{"id":29352,"date":"2020-09-29T13:03:55","date_gmt":"2020-09-29T10:03:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=29352"},"modified":"2025-08-27T16:27:48","modified_gmt":"2025-08-27T13:27:48","slug":"ebang-explains-50-drop-in-revenue-amid-the-pandemic","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ebang-explains-50-drop-in-revenue-amid-the-pandemic\/","title":{"rendered":"Ebang explains 50% drop in revenue amid the pandemic"},"content":{"rendered":"<p>The Chinese mining equipment manufacturer Ebang International Holdings <a href=\"https:\/\/www.globenewswire.com\/news-release\/2020\/09\/25\/2099475\/0\/en\/Ebang-International-Holdings-Inc-Reports-Unaudited-Financial-Results-for-The-First-Six-Months-of-Fiscal-Year-2020.html\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a> that revenue for the first half of the year was $11.04 million, compared with $22.35 million for the same period in 2019. The 50.6% drop was attributed to the impact of COVID-19.<!--more--><\/p>\n<blockquote>\n<p>\u00abOur chip suppliers have reduced their manufacturing capacity due to the impact of COVID-19, which led to shortages of components during the first six months of 2020\u00bb, \u2014 said Ebang CEO Dong Hu.<\/p>\n<\/blockquote>\n<p>For the first half of the year, the company posted a net loss of $6.96 million, compared with $19.07 million a year earlier.<\/p>\n<p>Hashrate sales plummeted in the first six months of the year by 86.02% year-on-year to 0.25 EH\/s from 1.82 EH\/s.<\/p>\n<p>Ebang also <a href=\"https:\/\/www.globenewswire.com\/news-release\/2020\/09\/28\/2099890\/0\/en\/Ebang-International-Holdings-Inc-Establishes-Subsidiary-in-Canada-in-Preparation-of-Establishing-Digital-Asset-Financial-Service-Platform.html\" target=\"_blank\" rel=\"noopener noreferrer\">announced<\/a> the establishment of a subsidiary in Canada as part of its plan to launch a cryptocurrency exchange. Earlier, the company for this purpose <a href=\"https:\/\/forklog.com\/en\/news\/ebang-opens-a-singapore-subsidiary-to-launch-a-bitcoin-exchange\">registered<\/a> a &#8216;daughter&#8217; in Singapore.<\/p>\n<p>A well-known industry critic under the pseudonym BTCKING555 called the report about the Canadian firm an attempt by Ebang&#8217;s management to deflect attention from the shrinking market share.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">Nice Try <a href=\"https:\/\/twitter.com\/search?q=%24EBON&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$EBON<\/a> Chairman Dong. To divert attention from collapsing market share and sales <a href=\"https:\/\/twitter.com\/ebang_co?ref_src=twsrc%5Etfw\">@Ebang_Co<\/a> Dong makes an irrelevant \/ no revenue impact announcement on opening subsidiary in Canada. Part of his grand plan to take on <a href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@binance<\/a> <a href=\"https:\/\/twitter.com\/huobi?ref_src=twsrc%5Etfw\">@huobi<\/a> and <a href=\"https:\/\/twitter.com\/OKEx?ref_src=twsrc%5Etfw\">@okEx<\/a> \ud83d\ude2d\ud83d\ude2d\ud83d\ude2d <a href=\"https:\/\/t.co\/zschzhLt5w\">https:\/\/t.co\/zschzhLt5w<\/a><\/p>\n<p>\u2014 BTCKING555 (@btcking555) <a href=\"https:\/\/twitter.com\/btcking555\/status\/1310577068510502912?ref_src=twsrc%5Etfw\">September 28, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In June, Ebang raised $101 million in its Nasdaq IPO. The company placed 19.3 million shares at a price of $5.23. By September 17, the stock had more than doubled to $10.59. At the time of writing, the shares were trading around $9.8.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-111637 aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Untitled-1-23.jpg\" alt=\"Ebang explains 50% revenue drop due to pandemic\" width=\"644\" height=\"400\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Untitled-1-23.jpg 644w, https:\/\/forklog.com\/wp-content\/uploads\/Untitled-1-23-300x186.jpg 300w\" sizes=\"auto, (max-width: 644px) 100vw, 644px\" \/><\/p>\n<p>As a reminder, shares of another Chinese mining equipment maker Canaan after its IPO in November 2019 collapsed from a high of $8.90 to trading below $2 in June this year.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chinese mining equipment manufacturer Ebang International Holdings said that revenue for the first half of the year amounted to $11.04 million, compared with $22.35 million in the same period in 2019. The 50.6% drop was attributed to the impact of COVID-19.<\/p>\n","protected":false},"author":1,"featured_media":29353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,844],"class_list":["post-29352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-ebang"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/29352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=29352"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/29352\/revisions"}],"predecessor-version":[{"id":29354,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/29352\/revisions\/29354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/29353"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=29352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=29352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=29352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}