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MGT Capital Announces First Quarter 2018 Financial Results
MGT Capital Announces First Quarter 2018 Financial Results.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nMGT Capital Announces First Quarter 2018 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 First Quarter 2018 Financial Results\nCompany Will Hold Investor Update Call on Thursday May 17, 2018\nPR Newswire\nDURHAM, N.C., May 10, 2018\n\n\n\nDURHAM, N.C., May 10, 2018 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) announced the filing of its quarterly report on Form 10-Q for the period ended March 31, 2018 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 $1.0 million for the first quarter of 2018 versus $312,000 in the same quarter of 2017 and compared to $1.8 million for the fourth quarter of 2017. As previously disclosed, the Company transitioned the vast majority of its mining operations to Sweden from Washington state beginning in late December 2017 and as a result had lower Bitcoin production. In addition, the sharp decline in the price of Bitcoin compounded the sequential decline in our revenue.  \n\nNet loss was $4.5 million for the first quarter of 2018 compared to $5.9 million for the first quarter of 2017. Balance sheet metrics included cash of $461,000 as of March 31, 2018 with zero debt. In this year's period, the Company invested approximately $8.0 million for additional Bitcoin miners and prepayments of electricity and hosting. On March 31, 2018, stockholders' equity stood at $9.9 million.\n\nRobert Lowrey, Chief Financial Officer of MGT will host an investor update call on Thursday May 17, 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.\n\nOperating 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 exec...