Business
Riot Blockchain Announces September 30, 2019 Quarterly Results
CASTLE ROCK, Colo., Nov. 12, 2019 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot" or the "Company") announced the filing of its September 30,
About this update from Riot Platforms, Inc.
[{"type":"text","content":"CASTLE ROCK, Colo., Nov. 12, 2019 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\" or the \"Company\") announced the filing of its September 30, 2019 Quarterly Report on Form 10-Q, which can be viewed on the Company's website or at SEC.gov.\n\n \nRiot today announced financial results for its period ended September 30, 2019. The Company posted quarterly revenue of $1.7 million and raised a total of $23.6 million through its at-the-market offering (\"ATM\") during the nine months ending September 30, 2019.\nQ3 Highlights: \nGenerated approximately $1.7 million in revenue on the production of 157.2 bitcoin, and 400.2 litecoin for the quarter. This compares to Q3/18 revenues of $2.3 million on the production of 319.3 bitcoin, and 1,182.2 litecoin. The industry faced continuing increases in the bitcoin difficulty index, increasing 61% during the latest quarter, which negatively affected BTC production and reported revenues. The average price of bitcoin for the latest quarter was $10,382, compared to $8,297 in Q2/19 and $6,856 in Q3/18. Cash and digital currencies as of September 30, 2019 totaled approximately $18.3 million. The Company received gross proceeds from the sale of shares of its common stock under its ATM of approximately $23.6 million at a weighted average sales price of $3.10 per share during the nine months ended September 30, 2019. The Company's financial position improved across the three and nine months ended September 30, 2019, with the Company reporting working capital of $16.5 million at September 30, 2019 as compared to a working capital deficit of $(4.3) million at December 31, 2018. Total stockholders' equity also improved to $28.2 million at period end, an increase of $23.7 million over the December 31, 2018 balance. Gross margin percent, computed as mining revenues in excess of cost of revenues (exclusive of depreciation and amortization), improved to 14% from 13% in the three-month periods ended September 30, 2019 and 2018, respectively. Gross margin percent was 18% and 35% in the nine-month periods ended September 30, 2019 and 2018, respectively. Reduction in the Company's selling, general, and administrative expenses (\"SG&A Expenses\") to $1,762,000 in Q3/19, from $5,970,000 in Q3/18, a 70.5% decrease arising from ongoing expense reductions. SG&A Expenses reduced to $7,140,000 from ...