Ebang International Holdings Inc., a global blockchain technology and Fintech company, has announced its unaudited financial results for the first six months of fiscal year 2023. The company reported total net revenues of US$4.09 million during this period, representing an 83.69% decrease compared to the same period in 2022. Gross profit for the first six months of 2023 was US$0.99 million, while the net loss amounted to US$8.38 million.
Despite the challenging market conditions, Ebang International Holdings Inc. remains optimistic about the future. The company is focusing on providing personalized and diversified technology platforms and services to its customers. It aims to improve cost control and capital utilization while expanding its business in regulated markets and embracing technological innovation.
The financial results for the first six months of 2023 showed a decrease in total net revenues due to a decrease in product sales and the impact of a court mediation in 2022. Cost of revenues also decreased, mainly due to lower sales of products and decreased inventory write-downs. Total operating expenses in the first six months of 2023 were US$13.64 million.
Selling expenses decreased due to the adoption of precise advertising and marketing methods, while general and administrative expenses decreased due to cost control measures and lower bad debt and depreciation expenses. The company reported a loss from operations of US$12.64 million.
Interest income increased in the first six months of 2023, mainly due to higher interest rates and larger fixed-term deposits. Other income also increased, primarily because of the company taking possession of customer deposits from previous years. Net loss attributable to Ebang International Holdings Inc. for the first six months of 2023 was US$7.82 million.
Ebang International Holdings Inc. is a global blockchain technology and Fintech company with expertise in ASIC chip design. It has become a leading producer of Bitcoin mining machines and offers professional and innovative Fintech services. The company aims to expand its product and service offerings in the blockchain and Fintech industry to achieve diversified growth.
Forward-looking statements in this press release include the company's development plans, business outlook, and expectations for future operations. These statements are subject to various risks and uncertainties, including market conditions, competition, and regulatory environment. The company does not undertake any obligation to update or revise these statements, except as required by law.
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Condensed consolidated balance sheets and interim condensed consolidated statements of operations and comprehensive loss for Ebang International Holdings Inc. are also provided in the press release.