AKRON,
Ohio, Nov. 17, 2023 /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, 2023.
Cryptocurrency Business Progress
BIT Mining has four primary business segments: 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.
Mining Machine Manufacturing
We continue to advance our development of the next generation of
7nm BTC mining machines. Our strategic ally, Chain Reaction, a
semiconductor company focused on disruptive blockchain and privacy
hardware, has developed an ASIC based on their EL3CTRUM ASIC
solution. We are working through the ASIC validation process while
completing the hash board to increase hash rates. However, due to
the technical complexities of ASIC validation, we anticipate a
delay in the mining machines' system design timeline.
Self-mining
As of today, the total hash rate capacity of our DOGE/LTC mining
machines in operation is approximately 27,211.0 GH/s. For the three
months ended September 30, 2023, we produced 45.4 million DOGE
and 16,962.1 LTC from our DOGE/LTC cryptocurrency mining operations
and recognized revenue of approximately US$4.5 million.
Due to declines in cryptocurrency markets since the second half
of 2022, we have suspended the operation of certain types of BTC
mining machines. Considerable uncertainty persists in the market
despite the recent modest recovery and narrow growth in
cryptocurrency asset prices. Facing this current environment, we
remain determined to improve our quality and efficiency. As of
today, the total hash rate capacity of our BTC mining machines in
operation is approximately 122.27 PH/s. For the three months ended
September 30, 2023, we produced 11.5 BTC from our BTC
cryptocurrency mining operations and recognized revenue of
approximately US$0.4 million. We also
recognized revenue of approximately US$0.3
million from our ETC cryptocurrency mining operations.
Mining Pool
Affected by the fluctuation in cryptocurrency prices in the
third quarter of 2023, our mining pool business revenue slightly
decreased from US$65.9 million for
the three months ended June 30, 2023 to US$65.4 million for the three months ended
September 30, 2023.
Data Center Operation
During the third quarter of 2023, our 82.5 megawatt space (the
"82.5 Megawatt Space") at the Ohio Mining Site recognized
approximately $6.4 million in service
fee revenue, representing an increase of US$2.8 million compared with the second quarter
of 2023, primarily due to restoration of electricity supply to the
Ohio Mining Site on May 26, 2023.
"Amid the cryptocurrency industry's uneven recovery, we were
pleased to deliver continued sequential improvement in our topline
for the third quarter of 2023," said Xianfeng Yang, CEO of BIT Mining. "Our growing
data center operations propelled the increase in revenue.
Furthermore, we are proactively reallocating resources and
exploring initiatives to improve overall operating efficiency and
profitability. Going forward, we will remain dedicated to
diversifying revenue streams, enhancing efficiency and optimizing
our operations to create value for all of our stakeholders."
Third Quarter 2023 Highlights
- Revenues were US$77.0 million for
the third quarter of 2023, representing a significant decrease of
US$20.0 million from US$97.0 million for the third quarter of 2022 and
an increase of US$2.9 million from
US$74.1 million for the second
quarter of 2023.
- Operating loss was US$3.7 million
for the third quarter of 2023, representing a significant decrease
of US$27.1 million from
US$30.8 million for the third quarter
of 2022 and an increase of US$2.2
million from US$1.5
million for the second quarter of 2023.
- Non-GAAP operating loss1 was US$3.7 million for the third quarter of 2023,
compared with non-GAAP operating loss of US$11.5 million for the third quarter of 2022,
and non-GAAP operating loss of US$1.5
million for the second quarter of 2023.
- Net loss attributable to BIT Mining was US$4.4 million for the third quarter of 2023,
compared with net loss attributable to BIT Mining of US$19.4 million for the third quarter of 2022,
and net loss attributable to BIT Mining of US$0.9 million for the second quarter of
2023.
- Non-GAAP net loss1 attributable to BIT Mining was
US$3.6 million for the third quarter
of 2023, compared with non-GAAP net loss attributable to BIT Mining
of US$0.2 million for the third
quarter of 2022, and non-GAAP net loss attributable to BIT Mining
of US$1.2 million for the second
quarter of 2023.
- Basic and diluted losses per American Depositary Share
("ADS")2 attributable to BIT Mining Limited for the
third quarter of 2023 were US$0.39.
- Non-GAAP basic and diluted losses per ADS2
attributable to BIT Mining Limited for the third quarter of 2023
were US$0.32.
|
1 Non-GAAP financial measures exclude
the impact of impairment of intangible assets, impairment of
property and equipment, and changes in fair value of derivative
instruments. Reconciliations of non-GAAP financial measures to U.S.
GAAP financial measures are set forth in the table at the end of
this release.
|
|
2 The
Company changed the ratio of ADSs to its Class A ordinary
shares (the "ADS Ratio"), par value US$0.00005 per share, from the
former ADS Ratio of one (1) ADS to ten (10) Class A
ordinary shares, to the current ADS Ratio of one (1) ADS to
one hundred (100) Class A ordinary shares (the "ADS Ratio
Change"). The ADS Ratio Change was effective at the start of
trading on December 23, 2022.
|
Third Quarter 2023 Financial
Results
Revenues
Revenues were US$77.0 million for
the third quarter of 2023, representing a significant decrease of
US$20.0 million, or 20.6%, from
US$97.0 million for the third quarter
of 2022, and a slight increase of US$2.9
million, or 3.9%, from US$74.1
million for the second quarter of 2023. The year-over-year
decrease was mainly attributable to higher computing power of the
whole network in the third quarter of 2023 compared with the
computing power in the third quarter of 2022. This resulted in a
lower percentage of rewards allocated to the mining pool business
in the third quarter of 2023. The sequential increase was mainly
attributable to the restoration of electricity supply to the Ohio
Mining Site on May 26, 2023. Revenues
were mainly comprised of US$65.4
million from the mining pool business, US$6.4 million from the data center business and
US$5.2 million from the self-mining
business.
Operating Costs and Expenses
Operating costs and expenses were US$80.3
million for the third quarter of 2023, representing a
significant decrease of US$30.5
million, or 27.5%, from US$110.8
million for the third quarter of 2022, and a slight increase
of US$2.3 million, or 2.9%, from
US$78.0 million for the second
quarter of 2023.
Cost of revenue was US$75.8
million for the third quarter of 2023, representing a
significant decrease of US$29.5
million, or 28.0%, from US$105.3
million for the third quarter of 2022, and a slight increase
of US$2.9 million, or 4.0%, from
US$72.9 million for the second
quarter of 2023. The year-over-year decrease was mainly
attributable to (i) a significant decrease of US$25.8 million in cost for the allocation to
pool participants associated with the mining pool business,
(ii) a decrease of US$5.7
million in depreciation and amortization expense, which was
partially offset by (iii) an increase of US$3.6 million in direct production costs related
to data center service. The sequential increase was mainly due to
(i) an increase of US$1.7
million in hosting cost related to self-mining business,
primarily attributable to the new 13 megawatts of power capacity at
the Texas Mining Site, (ii) an increase of US$1.6 million in direct production costs related
to data center service, recovering from the power outage at the
Ohio Mining Site in May 2023, which was partially offset by
(iii) a decrease of US$0.4
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$72.9 million and depreciation and amortization
of US$2.9 million. The direct cost of
revenue mainly included direct costs relating to (i) the
mining pool business of US$64.8
million, (ii) the cryptocurrency mining business of
US$2.9 million, and (iii) the
data center business of US$5.2
million.
Sales and marketing expenses were US$0.1
million for the third quarter of 2023, representing a
decrease of US$0.1 million, or 50.0%,
from US$0.2 million for the third
quarter of 2022 and remained unchanged from the second quarter of
2023.
General and administrative expenses were US$4.2 million for the third quarter of 2023,
representing a slight decrease of US$0.4
million, or 8.7%, from US$4.6
million for the third quarter of 2022 and a slight decrease
of US$0.4 million, or 8.7%, from
US$4.6 million for the second quarter
of 2023. The year-over-year and sequential decrease was mainly due
to a decrease of US$0.4 million
in operating expenses related to travel and other administrative
expenses.
Service development expenses were US$0.1
million for the third quarter of 2023, representing a
decrease of US$0.7 million, or 87.5%,
from US$0.8 million for the third
quarter of 2022, and a decrease of US$0.2
million, or 66.7%, from US$0.3
million for the second quarter of 2023. The year-over-year
decrease was mainly due to a decrease in staff costs, benefits,
share-based compensation and other related expenses as a result of
a decrease in headcount.
Net Gain on Disposal of Cryptocurrency Assets
Net gain on disposal of cryptocurrency assets was US$1.8 million for the third quarter of 2023,
representing a decrease of US$2.8
million from US$4.6 million
for the third quarter of 2022, and a decrease of US$2.1 million from US$3.9
million for the second quarter of 2023, by using the
first-in-first-out ("FIFO") asset management and valuation method
to calculate the cost of disposition during the third quarter of
2023.
Impairment of Cryptocurrency Assets
Impairment of cryptocurrency assets was US$1.2 million for the third quarter of 2023,
representing a decrease of US$1.3
million from US$2.5 million
for the third quarter of 2022, and a decrease of US$0.5 million from US$1.7
million for the second quarter of 2023, mainly due to
provisions for impairment of cryptocurrency assets held as a result
of fluctuations in cryptocurrency prices.
Impairment of Property and Equipment
Impairment of property and equipment was nil for the second and
third quarters of 2023 and was US$11.7
million for the third quarter of 2022, which was mainly due
to the provision for impairment of mining machines in Kazakhstan and the U.S.
Impairment of Intangible Assets
Impairment of intangible assets was nil for the second and third
quarters of 2023 and was US$7.5
million for the third quarter of 2022, which was mainly due
to the impairment of the strategy contract that the Company
acquired through its acquisition of Asgard Data Centers.
Operating Loss
Operating loss was US$3.7 million
for the third quarter of 2023, compared with operating loss of
US$30.8 million for the third quarter
of 2022, and operating loss of US$1.5
million for the second quarter of 2023.
Non-GAAP operating loss was US$3.7
million for the third quarter of 2023, compared with
non-GAAP operating loss of US$11.5
million for the third quarter of 2022, and non-GAAP
operating loss of US$1.5 million for
the second quarter of 2023. The year-over-year decrease in non-GAAP
operating loss was mainly due to (i) a decrease of
US$9.5 million in gross loss of the
cryptocurrency business, (ii) a decrease of US$1.3 million in impairment of cryptocurrency
assets, and offset by (iii) a decrease of US$2.8 million in net gain on disposal of
cryptocurrency assets. The sequential increase in non-GAAP
operating loss was mainly due to (i) a decrease of
US$2.2 million in net gain on
disposal of cryptocurrency assets and offset by (ii) a
decrease of US$0.5 million in
impairment of cryptocurrency assets.
Net Loss Attributable to BIT Mining
Net loss attributable to BIT Mining was US$4.4 million for the third quarter of 2023,
compared with net loss attributable to BIT Mining of US$19.4 million for the third quarter of 2022,
and net loss attributable to BIT Mining of US$0.9 million for the second quarter of 2023.
The year-over-year decrease in net loss attributable to BIT Mining
was mainly due to (i) a decrease of US$11.7 million in impairment of property and
equipment, (ii) a decrease of US$7.5
million in impairment of intangible assets, and offset by
(iii) a decrease 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 increase in net loss
attributable to BIT Mining was mainly due to (i) a decrease of
US$2.2 million in net gain on
disposal of cryptocurrency assets, (ii) an increase of
US$1.1 million in loss in fair value
of derivative instruments, and offset by (iii) a decrease of
US$0.5 million in impairment of
cryptocurrency assets.
Non-GAAP net loss attributable to BIT Mining was US$3.6 million for the third quarter of 2023,
compared with non-GAAP net loss attributable to BIT Mining of
US$0.2 million for the third quarter
of 2022, and non-GAAP net loss attributable to BIT Mining of
US$1.2 million for the second quarter
of 2023. The year-over-year increase was mainly due to a decrease
of US$3.3 million in gain from
disposal of a subsidiary, which was attributable to the sale of
shares of Loto Interactive Limited in July
2022. The sequential increase in non-GAAP net loss
attributable to BIT Mining was mainly due to the reasons related to
net gain on disposal of cryptocurrency assets and impairment of
cryptocurrency assets mentioned above.
Cash and Cash Equivalents, Restricted Cash and Short-term
Investment
As of September 30, 2023, the Company had cash and cash
equivalents of US$2.6 million and
restricted cash3 of US$0.1
million, compared with cash and cash equivalents of
US$5.4 million, restricted cash of
US$0.1 million, and short-term
investment4 of US$2.4
million as of December 31, 2022.
Cryptocurrency Assets
As of September 30, 2023, the Company had cryptocurrency
assets of US$15.3 million in
aggregate, which is the U.S. dollar equivalent of 254 BTC, 77.3
million DOGE, 15,974 LTC, and various other cryptocurrency assets,
including those generated from its mining pool and cryptocurrency
mining businesses.
|
3 Restricted
cash represents deposits in merchant banks yet to be
withdrawn.
|
|
4 Short-term
investment represents fixed coupon notes with original maturities
of greater than three months but less than a year.
|
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company, with 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, DOGE 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 loss, we use the non-GAAP financial
measure of adjusted net loss which is U.S. GAAP net loss as
adjusted to exclude the impact of share-based compensation
expenses, impairment of property and equipment, changes in fair
value of contingent considerations, and changes in fair value of
derivative instruments. All adjustments are non-cash and we believe
they are not reflective of our general business performance. This
non-GAAP financial measure is provided as additional information to
help our investors compare business trends among different
reporting periods on a consistent basis and to enhance investors'
overall understanding of our current financial performance and
prospects for the future. This non-GAAP financial measure should
not be considered in addition to or as a substitute for or superior
to U.S. GAAP net loss. In addition, our definition of adjusted net
loss may be different from the definition of such term used by
other companies, and therefore comparability may be limited.
For more information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
|
BIT Mining
Limited
|
|
Condensed
Consolidated Balance Sheets
|
|
(Amounts in
thousands of U.S. dollars ("US$"), except for number of
shares)
|
|
(Unaudited)
|
|
|
|
December 31,
2022
|
|
September 30,
2023
|
|
|
US$
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
5,448
|
|
|
2,641
|
|
Restricted
cash
|
|
|
126
|
|
|
125
|
|
Short-term
investment
|
|
|
2,360
|
|
|
-
|
|
Accounts
receivable
|
|
|
4,120
|
|
|
3,772
|
|
Prepayments and other
current assets
|
|
|
8,310
|
|
|
13,102
|
|
Cryptocurrency
assets
|
|
|
14,972
|
|
|
15,285
|
|
Total current
assets
|
|
|
35,336
|
|
|
34,925
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
27,220
|
|
|
25,400
|
|
Intangible assets,
net
|
|
|
3,314
|
|
|
2,353
|
|
Deposits
|
|
|
2,387
|
|
|
2,462
|
|
Long-term
investments
|
|
|
8,049
|
|
|
6,344
|
|
Right-of-use
assets
|
|
|
4,135
|
|
|
4,056
|
|
Long-term prepayments
and other non-current assets
|
|
|
6,363
|
|
|
72
|
|
Total non-current
assets
|
|
|
51,468
|
|
|
40,687
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
86,804
|
|
|
75,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
23,425
|
|
|
24,041
|
|
Accrued payroll
and welfare payable
|
|
|
819
|
|
|
63
|
|
Accrued expenses
and other current liabilities
|
|
|
5,155
|
|
|
4,193
|
|
Income tax
payable
|
|
|
73
|
|
|
72
|
|
Operating lease
liabilities - current
|
|
|
1,367
|
|
|
1,462
|
|
Total current
liabilities
|
|
|
30,839
|
|
|
29,831
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Operating lease
liabilities - non-current
|
|
|
2,837
|
|
|
2,593
|
|
Total non-current
liabilities
|
|
|
2,837
|
|
|
2,593
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
33,676
|
|
|
32,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005 per share; 1,599,935,000 shares
authorized as of December 31, 2022 and September 30, 2023;
1,063,813,210 and
1,111,232,210 shares issued and outstanding as of December 31, 2022
and
September 30, 2023, respectively
|
|
|
54
|
|
|
54
|
|
Class A preference
shares, par value US$0.00005 per share; 65,000 shares
authorized as of December 31, 2022 and September 30, 2023; 65,000
shares
issued and outstanding as of December 31, 2022
and September 30, 2023
|
|
|
-
|
|
|
-
|
|
Class B ordinary
shares, par value US$0.00005 per share; 400,000,000 shares
authorized as of December 31, 2022 and September 30, 2023; 99
shares issued
and outstanding as of December 31, 2022 and September 30,
2023
|
|
|
-
|
|
|
-
|
|
Additional paid-in
capital
|
|
|
620,807
|
|
|
621,561
|
|
Treasury
shares
|
|
|
(21,604)
|
|
|
(21,604)
|
|
Accumulated deficit and
statutory reserve
|
|
|
(542,169)
|
|
|
(552,379)
|
|
Accumulated other
comprehensive loss
|
|
|
(3,960)
|
|
|
(4,444)
|
|
Total shareholders'
equity
|
|
|
53,128
|
|
|
43,188
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
86,804
|
|
|
75,612
|
|
BIT Mining
Limited
|
|
Condensed
Consolidated Statements of Comprehensive Loss
|
|
(Amounts in
thousands of U.S. dollars ("US$"),
except for number of shares, per share (or ADS)
data)
|
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2022
|
|
June 30,
2023
|
|
September 30,
2023
|
|
|
US$
|
|
US$
|
|
US$
|
|
Revenues
|
|
|
96,987
|
|
|
74,065
|
|
|
77,017
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
(105,299)
|
|
|
(72,943)
|
|
|
(75,843)
|
|
Sales and marketing
expenses
|
|
|
(174)
|
|
|
(131)
|
|
|
(115)
|
|
General and administrative
expenses
|
|
|
(4,575)
|
|
|
(4,634)
|
|
|
(4,248)
|
|
Service development
expenses
|
|
|
(799)
|
|
|
(328)
|
|
|
(111)
|
|
Total operating
costs and expenses
|
|
|
(110,847)
|
|
|
(78,036)
|
|
|
(80,317)
|
|
Other operating
income
|
|
|
232
|
|
|
209
|
|
|
-
|
|
Government grant
|
|
|
18
|
|
|
-
|
|
|
-
|
|
Other operating
expenses
|
|
|
-
|
|
|
-
|
|
|
(995)
|
|
Net gain on disposal of
cryptocurrency assets
|
|
|
4,574
|
|
|
3,923
|
|
|
1,754
|
|
Impairment of cryptocurrency
assets
|
|
|
(2,494)
|
|
|
(1,697)
|
|
|
(1,205)
|
|
Impairment of property and
equipment
|
|
|
(11,747)
|
|
|
-
|
|
|
-
|
|
Impairment of intangible
assets
|
|
|
(7,539)
|
|
|
-
|
|
|
-
|
|
Operating
loss
|
|
|
(30,816)
|
|
|
(1,536)
|
|
|
(3,746)
|
|
Other income (expense),
net
|
|
|
7,946
|
|
|
317
|
|
|
(5)
|
|
Interest income
|
|
|
19
|
|
|
2
|
|
|
200
|
|
Gain from equity method
investments
|
|
|
5
|
|
|
8
|
|
|
-
|
|
Gain from disposal of
subsidiaries
|
|
|
3,340
|
|
|
-
|
|
|
-
|
|
Changes in fair value of
derivative instruments
|
|
|
-
|
|
|
275
|
|
|
(808)
|
|
Loss before income
tax
|
|
|
(19,506)
|
|
|
(934)
|
|
|
(4,359)
|
|
Income tax
benefits
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Net
loss
|
|
|
(19,506)
|
|
|
(934)
|
|
|
(4,359)
|
|
Less: Net loss attributable
to noncontrolling interests
|
|
|
(57)
|
|
|
-
|
|
|
-
|
|
Net loss
attributable to BIT Mining Limited
|
|
|
(19,449)
|
|
|
(934)
|
|
|
(4,359)
|
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
loss
|
|
|
(1,069)
|
|
|
(650)
|
|
|
(44)
|
|
Other comprehensive
loss, net of tax
|
|
|
(1,069)
|
|
|
(650)
|
|
|
(44)
|
|
Comprehensive
loss
|
|
|
(20,575)
|
|
|
(1,584)
|
|
|
(4,403)
|
|
Less: Comprehensive loss
attributable to noncontrolling interests
|
|
|
(86)
|
|
|
-
|
|
|
-
|
|
Comprehensive loss
attributable to BIT Mining Limited
|
|
|
(20,489)
|
|
|
(1,584)
|
|
|
(4,403)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
978,599,199
|
|
|
1,111,232,309
|
|
|
1,111,232,309
|
|
Diluted
|
|
|
978,599,199
|
|
|
1,111,232,309
|
|
|
1,111,232,309
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to BIT Mining Limited-Basic and
Diluted
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(0.02)
|
|
|
(0.00)
|
|
|
(0.00)
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS*
attributable to BIT Mining Limited-Basic and
Diluted
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(1.99)
|
|
|
(0.08)
|
|
|
(0.39)
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of
the Company.
|
|
Losses per ADS have
been retrospectively adjusted for the ADS Ratio Change from the
former ADS Ratio of 1 ADS
to 10 Class A ordinary shares, to the current ADS Ratio of 1 ADS to
100 Class A ordinary shares, effective on
December 23, 2022
|
|
BIT Mining
Limited
|
|
Reconciliation of
non-GAAP results of operations measures to the nearest comparable
GAAP measures
|
|
(Amounts in
thousands of U.S. dollars ("US$"),
except for number of shares, per share (or ADS)
data)
|
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2022
|
|
June 30,
2023
|
|
September 30,
2023
|
|
|
US$
|
|
US$
|
|
US$
|
|
Operating
loss
|
|
|
(30,816)
|
|
|
(1,536)
|
|
|
(3,746)
|
|
Adjustment for impairment of
intangible assets
|
|
|
7,539
|
|
|
-
|
|
|
-
|
|
Adjustment for impairment of
property and equipment
|
|
|
11,747
|
|
|
-
|
|
|
-
|
|
Adjusted operating
loss (non-GAAP)
|
|
|
(11,530)
|
|
|
(1,536)
|
|
|
(3,746)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to BIT Mining Limited
|
|
|
(19,449)
|
|
|
(934)
|
|
|
(4,359)
|
|
Adjustment for impairment of
intangible assets
|
|
|
7,539
|
|
|
-
|
|
|
-
|
|
Adjustment for impairment of
property and equipment
|
|
|
11,747
|
|
|
-
|
|
|
-
|
|
Adjustment for changes in
fair value of derivative instruments
|
|
|
-
|
|
|
(275)
|
|
|
808
|
|
Adjusted net loss
attributable to BIT Mining Limited (non-
GAAP)
|
|
|
(163)
|
|
|
(1,209)
|
|
|
(3,551)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
978,599,199
|
|
|
1,111,232,309
|
|
|
1,111,232,309
|
|
Diluted
|
|
|
978,599,199
|
|
|
1,111,232,309
|
|
|
1,111,232,309
|
|
|
|
|
|
|
|
|
|
|
|
Losses per share
attributable to BIT Mining Limited (non-
GAAP)-Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
Net loss
(non-GAAP)
|
|
|
(0.00)
|
|
|
(0.00)
|
|
|
(0.00)
|
|
|
|
|
|
|
|
|
|
|
|
Losses per ADS*
attributable to BIT Mining Limited (non-
GAAP)-Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
Net loss
(non-GAAP)
|
|
|
(0.02)
|
|
|
(0.11)
|
|
|
(0.32)
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of
the Company.
|
|
Losses per ADS have
been retrospectively adjusted for the ADS Ratio Change from the
former ADS Ratio of 1 ADS to
10 Class A ordinary shares, to the current ADS Ratio of 1 ADS to
100 Class A ordinary shares, effective on
December 23, 2022
|
View original
content:https://www.prnewswire.com/news-releases/bit-mining-limited-announces-unaudited-financial-results-for-the-third-quarter-ended-september-30-2023-301992012.html
SOURCE BIT Mining Limited