Business
Riot Blockchain Reports 2019 Financial Results and Operational Highlights
CASTLE ROCK, Colo., March 25, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot" or the "Company"), one of the few Nasdaq listed public
About this update from Riot Platforms, Inc.
[{"type":"text","content":" CASTLE ROCK, Colo., March 25, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\" or the \"Company\"), one of the few Nasdaq listed public cryptocurrency mining companies in the United States, reported financial results for the year ended December 31, 2019. The financial statements are available on Riot's website and here. \n\n \n \n \n \n \n \n\n \n2019 Recent Operational Highlights\nInvested in 4,000 Bitmain S17 Pro Antminers at the Company's Oklahoma City mining facility, which when deployed in early 2020 resulted in an increase in Riot's fully owned hashing power capacity to approximately 248 Petahash; Received notice of the termination of the SEC's investigation of Riot on January 29, 2020; Produced 944 newly minted bitcoins (BTC) during 2019 and increased bitcoin inventory 206% year-over-year to 514 BTC at December 31, 2019; Established an industry-leading advisory board comprised of recognized leaders with proven operational and strategic experience throughout the cryptocurrency space; Improved December 31, 2019 working capital to $9.3 million from a deficit of $(4.3) million as of December 31, 2018 and decreased total liabilities to $4.1 million from $9.4 million during the same period; and Increased total stockholders' equity to $26.2 million at December 31, 2019 compared to $4.5 million balance at December 31, 2018, approximately a $22 million increase over the prior period. Fiscal Year 2019 Financial ResultsTotal mining revenue in 2019 was $6.7 million compared to $7.7 million in 2018. \nGross profit, which is computed as mining revenues in excess of cost of revenues (excluding depreciation and amortization), was $644,000 (9.6% of total mining revenues), as compared to $1.9 million (24.9% of total mining revenues) in 2018. The decreases in revenue and gross profit were primarily due to changes in cryptocurrency prices as well as increases in the difficulty index associated with solving mining algorithms. \nSelling, general, and administrative (\"SG&A\") expenses in 2019 decreased 56% to $9.2 million from $20.9 million in 2018. The decrease in SG&A expenses was primarily due to reductions in staff, decreases in stock-based compensation expense, consulting fees, and legal fees, which were slightly offset by increases in audit and related professional fees.\nNet loss for 2019 was $20.3 million, or $(1.02...