Business
Riot Blockchain Announces Q2/19 Financial Results
CASTLE ROCK, Colo., Aug. 8, 2019 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot" or the "Company") announced the filing of its 2019 Quarterly
About this update from Riot Platforms, Inc.
[{"type":"text","content":"CASTLE ROCK, Colo., Aug. 8, 2019 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\" or the \"Company\") announced the filing of its 2019 Quarterly Report on Form 10-Q, which can be viewed on the Company's website or at SEC.gov.\n\n \nHighlights extracted from the June 30, 2019 quarterly consolidated condensed financial statements (unaudited) (\"Q2/19\"): \nGenerated approximately $2.4 million in mining revenue on the production of 316.19 bitcoins, 143.81 bitcoin cash, and 870.01 litecoins for the quarter. This compares to Q2/18 revenues of $2.8 million on the production of 311.12 bitcoins, 272.81 bitcoin cash, and 314.04 litecoins. The average price of bitcoin for the quarter was $7,301 as compared to $7,767 in Q2/18. Additionally, the Q2/19 average price was substantially higher than the $3,799/BTC average price in Q1/19. Bitcoin mining makes up the large majority of Riot's cryptocurrency mining operation. Gross margin as a percent of mining revenues improved significantly to 35% from (5%), sequentially, in the second quarter due primarily to higher average cryptocurrency prices as bitcoin, bitcoin cash, and litecoin gained 92%, 122%, and 158% relative to Q1/19 averages. Recent improvements in bitcoin prices, should they continue, are expected to further assist in improving gross margin break-even results. Net loss attributable to the Company in Q2/19 was approximately $1.3 million or $0.08/share. This marks a significant improvement from Q2/18, when the Company posted a comparable net loss of approximately $24.0 million or $1.81/share. Balance sheet was strengthened with a Q2/19 cash and cryptocurrency position of $18 million as compared to $225,000 at the end of FY/18. Total liabilities were reduced to $4.8 million in Q2/19 from $9.4 million at the end of FY/18 as outstanding payables were liquidated including settlement of certain debts – some at notable discounts. Business update and highlights:\nRiot's fully-owned hashing power was approximately 101 Petahash as of June 30, 2019; which ranks the Company among the largest publicly-listed miners of bitcoin. The mining operation continues to be fully deployed with 24/7 real-time monitoring of status and margin contribution. Based upon recent operating metrics and difficulty levels, at a price of $10,050/BTC an S9 miner would generate digital currency revenues of ap...