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BTC.com(BTCM) - 2023 Q4 - Annual Report
BTCMBTC.com(BTCM)2024-02-23 22:10

Financial Performance - Revenues for the fourth quarter of 2023 were US10.4million,anincreaseof44.410.4 million, an increase of 44.4% from US7.2 million in Q4 2022, but a decrease of 10.3% from US11.6millioninQ32023[2][12]−Fullyear2023revenueswereUS11.6 million in Q3 2023[2][12] - Full year 2023 revenues were US43.1 million, down from US57.0millionin2022[5]−TotalrevenuesfortheyearendedDecember31,2023,were57.0 million in 2022[5] - Total revenues for the year ended December 31, 2023, were 43,101 thousand, a decrease of 24.4% compared to 57,025thousandfortheyearendedDecember31,2022[34]LossesandAdjustments−OperatinglossforQ42023wasUS57,025 thousand for the year ended December 31, 2022[34] Losses and Adjustments - Operating loss for Q4 2023 was US1.6 million, a significant decrease of US36.7millionfromUS36.7 million from US38.3 million in Q4 2022, and a decrease of US2.5millionfromUS2.5 million from US4.1 million in Q3 2023[3][19] - Net loss attributable to BIT Mining for Q4 2023 was US0.8million,comparedtoanetlossofUS0.8 million, compared to a net loss of US40.0 million in Q4 2022 and US4.7millioninQ32023[3][21]−ThenetlossattributabletoBITMiningLimitedfortheyearendedDecember31,2023,was4.7 million in Q3 2023[3][21] - The net loss attributable to BIT Mining Limited for the year ended December 31, 2023, was 14,428 thousand, compared to a net loss of 158,427thousandfortheyearendedDecember31,2022,representinganimprovementof91.1158,427 thousand for the year ended December 31, 2022, representing an improvement of 91.1%[34] - The company reported a comprehensive loss of 14,724 thousand for the year ended December 31, 2023, compared to a comprehensive loss of 160,162thousandfortheyearendedDecember31,2022,showingasignificantreductionof90.8160,162 thousand for the year ended December 31, 2022, showing a significant reduction of 90.8%[34] - BIT Mining Limited reported a net loss attributable to the company of 14.428 million for the twelve months ended December 31, 2023, compared to a net loss of 155.415millionforthepreviousyear,indicatingasignificantreductioninlosses[37]−TheadjustedoperatinglossfromcontinuingoperationsforthethreemonthsendedSeptember30,2023,was155.415 million for the previous year, indicating a significant reduction in losses[37] - The adjusted operating loss from continuing operations for the three months ended September 30, 2023, was 4.133 million, down from 15.707millioninthesameperiodofthepreviousyear[37]−LossesperAmericanDepositaryShare(ADS)attributabletoBITMiningLimitedwere15.707 million in the same period of the previous year[37] - Losses per American Depositary Share (ADS) attributable to BIT Mining Limited were (0.10) for the twelve months ended December 31, 2023, compared to (0.18)forthepreviousyear[35]−Thecompanyreportedadilutedadjustednetlossfromcontinuingoperationsof(0.18) for the previous year[35] - The company reported a diluted adjusted net loss from continuing operations of (0.01) for the three months ended September 30, 2023, compared to (0.03)inthesameperiodofthepreviousyear[38]−ThenetlossfromdiscontinuedoperationsforthetwelvemonthsendedDecember31,2023,was(0.03) in the same period of the previous year[38] - The net loss from discontinued operations for the twelve months ended December 31, 2023, was 3.365 million, compared to a net loss of 80.593millionforthepreviousyear[37]−Theadjustednetloss(non−GAAP)forthetwelvemonthsendedDecember31,2023,was80.593 million for the previous year[37] - The adjusted net loss (non-GAAP) for the twelve months ended December 31, 2023, was (13.288) million, compared to (32.051)millionforthepreviousyear[38]AssetsandLiabilities−AsofDecember31,2023,BITMininghadcashandcashequivalentsofUS(32.051) million for the previous year[38] Assets and Liabilities - As of December 31, 2023, BIT Mining had cash and cash equivalents of US3.6 million, down from US5.4millionayearearlier[23]−Totalcurrentassetsincreasedto5.4 million a year earlier[23] - Total current assets increased to 40,512 thousand as of December 31, 2023, from 35,336thousandasofDecember31,2022,reflectingagrowthof14.735,336 thousand as of December 31, 2022, reflecting a growth of 14.7%[30] - Current liabilities rose to 36,178 thousand as of December 31, 2023, compared to 30,839thousandasofDecember31,2022,indicatinganincreaseof17.330,839 thousand as of December 31, 2022, indicating an increase of 17.3%[30] - The total assets decreased to 77,951 thousand as of December 31, 2023, down from 86,804thousandasofDecember31,2022,adeclineof10.286,804 thousand as of December 31, 2022, a decline of 10.2%[32] - The company’s total shareholders' equity decreased to 39,434 thousand as of December 31, 2023, down from 53,128thousandasofDecember31,2022,adecreaseof25.753,128 thousand as of December 31, 2022, a decrease of 25.7%[31] - The company’s accumulated deficit increased to 556,597 thousand as of December 31, 2023, from 542,169thousandasofDecember31,2022,reflectingariseof2.9542,169 thousand as of December 31, 2022, reflecting a rise of 2.9%[31] Cryptocurrency Operations - The total hash rate capacity for DOGE/LTC mining machines was approximately 24,766.0 GH/s, producing 38.3 million DOGE and 10,615 LTC in Q4 2023[10] - The data center business generated US5.7 million in service fee revenue during Q4 2023, a decrease of US0.7millionfromQ32023[11]−ThecompanyrecognizedanetgainondisposalofcryptocurrencyassetsofUS0.7 million from Q3 2023[11] - The company recognized a net gain on disposal of cryptocurrency assets of US1.5 million in Q4 2023, a decrease from US3.7millioninQ42022[16]−BITMining′scryptocurrencyassetstotaledUS3.7 million in Q4 2022[16] - BIT Mining's cryptocurrency assets totaled US7.6 million as of December 31, 2023, including 22.6 BTC and 12.2 million DOGE[24]