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NetworkNewsBreaks – Blue Hat Interactive (NASDAQ: BHAT) Releases FY 2020 Financial Numbers

Company: Blue Hat Interactive Entertainment Technology (BHAT)
Category: News

Blue Hat Interactive (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality interactive entertainment games, toys and educational materials in China, released its audited financial numbers for the fiscal year ended Dec. 31, 2020. The company also announced that an April 8 conference call would discuss the results. Highlights of the financial report included total revenue for the company of $30.2 million, an increase of more than 26% over FY 2019; gross profit of $14 million; and cash equivalent of $15.8 million in cash and cash equivalents. The report also noted operational highlights for the year, including a three-year licensing agreement with Cup of Cosmo Studio Culture Co. Ltd. for the use of its WUHUANGWANSHUI intellectual property on social media, toys and marketing materials; the closing of  the acquisition of 51% of Csfctech and its two subsidiaries; and the the signing of a three-year agreement with Zhong Ya International Education Investment Co. Ltd. to provide ARIC to 680 Guangdong Province kindergartens. “Over the course of 2020, Blue Hat made several important moves that we believe have significantly strengthened the foundation and overall growth outlook of our business,” said Blue Hat CEO Xiaodong Chen in the press release. “We are pleased to have achieved nearly 27% growth in total revenues, which was primarily driven by contributions from our new information services and communication services businesses late in the year. These growth trends have continued into 2021 so far. Through the last year, we remained profitable despite the challenges presented by the global pandemic and feel we are better positioned to take advantage of the growth opportunities before us in 2021. While the establishment and expansion of our new businesses did impact our bottom line in 2020, we expect that they will support the sales and marketing efforts of our AR, education, and mobile game offerings. We are in the early stages of executing on this growth strategy but have begun to see tangible results from these efforts. We anticipate a gradual improvement in our operating margins over time as we continue to sign new agreements for our AR and mobile game offerings and increase sales of our retail products and interactive education initiatives.”

To view the full press release, visit https://nnw.fm/plQMP

About Blue Hat Interactive Entertainment Technology

Blue Hat Interactive is a producer, developer and operator of AR interactive entertainment games and toys in China, including interactive educational materials, mobile games and toys with mobile game features. The company’s interactive entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information about the company, please visit www.BlueHatGroup.com.

NOTE TO INVESTORS: The latest news and updates relating to BHAT are available in the company’s newsroom at http://nnw.fm/BHAT

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