DURHAM, N.C., Nov. 9, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) today filed its Form 10-Q quarterly report with the Securities and Exchange Commission for the period ended September 30, 2017. The complete filing can be accessed via the Company's website or at www.sec.gov.
The Company demonstrated consistent progress in several metrics:
- Revenues from Bitcoin mining were $515,000, up 33% sequentially over the second quarter of this year.
- In preparation for delivery of ordered mining rigs, the Company has prepaid electric and hardware costs, raising its total assets to over $5.0 million, and its net book value to $3.5 million, up $3.0 million over the equivalent figures as of June 30, 2017.
- Overhead costs, excluding non-cash expenses, were flat year over year and sequentially.
"As with any periodic filing, quarter-end numbers are already stale," stated Robert Ladd, President and CEO of MGT. "Stockholders need to know where we stand today, and I am very happy to share that information. October revenues came in at approximately $400,000 with 865 mining rigs in operation. While power availability (in large part caused by unprecedented demand from the emergent Ethereum market) has delayed our deployment, we have sourced sufficient power to accommodate the 170 rigs not yet deployed, as well as the 3,650 rigs to be delivered over the next several weeks," continued Mr. Ladd.
With no further funding requirements, MGT remains confident in its previous projections from October 16, 2017 that with 4,700 rigs in operation by the first quarter 2018, generating over 60 Ph/s of potential hash power, the Company can record over $2.0 million in monthly revenue and $1.1 million of EBITDA. Moreover, the Company expects to materially ramp up the number of rigs it owns and operates during 2018.
About MGT Capital Investments, Inc.
With facilities in WA state, MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to focus on an expansion model to grow its crypto assets materially.
The Company is also developing a portfolio of cyber security technologies, with industry pioneer John McAfee as its visionary leader, creating advanced protection technologies for mobile and personal tech devices, as well as corporate networks. The Company's first product, Sentinel, an enterprise class network intrusion detector was released in October 2017. The Company also has entered into a joint venture with Nordic IT to develop and market a mobile phone with extensive privacy and anti-hacking features. The Privacy Phone has a tentative release date of February 2018.
For more information on the Company, please visit: http://www.mgtci.com
This press release contains forward–looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward–looking statements." All information set forth in this news release, except historical and factual information, represents forward–looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward–looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
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SOURCE MGT Capital Investments, Inc.