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Opponent lost on time, but it's considered a draw

So I was playing a blitz game - a pretty terrible one, tbh - and I noticed that although the other player had lost on time, the final result was a draw. I still had two seconds on the clock, it wasn't stalemate and the fifty moves rule was not applicable.
Since the opponent had a slightly lower rating, mine dropped a little.
Could somebody explain what happened?
Thanks! :)
White timed out, but black did not have enough material to win the game had it continued. For that reason, the game is considered a draw. If you had a pawn or another bishop or really any piece in that game, an opponent's time out is a win. But because you were in a situation where you could not checkmate your opponent, even a "loss" on time is a draw for the opponent.
Oh, I get it. Didn't know that was a thing though. I thought that a loss on time didn't depend on the other player's capacity of checkmating.
Thx for clearing it up, Postbox! :)

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