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Bitnine Successfully Turns to Operating Profit

SEOUL, South Korea--(BUSINESS WIRE)--#BigData--Bitnine Global Inc. (KOSDAQ: 357880), a graph database R&D company, announced on the 16th of February that its sales on a consolidated basis in 2021 were the highest of USD 15M, and increased by 42% compared to a year earlier through the disclosure system of the Korean stock market (dart). Bitnine is the world’s first graph DB company listing on the stock market last November.

Bitnine has succeeded in turning to an operating profit worth USD 1M. The figure is considered to be satisfactory compared to competitors in the global market, which maintain their business only by raising the funds.

Bitnine clarified that its performance has been largely driven by the increase in sales of graph technology-based services with high margins, from the license sales of Graph DB solutions. In addition, increased demand from finance, telecommunication, manufacturing, public service, and entertainment sectors was also identified as a major factor.

Bitnine is expected to continue its robust performance in the future. Bitnine, positioning itself as the only graph database company, has been a dominant market player in the Korean market. In addition, as the result of increasing use cases of graph DB, its overall market has been on the rise rapidly.

Bitnine is competitive enough to rival its global competitors. In terms of operating profit, earnings and capacity, Bitnine is particularly prominent. Compared to its sales of USD 15M, the market cap of Bitnine, USD 148M, is an undervalued figure. Even considering the market value of the graph DB industry worth billions of dollars, Bitnine’s growth outlook seems much brighter than it seems.

Bitnine CEO CheolSun Kang said, "Bitnine’s unique technological competitiveness and value result in the improvement in business performance.” He added, “Bitnine will make continuous efforts to enhance its performance with the strategy of targeting the Korean market, and expand its presence in the global market.”

Meanwhile, Bitnine has already set up the R&D center and global business HQ in San Francisco Bay Area, the USA in 2015. Moreover, it has established itself as a competitive technology company on the global stage. Bitnine’s solutions and services are being deployed by Korea’s leading public and private companies, and global companies as well such as Intel and Verizon.

Contacts

Bitnine Global Inc.

Hojun Oh

+82-70-4800-3517

[email protected]

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