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Riot Blockchain, a Nasdaq listed public cryptocurrency mining company, saw a small bit of growth in their earnings per share (EPS) this quarter. The Company reported financial results for the first quarter ended March 31, 2020.
In this round of earnings, Riot announced the termination of the SEC investigation and the full deployment of upgraded mining equipment at its Oklahoma facility.
The Company said, “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.”
Riot highlighted the operational deployment of 4,000 Bitmain S17 Pro Antminers acquired in late 2019 and their April 2020 purchase of 2,040 next-generation Bitmain S19 Antminers. The new mining machines are expected to increase the Company’s current aggregate operating hash rate by 84%. The Company expects to deploy the machines in Q3 2020.
From the report:
· Riot produced 281 newly minted bitcoins (BTC) during the first quarter of 2020 and increased bitcoin inventory 60% to 821 BTC from December 31, 2019 to March 31, 2020.
· Riot showed improved working capital on March 31, 2020, to $17.0 million from $9.3 million as of December 31, 2019, and decreased total liabilities to $3.8 million from $4.1 million during the same period.
· And the Company said it increased total stockholders’ equity to $33.2 million as of March 31, 2020, from $26.2 million on December 31, 2019.
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.