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.
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
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
This email address is being protected from spambots. You need JavaScript enabled to view it.
ir.btcm.group
www.btcm.group
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
BIT Mining Limited | ||||||||
December 31, | September 30, | |||||||
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 | 36 | 54 | ||||||
Class A preference shares, par value US$0.00005 per share; 65,000 shares | - | - | ||||||
Class B ordinary shares, par value US$0.00005 per share; 400,000,000 shares | - | - | ||||||
Additional paid-in capital | 590,567 | 620,807 | ||||||
Treasury shares | (21,604) | (21,604) | ||||||
Accumulated deficit and statutory reserve | (384,867) | (431,125) | ||||||
Accumulated other comprehensive loss | (2,355) | (4,196) | ||||||
Total BIT Mining Limited shareholders' equity | 181,777 | 163,936 | ||||||
Noncontrolling interests | 25,373 | - | ||||||
Total shareholders' equity | 207,150 | 163,936 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 296,116 | 200,179 | ||||||
BIT Mining Limited | ||||||||||||
Three Months Ended | ||||||||||||
September 30, | June 30, | September 30, | ||||||||||
US$ | 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 | (6,697) | - | - | |||||||||
Net loss from discontinued operations, net of applicable income | (6,744) | - | - | |||||||||
Net loss | (41,663) | (23,244) | (22,279) | |||||||||
Less: Net loss attributable to noncontrolling interest from | (5,302) | (2,259) | (57) | |||||||||
Less: Net loss attributable to noncontrolling interest from | - | - | - | |||||||||
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 | ||||||||||||
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 | ||||||||||||
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 | ||||||||||||
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 | ||||||||||||
Three Months Ended | ||||||||||||
September 30, | June 30, | September 30, | ||||||||||
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 | (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 | (19,617) | (18,342) | (2,936) | |||||||||
Adjusted net loss from discontinued operations attributable to | (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 | ||||||||||||
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- | ||||||||||||
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- | ||||||||||||
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. | ||||||||||||
| Last Trade: | US$2.90 |
| Daily Change: | 0.13 4.69 |
| Daily Volume: | 236,855 |
| Market Cap: | US$33.470M |
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