SINGAPORE, Dec. 08, 2022 (GLOBE NEWSWIRE) — SAI.TECH World Company (“SAI.TECH” or the “Firm”, NASDAQ: SAI, SAITW), a world energy-saving bitcoin mining operator and a clean-tech firm that integrates the bitcoin mining, heating, and energy industries, at the moment reported unaudited monetary outcomes for the six months ended June 30, 2022.
Monetary Highlights for the Six Months Ended June 30, 2022
- Complete revenues for the six months ended June 30, 2022, had been US$ 5.4 million, having decreased 33% in comparison with the six months ended June 30, 2021.
- Gross income for the six months ended June 30, 2022, was US $0.6 million, having decreased 47% in comparison with the six months ended June 30, 2021.
- Internet losses for the six months ended June 30, 2022, was US$2.8 million in comparison with internet losses of US$0.2 million for the six months ended June 30, 2021.
Mr. Arthur Lee, Chairman and Chief Government Officer of the Firm, said that, “The destructive affect attributable to tightened regulation on crypto mining companies and the vibration in cryptocurrency markets on the Firm’s enterprise resulted within the downward pattern on the Firm’s half-year monetary consequence.”
Latest Developments
Regardless of the deterioration of world bitcoin market and the autumn of bitcoin worth, we imagine that minimizing whole mining prices is essential to future success and have continued our analysis and improvement in the direction of modern liquid cooling applied sciences, to broaden our capabilities and benefits as an energy-saving clear bitcoin mining operator. We have now launched two new liquid cooling bitcoin mining infrastructure merchandise in September 2022 and obtained UL itemizing certification for US and Canada for our present product. We additionally up to date our SAIHUB App to help the quickly rising Bitcoin Lighting Community. We hosted and streamed the primary Bitcoin Warmth Day in August and sponsored the 2022 Cryptocurrency Analysis Convention in September 2022.
Launch of New Merchandise
- With our persevering with efforts on product analysis and improvement, we added two new infrastructure merchandise – TANKBOX and RACKBOX, to our present SAIHUB BOX product line in September 2022.
- TANKBOX is our new immersion cooling outside container product, which is appropriate with all air-cooled mining machines in the marketplace. Geared up with warmth restoration system, TANKBOX can accommodate 72 to 144 mining machines in outside environments and supply sizzling water of as much as 50 levels Celsius. TANKBOX is anticipated to be formally launched to market by finish of 2022.
- RACKBOX is our new outside container product, which might accommodate 90 items of Whatsminer’s newest liquid-cooling miners. Geared up with warmth restoration system, RACKBOX is able to recovering waste warmth and offering sizzling water of as much as 60 levels Celsius. RACKBOX is anticipated to be launched within the first quarter of 2023.
Replace of SAIHU App
- We up to date and launched the SAIHUB App 1.1, which helps Bitcoin Lighting Community.
UL Itemizing Certification
- We have now obtained the formal UL (Underwriters Laboratories) Itemizing certification for US and Canada below industrial management panels part for SAI.TECH’s core product SAIHUB CAB 025M.
Presence at On-line and In-Particular person Conferences
- We hosted the primary ‘Bitcoin Warmth Day’ offline gathering occasion in New York Metropolis on August 9, 2022.
- We sponsored and offered on the 2022 Cryptocurrency Analysis Convention (CRC), held in Durham, the UK, from September 22 to 23, 2022.
Monetary Outcomes for the Six Months Ended June 30, 2022
Revenues
Gross sales of Merchandise. Gross sales of merchandise represented the gross sales of high-performance digital asset mining machines to finish prospects. The income from gross sales of merchandise was $3.7 million and $6.9 million for the six months ended June 30, 2022 and 2021, respectively, having decreased by $3.2 million, or 47%. The lower was primarily related to bitcoin worth fall within the first half of 2022, which led to a shrink in bitcoin miners’ buying and selling enterprise.
Internet hosting Service. Internet hosting providers consists of all providers associated to internet hosting (together with protecting and working the mining machines) and day by day upkeep of servers to prospects. Our internet hosting income for the six months ended June 30, 2022, and June 30, 2021, had been derived from our internet hosting operations in Kazakhstan. The revenues had been $1.0 million and $1.1 million, respectively, for the six months ended June 20, 2022 and 2021.
Mining Pool. Mining pool revenue consists of revenues from the Firm’s self-owned sai.plus mining pool, representing mining rewards from sai.plus mining pool. The Firm allocates mining rewards to every pool participant, primarily the internet hosting shoppers, internet of the pool operator charges primarily based on the sharing mechanism predetermined and data as price of mining pool income. Our mining pool revenues had been $0.6 million and nil, respectively, for the six months ended June 30, 2022, and June 30, 2021.
Mining Income. Mining revenues symbolize mining rewards generated from the Firm’s self-owned mining machines. The mining revenues are primarily derived from our operations in Mexico starting in 2022.Our mining income was $0.03 and nil, respectively for the six months ended June 30, 2022, and June 30, 2021.
Value of Revenues
Value of revenues primarily included the price for the acquisition of high-performance digital asset mining machines, prices incurred for our self-mining actions, and the direct prices incurred for the availability of internet hosting providers and mining rewards allotted to every supplier of pool participant in change for his or her computing energy contributed to the mining pool.
The price of revenues decreased by $2.1 million or 30%, from $6.8 million for the six months ended June 30, 2021, to $4.8 million for the six months ended June 30, 2022. The lower in price of revenues was principally according to the lower in income.
Gross (Loss)/Revenue and Gross Margin
Our gross revenue decreased by $0.54 million, from $1.14 million for the six months ended June 30, 2021, to gross revenue of $0.60 million for six months ended June 30, 2022. Gross revenue as a share of income (“gross margin”) was 14% and 11% for the six months ended June 30, 2021, and 2022, respectively. The lower of gross margin was primarily because of the lower in margin of gross sales of merchandise. Our promoting worth dropped due to the autumn in bitcoin worth.
Promoting and Advertising and marketing Bills
Our promoting and advertising and marketing bills primarily consisted of employees prices and travelling bills to take part in advertising and marketing actions. Promoting and advertising and marketing bills elevated by $0.12 million from $0.12 million for the six months ended June 30, 2021, to $0.24 million for the six months ended June 30, 2022. The rise was primarily attributable to a rise in enterprise improvement actions within the first half of 2022.
Normal and Administrative Bills
Our basic and administrative bills primarily consisted of salaries and bonuses, workplace associated bills {and professional} service charges. Normal and administrative bills elevated by $1.7 million, or 183%, from $0.91 million for the six months ended June 30, 2021, to $2.57 million for the six months ended June 30, 2022. The rise was primarily attributable to a rise of $0.8 million in salaries and bonuses on account of elevated employees headcount and a rise of $0.72 million in depreciation expense.
Analysis and Improvement Bills
Our analysis and improvement bills primarily consisted of amortization bills of intangible belongings and prices for the event of waste warmth restoration know-how. Analysis and improvement bills decreased by $0.1 million, or 44%, from $0.23 million for the six months ended June 30, 2021, to $0.13 million for the six months ended June 30, 2022. The lower was primarily attributable to much less analysis and improvement actions amid the sharp fall in bitcoin worth within the first half of 2022.
Impairment of Lengthy-Lived Property
Impairment of long-lived belongings elevated by $0.02 million, or 32%, from $0.05 million for the six months ended June 30, 2021, to $0.07 million, for the six months ended June 30, 2022. The change was primarily because of the impairment of cryptocurrency we sustained because of the fall of bitcoin costs.
Different Revenue(Expense), internet
Different revenue included $0.03 million for the six months ended June 30, 2021, and different bills was $0.3 million for the six months ended June 30, 2022, which primarily contains of loss on disposal of mounted belongings of $0.3 million.
Internet loss
On account of the foregoing, we had a internet lack of $0.2 million for the six months ended June 30, 2021, and a internet lack of $2.8 million for the six months ended June 30, 2022.
Liquidity
As of June 30, 2022, money and money equivalents had been US$ 16.5 million.
About SAI.TECH
SAI.TECH is a world energy-saving Bitcoin mining operator and a clean-tech firm that integrates the bitcoin mining, energy and heating industries. SAI.TECH makes use of proprietary liquid cooling and waste warmth restoration know-how for its digital asset mining machines, which makes use of waste warmth to offer recycled vitality and heating to potential prospects whereas decreasing mining working prices. SAI.TECH strives to globally turn into essentially the most energy-efficient digital asset mining operations firm, whereas concurrently selling the clear transition of the bitcoin mining, energy and heating industries. For extra info on SAI.TECH, please go to https://sai.tech/.
Ahead-Trying Statements:
This press launch could include forward-looking statements throughout the that means of the Personal Securities Litigation Reform Act of 1995. The phrases “imagine”, “count on”, “anticipate”, “venture”, “targets”, “optimistic”, “assured that”, “proceed to”, “predict”, “intend”, “intention”, “will” or related expressions are supposed to establish forward-looking statements. All statements apart from statements of historic reality are statements that could be deemed forward-looking statements. These forward-looking statements together with, however not restricted to, statements regarding SAI.TECH and the Firm’s operations, monetary efficiency and situation are primarily based on present expectations, beliefs and assumptions that are topic to alter at any time. SAI.TECH cautions that these statements by their nature contain dangers and uncertainties, and precise outcomes could differ materially relying on a wide range of vital elements resembling authorities and inventory change rules, competitors, political, financial and social situations around the globe and in China together with these mentioned in SAI.TECH’s Kind 20-F below the headings “Danger Elements”, “Outcomes of Operations” and “Enterprise Overview” and different studies filed with the Securities and Trade Fee infrequently. All forward-looking statements are relevant solely as of the date it’s made and SAI.TECH particularly disclaims any obligation to take care of or replace the forward-looking info, whether or not of the character contained on this launch or in any other case, sooner or later.
SAI.TECH GLOBAL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In 1000’s, aside from variety of shares and per share information)
| As of December 31, 2021 |
As of June 30, 2022 |
|||||||
| (US$) | (US$) | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Property | ||||||||
| Present belongings: | ||||||||
| Money and money equivalents | 22,984 | 16,500 | ||||||
| Accounts receivable | 1,174 | 680 | ||||||
| Quantity due from associated events | — | 61 | ||||||
| Inventories | 198 | 159 | ||||||
| Cryptocurrencies | 83 | 54 | ||||||
| Deposits, prepayments and different present belongings, internet | 1,022 | 5,253 | ||||||
| Complete present belongings | 25,461 | 22,707 | ||||||
| Property and gear, internet | 4,345 | 3,184 | ||||||
| Intangible belongings, internet | 265 | 174 | ||||||
| Working lease right-of-use belongings | 43 | 407 | ||||||
| Complete belongings | 30,114 | 26,472 | ||||||
| Liabilities and fairness | ||||||||
| Present liabilities: | ||||||||
| Accounts payable | 2,720 | 149 | ||||||
| Working lease liabilities-current | 17 | 152 | ||||||
| Advance from prospects | 62 | 59 | ||||||
| Accrued and different liabilities | 25 | 123 | ||||||
| Revenue tax payable | 1 | 1 | ||||||
| Quantity attributable to associated events | 160 | 28 | ||||||
| Complete present liabilities | 2,985 | 512 | ||||||
| Working lease liabilities-non-current | 27 | 255 | ||||||
| Complete Liabilities | 3,012 | 767 | ||||||
| Commitments and contingencies – Be aware 12 | ||||||||
| Shareholders’ fairness: | ||||||||
| *Class A Atypical shares ($0.0001 par worth; approved 330,369,366 shares; issued and excellent 12,933,653 shares as of December 31, 2021 and June 30,2022) | 1 | 1 | ||||||
| *Class B Atypical shares ($0.0001 par worth; approved 9,630,634 shares; issued and excellent 9,630,634 shares as of December 31, 2021 and June 30,2022) | 1 | 1 | ||||||
| Extra paid-in capital | 42,365 | 46,579 | ||||||
| Gathered deficit | (15,348 | ) | (20,794 | ) | ||||
| Gathered different complete revenue/(loss) | 83 | (82 | ) | |||||
| Complete shareholders’ fairness | 27,102 | 25,705 | ||||||
| Complete Liabilities and shareholders’ fairness | 30,114 | 26,472 | ||||||
* The shares and per share information are offered on a retroactive foundation to mirror the reorganization.
The accompanying notes are an integral a part of these unaudited condensed consolidated monetary statements
SAI.TECH GLOBAL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME
(In 1000’s, aside from variety of shares and per share information)
| For the Six Months Ended June 30, |
||||||||
| 2021 | 2022 | |||||||
| (US$) | (US$) | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues | 7,990 | 5,376 | ||||||
| Value of revenues | 6,849 | 4,774 | ||||||
| Gross Revenue | 1,141 | 602 | ||||||
| Gross sales and advertising and marketing bills | 122 | 238 | ||||||
| Normal and administrative bills | 910 | 2,574 | ||||||
| Analysis and improvement bills | 230 | 129 | ||||||
| Impairment of long-lived belongings | 53 | 70 | ||||||
| Complete working bills | 1,315 | 3,011 | ||||||
| Loss from operations | (174 | ) | (2,409 | ) | ||||
| Different revenue, internet | 32 | (320 | ) | |||||
| Loss earlier than revenue tax | (142 | ) | (2,729 | ) | ||||
| Revenue tax bills | (33 | ) | – | |||||
| Internet loss | (175 | ) | (2,729 | ) | ||||
| Different complete loss | ||||||||
| Overseas foreign money translation loss | (37 | ) | (118 | ) | ||||
| Complete complete loss | (212 | ) | (2,847 | ) | ||||
| Loss per extraordinary share* | ||||||||
| Fundamental and diluted | (0.008 | ) | (0.121 | ) | ||||
| Weighted common variety of extraordinary shares excellent*: | ||||||||
| Fundamental & Diluted | 22,564,287 | 22,564,287 | ||||||
* The shares and per share information are offered on a retroactive foundation to mirror the reorganization.
The accompanying notes are an integral a part of the unaudited condensed consolidated monetary statements
About SAI.TECH
SAI.TECH is an energy-saving bitcoin mining operator and a clean-tech firm that integrates the bitcoin mining, energy, and heating industries. SAI.TECH makes use of proprietary liquid cooling and waste warmth restoration know-how for its digital asset mining machines, using waste warmth to offer recycled vitality and heating to potential prospects whereas decreasing mining working prices. SAI.TECH strives to turn into essentially the most cost-efficient digital asset mining operations firm globally whereas concurrently selling the clear transition of the bitcoin mining, energy, and heating industries.
In Might 2022, SAI grew to become a publicly buying and selling firm below the brand new ticker image “SAI” on the Nasdaq Inventory Market (NASDAQ) via a merger with TradeUP World Company (“TradeUP”).
For extra info on SAI.TECH, please go to https://sai.tech/.
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