Technology
BIT Mining Limited Announces Unaudited Financial Results for the Fourth Quarter and Full Year ended December 31, 2024
Published
1 year agoon
By
AKRON, Ohio, Feb. 28, 2025 /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, 2024.
On December 9, 2024, the Company completed the first closing of acquisition of cryptocurrency mining data centers and Bitcoin (“BTC”) mining machines in Ethiopia. After the first closing of acquisition, the Company acquired 51% equity interests in a cryptocurrency mining data center in Ethiopia (the “Ethiopia data center”). The acquisition of the Ethiopia data center represents a development strategy to focus on data center globally and has a major effect on the Company’s results of operations.
Xianfeng Yang, Chief Executive Officer of BIT Mining, commented, “We are pleased to present robust and growth-oriented financial results for the fourth quarter. Throughout this period, we have implemented a range of initiatives to enhance operational efficiency and continuously refine our business structure, all of which have produced favorable outcomes. We successfully completed the first closing of the Ethiopia data center acquisition in December of 2024. The remaining mining facilities under construction are on track to be operational by mid second quarter of 2025, and the mining equipments we have procured will soon be delivered to the site. These advancements are expected to generate stronger, more stable revenue streams moving forward. We are confident in our future trajectory and remain fully committed to pioneering new opportunities that will create lasting value for our shareholders.”
Fourth Quarter 2024 Highlights for Continuing Operations
Revenues were US$8.8 million for the fourth quarter of 2024, representing a decrease of US$1.6 million from US$10.4 million for the fourth quarter of 2023, and an increase of US$4.0 million from US$4.8 million for the third quarter of 2024.Operating loss was US$2.5 million for the fourth quarter of 2024, representing a significant decrease of US$11.8 million from US$14.3 million for the fourth quarter of 2023, and a decrease of US$2.3 million from US$4.8 million for the third quarter of 2024.Non-GAAP operating loss1 was US$2.3 million for the fourth quarter of 2024, compared with non-GAAP operating loss of US$4.0 million for the fourth quarter of 2023, and non-GAAP operating loss of US$4.8 million for the third quarter of 2024.Net loss attributable to BIT Mining was US$2.1 million for the fourth quarter of 2024, compared with net loss attributable to BIT Mining of US$15.5 million for the fourth quarter of 2023, and net loss attributable to BIT Mining of US$4.8 million for the third quarter of 2024.Non-GAAP net loss1 attributable to BIT Mining was US$2.0 million for the fourth quarter of 2024, compared with non-GAAP net loss attributable to BIT Mining of US$4.4 million for the fourth quarter of 2023, and non-GAAP net loss attributable to BIT Mining of US$4.8 million for the third quarter of 2024.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 2024 were US$0.16.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 2024 were US$0.16.
Full Year 2024 Highlights for Continuing Operations
Revenues were US$32.9 million for the full year 2024, compared with revenues of US$43.1 million for the full year 2023.Operating loss was US$7.8 million for the full year 2024, compared with operating loss of US$25.2 million for the full year 2023.Non-GAAP operating loss1 was US$6.6 million for the full year 2024, compared with non-GAAP operating loss of US$14.2 million for the full year 2023.Net loss attributable to BIT Mining was US$6.9 million for the full year 2024, compared with net loss attributable to BIT Mining of US$25.4 million for the full year 2023.Non-GAAP net loss1 attributable to BIT Mining was US$6.1 million for the full year 2024, compared with non-GAAP net loss attributable to BIT Mining of US$13.5 million for the full year 2023.Basic and diluted earnings per ADS2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the full year 2024 were US$1.03.Non-GAAP basic and diluted earnings per ADS2 attributable to BIT Mining Limited including from continuing operations and discontinued operations for the full year 2024 were US$1.09.
Full Year 2024 Highlights for Discontinued Operations
Net income from discontinued operations, net of applicable income taxes was US$18.9 million for the full year 2024, compared with net loss from discontinued operations, net of applicable income taxes of US$3.3 million for the full year 2023. The year-over-year increase of US$22.2 million was mainly attributable to the gain on disposal of discontinued operations, net of applicable income taxes of US$18.7 million for the full year 2024.
1 Non-GAAP financial measures exclude the impact of share-based compensation expenses, legal contingencies, changes in gain from short-term investments, gain from disposal of long-term investments, impairment of long-term investments 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 American Depositary Shares, which are traded on the NYSE. Each ADS represents one hundred Class A ordinary shares of the Company.
Fourth Quarter 2024 Financial Results for Continuing Operations
Revenues
Revenues were mainly comprised of US$5.0 million from the self-mining business and US$3.8 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 13,793.00 GH/s. For the three months ended December 31, 2024, we produced 16.1 million DOGE and 4,578 LTC from our DOGE/LTC cryptocurrency mining operations and recognized revenue of approximately US$4.5 million.
Considerable uncertainty persists in the market despite the recent modest recovery and 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 395.00 PH/s. For the three months ended December 31, 2024, we produced 3.16 BTC from our BTC cryptocurrency mining operations and recognized revenue of approximately US$0.3 million. Cryptocurrency mining revenue from other cryptocurrencies, such as ETC, BEL, JKC, PEP and LKY, totaled approximately US$0.2 million.
Data Center Operation
During the fourth quarter of 2024, our 82.5 megawatt space (the “82.5 Megawatt Space”) at the Ohio Mining Site recognized approximately $3.8 million in service fee revenue, representing an increase of US$2.1 million compared with the third quarter of 2024, which was primarily due to the increase in new customers leading to an increase in electricity consumption.
Overall
Revenues were US$8.8 million for the fourth quarter of 2024, representing a decrease of US$1.6 million, or 15.4%, from US$10.4 million for the fourth quarter of 2023, and an increase of US$4.0 million, or 83.3%, from US$4.8 million for the third quarter of 2024. The year-over-year decrease was mainly attributable to higher computing power of the whole network in the fourth quarter of 2024 compared with the computing power in the fourth quarter of 2023, resulting in an increased difficulty in cryptocurrency mining activities. The sequential increase was mainly attributable to the sharp increase in cryptocurrency prices.
Operating Costs and Expenses
Operating costs and expenses were US$12.9 million for the fourth quarter of 2024, representing a decrease of US$0.8 million, or 5.8%, from US$13.7 million for the fourth quarter of 2023, and an increase of US$3.9 million, or 43.3%, from US$9.0 million for the third quarter of 2024.
Cost of revenue was US$8.5 million for the fourth quarter of 2024, representing a decrease of US$1.3 million, or 13.3%, from US$9.8 million for the fourth quarter of 2023, and an increase of US$2.1 million, or 32.8%, from US$6.4 million for the third quarter of 2024. The year-over-year decrease was mainly attributable to the (i) decrease of US$0.9 million in hosting fee due to the termination of cooperation between us and a third party data center in Texas; and (ii) decrease of US$0.6 million in salary caused by staff turnover and reduced overseas deployment subsidies. The sequential increase was mainly attributable to the increase in electricity consumption caused by the new customers and the depreciation of the newly purchased mining machines in the fourth quarter of 2024. Cost of revenue was comprised of the direct cost of revenue of US$5.8 million and depreciation and amortization expenses of US$2.7 million. The direct cost of revenue mainly included direct costs relating to (i) the cryptocurrency mining business of US$0.1 million, and (ii) the data center business of US$5.7 million.
Sales and marketing expenses were US$0.01 million for the fourth quarter of 2024, compared with US$0.03 million for the fourth quarter of 2023 and US$0.01 million for the third quarter of 2024.
General and administrative expenses were US$4.4 million for the fourth quarter of 2024, representing an increase of US$0.6 million, or 15.8%, from US$3.8 million for the fourth quarter of 2023 and an increase of US$1.9 million, or 76.0%, from US$2.5 million for the third quarter of 2024. The year-over-year increase was mainly due to (i) an increase of US$0.4 million of travel and business entertainment expenses related to the Ethiopia acquisition, and (ii) an increase of USD$0.2 million from audit and audit-related professional service fee. The sequential increase was mainly due to (i) an increase of US$0.3 million in professional service fee related to our at-the-market offering, (ii) an increase of US$0.2 million from share-based payment, (iii) an increase of US$0.3 million from year-end bonuses, and (iv) an increase of US$0.5 million from audit and audit-related fees.
Other Operating Expenses
Other operating expenses were US$0.5 million for the fourth quarter of 2024, representing a sharp decrease of US$11.8 million, or 95.9%, from US$12.3 million for the fourth quarter of 2023 and an increase of US$0.5 million from nil for the third quarter of 2024. The sharp year-over-year decrease was mainly due to (i) a decrease of credit loss provision related to other receivables and prepayment of US$1.9 million and (ii) a decrease of US$10.0 million in legal contingencies accrued for the FCPA investigations. The sequential increase was mainly due to an increase of credit loss provision for prepayment of US$0.5 million.
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, which was mainly due to fluctuating market prices for cryptocurrency assets by using first-in-first-out (“FIFO”) to calculate the cost of disposition. Effective January 1, 2024, the Company adopted ASU 2023-08, which requires cryptocurrency assets to be measured at fair value. Therefore, there was no gain or loss on disposal of cryptocurrency assets for the third and fourth quarter of 2024.
Impairment of Cryptocurrency Assets
Impairment of cryptocurrency assets was US$0.2 million for the fourth quarter of 2023, mainly due to the provisions for impairment of cryptocurrency assets held as a result of fluctuations in cryptocurrency prices. Upon adoption of ASU 2023-08 on January 1, 2024, there was no impairment of cryptocurrency assets for the third and fourth quarter of 2024.
Changes in Fair Value of Cryptocurrency Assets
Changes in fair value of cryptocurrency assets were US$1.8 million for the fourth quarter of 2024, and US$0.6 million for the third quarter of 2024. The difference was due to the remeasurement on the fair value of the cryptocurrency assets held as we adopted ASU 2023-08 on January 1, 2024, while the accounting treatment was different for the fourth quarter of 2023.
Operating Loss from Continuing Operations
Operating loss from continuing operations was US$2.5 million for the fourth quarter of 2024, compared with operating loss from continuing operations of US$14.3 million for the fourth quarter of 2023, and operating loss from continuing operations of US$4.8 million for the third quarter of 2024.
Non-GAAP operating loss from continuing operations was US$2.3 million for the fourth quarter of 2024, compared with non-GAAP operating loss from continuing operations of US$4.0 million for the fourth quarter of 2023, and non-GAAP operating loss from continuing operations of US$4.8 million for the third quarter of 2024. The year-over-year decrease in non-GAAP operating loss from continuing operations was mainly due to the decrease of credit loss provision related to other receivables and prepayment of US$1.9 million. The sequential decrease in non-GAAP operating loss from continuing operations was mainly due to a positive change of US$2.4 million in changes in fair value of cryptocurrency assets.
Net Loss Attributable to BIT Mining Including from Continuing Operations and Discontinued Operations
Net loss attributable to BIT Mining was US$2.1 million for the fourth quarter of 2024, compared with net loss attributable to BIT Mining of US$19.0 million for the fourth quarter of 2023, and net loss attributable to BIT Mining of US$4.8 million for the third quarter of 2024. The year-over-year decrease in net loss attributable to BIT Mining was mainly due to (i) a decrease of credit loss provision related to other receivables and prepayment of US$1.9 million, (ii) a decrease of US$10.0 million in legal contingencies accrued for the FCPA investigations, (iii) a decrease of US$1.4 million in impairment of long-term investments, and (iv) a decrease of US$3.4 million in loss from discontinued operations. The sequential decrease in net loss attributable to BIT Mining was mainly due to a positive change of US$2.4 million in changes in fair value of cryptocurrency assets.
Non-GAAP net loss attributable to BIT Mining was US$2.0 million for the fourth quarter of 2024, compared with non-GAAP net loss attributable to BIT Mining of US$7.8 million for the fourth quarter of 2023, and non-GAAP net loss attributable to BIT Mining of US$4.8 million for the third quarter of 2024. The year-over-year decrease in non-GAAP net loss attributable to BIT Mining was mainly due to (i) a decrease of credit loss provision related to other receivables and prepayment of US$1.9 million and (ii) a decrease of US$3.4 million in loss from discontinued operations. The sequential decrease in non-GAAP net loss attributable to BIT Mining was mainly due to a positive change of US$2.4 million in changes in fair value of cryptocurrency assets.
Cash and Cash Equivalents
As of December 31, 2024, the Company had cash and cash equivalents of US$1.8 million, compared with cash and cash equivalents of US$3.2 million as of December 31, 2023.
Cryptocurrency Assets
As of December 31, 2024, the Company had cryptocurrency assets of US$9.6 million in aggregate, which comprised of 19.06 BTC, 1,246 ETH, 7.6 million DOGE, 0.9 million USDT and various other cryptocurrency assets, which were generated from its cryptocurrency mining business.
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, legal contingencies, changes in gain from short-term investments, gain from disposal of long-term investments, impairment of long-term investments 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,
2023
December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents
3,244
1,808
Accounts receivable
2,876
1,913
Prepayments and other current assets
6,298
5,583
Cryptocurrency assets
7,625
9,581
Current assets of discontinued operations
13,813
–
Total current assets
33,856
18,885
Non-current assets:
Property and equipment, net
22,833
19,780
Intangible assets, net
2,033
7,633
Deposits
2,466
2,462
Long-term investments
4,173
3,775
Right-of-use assets
4,273
2,627
Long-term prepayments and other non-current assets
2,962
27,406
Total non-current assets
38,740
63,683
TOTAL ASSETS
72,596
82,568
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
821
19
Accrued payroll and welfare payable
410
306
Accrued expenses and other current liabilities
14,333
6,958
Operating lease liabilities – current
1,681
1,477
Income tax payable
76
71
Current liabilities of discontinued operations
27,605
–
Total current liabilities
44,926
8,831
Non-current liabilities:
Other non-current liabilities
–
776
Operating lease liabilities – non-current
2,538
1,071
Total non-current liabilities
2,538
1,847
TOTAL LIABILITIES
47,464
10,678
Shareholders’ equity:
Class A ordinary shares, par value US$0.00005 per share; 1,599,935,000 shares
authorized as of December 31, 2023 and December 31, 2024; 1,111,232,210 and
1,595,399,890 shares issued and outstanding as of December 31, 2023 and
December 31, 2024, respectively
54
78
Class A preference shares, par value US$0.00005 per share; 65,000 shares
authorized as of December 31, 2023 and December 31, 2024; 65,000 shares
issued and outstanding as of December 31, 2023 and December 31, 2024
–
–
Class B ordinary shares, par value US$0.00005 per share; 400,000,000 shares
authorized as of December 31, 2023 and December 31, 2024; 99 shares issued
and outstanding as of December 31, 2023 and December 31, 2024
–
–
Additional paid-in capital
621,837
640,723
Treasury shares
(21,604)
(21,604)
Accumulated deficit and statutory reserve
(570,879)
(557,915)
Accumulated other comprehensive loss
(4,276)
(4,394)
Total BIT Mining Limited shareholders’ equity
25,132
56,888
Non-controlling interests
–
15,002
Total shareholders’ equity
25,132
71,890
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
72,596
82,568
BIT Mining Limited
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Amounts in thousands of U.S. dollars (“US$”),
except for number of shares, per share (or ADS) data)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
2023
September 30,
2024
December 31,
2024
December 31,
2023
December 31,
2024
Revenues
10,407
4,770
8,793
43,101
32,922
Operating costs and expenses:
Cost of revenue
(9,843)
(6,448)
(8,506)
(40,055)
(29,938)
Sales and marketing expenses
(31)
(16)
(16)
(153)
(54)
General and administrative
expenses
(3,820)
(2,513)
(4,375)
(18,465)
(13,609)
Service development expenses
–
–
–
(874)
(69)
Total operating costs and expenses
(13,694)
(8,977)
(12,897)
(59,547)
(43,670)
Other operating income
46
11
196
180
214
Other operating expenses
(12,345)
(2)
(481)
(13,642)
(536)
Net gain on disposal of
cryptocurrency assets
1,531
–
–
7,074
–
Impairment of cryptocurrency
assets
(242)
–
–
(2,359)
–
Changes in fair value of
cryptocurrency assets
–
(601)
1,830
–
3,203
Changes in fair value of
payables settled by
cryptocurrency assets
–
–
37
–
37
Operating loss from continuing
operations
(14,297)
(4,799)
(2,522)
(25,193)
(7,830)
Other income (expense), net
289
(21)
253
691
370
Interest income
–
1
–
242
2
Loss from equity method
investments
(620)
–
(153)
(295)
(20)
Impairment of long-term
investments
(1,408)
–
–
(1,408)
–
Gain from disposal of long-term
investments
–
–
–
614
–
Gain from short-term
investments
–
–
55
–
210
Changes in fair value of
derivative instruments
498
69
85
(35)
257
Loss before income tax from
continuing operations
(15,538)
(4,750)
(2,282)
(25,384)
(7,011)
Income tax benefits
–
–
–
–
–
Net loss from continuing
operations
(15,538)
(4,750)
(2,282)
(25,384)
(7,011)
(Loss) income from discontinued
operations, net of applicable
income taxes
(3,416)
–
–
(3,326)
240
Gain on disposal of
discontinued operations, net of
applicable income taxes
–
–
–
–
18,687
Net (loss) income from
discontinued operations, net of
applicable income taxes
(3,416)
–
–
(3,326)
18,927
Net (loss) income
(18,954)
(4,750)
(2,282)
(28,710)
11,916
Less: Net loss attributable to the
non-controlling interests
–
–
(155)
–
(155)
Net (loss) income attributable
to BIT Mining Limited
(18,954)
(4,750)
(2,127)
(28,710)
12,071
Other comprehensive income
(loss):
Foreign currency translation
gain (loss)
168
140
(143)
(316)
(118)
Other comprehensive income
(loss), net of tax
168
140
(143)
(316)
(118)
Comprehensive (loss) income
(18,786)
(4,610)
(2,425)
(29,026)
11,798
Less: comprehensive loss
attributable to non-controlling
interests
–
–
(155)
–
(155)
Comprehensive (loss) income
attributable to BIT Mining
Limited
(18,786)
(4,610)
(2,270)
(29,026)
11,953
Weighted average number of
Class A and Class B ordinary
shares outstanding:
Basic
1,111,232,309
1,154,341,490
1,293,350,917
1,102,373,814
1,171,663,331
Diluted
1,111,232,309
1,154,341,490
1,293,350,917
1,102,373,814
1,171,663,331
(Losses) earnings per share
attributable to BIT Mining
Limited-Basic and Diluted
Net loss from continuing
operations
(0.02)
(0.00)
(0.00)
(0.03)
(0.01)
Net (loss) income from
discontinued operations
(0.00)
0.00
0.00
(0.00)
0.02
Net (loss) income
(0.02)
(0.00)
(0.00)
(0.03)
0.01
(Losses) earnings per ADS*
attributable to BIT Mining
Limited-Basic and Diluted
Net loss from continuing
operations
(1.40)
(0.41)
(0.16)
(2.30)
(0.59)
Net (loss) income from
discontinued operations
(0.31)
0.00
0.00
(0.30)
1.62
Net (loss) income
(1.71)
(0.41)
(0.16)
(2.60)
1.03
* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 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,
2023
September 30,
2024
December 31,
2024
December 31,
2023
December 31,
2024
Operating loss from continuing
operations
(14,297)
(4,799)
(2,522)
(25,193)
(7,830)
Adjustment for share-based
compensation expenses
276
–
219
1,030
1,214
Adjustment for legal
contingencies
10,000
–
–
10,000
–
Adjusted operating loss (non-
GAAP) from continuing
operations
(4,021)
(4,799)
(2,303)
(14,163)
(6,616)
Net (loss) income attributable
to BIT Mining Limited
(18,954)
(4,750)
(2,127)
(28,710)
12,071
Net (loss) income attributable to
BIT Mining Limited from
discontinued operations
(3,416)
–
–
(3,326)
18,927
Net loss attributable to BIT
Mining Limited from
continuing operations
(15,538)
(4,750)
(2,127)
(25,384)
(6,856)
Adjustment for share-based
compensation expenses
276
–
219
1,030
1,214
Adjustment for legal
contingencies
10,000
–
–
10,000
–
Adjustment for gain from
disposal of long-term
investments
–
–
–
(614)
–
Adjustment for impairment of
long-term investments
1,408
–
–
1,408
–
Adjustment for changes in fair
value of derivative instruments
(498)
(69)
(85)
35
(257)
Adjustment for changes in gain
from short-term investments
–
–
(55)
–
(210)
Adjusted net loss attributable
to BIT Mining Limited (non-
GAAP) from continuing
operations
(4,352)
(4,819)
(2,048)
(13,525)
(6,109)
Net (loss) income from
discontinued operations, net of
applicable income taxes
(3,416)
–
–
(3,326)
18,927
Adjusted net (loss) income
attributable to BIT Mining
Limited from discontinued
operations (non-GAAP)
(3,416)
–
–
(3,326)
18,927
Adjusted net (loss) income
attributable to BIT Mining
Limited (non-GAAP)
(7,768)
(4,819)
(2,048)
(16,851)
12,818
Weighted average number
of Class A and Class B
ordinary shares outstanding:
Basic
1,111,232,309
1,154,341,490
1,293,350,917
1,102,373,814
1,171,663,331
Diluted
1,111,232,309
1,154,341,490
1,293,350,917
1,102,373,814
1,171,663,331
(Losses) earnings per share
attributable to BIT Mining
Limited (non-GAAP)-Basic and
Diluted
Adjusted net loss from
continuing operations (non-
GAAP)
(0.01)
(0.00)
(0.00)
(0.01)
(0.01)
Adjusted net (loss) income
from discontinued operations
(non-GAAP)
(0.00)
0.00
0.00
(0.00)
0.02
Adjusted net (loss) income
(non-GAAP)
(0.01)
(0.00)
(0.00)
(0.01)
0.01
(Losses) earnings per ADS*
attributable to BIT Mining
Limited (non-GAAP)-Basic and
Diluted
Adjusted net loss from
continuing operations (non-
GAAP)
(0.39)
(0.42)
(0.16)
(1.23)
(0.53)
Adjusted net (loss) income
from discontinued operations
(non-GAAP)
(0.31)
0.00
0.00
(0.30)
1.62
Adjusted net loss (non-GAAP)
(0.70)
(0.42)
(0.16)
(1.53)
1.09
* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class A ordinary shares of the Company.
View original content:https://www.prnewswire.com/news-releases/bit-mining-limited-announces-unaudited-financial-results-for-the-fourth-quarter-and-full-year-ended-december-31-2024-302388524.html
SOURCE BIT Mining Limited
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Technology
Akemona to Power Upcoming Tokenized Offering for Industrialized Innovation Impact Portfolio I
Published
8 hours agoon
April 17, 2026By
The initiative is designed to support the tokenization and commercialization of 100 companies formed around acquired innovation-related intellectual property.
FULLERTON, Calif., April 18, 2026 /PRNewswire/ — Akemona, Inc., a provider of tokenization and digital asset issuance infrastructure, announced today that a tokenized offering for Industrialized Innovation Impact Portfolio I LLC is now available through the Akemona platform.
The initiative is centered on 100 companies formed through the acquisition of innovation-related intellectual property and associated commercialization rights. Tokenization is intended to support the commercialization of these companies through a structured digital asset framework.
According to information provided to Akemona, Industrialized Innovation Impact Portfolio I is designed to offer diversified exposure to 100 early-stage companies created through FyrstGen’s Company Building as a Service (CBaaS®) model. The portfolio is structured through a special purpose vehicle and is intended to hold 50% equity positions in 100 FyrstGen companies spanning sectors such as green energy, sustainable agriculture, public health, and other innovation-driven markets.
Industrialized Innovations has stated that the portfolio is part of a broader effort to transform underutilized intellectual property into commercially oriented operating companies. The underlying companies are built and run by FyrstGen itself through its proprietary CBaaS® platform. Acting as the centralized entrepreneur, CBaaS® executes company formation, strategic planning, commercialization, scaling, and exit preparation end-to-end — eliminating founder dependency by design.
“Through our partnership with Akemona, for the first time ever, we can standardize the refinancing of innovation — a major milestone in the global rollout of our new ecosystem,” said Philipp Assmus, Chief Executive Officer of Industrialized Innovations and Fyrst Limited. Clémence Kopeikin, Chief Operating Officer at FyrstGen, added, “For too long, entire regions, communities, and brilliant minds have been excluded from value creation. We’re opening the door for those who have historically been left out of the process, all while bringing innovation to market, addressing some of the world’s biggest challenges.”
The initiative comes at a time when tokenization is receiving increased attention in the United States as policymakers and regulators work toward greater clarity for digital assets and tokenized securities. Recent developments, including the House passage of the CLARITY Act in 2025 and SEC staff guidance on tokenized securities in January 2026, have added momentum to the broader market discussion, even as the legislative process continues.
For Akemona, the project reflects how tokenization can be applied not only to individual assets but also to larger multi-company structures. Akemona’s technology is designed to support digital asset issuance, blockchain-based ownership records, investor access workflows, and smart contract-enabled transaction infrastructure.
“Tokenization is moving beyond isolated use cases and becoming a serious infrastructure layer for modern capital formation,” said Alex de Lorraine, Chief Executive Officer of Akemona. “This initiative stands out because of its scale and architecture. Bringing 100 companies into a single tokenized framework demonstrates how blockchain technology can support more structured, transparent, and efficient approaches to private market participation.”
The offering materials provided to Akemona state that the portfolio companies are derived from intellectual property sourced from universities and independent research, with an emphasis on commercial potential and real-world impact. The stated use of proceeds includes supporting commercialization infrastructure, initial product orders, and portfolio scaling activities intended to position the companies for future acquisition pathways.
Akemona provides blockchain-based infrastructure for digital asset issuance and management, helping businesses and financial institutions modernize capital formation through tokenized securities and other blockchain-native financial instruments. The company’s platform supports digital issuance workflows, investor onboarding, smart contract deployment, and ownership administration for tokenized assets.
Additional information about the offering is available through the Akemona platform at https://investors.akemona.com/offerings/impact.
Media Contact
Email: info@akemona.com
Disclaimer
This press release is provided for informational purposes only and is intended solely to notify the public about an upcoming offering expected to become available through the Akemona platform.
Akemona, Inc. is distributing this communication solely in its capacity as a technology platform provider. Akemona does not recommend or endorse any issuer, investment opportunity, or offering, and does not provide investment, legal, tax, accounting, or other professional advice. Nothing in this press release should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, sell, or hold any security.
Any offering referenced in this communication is the responsibility of the applicable issuer and is expected to be conducted pursuant to Rule 506(c) of Regulation D, or another available exemption from registration. The securities referenced herein have not been registered under the Securities Act of 1933, as amended, or with the U.S. Securities and Exchange Commission or any state securities regulator, and may be offered and sold only to investors who are verified as accredited investors under applicable law. Such securities will be subject to restrictions on transfer and resale.
No federal or state securities regulator, including the SEC, has approved, passed upon, or endorsed the merits of any offering, or determined whether this communication is accurate or complete. Any investment decision should be made only after careful review of the applicable offering materials and in consultation with the investor’s own legal, tax, financial, accounting, and other professional advisers.
View original content:https://www.prnewswire.com/apac/news-releases/akemona-to-power-upcoming-tokenized-offering-for-industrialized-innovation-impact-portfolio-i-302746370.html
SOURCE Akemona, Inc.
Technology
AIxCrypto’s Designated Investor and Faraday Future Complete Amendment to $12 Million Investment Agreement,Exploring RWA-Related Applications and Integration of Real-World Assets with Blockchain Infrastructure
Published
9 hours agoon
April 17, 2026By
Key Points:
An amendment to the securities purchase agreement dated January 30, 2026 (the “SPA”) removed the true-up share mechanism and replaced it with a milestone-linked warrant capped at one million shares at $1.50 per shareThe Amended and Restated SPA increases the total investment amount to $12 millionThe warrant has a term expiring in April 2030 and is exercisable only upon delivery of 500 FX Super One vehiclesThe AIXC ecosystem is exploring the potential for a portion of the acquired FFAI shares to serve as underlying assets for future equity tokenization initiatives facilitated by ecosystem participants, subject to applicable regulatory and third-party approvals
LOS ANGELES, April 17, 2026 /PRNewswire/ — AIxCrypto Holdings, Inc. (NASDAQ: AIXC) (“AIxC” or the “Company”), a Nasdaq-listed technology company building a three-layer architecture spanning the infrastructure, protocol, and application layers, today provided an update regarding the amended and restated securities purchase agreement entered into by Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“FFAI”) and Gold King Arthur Holding Limited (“GKA”), a designated third-party investor identified by AIxC, in connection with the investment transaction previously announced by the parties. The amendment increases the total investment amount from $10 million to $12 million and includes updates to the transaction structure, pricing mechanism, and other terms.
Under the amended structure, the investment consists of a combination of common stock and preferred equity, with $500,000 used to purchase FF Class A common stock and $11.5 million used to purchase newly created Series C preferred stock. In addition, the original True-Up provision has been removed and replaced with a warrant to purchase up to 1,000,000 shares of FF common stock at an exercise price of $1.50 per share, expiring in April 2030. The warrant will become exercisable after FF delivers its 500th FX Super One vehicle.
The amendment also adjusts the pricing mechanism. The purchase price of the common stock and the conversion price of the preferred stock are based on the average closing price over the 10 trading days prior to signing. Based on a reference price of $0.25956 per share as of April 14, 2026, the $500,000 common stock investment corresponds to approximately 1,926,337 shares of Class A common stock.
The transaction was facilitated through a designated third-party investment entity and represents one of the Company’s approaches to exploring the integration of Real World Assets (RWA) with blockchain infrastructure. The Company is exploring the potential use of the associated equity as underlying assets for future tokenization-related applications, aiming to expand the role of digital assets in real-world economic scenarios.
The Company stated that it will continue to advance its RWA-related framework and strengthen its capabilities in connecting traditional capital markets with Web3 infrastructure.
Management Commentary
Kevin Richardson, Co-CEO of AIxC, stated: “The amendment to the securities purchase agreement reflects our continued confidence in Faraday Future’s execution roadmap. The milestone-linked warrant ensures this investment retains meaningful upside tied to FF’s vehicle delivery progress, while securing a more flexible framework to support our blockchain ecosystem.”
About AIxCrypto:
AIxCrypto Holdings, Inc. (Nasdaq: AIXC) is a Nasdaq-listed technology company building a three-layer architecture spanning the infrastructure, protocol, and application layers. Through the convergence of AI Agents and Embodied AI (EAI) devices, AIXC enables heterogeneous intelligent entities—robots, smart vehicles, drones, and other edge devices—to autonomously discover, collaborate, and transact with one another without centralized intermediaries, driving the advancement of the Silicon Economy.
FORWARD LOOKING STATEMENTS:
This press release contains “forward-looking statements”, including statements regarding AIxCrypto Holdings, Inc. (“AIxCrypto”) within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All of the statements in this press release, including financial projections, whether written or oral, that refer to expected or anticipated future actions and results of AIxCrypto are forward-looking statements. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements reflect our current projections and expectations about future events as of the date of this presentation. AIxCrypto cannot give any assurance that such forward-looking statements and financial projections will prove to be correct.
The information provided in this press release does not identify or include any risk or exposures of AIxCrypto that would materially and adversely affect the performance or risk of the company. By their nature, forward-looking statements and financial projections involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur, which may cause the Company’s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements and financial projections. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: business, economic and capital market conditions; the heavily regulated industry in which AIxCrypto carries on business; current or future laws or regulations and new interpretations of existing laws or regulations; the inherent volatility and regulatory uncertainty associated with cryptocurrency investments; legal and regulatory requirements; market conditions and the demand and pricing for our products; our relationships with our customers and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers’ needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; failure of counterparties to perform their contractual obligations; systems, networks, telecommunications or service disruptions or failures or cyber-attack; ability to obtain additional financing on reasonable terms or at all; litigation costs and outcomes; our ability to successfully maintain and enforce our intellectual property rights and defend third party claims of infringement of their intellectual property rights; and our ability to manage our growth. Readers are cautioned that this list of factors should not be construed as exhaustive.
All information contained in this press release is provided as of the date of the press release issuance and is subject to change without notice. Neither AIxCrypto, nor any other person undertakes any obligation to update or revise publicly any of the forward-looking statements and financial projections set out herein, whether as a result of new information, future events or otherwise, except as required by law. This is presented as a source of information and not an investment recommendation. This press release does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. AIxCrypto reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof.
Readers are advised not to place undue reliance on forward-looking statements, as there is no guarantee that the plans, intentions, or expectations they are based on will be realized. While management believes these statements are reasonable at the time of preparation, actual results may differ materially. These forward-looking statements reflect the Company’s expectations as of the date of this presentation and are subject to change without notice. The Company is not obligated to update or revise these statements, unless required by law.
Forward-looking statements are often identified by words such as “may,” “could,” “would,” “might,” or “will,” indicating possible future actions, events, or outcomes. These statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ significantly from what is expected.
Actual results may differ materially due to factors such as the ability to secure financing, complete transactions, meet exchange requirements, consumer demand, competition, and unexpected costs. These forward-looking statements are based on assumptions that may prove incorrect, and the Company does not assume any obligation to update them except as required by law. Given the uncertainties involved, readers should not place undue reliance on these statements.
You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this news release, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
SOURCE AIxCrypto
Technology
Knowlej and Chime Launch Financial Futures Campaign to Help Students Build Financial Confidence and Strengthen Engagement in School
Published
9 hours agoon
April 17, 2026By
LOS ANGELES, April 17, 2026 /PRNewswire/ — Knowlej today announced the launch of Knowlej Financial Futures, powered by leading financial technology company Chime, a new financial literacy challenge series designed for middle and high school students. The program pairs practical, student-friendly learning with rewards that reinforce a simple message: students can earn while they learn to power their own futures.
Across the country, millions of students are missing school at an alarming rate, fueling a crisis of chronic absenteeism. Meanwhile, many graduate without the financial knowledge or habits needed for their future. Financial Futures addresses this by showing that when students find value in attending, everything changes.
Knowlej Financial Futures is delivered through schools and districts using the Knowlej platform to drive participation and make learning feel relevant to students day to day. Currently, the Knowlej platform powers Financial Futures, which lets students participate in financial literacy challenges and helps them maintain attendance by offering rewards tied to consistent engagement. This structure is designed to support both skill-building and the habits that keep students connected to school.
The model shifts the focus from a traditional compliance-based approach to a “motivation-through-meaning” model that re-engages students by rewarding consistency and offers a new learning path. The initiative will be especially important for students in underserved communities, where access to financial education and wealth-building has historically been limited.
Chime, supporting Knowlej’s mission to boost engagement through rewards, will add modern financial tools to the program. Together, they aim to make financial education not only accessible but engaging, showing students that attendance leads to real-world financial outcomes.
“We’re facing a moment where students are not just absent from school, but disconnected from what school represents,” the CEO of Knowlej, Principal Rahh, stated. “Financial Futures is about changing that. When students see that showing up leads to real opportunities, when learning connects to something tangible, like their financial future, engagement changes. This is how we re-engage, restore, and reward students at scale.”
Access to high-quality financial education is not evenly distributed. Students and communities that can benefit most from foundational financial knowledge and wealth-building concepts are often the least likely to have consistent access. Knowlej Financial Futures is designed to help close that gap by delivering engaging, school-based learning experiences that meet students where they are and prioritize practical decision making, safety, and confidence, including how to avoid predatory or unscrupulous practices that can derail progress.
“At Chime, we believe financial education should be accessible, practical, and empowering from an early age,” said Sara El-Amine, Vice President of Community at Chime. “Through Financial Futures, we’re excited to help students build financial progress skills while reinforcing the connection between showing up, staying engaged, and unlocking opportunity.”
Together, the partners are taking an important step toward a shared vision: equipping students with the knowledge, confidence, and habits to manage money wisely, avoid costly mistakes, and build future opportunities.
Financial Futures launches during Financial Literacy Month across Knowlej partner schools and districts in Los Angeles, New York, Washington, D.C., New Jersey, Colorado, and more, with plans to expand soon. Students who participate in the challenges and maintain attendance may earn rewards that link showing up with building a better future.
Early data show increased student engagement when schools implement the model. Knowlej plans to share participation and engagement insights with their partners during the spring rollout and to expand Financial Futures into a much broader national model that connects attendance, financial literacy, and, ultimately, better long-term opportunity.
Knowlej is an AI-powered engagement platform designed to help schools and districts re-engage students and reduce chronic absenteeism through culturally relevant challenges and meaningful rewards. Through its Learn to Earn model, Knowlej connects participation and achievement to real-world outcomes and future opportunity.
The Knowlej Foundation expands educational equity by providing engagement-driven learning experiences and long-term pathways to underserved students and communities.
About Chime
Chime (Nasdaq: CHYM) is a financial technology company founded on the premise that core banking services should be helpful, easy, and free. We offer a broad range of low-cost banking and payments products that address the most critical financial needs of everyday people. Our member-aligned business model has helped millions of people to unlock financial progress™. Member deposits are FDIC-insured through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, up to applicable limits*.
Media Details – press@chime.com
Company Name: Knowlej
Contact Name: Amen Rahh
Contact Email: principalrahh@knowlej.io
Photo – https://mma.prnewswire.com/media/2958856/Knowlej.jpg
View original content:https://www.prnewswire.co.uk/news-releases/knowlej-and-chime-launch-financial-futures-campaign-to-help-students-build-financial-confidence-and-strengthen-engagement-in-school-302746333.html
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