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Ebang International Holdings Inc. Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2024
EBANG INTERNATIONALEBANG INTERNATIONAL(US:EBON) GlobeNewswire News Roomยท2024-08-23 20:10

Core Viewpoint - Ebang International Holdings Inc. reported a significant decrease in total net revenues for the first half of fiscal year 2024, reflecting ongoing challenges while transitioning its business towards renewable energy solutions [2][4][3]. Financial Performance - Total net revenues for the first six months of 2024 were US$2.11 million, a 37.41% decrease from US$3.38 million in the same period of 2023 [2][4]. - Gross profit decreased to US$0.08 million from US$0.28 million year-over-year [2][5]. - The net loss for the first half of 2024 was US$6.65 million, an improvement from a net loss of US$8.38 million in the same period of 2023 [2][7]. Operational Highlights - The decrease in total net revenues was attributed to changes in market conditions, leading to reduced service and product revenues [4]. - Cost of revenues decreased by 34.32% to US$2.03 million, primarily due to a reduction in impairment costs [4][5]. - Total operating expenses were reduced to US$12.50 million from US$13.64 million year-over-year, with selling expenses decreasing to US$0.66 million and general and administrative expenses to US$11.84 million [5][6]. Strategic Direction - The company is focusing on expanding into the renewable energy sector, particularly in advanced solar cell manufacturing, leveraging its existing technologies and R&D capabilities [3][9]. - The CEO emphasized the importance of technological innovation to meet evolving market demands in the renewable energy industry [3]. Shareholder Information - Basic and diluted net loss per share for the first six months of 2024 was US$0.99, compared to US$1.25 in the same period of 2023 [8][23].