Exhibit 99.1

AGM Group Announces Third Quarter 2021 Unaudited Financial Results

BEIJING, Dec. 3, 2021 /PRNewswire/ -- AGM Group Holdings Inc. ("AGMH" or the "Company") (NASDAQ: AGMH), an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment, today announced its unaudited financial results for the three months ended September 30, 2021.

Third Quarter 2021 Operating and Financial Highlights

Mr. Chenjun Li, Chairman and Co-Chief Executive Officer of the company commented, "We are very excited in the impressive strides we have made across multiple fronts, which followed our announcement of new business lines and growth strategy in August. We have gained considerable attention and interests to our first ASIC crypto mining machine-KOI MINER C16, thanks to its top industry metrics. Notably, we secured purchase orders for 67,500 cryptocurrency mining machines within just three months from various companies. These achievements exemplify the strong industry recognition we received in our product and further establish our leading position in the cryptocurrency mining industry. Additionally, despite a global semiconductor shortage and logistic challenges, we are effectively navigating market dynamics by securing our supply chain capabilities through the AGMH-HighSharp partnership and exploring opportunities for manufacturing operation in North America that can bring us closer to our end customers. We are confident we will distinguish ourselves with our technical capabilities to become a leader in producing high-powered ASIC mining machines.”

Mr. Wenjie Tang, Co-Chief Executive Officer of the company, commented, “By leveraging the new growth strategy, we were off to a firm start financially, with revenues of $5.34 million in the third quarter, primarily from sales of crypto mining machines, and computing hardware. The initial success boosts our confidence that we are on the right path of business transformation. Apart from the new initiative, we remain diligent to push the development of our legacy fintech business as planned. We believe the combined strengths of our solid infrastructure, technology, and our experienced senior management team will enable us to deliver lasting value for shareholders. We will further advance our mission to become an integrated technology company focusing on blockchain-oriented ASIC chip design, advanced cryptocurrency mining equipment production, and fintech software services.”

Mr. Steven Sim, Chief Financial Officer of the Company, commented, "Our solid financial performance for the third quarter demonstrates the success and profitability of our transition and engagement into the ASIC chip design and cryptocurrency mining equipment manufacturing space. Notably, our income from operations and net income turned to positive over the period, compared to both losses in the prior year. Moreover, we are optimistic on the strategic importance of our partnership with HighSharp, of which the progress will be on track with the schedule. Heading into 2022, our imperatives will be delivering the substantial number of mining machines ordered as scheduled, ramping up our production capacity, and securing more purchase orders. As we seek to sustain our future growth trajectory, we will keep investing into strengthening our R&D, cutting-edge technologies, and manufacturing capacity to propel further development in our core crypto miner manufacturing business and other initiatives.”

Third Quarter 2021 Business Highlights & Recent Developments

In November, AGMH announced that the Company is exploring strategic opportunities to set up its North American manufacturing operations in the United States or Canada to strengthen its leadership position in the Bitcoin mining sector.

In November, AGMH received a purchase order from Code Chain New Continent Limited (“Code Chain”) (NASDAQ: CCNC) for 10,000 units of 100 TH/S KOI mining machines worth $65 million. This agreement also provides Code Chain with an option to purchase an additional 10,000 mining machines.

In October, AGMH entered into a strategic partnership with Meten Holding Group Ltd. (“Meten”) (NASDAQ: METX) to focus on research and development support for blockchain applications and establishing a cryptocurrency mining supply chain. The agreement includes an initial order from Meten for 1,500 Bitcoin mining machines worth US$12 million.

In October, AGMH agreed to supply MinerVa Semiconductor Corp. ("MinerVa") with 25,000 units of its 100 TH/S crypto mining machine to build the MinerVa suite of crypto mining machines. MinerVa is the distributor of industrial grade crypto mining machines to leading global large-scale mining companies.

In October, AGMH received a purchase order from Nowlit Solutions Corp., a leading crypto currency equipment supply chain services and consultancy company in North America, for 30,000 units of 100 TH/S ASIC crypto mining machines.

Third Quarter 2021 Financial Results

Revenues

Total revenues were $5.34 million, an increase of approximately $5.30 million from $31,261 in the same period of 2020. The increase was primarily due to the increase in sales revenues from cryptocurrency mining machine and standardized computing equipment sales since August, compared with nil in the same period of 2020. Total computing power sold increased to 79,200 TH/s, compared to nil in the same period of 2020. The growth came after the Company announced in August to initiate a new growth strategy to become a key participant and contributor in the global blockchain ecosystem.

Cost of Revenues

Cost of revenues was $4.62 million, an increase of approximately $4.61 million from $10,123 in the same period of 2020. The increase was primarily due to the increase in procurement costs of crypto mining machines and standardized computing equipment, compared with nil in the same period of 2020.

Gross Profit

Gross Profit was $0.71 million, an increase of $0.69 million from $21,138 in the same period of 2020. The increase was primarily due to the substantial increase in revenues.

Operating expenses

Total operating expenses were $0.34 million, an increase of 17.1% from approximately $0.29 million in the same period of 2020.

Income from operations

Income from operations was $0.37 million, compared with loss from operations of $0.27 million in the same period of 2020.

Other income (expenses)

Other expenses, net of other income was $15,005, compared to other expenses, net of other income, of $5,324 in the same period of 2020. The increase in other expenses, net of other income, was primarily attributed to foreign exchange loss, interest expenses, and bank charges.

Net income

Net income was $0.20 million, compared to net loss of $0.32 million in the same period of 2020.

Earnings per share

Basic and diluted net income per common share were both $0.01, compared to basic and diluted net loss of both $0.01 in the same period of 2020.

Cash and cash equivalents

Cash and cash equivalent were $1.40 million as of September 30, 2021, among which $0.79 million (RMB5.14 million) was held inside China (Mainland), and $0.61 million held outside of China (Mainland). As of June 30, 2021, the Company had a total of $0.46 million in cash and cash equivalents, among which $0.15 million (RMB0.96 million) was held inside China (Mainland), and $0.31 million held outside of China (Mainland). AGMH has not transferred and do not plan to transfer cash in RMB outside of China (Mainland) in order to avoid unnecessary currency exchange cost. AGMH subsidiaries in China (Mainland) incur expenses from time to time, and the Company has spent with plans to spend RMB cash to cover those expenses.

Conference Call

AGMH's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, December 3, 2021 (9:00 PM Beijing/Hong Kong Time on December 3, 2021).

For participants who wish to join the call, please register in advance for the conference using the link provided below at least 15 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, Direct Event passcode, a unique registrant ID and an email with detailed instructions to join the conference call.

Participant Online Registration:

http://apac.directeventreg.com/registration/event/6978907

Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the earnings call and enter the Direct Event passcode and registrant ID as instructed to connect to the call.

Additionally, a live and archived webcast of the conference call will be available at: https://edge.media-server.com/mmc/p/8moqvyto

A replay of the conference call may be accessed by phone approximately two hours after the conclusion of the live call at the following numbers until December 11, 2021. To access the replay, please reference the conference ID 6978907.

About AGM Group Holdings Inc.

Incorporated in April 2015 and headquartered in Beijing, China, AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment. AGMH's mission is to become one of the key participants and contributors in the global fintech and blockchain ecosystem. For more information, please visit www.agmprime.com.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

For more information, please contact:

In China:

At the Company:

Email: ir@agmprime.com

The Blueshirt Group

Ms. Feifei Shen

Phone: +86 13466566136

Email: feifei@blueshirtgroup.com

The Blueshirt Group

Ms. Suwen Feng

Phone: +86 139-1711-0134

Email: suwen@blueshirtgroup.com

In the United States:

The Blueshirt Group

Ms. Julia Qian

Phone: +1 973-619-3227

Email: Julia@blueshirtgroup.com

The accompanying notes are an integral part of these unaudited consolidated financial statements  

The accompanying notes are an integral part of these unaudited consolidated financial statements

The accompanying notes are an integral part of these unaudited consolidated financial statements

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