|
(226)
|
|
|
|
(180)
|
|
|
|
(174)
|
|
General and administrative
expenses
|
|
|
(8,120)
|
|
|
|
(5,515)
|
|
|
|
(4,575)
|
|
Service development
expenses
|
|
|
(1,057)
|
|
|
|
(1,077)
|
|
|
|
(799)
|
|
Total operating costs and
expenses
|
|
|
(414,229)
|
|
|
|
(205,493)
|
|
|
|
(113,620)
|
|
Other operating
income
|
|
|
4
|
|
|
|
21
|
|
|
|
232
|
|
Government grant
|
|
|
-
|
|
|
|
9
|
|
|
|
18
|
|
Other operating
expenses
|
|
|
(4,592)
|
|
|
|
(612)
|
|
|
|
-
|
|
Net gain (loss) on disposal
of cryptocurrencies
|
|
|
11,239
|
|
|
|
(6,916)
|
|
|
|
4,574
|
|
Impairment of
cryptocurrencies
|
|
|
(13,552)
|
|
|
|
(4,947)
|
|
|
|
(2,494)
|
|
Changes in fair value of
derivative instrument
|
|
|
2,860
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of property and
equipment
|
|
|
(9,820)
|
|
|
|
(836)
|
|
|
|
(11,747)
|
|
Impairment of intangible
assets
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,539)
|
|
Operating loss from continuing
operations
|
|
|
(34,997)
|
|
|
|
(23,255)
|
|
|
|
(33,589)
|
|
Other income, net
|
|
|
84
|
|
|
|
22
|
|
|
|
7,946
|
|
Interest income
|
|
|
19
|
|
|
|
34
|
|
|
|
19
|
|
Interest expense
|
|
|
(66)
|
|
|
|
(44)
|
|
|
|
-
|
|
Gain (Loss) from equity
method investments
|
|
|
24
|
|
|
|
(1)
|
|
|
|
5
|
|
Gain from disposal of
subsidiaries
|
|
|
17
|
|
|
|
-
|
|
|
|
3,340
|
|
Loss before income tax
|
|
|
(34,919)
|
|
|
|
(23,244)
|
|
|
|
(22,279)
|
|
Income tax benefit
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net loss from continuing
operations
|
|
|
(34,919)
|
|
|
|
(23,244)
|
|
|
|
(22,279)
|
|
Loss from discontinued
operations, net of applicable income taxes
|
|
|
(47)
|
|
|
|
-
|
|
|
|
-
|
|
Loss on disposal of
discontinued operations, net of applicable
income taxes
|
|
|
(6,697)
|
|
|
|
-
|
|
|
|
-
|
|
Net loss from discontinued operations, net of
applicable income
taxes
|
|
|
(6,744)
|
|
|
|
-
|
|
|
|
-
|
|
Net loss
|
|
|
(41,663)
|
|
|
|
(23,244)
|
|
|
|
(22,279)
|
|
Less: Net loss attributable
to noncontrolling interest from
continuing operations
|
|
|
(5,302)
|
|
|
|
(2,259)
|
|
|
|
(57)
|
|
Less: Net loss attributable
to noncontrolling interest from
discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Less: Net loss attributable
to noncontrolling interests
|
|
|
(5,302)
|
|
|
|
(2,259)
|
|
|
|
(57)
|
|
Net loss attributable to BIT Mining
Limited
|
|
|
(36,361)
|
|
|
|
(20,985)
|
|
|
|
(22,222)
|
|
Other
comprehensive gain (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
537
|
|
|
|
(1,163)
|
|
|
|
(1,069)
|
|
Other comprehensive gain (loss),
net of tax
|
|
|
537
|
|
|
|
(1,163)
|
|
|
|
(1,069)
|
|
Comprehensive loss
|
|
|
(41,126)
|
|
|
|
(24,407)
|
|
|
|
(23,348)
|
|
Less: Comprehensive loss
attributable to noncontrolling interests
|
|
|
(5,268)
|
|
|
|
(2,407)
|
|
|
|
(86)
|
|
Comprehensive loss attributable to BIT Mining
Limited
|
|
|
(35,858)
|
|
|
|
(22,000)
|
|
|
|
(23,262)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of Class A and
Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
692,417,296
|
|
|
|
725,833,560
|
|
|
|
978,599,199
|
|
Diluted
|
|
|
692,417,296
|
|
|
|
725,833,560
|
|
|
|
978,599,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share attributable to BIT Mining
Limited-Basic and
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing
operations
|
|
|
(0.043)
|
|
|
|
(0.029)
|
|
|
|
(0.023)
|
|
Net loss from discontinued
operations
|
|
|
(0.010)
|
|
|
|
-
|
|
|
|
-
|
|
Net loss
|
|
|
(0.053)
|
|
|
|
(0.029)
|
|
|
|
(0.023)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS* attributable to BIT Mining
Limited-Basic and
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing
operations
|
|
|
(0.430)
|
|
|
|
(0.290)
|
|
|
|
(0.230)
|
|
Net loss from discontinued
operations
|
|
|
(0.100)
|
|
|
|
-
|
|
|
|
-
|
|
Net loss
|
|
|
(0.530)
|
|
|
|
(0.290)
|
|
|
|
(0.230)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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$"),
except for number of shares, per share (or ADS) data)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
September 30,
2021
|
|
|
June 30,
2022
|
|
|
September 30,
2022
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Operating loss from continuing
operations
|
|
|
(34,997)
|
|
|
|
(23,255)
|
|
|
|
(33,589)
|
|
Adjustment for share-based
compensation expenses
|
|
|
3,040
|
|
|
|
1,807
|
|
|
|
-
|
|
Adjustment for impairment of
intangible assets
|
|
|
-
|
|
|
|
-
|
|
|
|
7,539
|
|
Adjustment for impairment of
property and equipment
|
|
|
9,820
|
|
|
|
836
|
|
|
|
11,747
|
|
Adjustment for changes in
fair value of derivative instrument
|
|
|
(2,860)
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted operating loss from continuing operations
(non-GAAP)
|
|
|
(24,997)
|
|
|
|
(20,612)
|
|
|
|
(14,303)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to BIT Mining
Limited
|
|
|
(36,361)
|
|
|
|
(20,985)
|
|
|
|
(22,222)
|
|
Net loss attributable
to BIT Mining Limited from discontinued
operations
|
|
|
(6,744)
|
|
|
|
-
|
|
|
|
-
|
|
Net loss from continuing operations attributable to
BIT Mining
Limited
|
|
|
(29,617)
|
|
|
|
(20,985)
|
|
|
|
(22,222)
|
|
Adjust for continuing
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for share-based
compensation expenses
|
|
|
3,040
|
|
|
|
1,807
|
|
|
|
-
|
|
Adjustment for impairment of
intangible assets
|
|
|
-
|
|
|
|
-
|
|
|
|
7,539
|
|
Adjustment for impairment of
property and equipment
|
|
|
9,820
|
|
|
|
836
|
|
|
|
11,747
|
|
Adjustment for changes in
fair value of derivative instrument
|
|
|
(2,860)
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted net loss from continuing operations
attributable to BIT
Mining Limited (non-GAAP)
|
|
|
(19,617)
|
|
|
|
(18,342)
|
|
|
|
(2,936)
|
|
Adjusted net loss from discontinued operations
attributable to
BIT Mining Limited (non-GAAP)
|
|
|
(6,744)
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted net loss attributable to BIT Mining Limited
(non-GAAP)
|
|
|
(26,361)
|
|
|
|
(18,342)
|
|
|
|
(2,936)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of Class A and
Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
692,417,296
|
|
|
|
725,833,560
|
|
|
|
978,599,199
|
|
Diluted
|
|
|
692,417,296
|
|
|
|
725,833,560
|
|
|
|
978,599,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share attributable to BIT Mining Limited
(non-
GAAP)- Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing
operations (non-GAAP)
|
|
|
(0.030)
|
|
|
|
(0.025)
|
|
|
|
(0.003)
|
|
Net loss from discontinued
operations (non-GAAP)
|
|
|
(0.010)
|
|
|
|
-
|
|
|
|
-
|
|
Net loss
(non-GAAP)
|
|
|
(0.040)
|
|
|
|
(0.025)
|
|
|
|
(0.003)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS* attributable to BIT Mining Limited
(non-
GAAP)- Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing
operations (non-GAAP)
|
|
|
(0.300)
|
|
|
|
(0.250)
|
|
|
|
(0.030)
|
|
Net loss from discontinued
operations (non-GAAP)
|
|
|
(0.100)
|
|
|
|
-
|
|
|
|
-
|
|
Net loss
(non-GAAP)
|
|
|
(0.400)
|
|
|
|
(0.250)
|
|
|
|
(0.030)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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-third-quarter-ended-september-30-2022-301681302.html
SOURCE BIT Mining Limited