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Ebang, ASIC crypto-mining hardware manufacturer, suffered "significant reductions" in revenue in the third quarter of 2018. This development was reported in a new IPO deposit presented by the company on the Hong Kong Stock Exchange (HKEX) on December 20. .
This is not the first time that Ebang has attempted to launch an initial public offering (IPO), since the company's first application since June has lapsed.
HKEX only requires that the financial period indicated by the IPO applicants does not end more than six months from the day of the listing document. Following this requirement, Ebang included his financial information until the end of June 2018 in the draft documents submitted for the launch of his IPO.
According to the data contained in the document, Ebang has seen revenue of 2.1 billion yuan ($ 30 billion) for the first six months of this year. In 2017, in the same period, the company recorded an income eight times lower.
However, in a section of the report entitled "Material Negative Changes", the company declares:
"We recorded significant reductions in revenues and gross profit for the three months ended September 30, 2018 compared to the three months prior to June 30, 2018."
Earlier this month, Cointelegraph reported that after the collapse of the market, only two Bitcoin ASIC (BTC) mining plants remain profitable over a period of time.
In the document, Ebang then looks at a generally positive outlook for the future, predicting an increase in revenue at the end of the year compared to 2017:
"Nonetheless, our directors expect that we will continue to record more robust results of the overall operations for the full year ending December 31, 2018 compared to the year ended December 31, 2017."
Cointelegraph reported in December that the Hong Kong Stock Exchange is probably reluctant to accept the IPO of Bitmain's flagship hardware manufacturer. The IPO application at HKEX of another mining equipment manufacturer, Caanan reportedly expired in November.
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