Technology

BIT Mining Limited Announces Unaudited Financial Results for the Fourth Quarter and Full Year ended December 31, 2023

Published

3 years ago

February 23, 2024

AKRON, Ohio, Feb. 23, 2024 /PRNewswire/ — BIT Mining Limited (NYSE: BTCM) (“BIT Mining,” “the Company,” “we,” “us,” or “our company”), a leading technology-driven cryptocurrency mining company, today reported its unaudited financial results for the fourth quarter ended December 31, 2023.

On December 28, 2023, the Company entered into an agreement with Esport – Win Limited, a Hong Kong limited liability company, to sell its entire mining pool business for a total consideration of US$5 million. The sale does not include or affect any of BIT Mining’s other businesses. The disposal of the mining pool business represents a strategic shift and has a major effect on the Company’s results of operations. Accordingly, the Company’s consolidated financial statements for the period ended December 31, 2023 and the comparable periods have been reclassified to reflect the mining pool business segment as discontinued operations.

Fourth Quarter 2023 Highlights for Continuing Operations

Revenues were US$10.4 million for the fourth quarter of 2023, representing an increase of US$3.2 million from US$7.2 million for the fourth quarter of 2022, and a decrease of US$1.2 million from US$11.6 million for the third quarter of 2023.Operating loss was US$1.6 million for the fourth quarter of 2023, representing a significant decrease of US$36.7 million from US$38.3 million for the fourth quarter of 2022, and a decrease of US$2.5 million from US$4.1 million for the third quarter of 2023.Non-GAAP operating loss1 was US$1.3 million for the fourth quarter of 2023, compared with non-GAAP operating loss of US$15.7 million for the fourth quarter of 2022, and non-GAAP operating loss of US$4.1 million for the third quarter of 2023.Net loss attributable to BIT Mining was US$0.8 million for the fourth quarter of 2023, compared with net loss attributable to BIT Mining of US$40.0 million for the fourth quarter of 2022, and net loss attributable to BIT Mining of US$4.7 million for the third quarter of 2023.Non-GAAP net loss1 attributable to BIT Mining was US$0.9  million for the fourth quarter of 2023, compared with non-GAAP net loss attributable to BIT Mining of US$15.1 million for the fourth quarter of 2022, and non-GAAP net loss attributable to BIT Mining of US$3.9 million for the third quarter of 2023.Basic and diluted losses per American Depositary Share (“ADS”)2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the fourth quarter of 2023 were US$0.38.Non-GAAP basic and diluted losses per ADS2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the fourth quarter of 2023 were US$0.39.

Full Year 2023 Highlights for Continuing Operations

Revenues were US$43.1 million for the full year 2023, compared with revenues of US$57.0 million for the full year 2022.Operating loss was US$12.9 million for the full year 2023, compared with operating loss of US$88.1 million for the full year 2022.Non-GAAP operating loss1 was US$11.9 million for the full year 2023, compared with non-GAAP operating loss of US$42.1 million for the full year 2022.Net loss attributable to BIT Mining was US$11.1 million for the full year 2023, compared with net loss attributable to BIT Mining of US$74.8 million for the full year 2022.Non-GAAP net loss1 attributable to BIT Mining was US$9.9 million for the full year 2023, compared with non-GAAP net loss attributable to BIT Mining of US$26.6 million for the full year 2022.Basic and diluted losses per ADS2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the full year 2023 were US$1.31.Non-GAAP basic and diluted losses per ADS2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the full year 2023 were US$1.21.

Full Year 2023 Highlights for Discontinued Operations

Net loss from discontinued operations, net of taxes was US$3.4 million for the full year 2023, compared with net loss from discontinued operations, net of taxes of US$80.6 million for the full year 2022. The year-over-year decrease of US$77.2 million was mainly attributable to the impairment of intangible assets in the amount of US$48.6 million and impairment of goodwill in the amount of US$26.6 million in the year of 2022 associated with the discontinued operations.

1 Non-GAAP financial measures exclude the impact of share-based compensation expenses, impairment of intangible assets, impairment of property and equipment, impairment of equity investments, changes in fair value of contingent considerations, and changes in fair value of derivative instruments. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.

2 The Company changed the ratio of ADSs to its Class A ordinary shares (the “ADS Ratio”), par value US$0.00005 per share, from the former ADS Ratio of one (1) ADS to ten (10) Class A ordinary shares, to the current ADS Ratio of one (1) ADS to one hundred (100) Class A ordinary shares (the “ADS Ratio Change”). The ADS Ratio Change was effective on December 23, 2022.

Fourth Quarter 2023 Financial Results for Continuing Operations

Revenues

Revenues were mainly comprised of US$4.7 million from the self-mining business and US$5.7 million from the data center business.

Self-mining

As of today, the total hash rate capacity of our DOGE/LTC mining machines in operation is approximately 24,766.0 GH/s. For the three months ended December 31, 2023, we produced 38.3 million DOGE and 10,615 LTC from our DOGE/LTC cryptocurrency mining operations and recognized revenue of approximately US$3.6 million.

Considerable uncertainty persists in the market despite the recent modest recovery and narrow growth in cryptocurrency asset prices. Facing this current environment, we remain determined to improve our quality and efficiency. As of today, the total hash rate capacity of our BTC mining machines in operation is approximately 56.63 PH/s. For the three months ended December 31, 2023, we produced 21 BTC from our BTC cryptocurrency mining operations and recognized revenue of approximately US$0.8 million. We also recognized revenue of approximately US$0.3 million from our ETC cryptocurrency mining operations.

Data Center Operation

During the fourth quarter of 2023, our 82.5 megawatt space (the “82.5 Megawatt Space”) at the Ohio Mining Site recognized approximately $5.7 million in service fee revenue, representing a decrease of US$0.7 million compared with the third quarter of 2023, primarily due to one of our customers entered into arrangement directly with the utility service provider. As a result, our service fee revenue from the customer decreased during the fourth quarter of 2023.

Overall

Revenues were US$10.4 million for the fourth quarter of 2023, representing an increase of US$3.2 million, or 44.4%, from US$7.2 million for the fourth quarter of 2022, and a decrease of US$1.2 million, or 10.3%, from US$11.6 million for the third quarter of 2023. The year-over-year increase was mainly attributable to an increase of US$3.6 million in the DOGE/LTC cryptocurrency production, due to an increase in hash power related to new mining machines that were put into operation in 2023. The sequential decrease was mainly attributable to higher computing power of the whole network in the fourth quarter of 2023 compared with the computing power in the third quarter of 2023, resulting in an increased difficulty in cryptocurrency mining activities.

Operating Costs and Expenses

Operating costs and expenses were US$13.2 million for the fourth quarter of 2023, representing a decrease of US$9.7 million, or 42.4%, from US$22.9 million for the fourth quarter of 2022, and a decrease of US$1.8 million, or 12.0%, from US$15.0 million for the third quarter of 2023.

Cost of revenue was US$8.9 million for the fourth quarter of 2023, representing a decrease of US$7.5 million, or 45.7%, from US$16.4 million for the fourth quarter of 2022, and a decrease of US$1.9 million, or 17.6%, from US$10.8 million for the third quarter of 2023. The sequential decrease was mainly attributable to the decrease in electricity fees payable to the utility service provider as one of our customers entered into arrangement directly with the utility service provider. The year-over-year decrease was mainly attributable to the decrease in electricity fees payable mentioned above, and the overall year-over-year decrease in electricity rates charged by the utility service provider. Cost of revenue was comprised of the direct cost of revenue of US$6.0 million and depreciation and amortization of US$2.9 million. The direct cost of revenue mainly included direct costs relating to (i) the cryptocurrency mining business of US$1.3 million, and (ii) the data center business of US$4.7 million.

Sales and marketing expenses were US$0.3 million for the fourth quarter of 2023, compared with US$0.03 million for the fourth quarter of 2022 and US$0.03 million for the third quarter of 2023.

General and administrative expenses were US$4.1 million for the fourth quarter of 2023, representing a decrease of US$1.9 million, or 31.7%, from US$6.0 million for the fourth quarter of 2022 and a slight decrease of US$0.1 million, or 2.4%, from US$4.2 million for the third quarter of 2023. The year-over-year decrease was mainly due to a decrease of US$1.0 million in technical service fee.

Service development expenses were nil for the fourth quarter of 2023, compared with US$0.5 million for the fourth quarter of 2022 and US$0.04 million for the third quarter of 2023. The year-over-year decrease was mainly due to a decrease in staff costs, benefits, share-based compensation and other related expenses as a result of a decrease in headcount.

Net Gain on Disposal of Cryptocurrency Assets

Net gain on disposal of cryptocurrency assets was US$1.5 million for the fourth quarter of 2023, representing a decrease of US$2.2 million from US$3.7 million for the fourth quarter of 2022, and an increase of US$0.6 million from US$0.9 million for the third quarter of 2023, by using the first-in-first-out (“FIFO”) method to calculate the cost of disposition during the fourth quarter of 2023.

Impairment of Cryptocurrency Assets

Impairment of cryptocurrency assets was US$0.2 million for the fourth quarter of 2023, representing a decrease of US$1.9 million from US$2.1 million for the fourth quarter of 2022, and a decrease of US$0.5 million from US$0.7 million for the third quarter of 2023, mainly due to less provision recorded for impairment of cryptocurrency assets held as a result of generally increasing cryptocurrency prices.

Impairment of Property and Equipment

Impairment of property and equipment was nil for the third and fourth quarters of 2023 and was US$22.6 million for the fourth quarter of 2022, which was mainly due to the provision for impairment of mining machines in Kazakhstan and the U.S.

Operating Loss from continuing operations

Operating loss from continuing operations was US$1.6 million for the fourth quarter of 2023, compared with operating loss from continuing operations of US$38.3 million for the fourth quarter of 2022, and operating loss from continuing operations of US$4.1 million for the third quarter of 2023.

Non-GAAP operating loss from continuing operations was US$1.3 million for the fourth quarter of 2023, compared with non-GAAP operating loss from continuing operations of US$15.7 million for the fourth quarter of 2022, and non-GAAP operating loss from continuing operations of US$4.1 million for the third quarter of 2023. The year-over-year decrease in non-GAAP operating loss from continuing operations was mainly due to (i) an increase of US$2.8 million in revenue of the self-mining business, due to increases in cryptocurrency prices and mining machine, (ii) a decrease of US$1.9 million in impairment of cryptocurrency assets, (iii) a decrease of US$4.4 million in depreciation and amortization expenses due to impairment of mining machines and intangible asset in 2022, and (iv) a decrease of US$1.2 million in cloud computing power rental costs. The sequential decrease in non-GAAP operating loss from continuing operations was mainly due to (i) a decrease of US$0.5 million in impairment of cryptocurrency assets and an increase of US$0.6 million in net gain on disposal of cryptocurrency assets resulting from increases in cryptocurrency prices, and (ii) a decrease of US$0.8 million in other operating expenses.

Net Loss Attributable to BIT Mining including from continuing operations and discontinued operations

Net loss attributable to BIT Mining was US$4.2 million for the fourth quarter of 2023, compared with net loss attributable to BIT Mining of US$109.2 million for the fourth quarter of 2022, and net loss attributable to BIT Mining of US$4.4 million for the third quarter of 2023. The year-over-year decrease in net loss attributable to BIT Mining was mainly due to (i) a decrease of US$22.6 million in impairment of property and equipment, (ii) decrease in net loss from discontinued operations resulting from a decrease of US$48.6 million in impairment of intangible assets and a decrease of US$26.6 million in impairment of goodwill, and (iii) a decrease of US$2.3 million in impairment of long-term investments.

Non-GAAP net loss attributable to BIT Mining was US$4.4 million for the fourth quarter of 2023, compared with non-GAAP net loss attributable to BIT Mining of US$9.1 million for the fourth quarter of 2022, and non-GAAP net loss attributable to BIT Mining of US$3.6 million for the third quarter of 2023. The year-over-year decrease in non-GAAP net loss attributable to BIT Mining was mainly due to the reasons related to the decrease in net loss from discontinued operations mentioned above. The sequential increase in non-GAAP net loss attributable to BIT Mining was mainly due to the increase in net loss from discontinued operations of US$3.8 million.

Cash and Cash Equivalents, Restricted Cash and Short-term Investment

As of December 31, 2023, the Company had cash and cash equivalents of US$3.6 million, compared with cash and cash equivalents of US$5.4 million, restricted cash3 of US$0.1 million, and short-term investment4 of US$2.4 million as of December 31, 2022.

Cryptocurrency Assets

As of December 31, 2023, the Company had cryptocurrency assets of US$7.6 million in aggregate, which comprised of 22.6 BTC, 12.2 million DOGE, 11,955 LTC, and various other cryptocurrency assets, which were generated from its cryptocurrency mining businesses, without regard to its mining pool businesses.

3 Restricted cash represents deposits in merchant banks yet to be withdrawn.

4 Short-term investment represents fixed coupon notes with original maturities of greater than three months but less than a year.

About BIT Mining Limited

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with operations in cryptocurrency mining, data center operation and mining machine manufacturing. The Company is strategically creating long-term value across the industry with its cryptocurrency ecosystem. Anchored by its cost-efficient data centers that strengthen its profitability with steady cash flow, the Company also conducts self-mining operations that enhance its marketplace resilience by leveraging self-developed and purchased mining machines to seamlessly adapt to dynamic cryptocurrency pricing. The Company also owns 7-nanometer BTC chips and has strong capabilities in the development of LTC/DOGE miners and ETC miners.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, “target”, “going forward”, “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

About Non-GAAP Financial Measures

As a supplement to net loss, we use the non-GAAP financial measure of adjusted net loss which is U.S. GAAP net loss as adjusted to exclude the impact of share-based compensation expenses, impairment of intangible assets, impairment of equity investments, impairment of property and equipment, changes in fair value of contingent considerations, and changes in fair value of derivative instruments. All adjustments are non-cash and we believe they are not reflective of our general business performance. This non-GAAP financial measure is provided as additional information to help our investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of our current financial performance and prospects for the future. This non-GAAP financial measure should not be considered in addition to or as a substitute for or superior to U.S. GAAP net loss. In addition, our definition of adjusted net loss may be different from the definition of such term used by other companies, and therefore comparability may be limited.

For more information:

BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com

BIT Mining Limited

Condensed Consolidated Balance Sheets

(Amounts in thousands of U.S. dollars (“US$”), except for number of shares)

(Unaudited)

December 31, 2022

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

5,371

3,575

Restricted cash

126

–

Short-term investment

2,360

–

Accounts receivable

3,575

2,873

Prepayments and other current assets

8,310

12,723

Cryptocurrency assets

5,573

7,629

Current assets of discontinued operations

10,021

13,712

Total current assets

35,336

40,512

Non-current assets:

Property and equipment, net

27,209

22,833

Intangible assets, net

3,299

2,033

Deposits

2,387

2,467

Long-term investments

8,049

6,307

Right-of-use assets

4,135

3,752

Long-term prepayments and other non-current assets

6,363

Non-current assets of discontinued operations

–

Total non-current assets

51,468

37,439

TOTAL ASSETS

86,804

77,951

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

3,672

2,291

Accrued payroll and welfare payable

747

458

Accrued expenses and other current liabilities

4,825

4,335

Income tax payable

Operating lease liabilities – current

1,367

1,413

Current liabilities of discontinued operations

20,155

27,605

Total current liabilities

30,839

36,178

Non-current liabilities:

Operating lease liabilities – non-current

2,837

2,339

Total non-current liabilities

2,837

2,339

TOTAL LIABILITIES

33,676

38,517

Shareholders’ equity:

Class A ordinary shares, par value US$0.00005 per share;
1,599,935,000 shares authorized as of December 31, 2022 and
December 31, 2023; 1,063,813,210 and 1,111,232,210 shares issued
and outstanding as of December 31, 2022 and December 31, 2023,
respectively

Class A preference shares, par value US$0.00005 per share; 65,000
shares authorized as of December 31, 2022 and December 31, 2023;
65,000 shares issued and outstanding as of December 31, 2022
and December 31, 2023

–

Class B ordinary shares, par value US$0.00005 per share; 400,000,000
shares authorized as of December 31, 2022 and December 31, 2023;
99 shares issued and outstanding as of December 31, 2022 and
December 31, 2023

–

Additional paid-in capital

620,807

621,837

Treasury shares

(21,604)

Accumulated deficit and statutory reserve

(542,169)

(556,597)

Accumulated other comprehensive loss

(3,960)

(4,256)

Total shareholders’ equity

53,128

39,434

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

86,804

77,951

BIT Mining Limited

Condensed Consolidated Statements of Comprehensive Loss

(Amounts in thousands of U.S. dollars (“US$”),

except for number of shares, per share (or ADS) data)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2022

September 30,
2023

December 31,
2023

December 31,
2022

December 31,
2023

Revenues

7,168

11,639

10,407

57,025

43,101

Operating costs and
expenses:

Cost of revenue

(16,417)

(10,763)

(8,935)

(61,195)

(39,147)

Sales and marketing
expenses

(27)

(33)

(256)

(336)

(378)

General and
administrative expenses

(5,951)

(4,184)

(4,054)

(21,946)

(19,153)

Service development
expenses

(481)

(38)

–

(2,213)

(874)

Total operating costs
and expenses

(22,876)

(15,018)

(13,245)

(85,690)

(59,552)

Other operating income

135

–

115

220

Government grant

–

Other operating
expenses

(1,750)

(995)

(197)

(3,234)

(1,494)

Net gain (loss) on
disposal of
cryptocurrency assets

3,711

932

1,531

(5,384)

7,074

Impairment of
cryptocurrency assets

(2,097)

(691)

(163)

(9,396)

(2,280)

Changes in fair value of
contingent
considerations

–

1,247

–

Impairment of property
and equipment

(22,641)

–

(35,224)

–

Impairment of
intangible assets

–

(7,539)

–

Operating loss

(38,348)

(4,133)

(1,581)

(88,051)

(12,931)

Other income
(expense), net

531

(5)

395

9,031

797

Interest income

200

–

150

242

Interest expense

–

(218)

–

Gain from equity
method investments

–

164

939

Impairment of long-
term investments

(2,250)

–

(2,250)

–

Gain from disposal of
subsidiaries

–

3,340

–

Changes in fair value of
derivative instruments

–

(808)

423

–

(110)

Loss before income tax
from continuing
operations

(40,034)

(4,746)

(763)

(77,834)

(11,063)

Income tax benefits

–

Net loss from continuing
operations

(40,034)

(4,746)

(763)

(77,834)

(11,063)

Net (loss) income from
discontinued
operations, net of
applicable income taxes

(69,123)

387

(3,455)

(80,593)

(3,365)

Net loss

(109,157)

(4,359)

(4,218)

(158,427)

(14,428)

Less: Net loss
attributable to
noncontrolling interests

–

(3,012)

–

Net loss attributable to
BIT Mining Limited

(109,157)

(4,359)

(4,218)

(155,415)

(14,428)

Other comprehensive
income (loss):

Foreign currency
translation gain (loss)

236

(44)

188

(1,735)

(296)

Other comprehensive
income (loss), net of tax

236

(44)

188

(1,735)

(296)

Comprehensive loss

(108,921)

(4,403)

(4,030)

(160,162)

(14,724)

Less: comprehensive
loss attributable to
noncontrolling interests

–

(3,142)

–

Comprehensive loss
attributable to BIT
Mining Limited

(108,921)

(4,403)

(4,030)

(157,020)

(14,724)

Weighted average
number of Class A and
Class B ordinary shares
outstanding:

Basic

1,063,813,210

1,111,232,309

871,036,499

1,102,373,814

Diluted

1,063,813,210

1,111,232,309

871,036,499

1,102,373,814

Losses per share
attributable to BIT
Mining Limited-Basic
and Diluted

Net loss from
continuing operations

(0.04)

(0.00)

(0.09)

(0.01)

Net (loss) income from
discontinued operations

(0.06)

0.00

(0.00)

(0.09)

(0.00)

Net loss

(0.10)

(0.00)

(0.18)

(0.01)

Losses per ADS*
attributable to BIT
Mining Limited-Basic
and Diluted

Net loss from
continuing operations

(3.76)

(0.43)

(0.07)

(8.59)

(1.00)

Net (loss) income from
discontinued operations

(6.50)

0.04

(0.31)

(9.25)

(0.31)

Net loss

(10.26)

(0.39)

(0.38)

(17.84)

(1.31)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.

BIT Mining Limited
Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Amounts in thousands of U.S. dollars (“US$”),
except for number of shares, per share (or ADS) data)
(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2022

September 30,
2023

December 31,
2023

December 31,
2022

December 31,
2023

Operating loss from continuing operations

(38,348)

(4,133)

(1,581)

(88,051)

(12,931)

Adjustment for share-based compensation
expenses

–

276

4,474

1,030

Adjustment for impairment of intangible assets

–

7,539

–

Adjustment for impairment of property and
equipment

22,641

–

35,224

–

Adjustment for changes in fair value of contingent
considerations

–

(1,247)

–

Adjusted operating loss (non-GAAP) from
continuing operations

(15,707)

(4,133)

(1,305)

(42,061)

(11,901)

Net loss attributable to BIT Mining Limited

(109,157)

(4,359)

(4,218)

(155,415)

(14,428)

Net (loss) income attributable to BIT Mining
Limited
from discontinued operations, net of applicable
income taxes

(69,123)

387

(3,455)

(80,593)

(3,365)

Net loss attributable to BIT Mining Limited
from continuing operations

(40,034)

(4,746)

(763)

(74,822)

(11,063)

Adjustment for share-based compensation
expenses

–

276

4,474

1,030

Adjustment for impairment of intangible
assets

–

7,539

–

Adjustment for impairment of equity
investments

2,250

–

2,250

–

Adjustment for impairment of property
and equipment

22,641

–

35,224

–

Adjustment for changes in fair value of
derivative instruments

–

808

(423)

–

110

Adjustment for changes in fair value of
contingent considerations

–

(1,247)

–

Adjusted net loss attributable to BIT Mining
Limited (non-GAAP) from continuing operations

(15,143)

(3,938)

(910)

(26,582)

(9,923)

Net loss from discontinued operations, net of
applicable income taxes

(69,123)

387

(3,455)

(80,593)

(3,365)

Adjustment for impairment of intangible assets

48,555

–

48,555

–

Adjustment for impairment of goodwill

26,569

–

26,569

–

Adjusted net income (loss) attributable to BIT
Mining Limited (non-GAAP) from discontinued
operations

6,001

387

(3,455)

(5,469)

(3,365)

Adjusted net loss attributable to BIT Mining
Limited (non-GAAP)

(9,142)

(3,551)

(4,365)

(32,051)

(13,288)

Weighted average number of Class A and
Class B ordinary shares outstanding:

Basic

1,063,813,210

1,111,232,309

871,036,499

1,102,378,814

Diluted

1,063,813,210

1,111,232,309

871,036,499

1,102,373,814

Losses per share attributable to BIT Mining
Limited (non-GAAP)-Basic and Diluted

Adjusted net loss from continuing operations
(non-GAAP)

(0.01)

(0.00)

(0.03)

(0.01)

Adjusted net (loss) income from discontinued operations
(non-GAAP)

0.00

(0.00)

(0.01)

(0.00)

Adjusted net loss (non-GAAP)

(0.01)

(0.00)

(0.04)

(0.01)

Losses per ADS* attributable to BIT Mining
Limited (non-GAAP)-Basic and Diluted (Note)

Adjusted net loss from continuing operations (non-GAAP)

(1.42)

(0.35)

(0.08)

(3.05)

(0.90)

Adjusted net (loss) income from discontinued operations
(non-GAAP)

0.56

0.03

(0.31)

(0.63)

(0.31)

Adjusted net loss (non-GAAP)

(0.86)

(0.32)

(0.39)

(3.68)

(1.21)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class A ordinary shares of the Company.

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SOURCE BIT Mining Limited

Technology

ADT Secures AI Innovation with Oracle

Published

9 minutes ago

October 27, 2026

ADT estimates it can save more than $3 million over four years and improve application performance by 25 percent by migrating business-critical applications to Oracle AI Database@Google Cloud

Oracle Cloud HCM automatically answers 90 percent of ADT’s basic HR inquiries

LAS VEGAS, Oct. 27, 2026 /PRNewswire/ — Oracle AI World — ADT Inc. (NYSE: ADT), the trusted leader in smart home security solutions, is expanding its use of AI with Oracle AI Database@Google Cloud and Oracle Fusion Cloud Applications. To reduce infrastructure costs, improve application performance, strengthen data security, and bring business data closer to its analytics and AI tools, ADT moved critical applications to Oracle AI Database@Google Cloud. In addition, ADT is leveraging the extensive AI capabilities in Oracle Fusion Cloud Human Capital Management (HCM) to answer employees’ routine HR questions and help managers complete performance reviews faster.

“To develop more intelligent, proactive protection, we need to make it easier for our teams to put critical data to work,” said Dave Scott, executive vice president and chief people and administration officer, ADT. “By using Oracle AI Database@Google Cloud, we are bringing that data closer to the tools our teams use to develop and test new ideas. With Oracle Fusion Applications, we are also using AI to help improve HR outcomes. For example, our new hires get the guidance they need while our managers gain more time to support their teams.”

Bringing Critical Data Closer to AI and Analytics
ADT estimates that moving its billing, tax, and order management applications to Oracle AI Database@Google Cloud can save more than $3 million over four years and improve application performance by 25 percent. The move also brings data from those applications closer to ADT’s Google BigQuery data warehouse, making it more accessible for planned AI projects using Gemini Enterprise. Keeping the data next to the Google Cloud services that use it can also simplify data management, accelerate analyses, and reduce the need to move or duplicate sensitive information. ADT also uses Oracle Database Zero Data Loss Autonomous Recovery Service to help secure and protect critical data, and Oracle Maximum Availability Architecture to enhance availability and disaster recovery of its databases deployed across the three Google Cloud regions it currently uses.

Improving the Employee Experience with AI
With more than 5,000 new hires each year, ADT wanted to give employees a more consistent experience, allow managers to spend more time with their teams, and reduce integration work across its systems. To meet these goals, ADT selected Oracle Cloud HCM, part of Oracle Fusion Applications, to bring HR processes and data together on one platform and take advantage of the latest AI capabilities.

With the AI capabilities in Oracle Cloud HCM, ADT has been able to automate responses to 90 percent of basic HR inquiries. In addition, Oracle Cloud HCM has enabled ADT to reduce HR support tickets by 26 percent, giving HR specialists more time for workforce planning and supporting complex employee needs. For managers, the AI-assisted tools in Oracle Cloud HCM save two to three hours per direct report during performance review cycles. ADT has also built a predictive turnover model in Oracle Cloud HCM that helps leaders identify potential attrition risks by job group and location.

“ADT is taking a practical approach to AI that is delivering results today while creating new opportunities for innovation,” said Nathan Thomas, senior vice president, product management, Oracle. “By bringing critical data closer to its AI and analytics tools, ADT is creating new opportunities to move faster and innovate, while its use of AI in HR is already giving employees more time to focus on higher-value work. Together, these efforts will help ADT continue to deliver smarter, more proactive protection for its customers.”

ADT’s migration to Oracle AI Database@Google Cloud was supported by the Google Solution Line at Insight and Oracle Consulting.

Additional Resources

Customer Story: ADT embraces Oracle AI to improve onboarding and enhance workforce insightsProduct Overview: Oracle AI Database@Google CloudProduct Overview: Oracle Fusion Cloud Human Capital Management (HCM)

About ADT
ADT is a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S. Through innovative offerings, unrivaled safety and a premium customer experience delivered by the largest network of smart home security professionals in the U.S., ADT empowers people to protect and connect to what matters most, every second, every day. For more information, visit ADT.com.

About Oracle Fusion Cloud Applications
Oracle Fusion Cloud Applications are a complete suite of cloud applications that form the enterprise system of record, spanning finance, HR, supply chain, manufacturing, sales, service, and marketing. The suite includes Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Human Capital Management (HCM), Oracle Fusion Cloud Supply Chain & Manufacturing (SCM), and Oracle Fusion Cloud Customer Experience (CX).

Fusion Agentic Applications extend that foundation into a system of outcomes. They can coordinate and execute end-to-end work toward business objectives, and are designed to operate within the policies, controls, and authority each organization defines. With Oracle AI Agent Studio for Fusion Applications, customers and partners can create, extend, and manage these agents and agentic applications combining trusted enterprise data with the security, data governance, and performance needed to operate at scale.

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.

About Oracle AI World
Oracle AI World is where customers and partners discover the latest product and technology innovations, see how AI is being applied across industries, and connect with experts and peers. Attendees will gain practical tips and insights to drive immediate impact within their organizations and explore how Oracle is helping unlock the full potential of AI. Join the event to see new capabilities in action and hear from thought leaders and industry movers. Register now at oracle.com/ai-world or follow the news and conversation at oracle.com/news and linkedin.com/company/oracle.

Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

Contact:
Ben Wolfson
Oracle
+1.510.480.5230
ben.wolfson@oracle.com

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SOURCE Oracle

Technology

Oracle Unveils New Cloud Networking Innovations for AI

Published

9 minutes ago

October 27, 2026

New Oracle Acceleron capabilities help customers move data efficiently, keep distributed AI workloads running, and securely scale multi-tenant clusters

LAS VEGAS, Oct. 27, 2026 /PRNewswire/ — Oracle AI World — Oracle today announced new capabilities in Oracle Acceleron, Oracle Cloud Infrastructure‘s (OCI) suite of networking and infrastructure technologies that help customers run demanding AI workloads reliably, securely, and at scale.

The latest additions build on OCI’s continued investments in high-performance connectivity, network architecture, host-level acceleration, and security and give customers more flexibility across compute and storage while improving the network’s ability to adapt to changing conditions.

“AI infrastructure can be unforgiving when it comes to network friction,” said Pradeep Vincent, executive vice president, Compute and AI Infrastructure, Oracle Cloud Infrastructure. “When thousands of accelerators are working together, one congested or failed path can have consequences far beyond a single connection. With Oracle Acceleron, we are building a network that can respond by rerouting traffic, recovering from failures, and helping customers scale securely.”

Oracle Acceleron combines dedicated network fabrics, more direct data paths, and a converged NIC to boost performance and lower cost, with host-level zero-trust routing and multi-planar designs to strengthen security and resilience. Its unique software architecture simplifies complex networking operations through a programmable foundation that unifies advanced networking, storage, and security capabilities across a broad range of hardware.

New capabilities span AI data movement, distributed AI communication, and secure multi-tenant AI infrastructure:

AI Data Movement

Oracle Acceleron High-Performance Fabric: Helps customers deploy inference, storage, and HPC workloads with greater performance through RDMA connectivity on OCI front-end compute.Expanded NVMe Block-storage Attachment Options: Helps customers support AI, database, and other data-intensive workloads with NVMe block storage across Oracle Acceleron bare metal and VM shapes improving performance up to 3x.

Distributed AI Communication

Oracle Collective Communications Library: Helps customers keep distributed AI workloads running when network paths fail by spreading collective traffic across OCI’s backend Multiplanar Network. It steers traffic toward healthier paths and helps workloads instantaneously recover when links, ports, or NICs fail, significantly improving the network availability and resilience.Transparent Front-End Multiplanar Networking: Helps customers improve resiliency across compute infrastructure by bringing multiplanar networking to front-end networks, with built-in transparent path selection and failover, as well as transparent congestion control for front-end RDMA traffic.

Additional Resources

Learn more about new Oracle Acceleron capabilities and innovationsLearn more about Oracle Cloud InfrastructureLearn more about Oracle Cloud NetworkingLearn more about Oracle Acceleron

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.

Future Product Disclaimer
This press release is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.

Forward-Looking Statements Disclaimer
Statements in this article relating to Oracle’s future plans, expectations, beliefs, and intentions are “forward-looking statements” and are subject to material risks and uncertainties. Many factors could affect Oracle’s current expectations and actual results, and could cause actual results to differ materially. A discussion of such factors and other risks that affect Oracle’s business is contained in Oracle’s Securities and Exchange Commission (SEC) filings, including Oracle’s most recent reports on Form 10-K and Form 10-Q under the heading “Risk Factors.” These filings are available on the SEC’s website or on Oracle’s website at oracle.com/investor. All information in this article is current as of October 27, 2026 and Oracle undertakes no duty to update any statement in light of new information or future events.

Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

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SOURCE Oracle

Technology

Oracle Introduces Oracle Media Fabric

Published

9 minutes ago

October 27, 2026

Integrated platform brings together AI-powered production, enterprise media models, and distributed video delivery to help media companies, streaming providers, and brands get more value from their content

LAS VEGAS, Oct. 27, 2026 /PRNewswire/ — Oracle AI World — Oracle today announced Oracle Media Fabric, an integrated platform designed to help media companies, streaming providers, and brands reduce content production time and cost, distribute and stream high-quality video at scale, and create more personalized experiences for viewers. The platform brings sophisticated content creation and streaming capabilities once available only to the largest proprietary streaming platforms to content creators of all sizes. By connecting AI-powered creative tools with next-generation video delivery infrastructure built around open standards, Oracle Media Fabric enables audience-specific advertising, tailored programming, and shared viewing experiences built around what audiences care about.

“Creating content and delivering it to viewers were separate processes,” said Clay Magouyrk, CEO, Oracle. “With Oracle Media Fabric, we’re bringing content creation and streaming together, using AI across the entire production and distribution workflow. That helps creators reduce production time and cost, make better use of their existing content, and tailor viewing experiences for different audiences in real-time.”

Oracle Media Fabric brings together Oracle Creative Studio, Oracle AI Media Models, and Oracle Video Edge to help customers create, adapt, and deliver content. It includes safeguards to help protect customers’ intellectual property (IP) and reduce the risk of generated content infringing the IP rights of others. Powered by the Oracle Creative Studio and Oracle Video Edge, the Oracle Adaptive Media Platform connects creation and delivery to enable audience-specific advertising, personalized programming, and shared viewing experiences.

Oracle Creative Studio: Helps professional media teams and a broad range of creators turn ideas into storyboards, scenes, cinematic video, visual effects, and virtual characters. As an AI-powered production suite, it brings together Oracle AI Media Models and leading third-party models through a flexible, model-agnostic platform that can select models for each creative task based on requirements for security, provenance, cost, and IP protection.Oracle AI Media Models: Help media studios and entertainment companies accelerate content creation while maintaining creative control. The Oracle-developed models focus on video generation, image generation, and image editing, enabling governed, large-scale media processing, intelligent curation and search, and frontier-model customization on Oracle Cloud Infrastructure (OCI).Oracle Video Edge: Helps broadcasters and streaming providers maintain high video quality and low latency during large-scale live events, helping ensure viewer playback starts fast and remains smooth as audience sizes peak. The AI-enabled managed platform uses real-time network and playback information to coordinate capacity and direct viewers to suitable delivery locations across OCI and participating content delivery networks and internet service provider networks.Oracle Adaptive Media Platform: Helps connect creation and delivery, enabling customers to develop audience-specific advertising, personalized programming, and shared viewing experiences. Brands can generate variations of a base advertisement within brand guidelines and approval rules, helping reduce the time and cost of creating multiple versions.

By helping broadcasters and streaming providers understand how audiences respond to programming and advertising, Oracle Media Fabric can inform more engaging experiences, strengthen viewer relationships within customers’ applications, and create new opportunities to monetize content. Oracle Media Fabric is planned to be available within the next 12 months.

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit oracle.com.

Trademarks
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

Future Product Disclaimer
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.

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SOURCE Oracle