EcoChain, Inc. Announces August Site Level Financials
September 13 2021 - 7:00AM
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 its August site level financials.
Michael Toporek, CEO of MTI, stated, "We are pleased to report
our continued execution with another strong month of growth as our
cash contribution margin more than doubled and installed hashrate
in August increased by 174%. We have continued to invest in
computing resources and infrastructure and are well positioned for
additional growth in 2021 towards our stated goal of 50MW under
management by the end of 2021.”
Key August Milestones:
- Contribution Margin ($) more
than doubled from July
- $358k in July, $748k in
August
- Annual run-rate of $8.97
million
- Anaconda facility going live
in September
- Hosting JV went live in
August
- ROIC on infrastructure
investment at about 1 year payback
- Took over management of Python
facility
Margins Set to Expand:
Toporek further commented, “It’s great to see our Python
facility ramping up. As it hits capacity in January or February of
next year, margins will expand as power costs decline by about 20%
and we are able to amortize our labor and overhead costs over the
output of a fully ramped facility. We believe the most important
metric for performance is return on invested capital, how much did
we spend on our facility and computing resources and what is the
cash level generated. Beginning with Q1’22, we will report that for
Python as we have for TNT where we have returned all capital
invested in under 12 months.”
Key Summary Highlights for August 2021
EcoChain Flash Revenue:
($ in 000s;
Unaudited) |
|
Q1 2021 |
|
|
Q2 2021 |
|
|
Jul 21 |
|
|
Aug 21 |
|
|
YTD Aug 2021 |
Revenue |
|
$995 |
|
|
$1,657 |
|
|
$494 |
|
|
$943 |
|
|
$4,088 |
Contribution Margin |
|
$744 |
|
|
$1,261 |
|
|
$358 |
|
|
$748 |
|
|
$3,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Revenue |
|
$3,980 |
|
|
$6,628 |
|
|
$5,928 |
|
|
$11,316 |
|
|
$6,134 |
Annualized Contribution
Margin |
|
$2,976 |
|
|
$5,044 |
|
|
$4,276 |
|
|
$8,976 |
|
|
$4,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A presentation and corresponding video is available on the
Company’s website at
https://ecochainmining.com/news/monthlyflashseptember2021/
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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