Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Riot Blockchain Reports 2019 Financial Results and Operational Highlights

share with twitter share with LinkedIn share with facebook
share via e-mail
03/25/2020 | 05:16pm EDT

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.

2019 Recent Operational Highlights

  • Invested 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 Results
Total mining revenue in 2019 was $6.7 million compared to $7.7 million in 2018.

Gross 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.

Selling, 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.

Net loss for 2019 was $20.3 million, or $(1.02) per share, compared to net loss of $60.2 million, or $(4.33) per share, in 2018. 

At December 31, 2019, the Company had $11.3 million in cash and cryptocurrencies, as compared to $932,000 at December 31, 2018.

2020 Strategic Priorities
As announced in a press release issued on February 20, 2020, Riot has concentrated its strategic priorities by focusing on bitcoin mining and pursuing opportunities more directly related to bitcoin and bitcoin mining. In line with that mission, the Company has upgraded its mining facility in Oklahoma City and engaged XMS Capital Partners to advise on potential strategic opportunities.

In response to the rapidly expanding and evolving effects of COVID-19, Riot Blockchain is actively monitoring COVID-19 developments, including local, regional and global regulatory and health updates. Temporary policies have been adopted covering travel restrictions, remote work solutions where feasible, etc.  The Company is dedicated to the safety and well-being of its team members and business partners. The Company is reviewing and developing protocols to navigate and manage its key operations by evaluating potential future steps and plans to consider potential implications to its workforce, operations, finance and liquidity.

About Riot Blockchain
Riot Blockchain (NASDAQ: RIOT) specializes in cryptocurrency mining. The Company's operational focus consists of mining bitcoin. Riot also holds non-controlling investments in blockchain technology companies. Riot is headquartered in Castle Rock, Colorado, and the Company's 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.

Cision
View original content to download multimedia:http://www.prnewswire.com/news-releases/riot-blockchain-reports-2019-financial-results-and-operational-highlights-301030043.html

SOURCE Riot Blockchain, Inc.


© PRNewswire 2020
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Companies"
07:35pCHORUS AVIATION : Announces Jazz's Intention to Adopt the Canada Emergency Wage Subsidy
AQ
07:33pRANDON IMPLEMENTOS E PARTICIPAÇÕE : Minutes nº 897 of the board of directors' meeting
PU
07:32pTRIP COM : Filed 2019 Annual Report on Form 20-F
PR
07:31pAnalysis on Impact of COVID-19-Electric Vehicle Remote Diagnostics Market 2019-2023 | Demand For EV Due To Reducing Battery Prices to Boost Growth | Technavio
BU
07:24pVolkswagen furloughs 1,500 workers at Tennessee auto plant starting April 11
RE
07:23pSHAREHOLDER ALERT : Robbins LLP Announces It Is Investigating World Wrestling Entertainment, Inc. (WWE) for Misleading Shareholders
BU
07:21pBombardier eyes resumption of Toronto plant assembling corporate jets
RE
07:19pTrump says airlines could receive grant details this weekend; sources say around 275 applied
RE
07:19pBiocept to Begin COVID-19 Testing
PR
07:18pATAC RESOURCES : Files Tiger PEA Technical Report and Releases Project Animation
AQ
Latest news "Companies"