Bit Brother Ltd. (BTB), a company engaged in the specialty tea product distribution and retail business, has surged 12.45% in aftermarket trading session. Consequently, BTB stock is trading at $0.63 at the time of the writing. On Monday, BTB closed the day at $0.56 after gaining an increase of 1.82% during regular trading hours. The last announcement from the company came in early November regarding compliance with the NASDAQ minimum bid price requirement.
BTB Operational Results for FY 2021
On 16th November, BTB released the operational results for the fiscal year 2021, which ended 30th June 2021. The company generated revenue of $5.7 million against $0.86 million for fiscal 2020. The total operating expenses bore by the company during the fiscal year were $10.3 million against $2.8 million for the fiscal year 2020. The net loss suffered by the company during 2021 was $8.04 million (or $0.8 per basic and diluted share) against $2.12 million (or $0.6 per share) for the fiscal year 2020.
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Financial Results for FY2021
Alongside the operational results, BTB also released the financial results for the fiscal year 2021. The company had cash and cash equivalents of $21.1 million on 30th June 2021 against $5.3 million on 30th June 2020. The total assets in possession of the company on 30th June 2021 were $67.1 million against $22.6 million on 30th June 2020. The total liabilities which were payable by the company stood at $1.6 million on 30th June 2021 against $2.03 million on 30th June 2020.
Regaining Compliance with NASDAQ Requirements
On the 5th of November, BTB announced that it had regained the compliance with NASDAQ minimum bid price requirement. On the 3rd of November, the company received written notification from Nasdaq Stock Market Listing Qualifications Staff. The letter indicated that the company had regained the compliance with minimum bid price requirement. That requirement is a must for continued listing on Nasdaq Capital Market according to Nasdaq Listing Rule 5550(a)(2). The notification came after the company’s closing bid price was $1.00 per share or greater for 10 consecutive business days from October 20, 2021, to November 2, 2021.
Future Outlook for BTB
The last three months have seen BTB stock decline by more than 36%. The harsh policies by the Chinese regulatory authorities, the country where the business of the company exists, is perceived to be behind this downfall of the stock, just like the case with other Chinese stocks. Looking ahead, it appears that the stock has to face a similar trend in the future to come as well.
