Ebang revenue for the first half of the year 2020 the year has been halved due to the COVID-19 pandemic

Against the background of the Pandemia of Coronavirus, the revenue of the Chinese mining company EBANG for the first half 2020 decreased by half compared to the same period last year.

According to Ebang financial statements, submitted to the US Securities and Exchange Commission (SEC), The company's net revenue for the first six months of this year decreased by $11 million (50.6%), whereas in the first half 2019 year she composed $22.35 mln.

Chairman and CEO Ebang Dong Hu (Dong Hu) explained, what significant decrease in revenue occurred due to the coronavirus pandemic. Chip suppliers were forced to reduce their production capacity, which led to a constant shortage of materials. This had a negative impact on the activities of mining equipment manufacturer Ebang.

According to the financial report, not yet audited, Ebang's cumulative net losses in the first half 2020 years amounted to $7.3 million compared to $17.6 million for the same period 2019 of the year. Hu reported, that during the pandemic, the company had to optimize its financial structure and look for new sources of income.

In August, Ebang announced plans to launch a cryptocurrency exchange in Singapore. The company's management believes, that to 2022 this initiative will help double Ebang's overall revenue. Against the backdrop of this news, the stock price of the mining company on the Nasdaq stock exchange rose by 2.5% to $9.85.

Recall, what 26 june 2020 Ebang was listed on Nasdaq, hoping to attract from $106 million to $125 million. The company's shares began trading at $5.23 for pike, however, the next day their value dropped to $4.12.

In August, Ebang management announced its readiness to shift focus to the production of chips for artificial intelligence (II) due to decreased profits from mining activities.