Blue Hat Announces Preliminary 2020 Fourth Quarter Financial Results Highlighted by More Than 70% Increase in Revenue to Approximately US$20 Million
01/29/2021 - 09:00 AM
XIAMEN, China , Jan. 29, 2021 /PRNewswire/ -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ: BHAT) , a leading producer, developer and operator of augmented reality ("AR") interactive entertainment games, toys and educational materials in China , today announced preliminary unaudited financial results for the fourth quarter ended December 31, 2020 .
Fourth Quarter 2020 Highlights
Total revenues increased more than 70% to approximately US$20 million , compared to US$11.8 million in the prior-year period, primarily driven by the Company's new Internet Data Center ("IDC") business, which saw significant growth following the strategic acquisition of Xunpusen Technology Co., Ltd. ("Xunpusen") in the second half of 2020. Revenues for the period do not include contributions from the recently announced acquisition of 51% of Fuzhou Csfctech Co., Ltd. and its two subsidiaries. The Company anticipates releasing its fourth quarter and full-year 2020 financial results in March 2021 .
Management Commentary
Mr. Xiaodong Chen , CEO of Blue Hat, stated, "We are pleased with the top-line growth achieved during the 2020 fourth quarter. This was primarily driven by revenues from our strategic acquisition of Xunpusen, which has set a strong foundation for us to be able to execute an effective sales and marketing strategy for our AR, education, and mobile game products by leveraging their expertise in enterprise software solutions and mobile sales to promote products directly to customers. Xunpusen's partnership with China Mobile, announced in November of last year, will serve to increase these sales channels and strengthen Blue Hat's brand as a recognized leader in interactive entertainment and education technologies and implementation."
Mr. Chen continued, "We have invested in the establishment and expansion of our new IDC business to support the sales and marketing efforts of our AR, education, and mobile game offerings, and while we are in the early stages of executing on this growth strategy, we are seeing tangible results from these efforts. We anticipate our operating margins will improve over time as we continue to sign new agreements for our AR and mobile game offerings and increase sales of our retail products and interactive education initiatives."
About Blue Hat
Blue Hat Interactive Entertainment Technology is a producer, developer and operator of AR interactive entertainment games and toys in China , including interactive educational materials, mobile games, and toys with mobile game features. The Company's interactive entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information, please visit the Company's investor relations website at http://ir.bluehatgroup.com . The Company routinely provides important information on its website.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net
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SOURCE Blue Hat Interactive Entertainment Technology
