Skyrocketing Bitcoin Mining Costs Drag JTS’ 2022 Earnings Down to Net Loss THB105 Million

Jasmine Technology Solution Public Company Limited (SET: JTS) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
-105.65 221.04
Earning Per Share
-0.150 0.310

JTS reported a net loss of 105 million baht in 2022, a contrast to its 221 million baht of net profit in 2021.

The total operating revenue for 2022 was 2,303.73 million Baht, increasing by 425.86 million Baht or 22.68% compared to 2021.

The revenue obtained from Telecommunication Services business was 1,846.58 million Baht, increasing 198.92 million Baht or 12.07%, due to the increase in the revenue from Domestic Leased Line service of 198.92 million Baht, International Private Leased Circuit service of 141.91 million Baht, and other services of 12.31 million Baht.

Meanwhile, the revenue obtained from Cryptocurrency Mining was 143.07 million Baht, increasing by 126.54 million Baht or 765.52%, as of 2022, the total bitcoin was 179.32695842, increasing by 160.14319404 bitcoin or 1,669.57%.

However, the cost of sales and services, the selling and servicing expenses and the administrative expenses in 2022 was 2,357.22 million Baht, increasing by 793.10 million Baht or 50.71% compared to 2021. Bitcoin mining cost was 632.88 million Baht, increased 4,398%.


In addition, the Board of Directors approved the resolution to omit the dividend payout for the operation in 2022.