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Bitcoin Miner Producer Ebang Blames Coronavirus for 50% Slump in Revenue
Nasdaq-listed bitcoin miner manufacturer Ebang said the pandemic had disrupted its supply chain and led to a significant drop in revenue.
Ni Paddy Baker
Ebang has said the knock-on effects of the coronavirus outbreak caused revenue to fall by half in the first six months of 2020.
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- Total net revenue for the Nasdaq-listed mining equipment manufacturer slumped to $11 million in H1 2020, down 50.6% from $22.35 million made in the same period the year before, per a filing with the Securities and Exchange Commission last week.
- In a statement, Ebang Chairman and CEO Dong Hu linked the drop in revenue to the pandemic, which had led chip suppliers to reduce capacity and caused a chronic shortage of raw materials that severely disrupted Ebang's business.
- By way of a silver lining, though, while net revenue was far below last year, Ebang saved more than $10 million in operating expenses and losses in H1 2020.
- As per the unaudited financial results, comprehensive net loss fell from nearly $17.6 million in the first half of 2019 to just under $7.3 million in H1 2020
- Hu said the disruption caused by the pandemic meant the Chinese-based company had optimized its revenue structure and started to explore new revenue streams.
- Earlier this year, Ebang announced plans to launch its own offshore crypto exchange, something CFO Chen Lei said could double total revenue by 2022.
- Ebang earned $300 million in revenue in 2018, the tail-end of the initial coin offering (ICO) boom.
- Despite the H1 drop in revenue, the market seems to have responded well to Ebang's efforts to diversify: shares were up 2.5% to $9.85 at time of writing, close to double the $5 value at its Nasdaq debut in late June.
See also: Pandemic Will Speed Bitcoin Adoption, Says DBS Bank Economist
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