HONG KONG, Aug. 17, 2021 /PRNewswire/ -- BIT Mining Limited
(NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our
company"), a leading cryptocurrency mining enterprise, today
reported its unaudited financial results for the
second quarter ended June 30,
2021.
Cryptocurrency Business Progress
BIT Mining has completed the transition of its business to an
enterprise that covers cryptocurrency mining, data center operation
and mining pool.
The Company has commenced ethereum mining operations outside of
mainland China, with a theoretical
maximum total hash rate capacity of 600 GH/s deployed as of today.
Based on the entire ethereum hash rate and ethereum
price[1] of US$3,309
as of today, we currently produce approximately 13 ethereum per
day, which are worth approximately US$43,017 in aggregate. The direct monthly costs
of our ethereum mining operations are lower than 10% of the
monthly revenue we recognized from ethereum mining
operations, based on today's ethereum price. Ethereum mining
machines with a total hash rate capacity of 4,800 GH/s are expected
to be deployed by the end of October
2021.
As of today, the theoretical maximum total hash rate capacity of
bitcoin mining machines of the Company is approximately 1,425.3
PH/s. The Company has adopted a development strategy to focus on
expanding its cryptocurrency mining operations globally. As of
today, we have delivered 7,849 bitcoin mining machines with a total
hash rate capacity of 292.7 PH/s to Kazakhstan, of which 3,293 bitcoin mining
machines, with a total hash rate capacity of 121.0 PH/s, have been
deployed at data centers in Kazakhstan and 4,556 bitcoin mining machines
are waiting to be deployed. For the second quarter of 2021, we
produced 186 bitcoins from cryptocurrency mining business, and
recognized revenue of approximately US$9.5
million, representing approximately 2.1% of the Company's
total net revenues.
In terms of data center business, the Company has announced that
it has entered into several term sheets to invest in cryptocurrency
mining data centers globally, in May and June 2021. On June 21,
2021, we announced that two big data centers have suspended
their operations according to the written notice from State Grid
Sichuan Ganzi Electric Power Co., Ltd.. Data centers
in Sichuan recognized revenue of approximately US$11.4 million, representing approximately 2.6%
of the Company's total net revenues for the second quarter of 2021.
We are now in the process of constructing one of our new data
centers outside of mainland China,
which is expected to begin operation late in the third quarter of
2021. In the meantime, the Company is proactively seeking
additional high-quality mining resources to better execute its
global development strategy.
On April 15, 2021, we completed
our acquisition of the entire mining pool business of Bitdeer
Technologies Holding Company operated under BTC.com, including the
domain name BTC.com and the cryptocurrency wallet of BTC.com. As a
leading multi-currency comprehensive service mining pool, the total
hash rate capacity of BTC.com accounts for about 10% of the entire
bitcoin hash rate and the actual hash rate has remained fairly
stable so far. From April 15,
2021 to June 30, 2021, the
mining pool business recognized (i) revenue of approximately
US$422.8 million, representing
approximately 95.0% of the Company's total net revenues for the
second quarter of 2021, and (ii) cost of revenue of approximately
US$414.4 million, exclusive of
depreciation and amortization.
Removal of VIE Structure and Disposal of Chinese Lottery
Business
We have previously conducted our lottery business in
China through a series of
contractual arrangements with the lottery business related VIEs. In
July 2021, the Company announced its
decision to dispose of its Chinese lottery related business and the
Company terminated all of its lottery business related VIE
contracts. The lottery business-related VIE subsidiaries will be
deconsolidated and their financial results will no longer be
included in the Company's consolidated financial statements in the
third quarter of this year as a result of eliminating the VIE
structure.
[1] The
Ethereum price is based on the price on August 17, 2021, at UTC
0:00, published on https://coinmarket.com.
|
Second Quarter
2021 Highlights
- Net revenues were RMB2,873.9
million (US$445.1 million) in
the second quarter of 2021, representing a sharp increase of
RMB2,854.3 million from RMB19.6 million for the first quarter of 2021,
and a sharp increase of RMB2,870.3
million from RMB3.6 million
for the second quarter of 2020. Net revenues during the second
quarter of 2021 primarily consisted of RMB2,729.9 million (US$422.8 million) in revenue contribution from
our mining pool business that we consolidated from April 15, 2021, which accounted for 95.0% of
total net revenues.
- Operating loss was RMB101.3
million (US$15.7 million) in
the second quarter of 2021, representing an increase of
RMB84.8 million from RMB16.5 million for the first quarter of 2021,
and an increase of RMB49.0 million
from RMB52.3 million for the second
quarter of 2020. The increase of operating loss is mainly due to
the impairment of cryptocurrencies and net loss on disposal of
cryptocurrencies.
- Non-GAAP operating income[2] was RMB6.4 million (US$1.0
million) in the second quarter of 2021, as compared with
non-GAAP operating loss of RMB16.2
million for the first quarter of 2021, and non-GAAP
operating loss of RMB33.7 million for
the second quarter of 2020.
- Net loss attributable to BIT Mining was RMB97.9 million (US$15.2
million) in the second quarter of 2021, as compared with net
income attributable to BIT Mining of RMB13.2
million for the first quarter of 2021, and net loss
attributable to BIT Mining of RMB86.3
million for the second quarter of 2020.
- Non-GAAP net income[2] attributable to BIT Mining
was RMB9.8 million (US$1.5 million) in the second quarter of 2021, as
compared with non-GAAP net loss attributable to BIT Mining of
RMB22.8 million for the first quarter
of 2021, and non-GAAP net loss attributable to BIT Mining of
RMB34.0 million for the second
quarter of 2020.
- Basic and diluted loss per ADS attributable to BIT Mining
Limited for the second quarter of 2021 were RMB1.64 (US$0.25).
- Non-GAAP basic and diluted earnings
per ADS attributable to BIT Mining Limited for the second quarter
of 2021 were RMB0.16 (US$0.03).
[2]
Non-GAAP financial measures exclude the impact of share-based
compensation expenses, impairment of long-term investments,
impairment of cryptocurrencies, net loss on disposal of
cryptocurrencies, changes in fair value of derivative instrument,
gain on previously-held equity interest and deferred tax benefit
relating to valuation allowance. Reconciliations of non-GAAP
financial measures to U.S. GAAP financial measures are set forth in
the table at the end of this release.
|
Second Quarter 2021 Financial
Results
Net Revenues
Net revenues were RMB2,873.9
million (US$445.1 million) for
the second quarter of 2021, representing a sharp increase of
RMB2,870.3 million from RMB3.6 million for the second quarter of 2020 and
a sharp increase of RMB2,854.3
million from RMB19.6 million
for the first quarter of 2021. Net revenues were mainly
comprised of the revenues from the mining pool business of
RMB2,729.9 million (US$422.8 million), the data center business of
RMB73.8 million (US$11.4 million) and cryptocurrency mining
business of RMB61.6 million
(US$9.5 million). The
year-over-year and sequential increase were mainly attributable to
our mining pool business that we consolidated from April 15, 2021.
Operating Costs and Expenses
Operating costs and expenses were RMB2,866.1 million (US$443.9 million) for the second quarter of 2021,
representing an increase of RMB2,811.0
million from RMB55.1 million
for the second quarter of 2020, and an increase of
RMB2,829.8 million from RMB36.3 million for the first quarter of
2021. The year-over-year increase was mainly due to a
significant increase of RMB2,675.9
million in cost for the allocation to pool participants
associated with the mining pool business and an increase of
RMB55.3 million in service expense
associated with data center business, which were partially offset
by a decrease of RMB18.3 million in
share-based compensation expenses associated with share options
granted to the Company's directors and employees. The sequential
increase was mainly due to a significant increase of
RMB2,675.9 million in cost for the
allocation to pool participants associated with the mining
pool business and an increase of RMB55.3
million in service expense associated with data center
business.
Cost of revenue was RMB2,810.5 million (US$435.3 million) for the second quarter of
2021, representing an increase of RMB2,805.9
million from RMB4.6 million for the second quarter
of 2020, and an increase of RMB2,802.0
million from RMB8.5 million for
the first quarter of 2021. Cost of revenue was
comprised of the direct cost of revenue of RMB2,767.2 million (US$428.6 million) and depreciation and
amortization of RMB43.3 million
(US$6.7 million). The direct cost of
revenue mainly included direct costs relating to (i) the mining
pool business of RMB2,675.9 million
(US$414.4 million), (ii) the
data center business of RMB59.2
million (US$9.2 million) and
(iii) the cryptocurrency mining of RMB28.5
million (US$4.4 million).The
year-over-year increase was mainly attributable to a
significant increase of RMB2,675.9
million in cost for the allocation to pool participants
associated with the mining pool business and an increase of
RMB55.3 million in service expense
associated with data center business. The sequential increase
was mainly due to a significant increase of RMB2,675.9 million in cost for the allocation to
pool participants associated with the mining pool business and
an increase of RMB55.3 million in
service expense associated with data center business.
Sales and marketing expenses were RMB3.4 million (US$0.5 million) for the second quarter of
2021, representing a decrease of RMB1.6
million or 32.0% from RMB5.0 million for
the second quarter of 2020, and an increase of
RMB0.9 million or 36.0% from
RMB2.5 million for the first quarter
of 2021. The year-over-year decrease was mainly due to a decrease
of RMB2.0 million in share-based
compensation expenses associated with share options granted to the
Company's directors and employees and a decrease of
RMB0.4 million in expenses for
employees, which were partially offset by an increase of
RMB1.4 million in marketing and
promotion expense.
General and administrative expenses were RMB45.9 million (US$7.1
million) for the second quarter of 2021, representing an
increase of RMB10.5 million or
29.7% from RMB35.4 million for
the second quarter of 2020, and an increase of RMB23.3 million or 103.1% from RMB22.6 million for the first quarter
of 2021. The year-over-year increase was mainly due to an
increase of RMB17.3 million in
consulting expenses, an increase of RMB5.7
million in expenses for employees mainly due to
consolidations of Loto Interactive and the mining pool business and
an increase of RMB1.4 million in
transaction expense associated with mining pool business, which
were partially offset by a decrease of RMB12.1 million in share-based compensation
expenses associated with share options granted to the Company's
directors and employees and a decrease of RMB4.5 million depreciation mainly associated
with leasehold improvements for the partial termination of our
office lease in Shenzhen. The sequential increase was mainly
due to an increase of RMB10.0 million
in consulting expenses, an increase of RMB7.1 million in expenses for employees mainly
due to consolidations of Loto Interactive and the mining pool
business, an increase of RMB1.5
million in rental expense associated with
Loto Interactive office rent and an increase of
RMB1.3 million in transaction
expense associated with mining pool business.
Service development expenses were RMB6.4 million (US$1.0 million) for the second quarter of 2021,
representing a decrease of RMB3.7
million or 36.6% from RMB10.1 million for the second quarter
of 2020, and an increase of RMB3.7
million or 137% from RMB2.7 million for the first quarter of
2021. The year-over-year decrease was mainly due to a decrease
of RMB4.2 million in share-based
compensation expenses associated with share options granted to the
Company's directors and employees which were partially offset by an
increase of RMB1.0 million in
expenses for employees mainly due to consolidations of Loto
Interactive and the mining pool business. The sequential increase
was mainly due to an increase of RMB2.8
million in expenses for employees mainly due to
consolidations of Loto Interactive and the mining pool
business.
Net Loss on Disposal of
Cryptocurrencies
Net loss on disposal of cryptocurrencies was
RMB 55.6 million (US$8.6
million) for the second quarter of 2021, related
to the decreasing market prices for cryptocurrencies by using FIFO
to calculate the cost of disposition during the second quarter of
2021. There was no such net loss for the second quarter of
2020 and the first quarter of 2021.
Impairment of
Cryptocurrencies
Impairment of cryptocurrencies was RMB57.3 million (US$8.9
million) for the second quarter of 2021, mainly due
to the decreasing market prices for cryptocurrency assets including
the cryptocurrencies payable to pool participants related to mining
pool business during the second quarter of 2021. There was no such
impairment for the second quarter of 2020 and the first quarter of
2021.
Operating Loss
Operating loss was RMB101.3 million (US$15.7 million) for the second quarter of 2021,
compared with operating loss of RMB52.3 million for
the second quarter of 2020, and operating loss of
RMB16.5 million for the
first quarter of 2021. Both the year-over-year increase and
the sequential increase of operating loss were mainly due to (i) an
increase in revenue and an increase in operating costs and expenses
which were mainly attributable to the cryptocurrency mining
business initiated at the end of February
2021, data center business consolidated from March 31, 2021 and the mining pool business
consolidated from April 15, 2021 as
described above; (ii) a provision of RMB57.3
million for impairment of cryptocurrencies mainly due to the
decreasing market prices for cryptocurrencies during the second
quarter of 2021; (iii) the net loss on disposal of cryptocurrencies
of RMB55.6 million mainly due to the
decreasing market prices for cryptocurrencies during the second
quarter of 2021, by using FIFO to calculate the cost of
disposition.
Non-GAAP operating income was RMB6.4
million (US$1.0 million) for
the second quarter of 2021, compared with non-GAAP operating
loss of RMB33.7 million for
the second quarter of 2020, and non-GAAP operating loss
of RMB16.2 million for the
first quarter of 2020. The turning of non-GAAP operating loss
to non-GAAP operating income on both year-over-year and sequential
bases were mainly attributable to the cryptocurrency mining
business initiated at the end of February
2021, data center business consolidated from March 31, 2021 and the mining pool business
consolidated from April 15, 2021 as
described above.
Net (Loss) Income
Attributable to BIT Mining
Net loss attributable to BIT Mining was RMB97.9 million (US$15.2 million) for the second quarter of
2021, compared with net loss attributable to BIT Mining of
RMB86.3 million for
the second quarter of 2020, and net
income attributable to BIT Mining of RMB13.2 million for the first quarter
of 2021. The year-over-year increase in net loss attributable
to BIT Mining was mainly due to (i) an increase of RMB2,870.3 million in revenue and an increase of
RMB2,811.0 million in operating costs
and expense which was mainly attributable to the cryptocurrency
mining business initiated at the end of February 2021, data center business consolidated
from March 31, 2021 and the mining
pool business consolidated from April 15,
2021 as described above; (ii) a provision of RMB57.3 million for impairment of
cryptocurrencies mainly due to the decreasing market prices for
cryptocurrencies during the second quarter of 2021; (iii) the net
loss on disposal of cryptocurrencies of RMB55.6 million mainly due to the decreasing
market prices for cryptocurrencies during the second quarter of
2021, by using FIFO to calculate the cost of disposition; and (iv)
a provision of RMB33.7 million for
impairment of Loto Interactive as an equity method long-term
investment for the second quarter of 2020; there was no such
impairment for the second quarter of 2021. The sequential
increase in net loss attributable to BIT Mining was mainly due
to (i) an increase of RMB2,854.3
million in revenue and an increase of RMB2,829.8 million in operating costs and
expense which was mainly attributable to the cryptocurrency mining
business initiated at the end of February
2021, data center business consolidated from March 31, 2021 and the mining pool business
consolidated from April 15, 2021 as
described above; (ii) a provision of RMB57.3
million for impairment of cryptocurrencies mainly due to the
decreasing market prices for cryptocurrencies during the second
quarter of 2021; (iii) the net loss on disposal of cryptocurrencies
of RMB55.6 million mainly due to the
decreasing market prices for cryptocurrencies during the second
quarter of 2021, by using FIFO to calculate the cost of
disposition; (iv) a gain of RMB36.1
million on previously-held equity interest in Loto
Interactive as a result of re-measurement of the previously-held
equity interest in Loto Interactive as of the acquisition date fair
value on March 31, 2021; there
was no such gain for the second quarter of 2021.
Non-GAAP net income attributable to BIT Mining was RMB9.8 million (US$1.5
million) for the second quarter of 2021, compared with
non-GAAP net loss attributable to BIT Mining of RMB34.0 million for the second quarter of
2020, and non-GAAP net loss attributable to BIT Mining of
RMB22.8 million for
the first quarter of 2021. The turning of non-GAAP
operating loss to non-GAAP operating income on both year-over-year
and sequential bases were mainly attributable to the cryptocurrency
mining business initiated at the end of February 2021, data center business consolidated
from March 31, 2021 and the mining
pool business consolidated from April 15,
2021 as described above.
Cash and Cash Equivalents and Restricted Cash
As of June 30, 2021, the Company
had cash and cash equivalents of RMB65.4 million (US$10.1 million) and restricted
cash[3] of RMB284.7 million (US$44.1 million), compared with cash and cash
equivalents of RMB173.4 million
and restricted cash of RMB309.8
million as of March 31,
2021.
Cryptocurrency Assets
As of June 30, 2021, the Company
had cryptocurrency assets of RMB410.8 million (US$63.6 million), the equivalent of 1,147
bitcoins, 1,083 ethereum, 61.4 million dogecoins and various other
cryptocurrency assets, including those of the mining pool business
that was consolidated from April 15,
2021 and those generated from the cryptocurrency mining
business initiated at the end of February
2021.
[3]
Restricted cash represent: (i) deposits in merchant banks for
mortgage loans and with special purpose use for general offer for
our acquisition of a controlling stake in Loto Interactive, (ii)
deposits in merchant banks yet to be withdrawn, and (iii)
government grants received but pending final clearance.
|
About BIT Mining Limited
BIT Mining Limited (NYSE: BTCM) is a leading 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 entire mining pool business operated under BTC.com,
including the domain name BTC.com and the cryptocurrency wallet of
BTC.com. The Company has also entered into a definitive agreement
to acquire a 7-nanometer cryptocurrency mining machine
manufacturer, Bee Computing (HK) Limited, to complete its vertical
integration with its supply chain, increase its self-sufficiency
while also strengthening its competitive position.
Currency Convenience Translation
This announcement contains translations of certain Renminbi
amounts into U.S. dollars at a specified rate solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars were made at the exchange rate of
RMB6.4566 to US$1.00, as set forth in the H.10 statistical
release of the Federal Reserve Board on June
30, 2021.
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 long-term
investments, impairment of cryptocurrencies, net loss on disposal
of cryptocurrencies, changes in fair value of derivative
instrument, gain on previously-held equity interest and deferred
tax benefit relating to valuation allowance in the Company's
consolidated affiliated entities. 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@btc.com
Ir.btc.com
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 Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of
shares)
|
|
December 31,
2020
|
|
June 30,
2021
|
June 30,
2021
|
|
RMB
|
|
RMB
|
US$
|
|
Audited
|
|
Unaudited
|
Unaudited
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
308,676
|
|
65,396
|
10,129
|
Restricted
cash
|
3,829
|
|
284,656
|
44,088
|
Accounts
receivable
|
-
|
|
20,943
|
3,244
|
Amounts due from
related parties
|
368
|
|
808
|
125
|
Prepayments and other
current assets
|
22,980
|
|
96,547
|
14,953
|
Cryptocurrency
assets
|
-
|
|
410,792
|
63,624
|
Total current
assets
|
335,853
|
|
879,142
|
136,163
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
Property and
equipment, net
|
19,779
|
|
343,236
|
53,160
|
Intangible assets,
net
|
2,398
|
|
377,367
|
58,447
|
Deposits
|
1,480
|
|
26,018
|
4,030
|
Long-term
investments
|
99,972
|
|
64,030
|
9,917
|
Right-of-use
assets
|
9,327
|
|
11,329
|
1,755
|
Goodwill
|
-
|
|
173,486
|
26,870
|
Other non-current
assets
|
1,664
|
|
144,958
|
22,451
|
Total non-current
assets
|
134,620
|
|
1,140,424
|
176,630
|
|
|
|
|
|
TOTAL
ASSETS
|
470,473
|
|
2,019,566
|
312,793
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short term
loans
|
-
|
|
136,299
|
21,110
|
Accounts
payable
|
-
|
|
384,349
|
59,528
|
Cryptocurrency assets
borrowings
|
-
|
|
38,508
|
5,964
|
Amounts due to
related parties
|
-
|
|
2,491
|
386
|
Accrued payroll
and welfare payable
|
13,401
|
|
2,898
|
449
|
Accrued
expenses and other current liabilities
|
55,960
|
|
183,422
|
28,410
|
Income tax
payable
|
549
|
|
5,695
|
882
|
Operating lease
liabilities - current
|
3,710
|
|
6,360
|
985
|
Total current
liabilities
|
73,620
|
|
760,022
|
117,714
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Long-term
payables
|
526
|
|
406
|
63
|
Operating lease
liabilities - non-current
|
5,807
|
|
6,257
|
969
|
Total non-current
liabilities
|
6,333
|
|
6,663
|
1,032
|
|
|
|
|
|
TOTAL
LIABILITIES
|
79,953
|
|
766,685
|
118,746
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Class A ordinary
shares, par value US$0.00005
per share, 700,000,000 and 1,599,935,000
shares authorized as of December 31, 2020
and June 30, 2021, respectively; 430,127,692
and 604,330,240 shares issued and
outstanding as of December 31, 2020 and June
30, 2021, respectively
|
151
|
|
207
|
32
|
Class A preference
shares, par value
US$0.00005 per share;0 and 65,000 shares
authorized as of December 31, 2020 and June
30, 2021; 0 and 65,000 shares issued and
outstanding as of December 31, 2020 and June
30, 2021, respectively
|
-
|
|
-
|
-
|
Class B ordinary
shares, par value US$0.00005
per share; 300,000,000 and 400,000,000
shares authorized as of December 31, 2020
and June 30, 2021,respectively; 99 shares
issued and outstanding as of December 31,
2020 and June 30, 2021
|
-
|
|
-
|
-
|
Additional paid-in
capital
|
2,602,883
|
|
3,428,963
|
531,079
|
Treasury
shares
|
(143,780)
|
|
(143,780)
|
(22,269)
|
Accumulated deficit
and statutory reserve
|
(2,183,918)
|
|
(2,268,676)
|
(351,373)
|
Accumulated other
comprehensive income
|
128,441
|
|
139,227
|
21,564
|
Total BIT Mining
Limited shareholders' equity
|
403,777
|
|
1,155,941
|
179,033
|
Noncontrolling
interests
|
(13,257)
|
|
96,940
|
15,014
|
Total
shareholders' equity
|
390,520
|
|
1,252,881
|
194,047
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY
|
470,473
|
|
2,019,566
|
312,793
|
BIT Mining
Limited
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars
("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
Three Months
Ended
|
|
|
|
Six Months
Ended
|
|
|
June 30,
2020
|
|
March 31,
2021
|
|
June 30,
2021
|
|
June 30,
2021
|
|
June 30,
2020
|
|
June 30,
2021
|
|
June 30,
2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Net
Revenues
|
|
3,648
|
|
19,559
|
|
2,873,919
|
|
445,113
|
|
6,712
|
|
2,893,478
|
|
448,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
(4,616)
|
|
(8,451)
|
|
(2,810,450)
|
|
(435,283)
|
|
(8,600)
|
|
(2,818,901)
|
|
(436,592)
|
Sales and marketing expenses
|
|
(4,998)
|
|
(2,492)
|
|
(3,417)
|
|
(529)
|
|
(8,040)
|
|
(5,909)
|
|
(915)
|
General and administrative expenses
|
|
(35,373)
|
|
(22,645)
|
|
(45,856)
|
|
(7,102)
|
|
(65,249)
|
|
(68,501)
|
|
(10,609)
|
Service development expenses
|
|
(10,070)
|
|
(2,749)
|
|
(6,415)
|
|
(994)
|
|
(17,216)
|
|
(9,164)
|
|
(1,419)
|
Total operating
costs and expenses
|
|
(55,057)
|
|
(36,337)
|
|
(2,866,138)
|
|
(443,908)
|
|
(99,105)
|
|
(2,902,475)
|
|
(449,535)
|
Other operating income
|
|
453
|
|
561
|
|
579
|
|
90
|
|
4,544
|
|
1,140
|
|
177
|
Government grant
|
|
172
|
|
69
|
|
52
|
|
8
|
|
341
|
|
121
|
|
19
|
Other operating expenses
|
|
(1,553)
|
|
(309)
|
|
(2,190)
|
|
(339)
|
|
(1,606)
|
|
(2,499)
|
|
(387)
|
Net loss on disposal of cryptocurrencies
|
|
-
|
|
-
|
|
(55,618)
|
|
(8,614)
|
|
-
|
|
(55,618)
|
|
(8,614)
|
Impairment of cryptocurrencies
|
|
-
|
|
-
|
|
(57,331)
|
|
(8,879)
|
|
-
|
|
(57,331)
|
|
(8,879)
|
Changes in fair value of derivative instrument
|
|
-
|
|
-
|
|
5,409
|
|
838
|
|
-
|
|
5,409
|
|
838
|
Operating loss
from continuing operations
|
|
(52,337)
|
|
(16,457)
|
|
(101,318)
|
|
(15,691)
|
|
(89,114)
|
|
(117,775)
|
|
(18,238)
|
Other income, net
|
|
1,116
|
|
312
|
|
2,609
|
|
404
|
|
741
|
|
2,921
|
|
452
|
Interest income
|
|
2,554
|
|
499
|
|
137
|
|
21
|
|
4,945
|
|
636
|
|
99
|
Interest expense
|
|
-
|
|
(792)
|
|
(3,975)
|
|
(616)
|
|
-
|
|
(4,767)
|
|
(738)
|
Loss from equity method investments
|
|
(2,769)
|
|
(7,044)
|
|
(1,728)
|
|
(268)
|
|
(7,980)
|
|
(8,772)
|
|
(1,359)
|
Gain on previously held equity interest
|
|
-
|
|
36,142
|
|
-
|
|
-
|
|
|
|
36,142
|
|
5,598
|
Impairment of long-term investments
|
|
(33,706)
|
|
-
|
|
-
|
|
-
|
|
(33,706)
|
|
-
|
|
-
|
Gain from disposal of a subsidiary
|
|
-
|
|
211
|
|
1,016
|
|
157
|
|
-
|
|
1,227
|
|
190
|
(Loss) income
before income tax
|
|
(85,142)
|
|
12,871
|
|
(103,259)
|
|
(15,993)
|
|
(125,114)
|
|
(90,388)
|
|
(13,996)
|
Income tax benefit
|
|
60
|
|
-
|
|
-
|
|
-
|
|
3,653
|
|
-
|
|
-
|
Net (loss) income
from continuing operations
|
|
(85,082)
|
|
12,871
|
|
(103,259)
|
|
(15,993)
|
|
(121,461)
|
|
(90,388)
|
|
(13,996)
|
Net (loss)
income
|
|
(85,082)
|
|
12,871
|
|
(103,259)
|
|
(15,993)
|
|
(121,461)
|
|
(90,388)
|
|
(13,996)
|
Less: Net income (loss) attributable to noncontrolling
interests
|
|
1,236
|
|
(291)
|
|
(5,339)
|
|
(827)
|
|
1,685
|
|
(5,630)
|
|
(872)
|
Net (loss) income
attributable to BIT Mining Limited
|
|
(86,318)
|
|
13,162
|
|
(97,920)
|
|
(15,166)
|
|
(123,146)
|
|
(84,758)
|
|
(13,124)
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of other comprehensive income (loss) of an equity method
investee
|
|
436
|
|
-
|
|
-
|
|
-
|
|
(1,973)
|
|
-
|
|
-
|
Foreign currency translation (loss) gain
|
|
(415)
|
|
7,634
|
|
3,114
|
|
482
|
|
3,689
|
|
10,748
|
|
1,665
|
Other
comprehensive income, net of tax
|
|
21
|
|
7,634
|
|
3,114
|
|
482
|
|
1,716
|
|
10,748
|
|
1,665
|
Comprehensive
(loss) income
|
|
(85,061)
|
|
20,505
|
|
(100,145)
|
|
(15,511)
|
|
(119,745)
|
|
(79,640)
|
|
(12,331)
|
Less: Comprehensive income (loss) attributable to
noncontrolling
interests and Redeemable noncontrolling interest
|
|
1,236
|
|
(291)
|
|
(5,377)
|
|
(833)
|
|
1,685
|
|
(5,668)
|
|
(878)
|
Comprehensive
(loss) income attributable to BIT Mining Limited
|
|
(86,297)
|
|
20,796
|
|
(94,768)
|
|
(14,678)
|
|
(121,430)
|
|
(73,972)
|
|
(11,453)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
430,009,704
|
|
487,551,175
|
|
596,995,942
|
|
596,995,942
|
|
430,005,930
|
|
542,881,582
|
|
542,881,582
|
Diluted
|
|
430,009,704
|
|
498,573,411
|
|
596,995,942
|
|
596,995,942
|
|
430,005,930
|
|
542,881,582
|
|
542,881,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) earnings
per share attributable to BIT Mining Limited-
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
(0.20)
|
|
0.03
|
|
(0.16)
|
|
(0.03)
|
|
(0.29)
|
|
(0.16)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) earnings
per ADS* attributable to BIT Mining Limited-
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
(2.01)
|
|
0.27
|
|
(1.64)
|
|
(0.25)
|
|
(2.86)
|
|
(1.56)
|
|
(0.24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) earnings
per share attributable to BIT Mining Limited-
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
(0.20)
|
|
0.03
|
|
(0.16)
|
|
(0.03)
|
|
(0.29)
|
|
(0.16)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) earnings
per ADS* attributable to BIT Mining Limited-
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
(2.01)
|
|
0.26
|
|
(1.64)
|
|
(0.25)
|
|
(2.86)
|
|
(1.56)
|
|
(0.24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of the Company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator adjustment
for net loss attributable to 500.com Limited
|
BIT Mining
Limited
Reconciliation of non-GAAP results of operations measures to the
nearest comparable GAAP measures
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars
("US$"),
except for number of shares, per share (or ADS)
data)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2020
|
|
March 31,
2021
|
|
June 30,
2021
|
|
June 30,
2021
|
|
June 30,
2020
|
|
June 30,
2021
|
|
June 30,
2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Operating loss
from continuing operations
|
|
(52,337)
|
|
(16,457)
|
|
(101,318)
|
|
(15,691)
|
|
(89,114)
|
|
(117,775)
|
|
(18,238)
|
Adjustment for share-based compensation
|
|
18,649
|
|
212
|
|
187
|
|
29
|
|
23,752
|
|
399
|
|
62
|
Adjustment for impairment of cryptocurrencies
|
|
-
|
|
-
|
|
57,331
|
|
8,879
|
|
-
|
|
57,331
|
|
8,879
|
Adjustment for net loss on disposal of cryptocurrencies
|
|
-
|
|
-
|
|
55,618
|
|
8,614
|
|
-
|
|
55,618
|
|
8,614
|
Adjustment for changes in fair value of derivative
instrument
|
|
-
|
|
-
|
|
(5,409)
|
|
(838)
|
|
-
|
|
(5,409)
|
|
(838)
|
Adjusted operating
(loss) income from continuing operations (non-GAAP)
|
|
(33,688)
|
|
(16,245)
|
|
6,409
|
|
993
|
|
(65,362)
|
|
(9,836)
|
|
(1,521)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to BIT Mining Limited
|
|
(86,318)
|
|
13,162
|
|
(97,920)
|
|
(15,166)
|
|
(123,146)
|
|
(84,758)
|
|
(13,124)
|
Adjustment for share-based compensation
|
|
18,649
|
|
212
|
|
187
|
|
29
|
|
23,752
|
|
399
|
|
62
|
Adjustment for Impairment of long-term investments
|
|
33,706
|
|
-
|
|
-
|
|
-
|
|
33,706
|
|
-
|
|
-
|
Adjustment for deferred tax benefit relating to valuation
allowance
|
|
(60)
|
|
-
|
|
-
|
|
-
|
|
(3,659)
|
|
-
|
|
-
|
Adjustment for gain on previously held equity interest
|
|
-
|
|
(36,142)
|
|
-
|
|
-
|
|
-
|
|
(36,142)
|
|
(5,598)
|
Adjustment for impairment of cyptocurrencies
|
|
-
|
|
-
|
|
57,331
|
|
8,879
|
|
-
|
|
57,331
|
|
8,879
|
Adjustment for net loss on disposal of cryptocurrencies
|
|
-
|
|
-
|
|
55,618
|
|
8,614
|
|
-
|
|
55,618
|
|
8,614
|
Adjustment for changes in fair value of derivative
instrument
|
|
-
|
|
-
|
|
(5,409)
|
|
(838)
|
|
-
|
|
(5,409)
|
|
(838)
|
Adjusted net
(loss) income attributable to BIT Mining Limited
(non-GAAP)
|
|
(34,023)
|
|
(22,768)
|
|
9,807
|
|
1,518
|
|
(69,347)
|
|
(12,961)
|
|
(2,005)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
430,009,704
|
|
487,551,175
|
|
596,995,942
|
|
596,995,942
|
|
430,005,930
|
|
542,881,582
|
|
542,881,582
|
Diluted
|
|
430,009,704
|
|
498,573,411
|
|
599,477,107
|
|
599,477,107
|
|
430,005,930
|
|
542,881,582
|
|
542,881,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) earnings
per share attributable to BIT Mining Limited
(non-GAAP)-Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income (non-GAAP)
|
|
(0.08)
|
|
(0.05)
|
|
0.02
|
|
0.003
|
|
(0.16)
|
|
(0.02)
|
|
(0.004)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) earnings
per ADS* attributable to BIT Mining Limited
(non-GAAP)-Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income (non-GAAP)
|
|
(0.79)
|
|
(0.47)
|
|
0.16
|
|
0.03
|
|
(1.61)
|
|
(0.24)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) earnings
per share attributable to BIT Mining Limited
(non-GAAP)-Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income (non-GAAP)
|
|
(0.08)
|
|
(0.05)
|
|
0.02
|
|
0.003
|
|
(0.16)
|
|
(0.02)
|
|
(0.004)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) earnings
per ADS* attributable to BIT Mining Limited
(non-GAAP)-Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income (non-GAAP)
|
|
(0.79)
|
|
(0.46)
|
|
0.16
|
|
0.03
|
|
(1.61)
|
|
(0.24)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* American Depositary
Shares, which are traded on the NYSE. Each ADS represents ten Class
A ordinary shares of the Company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator adjustment
for net loss attributable to BIT Mining Limited
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content:https://www.prnewswire.com/news-releases/bit-mining-limited-announces-unaudited-financial-results-for-the-second-quarter-ended-june-30-2021-301356936.html
SOURCE BIT Mining Limited