SOLAI (SLAI) Q4 2024 earnings summary

Executive summary

• Completed first closing of 51% acquisition of Ethiopia data center in December 2024, advancing global data center strategy.

• Fourth quarter 2024 saw robust operational improvements and efficiency initiatives, with new mining equipment and facilities expected online by mid-2025.

Financial highlights

• Q4 2024 revenue was $8.8M, down $1.6M year-over-year but up $4.0M sequentially; full year 2024 revenue was $32.9M, down from $43.1M in 2023.

• Q4 2024 operating loss was $2.5M, a significant improvement from $14.3M in Q4 2023 and $4.8M in Q3 2024; full year operating loss was $7.8M, down from $25.2M in 2023.

• Q4 2024 net loss attributable to BIT Mining was $2.1M, compared to $15.5M in Q4 2023 and $4.8M in Q3 2024; full year net loss was $6.9M, down from $25.4M in 2023.

• Non-GAAP net loss for Q4 2024 was $2.0M, down from $4.4M in Q4 2023 and $4.8M in Q3 2024; full year non-GAAP net loss was $6.1M, down from $13.5M in 2023.

• Basic and diluted earnings per ADS for full year 2024 were $1.03; non-GAAP basic and diluted earnings per ADS were $1.09.

Outlook and guidance

• Remaining mining facilities in Ethiopia are on track to be operational by mid-Q2 2025, with new equipment deliveries expected to enhance revenue stability.

• Management expresses confidence in future growth and value creation for shareholders.