Business
MGT Capital Announces 2017 Financial Results
MGT Capital Announces 2017 Financial Results.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nMGT Capital Announces 2017 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMGT Capital Announces 2017 Financial Results\nCompany Will Hold Investor Update Call on Wednesday\nPR Newswire\nDURHAM, N.C., April 3, 2018\n\n\n\nDURHAM, N.C., April 3, 2018 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) announced the filing of its 2017 Annual Report on Form 10-K with the Securities and Exchange Commission yesterday. The entire document can be viewed at the Company's website or at www.sec.gov.\n\nMGT reported revenues from bitcoin mining of $3.1 million in 2017 versus $313,000 in 2016, with a gross margin of $1.6 million compared to $104,000, respectively.  Net loss was $50.4 million for 2017 and $24.5 million for 2016. Net loss in 2017 was largely the result of non-cash accounting charges relating to stock-based compensation and to the early extinguishment of debt. Net cash used in operating activities decreased to $2.4 million in 2017 compared to $5.5 million in the prior period. \n\nBalance sheet metrics include cash of $9.5 million as of December 31, 2017 versus $345,000 at yearend 2016. Total debt was reduced to zero at yearend 2017 compared to $2.3 million for the prior period. On December 31, 2017, stockholder's equity was $11.9 million versus a deficit of ($583,000) a year earlier.\n\nRobert Lowrey, Chief Financial Officer of MGT will host an investor update call on Wednesday April 4, 2018 at 4:30 pm EDT. Details can be found on MGT's investor relations page of its corporate website.\n\nAbout MGT Capital Investments, Inc.Operating in facilities in northern Sweden and Washington State, MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. When fully deployed, MGT will own and operate approximately 7,000 Bitmain S9 miners, and 50 GPU-based Ethereum mining rigs. Further, the Company continues to execute on an expansion model to secure low cost power and grow its crypto assets materially. \n\nFor more information on the Company, please visit: http://mgtci.com \n\nForward–lookin...