Ebang International Faces Steep Revenue Decline

Ebang International Holdings, Inc. (EBON) has released an update.

Ebang International Holdings Inc. experienced a significant downturn in the fiscal year 2023, with net revenues plummeting by 85% to $4.9 million and a net loss of $38 million, although this loss narrowed from the previous year’s $45.8 million. Despite these challenges, the company expressed optimism about the cryptocurrency market’s future and remains focused on innovating their Fintech services. The company’s financial struggles were attributed to factors such as the bankruptcy of virtual currency banks and fraud incidents within the industry.

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