BTC.com(BTCM) - 2023 Q4 - Annual Report

Financial Performance - Revenues for the fourth quarter of 2023 were US$10.4 million, an increase of 44.4% from US$7.2 million in Q4 2022, but a decrease of 10.3% from US$11.6 million in Q3 2023[2][12] - Full year 2023 revenues were US$43.1 million, down from US$57.0 million in 2022[5] - Total revenues for the year ended December 31, 2023, were $43,101 thousand, a decrease of 24.4% compared to $57,025 thousand for the year ended December 31, 2022[34] Losses and Adjustments - Operating loss for Q4 2023 was US$1.6 million, a significant decrease of US$36.7 million from US$38.3 million in Q4 2022, and a decrease of US$2.5 million from US$4.1 million in Q3 2023[3][19] - Net loss attributable to BIT Mining for Q4 2023 was US$0.8 million, compared to a net loss of US$40.0 million in Q4 2022 and US$4.7 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 $158,427 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 $160,162 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 $155.415 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 $15.707 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) 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) 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 $80.593 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) million for the previous year[38] Assets and Liabilities - As of December 31, 2023, BIT Mining had cash and cash equivalents of US$3.6 million, down from US$5.4 million a year earlier[23] - Total current assets increased to $40,512 thousand as of December 31, 2023, from $35,336 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 $30,839 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 $86,804 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 $53,128 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 $542,169 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 US$5.7 million in service fee revenue during Q4 2023, a decrease of US$0.7 million from Q3 2023[11] - The company recognized a net gain on disposal of cryptocurrency assets of US$1.5 million in Q4 2023, a decrease from US$3.7 million in Q4 2022[16] - BIT Mining's cryptocurrency assets totaled US$7.6 million as of December 31, 2023, including 22.6 BTC and 12.2 million DOGE[24]