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MGT Capital Announces Third Quarter 2018 Financial Results
MGT Capital Announces Third Quarter 2018 Financial Results.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nMGT Capital Announces Third 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 Third Quarter 2018 Financial Results\nCompany Will Hold Investor Update Call at 8:30 AM EST Tomorrow\nPR Newswire\nDURHAM, N.C., Nov. 19, 2018\n\n\n\nDURHAM, N.C., Nov. 19, 2018 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) announced the filing of its 2018 Quarterly Report on Form 10-Q with the Securities and Exchange Commission today. The entire document can be viewed at the Company's website or at www.sec.gov.\nMGT reported revenues from bitcoin mining of $589,000 in the third quarter ending September 30, 2018 versus $515,000 in same quarter in 2017, and $409,000 in the second quarter of 2018. This year's figure represents 14% year over year growth, and 44% sequentially. Revenues derived from the bitcoin production of investor-owned machines are not included in our reported figures. Including these partnerships, the company produced 161 Bitcoins in the quarter just ended, bringing total 2018 production to 415 Bitcoins. \nNet loss was $7.7 million for the third quarter of 2018, compared to $16.5 million the same quarter of 2017, and $6.5 million for the second quarter of 2018. Net loss in the most recent period included a non-cash impairment charge to fixed assets of $3.7 million to reflect current Bitcoin mining economics. Net cash used in operating activities continued to show sequential declines with $1.9 million used for the three-month period ended September 30, 2018, compared to $2.4 million and $2.9 million for the second and first quarters of 2018, respectively. \nExecutives of MGT will host an investor update call tomorrow, Tuesday, November 20, 2018 at 8:30 AM EST. Shareholders and other interested parties are invited to join the call by dialing 785.424.1102 or 800.791.4813 and using passcode 16158. Further details and replay information can be found on MGT's investor relations page of its corporate website.\nAbout MGT Capital Investments, Inc. Operating in facilities in Washington State, MGT Capital Investments...