Ebang International Holdings Inc. Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2025
SINGAPORE, Aug. 15, 2025 (GLOBE NEWSWIRE) — Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we,” “us” or “our”), today announced its unaudited financial results for the first six months of fiscal year 2025.
Operational and Financial Highlights for the First Six Months of Fiscal Year 2025
Total net revenues in the first six months of 2025 were US$3.58 million, representing an 69.46% period-over-period increase from US$2.11 million in the same period of 2024.
Gross loss in the first six months of 2025 was US$0.65 million compared to the gross profit of US$0.08 million in the same period of 2024.
Net loss in the first six months of 2025 was US$4.50 million compared to US$6.65 million in the same period of 2024.
Mr. Dong Hu, Chairman and Chief Executive Officer of the Company, commented, “In the first half of 2025, our Fintech business has demonstrated resilience, achieving modest growth amidst a complex macroeconomic landscape. Concurrently, our forward-looking investments in renewable energy have made strides, turning this field as a new growth engine for the company. We believe that the global carbon neutrality process has shifted from being policy-driven to market-driven, and the demand for renewable energy will continue to thrive. Leveraging our fifteen years of extensive experience in chip technology, hardware, and intelligent manufacturing, the Company is rapidly repurposing high-efficiency computing power, precision manufacturing, and energy management technologies into photovoltaic, energy storage, and smart energy applications. This approach enables us to achieve dual optimization in product iteration and cost efficiency.”
Mr. Hu continues, “Looking ahead, we will continue to explore the incremental demand for technology, cross-border payments, and digital asset trading in the regulated Fintech market under a compliance framework. We are committed to continuously launching products and services that align with market needs. In the renewable energy field, we aim to establish a vertically integrated industrial ecosystem that connects the entire value chain—from upstream raw materials and midstream manufacturing to downstream energy services. At the same time, leveraging our company’s established mature manufacturing system, we are actively exploring new opportunities for “Made in America”. We aim to expand the coverage of “Made in America”, extending our manufacturing advantages into a broader range of scenarios and establishing a diversified local production capacity across multiple fields. We firmly believe that a clear strategy, leading technology, and exceptional execution capabilities are core competencies that enable our company to navigate through cycles successfully. We will persistently scan global markets for emerging demands, new policies, and innovative technologies while prudently yet decisively allocating resources to expand new development spaces and create long-term stable value returns for our shareholders.”
Unaudited Financial Results for the First Six Months of Fiscal Year 2025
Total net revenues in the first six months of 2025 were US$3.58 million, representing a 69.46% period-over-period increase from US$2.11 million in the same period of 2024. The period-over-period increase in total net revenues was driven by more revenue generated from sales of renewable energy products and services as well as rental services starting second half of 2024.
Cost of revenues in the first six months of 2025 was US$4.23 million, representing a 108.20% period-over-period increase from US$2.03 million in the same period of 2024. The period-over-period increase in cost of revenues was primarily driven by (1) more revenue generated from sales of renewable energy products starting second half of 2024, and (2) a value-added tax (“VAT”) recoverable impairment which was recognized and substantially allocated to cost of revenue in the first six months of 2025, as it is expected that the VAT will not be recovered in the foreseeable future. There was no such impairment incurred in 2024.
Gross loss in the first six months of 2025 was US$0.65 million, compared to gross profit of US$0.08 million in the same period of 2024.
Total operating expenses in the first six months of 2025 were US$10.21 million compared to US$12.50 million in the same period of 2024.
- Selling expenses in the first six months of 2025 were US$0.27 million compared to US$0.66 million in the same period of 2024. The period-over-period decrease in selling expenses was mainly driven by execution of cost-saving initiatives across the Company’s Chinese subsidiaries during the first six months of 2025.
- General and administrative expenses in the first six months of 2025 were US$9.94 million compared to US$11.84 million in the same period of 2024. The period-over-period decrease in general and administrative expenses was mainly due to our optimization and streamlining of business operations, including resource allocation, cost and expense control.
Loss from operations in the first six months of 2025 was US$10.86 million compared to US$12.42 million in the same period of 2024.
Interest income in the first six months of 2025 was US$4.41 million compared to US$6.04 million in the same period of 2024. The period-over-period decrease in interest income was mainly caused by a decrease in bank interest rates.
Other income in the first six months of 2025 was US$0.13 million compared to US$0.33 million in the same period of 2024. The period-over-period decrease in other income was primarily due to the Company receiving a one-off non-operating income of US$0.33 million in 2024 and no such income occurred in the first six months of 2025.
Other expense in the first six months of 2025 was US$0.07 million compared to US$0.06 million in the same period of 2024.
Net loss in the first six months of 2025 was US$4.50 million compared to US$6.65 million in the same period of 2024.
Net loss attributable to Ebang International Holdings Inc. in the first six months of 2025 was US$4.51 million compared to US$6.23 million in the same period of 2024.
Basic and diluted net loss per share in the first six months of 2025 were both US$0.72 compared to US$0.99 in the same period of 2024.
About Ebang International Holdings Inc.
Ebang, leveraging years of manufacturing experience and possessing expertise in blockchain technology and Fintech, has emerged as a key player in these fields. The Company utilizes advanced technologies and cutting-edge financial services to develop and launch innovative Fintech service platforms that have received positive acclaim in the market. In order to diversify its product offerings for more stable financial performance, the Company has expanded into the renewable energy sector, underscoring its commitment to sustainability and long-term growth. In the foreseeable future, it will continue to focus on both its Fintech and renewable energy businesses while maintaining adaptability to market demands and remaining open to new opportunities. For more information, please visit https://ir.ebang.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to,” and other similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current markets and operating conditions. Forward-looking statements include, but are not limited to, statements regarding our future operating results and financial position, our business strategy and plans, expectations relating to our industry, the regulatory environment, market conditions, trends and growth, expectations relating to customer behaviors and preferences, our market position and potential market opportunities, and our objectives for future operations. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. These risks and uncertainties include our ability to successfully execute our business and growth strategy and maintain future profitability, market acceptance of our products and services, our ability to further penetrate our existing customer base and expand our customer base, our ability to develop new products and services, our ability to expand internationally, the success of any acquisitions or investments that we make, the effects of increased competition in our markets, our ability to stay in compliance with applicable laws and regulations, market conditions across the blockchain, Fintech and general markets, political and economic conditions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.
Email: ir@ebang.com
| EBANG INTERNATIONAL HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Stated in US dollars) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 214,500,925 | $ | 213,822,331 | ||||
| Restricted cash, current | 293,033 | 580,019 | ||||||
| Short-term investments | 705,880 | 4,906,760 | ||||||
| Accounts receivable, net | 1,376,157 | 1,586,766 | ||||||
| Advances to suppliers | 85,641 | 70,312 | ||||||
| Inventories, net | 923,781 | 597,116 | ||||||
| Prepayments | 446,357 | 322,382 | ||||||
| VAT recoverable, current | 85,406 | 3,203,198 | ||||||
| Other current assets, net | 5,840,320 | 5,676,953 | ||||||
| Total current assets | 224,257,500 | 230,765,837 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 29,185,051 | 29,907,181 | ||||||
| Intangible assets, net | 3,353,250 | 3,339,664 | ||||||
| Operating lease right-of-use assets | 2,733,644 | 3,348,442 | ||||||
| Operating lease right-of-use assets – related parties | 27,537 | 40,081 | ||||||
| Restricted cash, non-current | 640,244 | 602,178 | ||||||
| Goodwill | 1,349,288 | 1,277,789 | ||||||
| VAT recoverable, non-current | 1,590,815 | 766,587 | ||||||
| Other assets | 4,909,975 | 5,756,224 | ||||||
| Total non-current assets | 43,789,804 | 45,038,146 | ||||||
| Total assets | $ | 268,047,304 | $ | 275,803,983 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 416,879 | $ | 286,099 | ||||
| Accrued liabilities and other payables | 9,047,734 | 10,367,210 | ||||||
| Operating lease liabilities, current | 659,016 | 1,114,377 | ||||||
| Operating lease liabilities – related parties, current | 24,046 | 29,961 | ||||||
| Advances from customers | 43,083 | 55,403 | ||||||
| Total current liabilities | 10,190,758 | 11,853,050 | ||||||
| Non-current liabilities: | ||||||||
| Operating lease liabilities, non-current | 2,682,053 | 2,877,122 | ||||||
| Operating lease liabilities – related parties, non-current | 3,491 | 10,120 | ||||||
| Other non-current liability | 383,714 | 376,841 | ||||||
| Deferred tax liabilities | 312,008 | 326,452 | ||||||
| Total non-current liabilities | 3,381,266 | 3,590,535 | ||||||
| Total liabilities | 13,572,024 | 15,443,585 | ||||||
| Equity: | ||||||||
| Class A ordinary share, HKD0.03 par value, 11,112,474 shares authorized, 4,989,746 shares issued, and 4,726,424 shares outstanding as of June 30, 2025 and December 31, 2024 | 18,178 | 18,178 | ||||||
| Class B ordinary share, HKD0.03 par value, 1,554,192 shares authorized, issued and outstanding as of June 30, 2025 and December 31, 2024 | 5,978 | 5,978 | ||||||
| Additional paid-in capital | 396,090,766 | 396,454,715 | ||||||
| Statutory reserves | 11,079,649 | 11,079,649 | ||||||
| Accumulated deficit | (139,606,592 | ) | (135,091,716 | ) | ||||
| Accumulated other comprehensive loss | (13,947,759 | ) | (12,874,020 | ) | ||||
| Total Ebang International Holdings Inc. shareholders’ equity | 253,640,220 | 259,592,784 | ||||||
| Non-controlling interest | 835,060 | 767,614 | ||||||
| Total equity | 254,475,280 | 260,360,398 | ||||||
| Total liabilities and equity | $ | 268,047,304 | $ | 275,803,983 | ||||
| EBANG INTERNATIONAL HOLDINGS INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (Stated in US dollars) | ||||||||
| For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | |||||||
| Product revenue | $ | 459,688 | $ | 359,498 | ||||
| Service revenue | 3,122,481 | 1,754,376 | ||||||
| Total revenues | 3,582,169 | 2,113,874 | ||||||
| Cost of revenues | 4,230,712 | 2,032,038 | ||||||
| Gross profit | (648,543 | ) | 81,836 | |||||
| Operating expenses: | ||||||||
| Selling expenses | 272,420 | 657,507 | ||||||
| General and administrative expenses | 9,935,934 | 11,841,322 | ||||||
| Total operating expenses | 10,208,354 | 12,498,829 | ||||||
| Loss from operations | (10,856,897 | ) | (12,416,993 | ) | ||||
| Other income (expenses): | ||||||||
| Interest income | 4,412,508 | 6,035,650 | ||||||
| Other income | 127,717 | 333,151 | ||||||
| (Loss) Gain from investment | (359,815 | ) | 3,104 | |||||
| Net loss on disposal of cryptocurrencies | – | (64,344 | ) | |||||
| Exchange gain (loss) | 2,203,176 | (520,020 | ) | |||||
| Government grants | 17,439 | 27,854 | ||||||
| Other expenses | (70,493 | ) | (61,744 | ) | ||||
| Total other income | 6,330,532 | 5,753,651 | ||||||
| Loss before income taxes benefit | (4,526,365 | ) | (6,663,342 | ) | ||||
| Income taxes benefit | 30,224 | 17,928 | ||||||
| Net loss | (4,496,141 | ) | (6,645,414 | ) | ||||
| Less: net income (loss) attributable to non-controlling interest | 18,735 | (416,905 | ) | |||||
| Net loss attributable to Ebang International Holdings Inc. | $ | (4,514,876 | ) | $ | (6,228,509 | ) | ||
| Comprehensive loss | ||||||||
| Net loss | $ | (4,496,141 | ) | $ | (6,645,414 | ) | ||
| Other comprehensive loss: | ||||||||
| Foreign currency translation adjustment | (1,025,028 | ) | (692,823 | ) | ||||
| Total comprehensive loss | (5,521,169 | ) | (7,338,237 | ) | ||||
| Less: comprehensive gain (loss) attributable to non-controlling interest | 67,446 | (503,573 | ) | |||||
| Comprehensive loss attributable to Ebang International Holdings Inc. | $ | (5,588,615 | ) | $ | (6,834,664 | ) | ||
| Net loss per ordinary share attributable to Ebang International Holdings Inc. | ||||||||
| Basic | $ | (0.72 | ) | $ | (0.99 | ) | ||
| Diluted | $ | (0.72 | ) | $ | (0.99 | ) | ||
| Weighted average ordinary shares outstanding | ||||||||
| Basic | 6,280,616 | 6,280,616 | ||||||
| Diluted | 6,280,616 | 6,280,616 | ||||||
