Ebang Crypto Miner Report For Q3 2018 Saw “Significant Decreases” In Revenue In HKEX IPO Documents

Ebang Crypto Miner Report For Q3 2018 Saw “Significant Decreases” In Revenue In HKEX IPO Documents

Crypto mining is a crucial component to many platforms in the cryptocurrency industry. However, considering the typical need for mining ASIC hardware, it is unfortunate that hardware producer Ebang didn’t see the demand that it has in the past. In fact, in documents submitted to Hong Kong Stock Exchange (HKEX) on December 20th, the company reported “significant decreases” in their revenue from July to September.

The only time these kinds of documents are required by HKEX is in the event of an IPO application, and the requirement is that their financial period has to have ended within six months of the document submitted. With that rule in mind, Ebang submitted their financial information through the end of June this year in the efforts they made to launch their IPO.

For the first six months of 2018, the company managed to reach $30 billion in revenue, which was about eight times more than they saw for the second half of 2017.

In a section titled “Material adverse change,” the company wrote,

“We experienced significant decreases in revenue and gross profit for the three months ended September 30, 2018 compared to the preceding three months ended June 30, 2018.”

Towards the beginning of December, there were only two ASIC Bitcoin mining rigs that still managed to maintain their profit after the market crash. However, Ebang continues on, believing that they will see an increase in revenue by the end of the year, adding,

“Nonetheless, our Directors expect that we will continue to record stronger results of operations as a whole for the full year ending December 31, 2018, compared to the year ended December 31, 2017.”

At this point, details about what exactly the company managed to profit in the third quarter have not been released, even though it coincides with the drop in the market. The company has been seeking approval for an IPO, which would be the second time that they’ve requested to do so. The first application, which occurred on June 24th, has since become inactive.

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