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Blue Hat Interactive Entertainment Technology (BHAT) combines augmented reality (AR) gaming with interactive educational tools, creating immersive experiences through mobile games and digital toys. This news hub provides investors and industry observers with timely updates on the company's strategic developments and technological innovations.
Access comprehensive coverage of BHAT's press releases, financial announcements, and product launches. Track key initiatives in AR integration, AI-driven solutions, and market expansions within China's interactive entertainment sector. Our curated news collection ensures you stay informed about corporate milestones and industry trends impacting BHAT's position in the digital entertainment landscape.
Explore updates across these core areas: quarterly earnings reports detailing financial performance, technology partnerships enhancing AR capabilities, new product releases in mobile gaming and interactive toys, and strategic expansions within educational technology markets. Each update is sourced to maintain accuracy and relevance for stakeholders.
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Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced its audited financial results for the Fiscal Year 2023, with a revenue increase of 33 times compared to the previous year. The company achieved a revenue of $73.68 million in 2023, primarily driven by the robust expansion of its commodity trading business, particularly in jewelry and gold trading. Despite the significant revenue growth, Blue Hat reported a net loss of $21.72 million for Fiscal Year 2023, attributed to bad debts and asset impairment from divested businesses. However, the new business line of commodity trading contributed a profit of nearly $1.2 million. CEO Mr. Chen Xiaodong highlighted the company's strategic transition and plans for further expansion in commodity trading, online gold derivatives trading, and embracing artificial intelligence.
Blue Hat Interactive Entertainment Technology (BHAT) reported disappointing financial results for the second quarter and first half of 2022. Total revenues fell to US $1.7 million, down 71.1% from the previous year, largely due to the adverse impact of COVID-19 lockdowns in China. The company posted a net loss from continuing operations of US $3.4 million in Q2, compared to a net income of US $0.7 million a year earlier. For the first half, revenues dropped 78.2% to US $2.0 million, with a net loss of US $6.2 million. As of June 30, 2022, cash reserves were US $0.3 million.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced on December 6, 2022, that it has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company failed to maintain a closing bid price of at least US$1.00 for 30 consecutive trading days, a requirement under Nasdaq Listing Rules. Blue Hat has until June 5, 2023, to regain compliance, during which its shares will continue to trade. The company plans to monitor its share price closely and consider options for achieving compliance if necessary.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced the acquisition of Xiamen Shengruihao Technology Co., Ltd. by its subsidiary, Fujian Blue Hat. This acquisition, completed recently, involves 100% equity interests in Shengruihao, a company specializing in supply chain services. Shengruihao reported turnover of 45 million USD over six months, with Blue Hat expecting revenue contributions of 45-70 million USD annually. CEO Chen Xiaodong emphasized this deal's potential to enhance profitability and support future growth strategies.
On September 20, 2022, Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a memorandum of understanding with Bigg World Pet Ltd. to act as a general agent for developing and operating strategy games like 'Mengqu Monopoly' in Southeast Asia. Bigg, known for its blockchain-driven O2O market, boasts over 10 million registered members in the region. CEO Chen Xiaodong emphasized that this partnership would enhance Blue Hat's market presence and operational capabilities across Southeast Asia.
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