AGM Group Holdings Inc. (“AGMH” or the “Company”) (NASDAQ: AGMH), an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter 2021 Operating and Financial Highlights
Total computing power delivered was approximately 440,000 TH/S, compared with nil in the same period of 2020.
Total revenues were $31.37 million, an increase of approximately $31.36 million from $13,595 in the same period of 2020.
Gross profit was $5.88 million, an increase of approximately $5.88 million from $4,933 in the same period of 2020.
Net income was $3.84 million, compared to net loss of $92,664 in the same period of 2020.
Full Year 2021 Operating and Financial Highlights
Total computing power delivered was 440,000 TH/S, compared with nil in 2020.
Total revenues were $36.71 million, an increase of approximately $36.66 million from $53,305 in 2020.
Gross profit was $6.60 million, an increase of approximately $6.58 million from $14,771 in 2020.
Net income was $3.53 million, compared to net loss of $1.07 million in 2020.
Mr. Chenjun Li, Chairman and Co-Chief Executive Officer of the Company, commented, “We have capped off a great year with a strong quarter. Despite the near-term volatility in the prices of Bitcoin and other digital assets, we witnessed solid growth in demand for cryptocurrency mining and increased deliveries of mining equipment. Notably, total computing power delivered was 440,000 TH/s in the fourth quarter. Our stellar performance is a result of our efforts in strengthening our supply chain, upgrading products, and is a testament to our successful shift into new growth strategies. We are very pleased with the swift progress as our full-year revenues resulted in $36.71 million, out of which $31.37 million were from the fourth quarter. Meanwhile, we turned into profitability in 2021, with net income of $3.53 million compared to net loss of $1.07 million in the prior year. As we enter 2022, we will continue focusing on delivering mining machines, acquiring new customers and improving supply chain capability while seeking additional growth avenues. We are confident that our endeavors in broadening businesses and responsive adaption to advanced technologies will sustain our growth trajectory in the evolving cryptocurrency mining market.”
Mr. Wenjie Tang, Co-Chief Executive Officer of the Company, said, “It’s an important year as we transformed our business into a technology company that develops and produces blockchain-oriented ASIC chips and the advanced cryptocurrency mining equipment. Going forward, we will utilize our leading technologies and experienced team to further boost our supplies and in conjunction, our presence in the global blockchain ecosystem.”
Mr. Steven Sim, Chief Financial Officer of the Company, commented, “We delivered excellent financial results in the fourth quarter, ending the year on a strong note. In the fourth quarter, our net revenues increased by $31.36 million year-over-year. Net income was $3.84 million, compared to net loss of $92,664 in the same period of 2020. The achievements reflect our effective execution capabilities in mitigating global logistics congestions and a semiconductor shortage. Fueled by solid computing power delivered and new funding, we enhanced our cash balance and liquidity. We will streamline our management over the procurement and deliveries for further growth while bringing in new investments. With these concerted efforts, we believe we can further unleash the vast potential of the blockchain market.”
