Business
Riot Blockchain Reports First Quarter 2020 Financial Results, Recent Legal, Operational & Financial Highlights
- SEC investigation terminated on January 29, 2020. - Upgraded Bitmain S17 Pro Antminers purchased in late 2019 fully deployed during the quarter ended March
About this update from Riot Platforms, Inc.
[{"type":"text","content":"- SEC investigation terminated on January 29, 2020.\n - Upgraded Bitmain S17 Pro Antminers purchased in late 2019 fully deployed during the quarter ended March 31, 2020.\n - Increased revenue to $2.4 million for the quarter ended March 31, 2020, compared to $1.4 million during the same period last year.\n - Increased mining margin to $1.0 million for the quarter ended March 31, 2020, compared to a loss of $0.1 million during the same period last year.\n - Excluding stock-based compensation, decreased SG&A expenses to $1.8 million for the quarter ended March 31, 2020, compared to $2.9 million during the same period last year.\n - Increased corporate liquidity to $19.2 million in cash and cryptocurrencies, as compared to $11.3 million as of December 31, 2019.\n\n\nCASTLE ROCK, Colo., May 11, 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 first quarter ended March 31, 2020. The financial statements are available on Riot's website and here. \n\n \n \n \n \n \n \n\n \nRiot continues to make substantial progress. During the quarter ended March 31, 2020, Riot announced the termination of the SEC investigation and the full deployment of upgraded mining equipment at its OKC facility. As compared to the same period last year, during the quarter ended March 31, 2020, Riot announced increased revenues, and decreased SG&A expenses excluding stock-based compensation. As compared to December 31, 2019, the Company has substantially improved its liquidity position and increased total stockholder's equity.\nRecent legal highlights\nReceived notice of the termination of the SEC's investigation of Riot on January 29, 2020. Granted motions to dismiss the securities class action suit, resulting in the dismissal of all claims without prejudice on April 30, 2020, pending the lead plaintiff seeking to file another amended complaint.Recent operational highlights\n4,000 Bitmain S17 Pro Antminers acquired in late 2019 were fully deployed and operational during Q1 2020 at the Company's Oklahoma City mining facility, resulting in an 146% overall increase in Riot's fully owned hashing power capacity to approximately 248 petahash per second (\"PH/s\"). Purchased 2,040 next generation Bitmain S19 ...