EcoChain, Inc. Reports Monthly Site Level Financials for Q2 2021
July 15 2021 - 7:30AM
via NewMediaWire --
EcoChain, Inc. (“EcoChain”), a
wholly-owned subsidiary of Mechanical Technology, Incorporated
(“MTI” or the “Company”), (NASDAQ: MKTY), a cryptocurrency mining
business powered by renewable energy, today announced the release
of site level results by month through June.
As previously communicated, EcoChain remains committed to
releasing its site level financial flash report, including
revenue, adjusted cost of cryptocurrency revenue and contribution
margin.
Michael Toporek, CEO of the Company, commented, “We continue to
be pleased with our results, especially considering the current
market conditions, clearly showcasing the strength of our business
model. Our commitment to low cost, eco-friendly energy sourcing has
been instrumental in maintaining our contribution margin.”
Key Summary Highlights:
Summary Results |
(thousands) |
Q1 2021 |
Q2 2021 |
Change |
%Change |
Revenue |
$
995 |
$ 1,656 |
$
661 |
66.4% |
Contribution Margin |
$
743 |
$ 1,261 |
$
518 |
69.7% |
Annualized Revenue |
$
3,980 |
$ 6,624 |
|
|
Annualized Contribution Margin |
$
2,972 |
$ 5,044 |
|
|
Click here to access the presentation and video:
https://ecochainmining.com/news/monthlyflashjune2021/
About EcoChain, Inc.
EcoChain, Inc., a wholly-owned subsidiary of
Mechanical Technology, Incorporated, is engaged in developing and
operating ultra-low cost green data centers focused on
cryptocurrency mining. For more information about EcoChain, please
visit www.ecochainmining.com.
Forward Looking Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements reflect management’s current
expectations, as of the date of this communication, and involve
certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the successful execution of the
Company’s business strategy. The Company’s actual results could
differ materially from those anticipated in these forward-looking
statements as a result of various factors. Such risks and
uncertainties include, among other things, our ability to establish
and maintain the proprietary nature of our technology through the
patent process, as well as our ability to possibly license from
others patents and patent applications necessary to develop
products; the availability of financing; the Company’s ability to
implement its long range business plan for various applications of
its technology; the Company’s ability to enter into agreements with
any necessary partners; the impact of competition, the obtaining
and maintenance of any necessary regulatory clearances applicable
to applications of the Company’s technology; and management of
growth and other risks and uncertainties that may be detailed from
time to time in the Company’s reports filed with the Securities and
Exchange Commission.
Contact Information:
Lisa Brennan lbrennan@mtiinstruments.com
Investor Relations:
Kirin Smith, President PCG Advisory,
Inc.646.823.8656Ksmith@pcgadvisory.com
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