Fujian Blue Hat Interactive Entertainment Technology Ltd. (NASDAQ: (BHAT) stock gained by 7.94% at the last close while the BHAT stock price surges by 1.47% in the pre-market trading session. In China, Blue Hat is a significant supplier of communication services and IDC business, and also a producer, manufacturer, and operator of augmented reality games, toys, and instructional materials.
BHAT stock’ Financial Highlights
Blue Hat announced the financial result for the second quarter and the first half of 2021. Given below is the summary:
- Higher sales throughout all key business lines, notably mobile games and communication services, drove overall revenues of US $8.0 million in the second quarter of 2021, relative to US $2.6 million in the second quarter of 2020.
- Gross profit of US $4.7 million in the second quarter of 2021, an increase of 138.4% from US $2.0 million the previous year.
- Net profit of US $1.9 million in the second quarter of 2021, a rise of 159.0 percent from US $0.7 million in the prior-year period.
- The rise in expenditures linked to bad debt provision resulted in a net income of US $0.2 million in the second quarter of 2021, relative to US $0.5 million in the second quarter of 2020.
- Total revenues for the first half of 2021 was $17.9 million whereas it was $4.9 million in the first half of 2020.
- The gross profit generated for the first half of 2021 was $8.8 million, an increase of 140.9% compared to $3.7 million for the first half of 2020.
- Income from operations during the first half of 2021 was $3.6 million an increase of 124.9 percent from $1.6 million in the prior-year period.
- Net income of $1.4 million in the first half of 2021, up 9.6% from $1.3 million in the previous year’s first half.
- On June 30, 2021, the company had $11.5 million in cash and cash equivalents.
Mr. Xiaodong Chen, CEO of Blue Hat, commented,
In Q2 2021, they saw continuing excellent growth across all of their lines of business, resulting in solid success and growth in the Second Quarter and First Half of 2021. They stay positive about all of their business segments’ long-term growth prospects. Earlier in the month, they were thrilled to report that their operational subsidiary, Xunpusen Technology Co., had been selected to supply SMS channel services to JD Cloud. You think that this new client win strengthens their reputation as a leader in communication services, and they intend to continue the strong momentum that the Company has built with these results in the First Half of 2021.
