Yibang International's net loss narrowed by 66% in the first half of the year, and its stock price rose by more than 85% in the three months since its listing

On September 25, Ebang International (NASDAQ: EBON), the world's third largest Bitcoin mining machine manufacturer, disclosed its unaudited financial results report for the first six months of 2020.

Financial report data shows that during the reporting period, Yibang International's operating income reached US$11.0423 million, a decrease of 50.60% from US$22.3517 million in the same period of 2019; the net loss was US$6.9634 million, while the net loss in the same period last year was US$19.0710 million, a loss narrowing by 63.38%; the net loss attributable to shareholders was US$6.2123 million, a net loss narrowing by 65.7% from the same period last year.

The report stated that the decline in operating income was mainly due to the combined impact of COVID-19 and the Bitcoin halving event, which reduced the expected returns from Bitcoin-related activities (such as mining), resulting in a significant reduction in demand for mining machines and average selling prices.

In terms of computing power, during the reporting period, the total computing power sold by Ebang International was 250,000 Thash/s, a year-on-year decrease of 86.02% from 1.82 million Thash/s in the same period of 2019. In terms of cost expenditure, in the first half of 2020, Ebang International's cost expenditure was US$12.0093 million, a year-on-year decrease of 70.13%. The report stated that the year-on-year decrease in cost expenditure was consistent with the trend of declining sales volume. In addition, Ebang International's operating expenses (sales expenses + administrative expenses) in the first half of the year were US$7.7105 million, a year-on-year decrease of 19.69%.