Hong Kong, May 29, 2025 (GLOBE NEWSWIRE) -- Abits Group Inc (the “Company”) (NASDAQ: ABTS) The Company is pleased to announce certain highlights of its operating results for the first quarter of fiscal year 2025 These figures have not been reviewed or audited by the Company’s auditors. (‘mn) 2025Q1 2024Q1 +/- （％） Revenue from operations 1.78 2.15 -17.2 Costs of revenue (0.96) (0.86) +11.6 Gross profit from operations 0.82 <td style="verti ...

FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event ...

Hong Kong, March 25, 2025 (GLOBE NEWSWIRE) -- Abits Group Inc (the "Company") (NASDAQ:ABTS), a company engaged in bitcoin mining and related services in the United States, announced today that on March 24, 2025, it received notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has regained compliance with NASDAQ's minimum bid price requirement under Listing Rule 5550(a)(2). NASDAQ noted this matter is now closed. About Abits Group Inc Abits Group Inc (formerly Moxian (BVI) Inc), a ...

Core Points - Abits Group Inc has secured a $3.0 million loan to purchase new Antminer S19XP machines, which will double its mining capacity from 10MW to 22MW [1] - The deployment of the new miners is expected to be completed by the end of March or early April 2025, with the Memphis hosting facility anticipated to come online in the second quarter of 2025 [1] - The loan carries a simple interest rate of 12% per annum and is secured by Abit USA's assets located in Duff, Tennessee [1] - The company has renegotiated its Hosting Agreement with a service provider, which is expected to enhance cash flows and contribute additional earnings at the EBITDA level over the next three years [2] Company Overview - Abits Group Inc, formerly known as Moxian (BVI) Inc, was organized in the British Virgin Islands in May 2021 and emerged from a merger with Moxian, Inc. in August 2021 [3] - The company operates self-mining operations in Tennessee through its wholly owned subsidiary, ABIT USA, Inc. [3]

Core Points - Abits Group Inc announced an amendment to its memorandum and articles of association to allow for an unlimited number of ordinary and preferred shares [1] - The company approved a share consolidation at a ratio of one-for-fifteen to comply with Nasdaq listing requirements [2] - The share consolidation will reduce the number of ordinary shares from 35,554,677 to approximately 2,370,300 and preferred shares from 5,000,000 to approximately 333,333 [5] Company Overview - Abits Group Inc, organized in the British Virgin Islands, is engaged in bitcoin mining through its subsidiary ABIT USA, Inc, with operations in Tennessee [6]

Core Insights - Abits Group Inc. has announced a significant expansion of its operations with a new 10MW hosting facility in Memphis, Tennessee, effectively doubling its mining capacity [1][2] - The deployment of 400 units of Antminer T21 at its Duff operation has resulted in a total hash rate of approximately 500PH/s, and the Memphis facility will increase the total power capacity to 22 MW, raising the total output to approximately 1EH/s [2][3] - The expansion is part of the company's strategic vision to strengthen its position in North America while maintaining operational efficiency and technological advancement [4] Company Operations - The new Memphis facility complements existing operations in Tennessee and is positioned to enhance mining capabilities in a region known for competitive energy costs and reliable infrastructure [3] - The company has initiated the first phase of miner procurement with an order of 800 Antminer T21 for delivery by the end of January, with an additional 1,350 units scheduled for procurement and deployment before the end of Q1 2025 [3] Strategic Vision - The expansion marks a pivotal moment in the company's growth trajectory, aligning with its strategic vision to enhance its operational capabilities in the North American market [3][4]

Core Insights - Abits Group Inc. has deployed 500 S19XP mining machines at its Duff, Tennessee site, enhancing its total hash rate by 70,500 terahashes (TH) [1] - The new machines are expected to be fully operational by the end of October 2024, marking a significant expansion in the company's operational capacity [1] - This strategic move reinforces Abits Group's commitment to strengthening its position in the U.S. Bitcoin mining industry [1] Company Overview - Abits Group Inc. is a U.S.-based digital data center operator specializing in Bitcoin self-mining operations [2] - The company focuses on innovative technologies and operational excellence to expand its footprint in the Bitcoin mining sector [2]

Group 1 - Abits Group Inc has been granted an additional 180 calendar days to comply with NASDAQ's minimum bid price requirement, extending the deadline to April 7, 2025 [1] - To regain compliance, the closing bid price of the Company's common shares must be at least $1.00 per share for at least ten consecutive business days by the new deadline [1] - Abits Group Inc is engaged in bitcoin mining and related services in the United States, with self-mining operations in Tennessee through its subsidiary ABIT USA, Inc [2] Group 2 - Abits Group Inc was formed following a merger with Moxian, Inc. in August 2021 and is organized in the British Virgin Islands [2]

Financial Performance - Abits Group Inc reported a revenue of $3.67 million for the six months ended June 30, 2024, which included 61.5 bitcoins produced, a significant increase compared to the previous period when there was no production due to construction activities [1][6] - The gross profit from mining operations was $0.75 million after accounting for direct costs of $2.68 million, primarily driven by electricity costs of $1.1 million and depreciation of $1.27 million [1][6] - The loss before tax was reduced to $0.14 million, a notable improvement from a loss of $3.5 million in the previous period [2][6] Operational Developments - Administrative and general overheads increased to $1.11 million, nearly doubling from $0.7 million, due to the addition of new staff and increased maintenance and insurance costs as the data center became fully operational [2] - The company improved its water supply in April, ensuring continuous operation of all production lines, supported by a 100,000-gallon reservoir [2] Balance Sheet Overview - The balance sheet showed minimal changes, with the purchase of more Ant-miner machines for $0.86 million and a property acquisition in Wisconsin for $0.65 million [3] - Cash and cash equivalents decreased to $0.4 million as of June 30, 2024, down from $0.88 million at the end of 2023 [4][8] Future Outlook - The company anticipates lower production output for the remainder of 2024 due to the halving of mining rewards that occurred in late April, but it aims to maintain strict cost control and secure more hosting contracts to enhance revenue [3][6]

Core Insights - Abits Group Inc. has reported significant growth in Bitcoin mining capacity, with hash rates increasing from approximately 285 PH/s to nearly 325 PH/s in Q1 2024, and projections to exceed 360 PH/s in Q2 2024 [1][2][3] Operational Achievements - The company completed key infrastructure projects in Q1, including the expansion of a 1 MW facility and the construction of a 100,000-gallon water reservoir to enhance production stability [2] - The workforce at the LaFollette site remains stable with four dedicated employees focused on enhancing their expertise [2] Future Plans - Abits Group is negotiating with its power provider to secure an additional 2 MW of power capacity, aiming for a dynamic 24/7 operation by July 1, 2024 [2] - The company has acquired a 55-acre property in Wisconsin for a new 20 MW site, with construction set to begin in Q2 and continue through Q4 [3]