Abits Group receives Nasdaq minimum bid price rule extension
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 11 2024
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Compliance Extension Granted: Abits Group has been granted an additional 180 days by Nasdaq to meet the minimum bid price requirement, extending the deadline to April 7, 2025.
Minimum Bid Price Requirement: To regain compliance, the company's common shares must close at $1.00 or higher for at least ten consecutive business days by the new deadline.
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Analyst Views on ABTS
About ABTS
Abits Group Inc is a company principally engaged in the bitcoin mining and other business.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Abits Group Inc. Reports Q3 Revenue of $1.61M, Up 27.5%
- Revenue Growth: Abits Group's self-owned mining operation in Duff, Tennessee, reported Q3 revenue of $1.61 million, reflecting a 27.5% year-over-year increase, indicating sustained growth potential in its bitcoin mining business.
- Profitability Improvement: The profit from the self-owned mine surged to $0.76 million from $0.39 million last year, showcasing significant operational efficiency improvements that are expected to enhance the company's financial stability.
- Operating Profit Surge: Operating profit before depreciation and group overheads reached $1.19 million, a remarkable 207.1% increase over the same period last year, demonstrating the company's success in cost control and resource allocation.
- Narrowed Pre-Tax Loss: The pre-tax loss decreased to $0.29 million from $0.66 million in the prior year, reflecting positive progress in restoring profitability and bolstering confidence in future earnings potential.
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Abits Group Reports 27.5% Revenue Growth to $1.61 Million in Q3
- Significant Revenue Growth: Abits Group's self-owned mining operation in Duff, Tennessee, reported total revenue of $1.61 million for Q3, reflecting a 27.5% year-over-year increase, indicating sustained growth potential in its bitcoin mining business.
- Profitability Improvement: The profit from the self-owned mine surged to $0.76 million from $0.39 million in Q3 2024, marking a 95.4% increase, which highlights significant operational efficiency gains.
- Operating Profit Surge: Before accounting for depreciation and group overheads, operating profit reached $1.19 million, a staggering 207.1% increase compared to the previous year, demonstrating successful cost control and resource allocation.
- Narrowed Pre-Tax Loss: The pre-tax loss decreased from $0.66 million in the same period last year to $0.29 million, showcasing positive progress in restoring profitability and enhancing future financial stability.
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