Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT), a producer, developer and operator of augmented reality (“AR”) interactive entertainment games, toys and educational materials in China, today announced its unaudited financial results for the fiscal quarter and six months ended June 30, 2019. Among the highlights, BHAT reported* a total revenue increase of 74.6% year-on-year to $3.2 million for the second quarter of 2019, as well as a total revenue increase of 11.9% year-on-year to $7.5 million for the first half of 2019. “We are delighted to report strong sales momentum and healthy profitability for our first earnings since becoming a NASDAQ-listed company,” Blue Hat CEO Xiaodong Chen said in the news release. “During the first half of 2019 we expanded our product portfolio and marketing reach, with particular highlights including our partnership with the ‘Talking Tom and Friends’ media franchise to produce new branded version of our products, the launch of an upgraded model of ‘Crazy Bug’** and distribution agreements with leading national toy retailers. We also completed research and development on our AR Bouncing Bubble and AR Dinosaur products. Looking ahead, we intend to continue to strengthen our pipeline of innovative toys and game content through both in-house development and potential strategic acquisitions, although no definitive agreements have been executed.”
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About Blue Hat
Blue Hat Interactive Entertainment Technology 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, visit the company’s website at www.BlueHatGroup.net.
* The average translation rates applied to statement of income accounts for the periods ended June 30, 2019 and 2018 were 6.79 RMB and 6.37 RMB to $1.00, respectively. The balance sheet amounts as of June 30, 2019 and December 31, 2018 were translated at 6.87 RMB and 6.62 RMB, respectively.
** “Crazy Bug” was the classic model of “AR Crazy Bug”, which was previously named “AR Need a Spanking”.
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