Blue Hat Interactive Entertainment Technology Inc. (NASDAQ: BHAT) stock surged by 13.12% at the last close while the BHAT stock price gained by 3.28% in the after-hours trading session. In China, Blue Hat is a significant provider of communication services and IDC business, as well as a creator, developer, and operator of augmented reality games, toys, and instructional materials.
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BHAT stock’ Financial Highlights
Blue Hat announced its financial results for the third quarter and nine months ended September 30, 2021. The highlights are stated below:
For Third quarter of 2021,
- For the third quarter of 2021, the company generated total revenues of US $13.3 million which is a hike of 235.6% compared to the third quarter of 2020.
- The gross profit recorded for the third quarter of 2021 was US $5.4 million, an increase of 94.3% from the US $2.8 million in the same period in the previous year.
- In the third quarter of 2021, Income from operations was $2.0 million, which was the same as the prior-year period.
- Net income of $2.0 million, up 21.5 percent over the previous year’s $1.7 million.
For nine months of 2021,
- Total revenues of $31.3 million in the first nine months of 2021, a rise of 254.3 percent from $8.8 million the previous year.
- Nine-month gross profit of $14.2 million in 2021 which is a hike of 120.7 percent from $6.4 million the previous year.
- Income from operations for the first nine months of 2021 was $5.6 million, an increase of 55.3 percent from $3.6 million the previous year.
- Nine-month net income was US $3.4 million in 2021 which is a surge of 16.4% from the US $2.9 million the previous year.
- At September 30, 2021, the company had $11.9 million in cash and cash equivalents.
Mr. Xiaodong Chen, CEO of Blue Hat, commented that,
Blue Hat has had a historic year in 2021, with huge gains made possible by a proactive acquisition strategy implemented throughout their interconnected companies. They continue to construct an interactive entertainment platform that includes mobile games, augmented reality toys, and a truly immersive education curriculum, and they produced record sales. They’re delighted with the better bottom-line performance in the third quarter of 2021 as they try to implement these businesses into Blue Hat’s operations, and they’re able to demonstrate the ability to execute on their growth strategy and finish the year strong. They anticipate continuing to invest in their various lines of business, particularly technology development and relationship expansions, which they believe will lay the groundwork for long-term success.