We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Riot Platforms Inc | NASDAQ:RIOT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.2399 | -1.98% | 11.8701 | 11.85 | 11.95 | 12.44 | 11.81 | 11.93 | 23,771,837 | 05:00:06 |
CASTLE 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.
Riot 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.
Recent legal highlights
Recent operational highlights
Recent financial highlights
First Quarter 2020 Financial Results
Total mining revenue increased 68% to $2.4 million as compared to $1.4 million in the first quarter of 2019.
Mining margin, computed as mining revenues in excess of cost of revenues (excluding depreciation and amortization which is separately stated), was $955,000 (40.0% of total revenue), which compares to a loss of $65,000 in the same year-ago period. The improvements in revenue and gross profit were primarily due to changes in cryptocurrency prices, combined with the higher efficiencies of the new generation miners in place in 2020, net of increases in the difficulty index associated with solving mining algorithms.
Selling, general, and administrative ("SG&A") expenses increased 18% to $3.7 million as compared to $3.2 million reported in the first quarter of 2019. The increase in SG&A expenses was primarily due to an increase in stock-based compensation expense. Excluding the stock-based compensation expense, SG&A decreased to $1.8 million as compared to $2.9 million reported in the first quarter of 2019 primarily due to cost reduction efforts and decreases in legal fees.
Net loss for the quarter ended March 31, 2020 was $4.3 million, or $(0.15) per share, compared to net loss of $13.8 million, or $(0.94) per share, in the same period last year.
At March 31, 2020, the Company had $19.2 million in cash and cryptocurrencies, as compared to $11.3 million at December 31, 2019.
COVID-19 Update: As published in its previous disclosures, Riot is continuing to closely monitor COVID-19 and its potential impact on the Company's workforce, operations, finance, and liquidity. To date, the impact has remained minimal.
About Riot Blockchain
Riot Blockchain (NASDAQ: RIOT) specializes in cryptocurrency mining with a focus on bitcoin. Riot also holds non-controlling investments in blockchain technology companies. Riot is headquartered in Castle Rock, Colorado, and the Company's primary mining facility is located in Oklahoma City, Oklahoma. For more information, visit www.RiotBlockchain.com.
Safe Harbor
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors," copies of which may be obtained from the SEC's website at www.sec.gov. The Company does not undertake any obligation to update forward-looking statements contained in this press release.
View original content to download multimedia:http://www.prnewswire.com/news-releases/riot-blockchain-reports-first-quarter-2020-financial-results-recent-legal-operational--financial-highlights-301056381.html
SOURCE Riot Blockchain, Inc.
Copyright 2020 PR Newswire
1 Year Riot Platforms Chart |
1 Month Riot Platforms Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions