EBANG INTERNATIONAL(EBON) - 2021 Q4 - Annual Report

Financial Performance - Total computing power sold in fiscal year 2020 was 0.50 million TH/s, a year-over-year decrease of 91.64% from 5.97 million TH/s in fiscal year 2019[2] - Total net revenues for fiscal year 2020 were US$19.00 million, representing an 82.57% year-over-year decrease from US$109.06 million in fiscal year 2019[2] - Gross loss in fiscal year 2020 was US$2.90 million, a 90.51% year-over-year decrease from US$30.56 million in fiscal year 2019[2] - Net loss for fiscal year 2020 was US$32.11 million, compared to US$41.07 million in fiscal year 2019[7] - Basic and diluted net loss per share in fiscal year 2020 was US$0.25, compared to US$0.38 in fiscal year 2019[7] - The net loss attributable to Ebang International Holdings Inc. was $(30,675,420), compared to $(42,403,369) in the previous year[20] - The company recorded a comprehensive loss of $(29,256,910) for the year, compared to $(43,591,857) in the prior year[21] Operating Expenses - Total operating expenses in fiscal year 2020 were US$23.75 million, compared to US$20.08 million in fiscal year 2019[6] - Total operating expenses increased to $55,506,699, up from $20,084,088 year-over-year[18] Cash and Investments - Cash and cash equivalents as of December 31, 2020, were US$13.67 million, up from US$3.46 million as of December 31, 2019[8] - The company plans to increase investments in high-performance ASIC chips and mining machines in 2021[4] Interest Income and Grants - Interest income in fiscal year 2020 was US$0.82 million, an increase from US$0.22 million in fiscal year 2019[7] - Interest income increased to $824,435, while interest expenses decreased to $(728,346) compared to the previous year[19] - Government grants received amounted to $4,006,567, a decrease from $6,298,893 in the prior year[19] Future Plans and Expansion - Ebang aims to expand into blockchain-enabled financial services and has established subsidiaries globally for this purpose[3]