According to an SEC filing last year, total net revenue for the Nasdaq-listed mining equipment manufacturer slumped to $11 Mln in H1 this year, down 50.6% from $22.35 Mln made within the same period the year before.
Within a recent official statement published, Ebang chairman & CEO Dong Hu linked the drop by revenue to the outbreak, which had led chip suppliers to scale back capacity & caused a chronic shortage of raw materials that severely disrupted Ebang’s business.
By way of a bright side, though, while net revenue was far below last year, Ebang saved over $10 Mln in operating expenses & losses in H1 this year.
As per the unaudited financial results, comprehensive net loss fell from nearly $17.6 Mln within the half of 2019 to solely under $7.3 Mln in H1 2020.
Hu revealed that the disruption caused by the outbreak meant the Chinese-based businesses had optimized its revenue structure and began to explore new revenue streams.
Ebang took $300 Mln in revenue earlier in 2018, the tail-end of the ICO [Initial Coin Offering] boom.
Despite the H1 drop by revenue, the market seems to possess responded well to Ebang’s efforts to diversify: shares were up 2.5% to $9.85 at the time of reporting, on the brink of double the $5 USD value at its Nasdaq debut in late June.