XIAMEN, China, May 02, 2025 (GLOBE NEWSWIRE) -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ: BHAT) today released its audited financial results for the fiscal year ended December 31, 2024. Under the strategic guidance of management, the company actively seized opportunities in the gold industry, completing the strategic procurement of 1 ton of physical gold for approximately $66.49 million in August 2024 and establishing deep partnerships with leading enterprises in the gold sector. While total revenues decreased by 74.59% to $18.72 million in 2024 from $73.69 million in 2023 due to the Company's strategic business transformation, Blue Hat achieved a remarkable 53% growth in total assets, with current assets growing even more significantly by 78%. This growth in assets, particularly through our gold acquisition, has laid a solid resource foundation for future development as we transition to our new business model. At the same time, through continuous business optimization and cost control, the company reduced its net loss by 56%, from $21.72 million in 2023 to $9.52 million in 2024, demonstrating a significant improvement in operational quality.
Additionally, in terms of profitability, the company's gross margin increased from 1.6% in 2023 to 8.3%, marking a substantial breakthrough in profit quality. While our 1-ton gold acquisition has not yet generated revenue as we strategically held this position through year-end, this investment is positioned to contribute to future revenue growth as we execute our gold trading strategy. Cash flow conditions also improved notably, with net cash outflow from operating activities sharply decreasing by 91%, from $9.77 million to $880,000, reflecting significant enhancements in operational efficiency. While business expansion led to an increase in liabilities, the company maintained a solid shareholder equity base, providing ample financial flexibility for future growth.
Looking ahead to 2025, the company will continue to deepen its presence in the gold industry, focusing on three strategic priorities: First, strategically managing and potentially expanding our physical gold reserves to optimize our asset base, while carefully monitoring market conditions and price volatility; second, deeply integrating upstream and downstream supply chain resources to build a comprehensive industrial ecosystem; and third, accelerating the development and promotion of a digital gold trading platform to create a transparent and efficient new paradigm for gold trading. We believe that through continuous business model innovation and technology empowerment, we will create greater long-term value for shareholders and propel the company toward a new phase of high-quality development.
About Blue Hat
Blue Hat was formerly a provider of communication services, as well as a producer, developer, and operator of AR interactive entertainment games, toys, and educational materials in China. Leveraging years of technological accumulation and unique patented technology, Blue Hat is expanding its business to commodity trading, aiming to become a leading intelligent commodity trader worldwide. 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.
Contact Information:
Blue Hat Interactive Entertainment Technology
Phone: +86(592)228-0010
Email: ir@bluehatgroup.net
