Blue Hat Interactive Entertainment Technology (Nasdaq: BHAT) announced mixed financial results for the fiscal year ended December 31 after the market closed.
Shares of Blue Hat closed at $1.46 today, up 3.55%, but trading lower in after-hours.
The maker of augmented reality games said its revenue increased 26.7% to $30.2 million in the full year compared with $23.8 million in 2019.
Blue Hat attributed the improvement to increased sales of interactive toys (animation series) and contributions from the new information services and communication services businesses. The company recorded revenues from sales of interactive toys (animation series) increased 900% to $2.0 million, which was primarily driven by revenue contributions from education courseware sold to kindergartens throughout 2020.
Net income decreased to $8.3 million from $9.1 million one year ago.
Xiaodong Chen, the chief executive officer of Blue Hat, stated, "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.”
In 2020, Chen said the company completed the acquisition of Xunpusen, launched the new communication services and IDC business, and announced several partnerships with reputable companies like China Mobile and Kingsoft Cloud.
In partnering with Kingsoft, Blue Hat said it continues to leverage its mobile marketing and hosting expertise while growing its legacy mobile and gaming business as it secures new channels to expand the company's customer base.
In addition, “We have bolstered our mobile games business with the acquisition of 51% of Fuzhou Csfctech Co., Ltd. and its two subsidiaries, which is a major first step forward in our plans to grow this business through both geographic and product expansion," Chen added.