DURHAM, NC, November 19, 2018 — MGT Capital Investments, Inc. (OTCQB: MGTI) announced the filing of its 2018 Quarterly Report on Form 10-Q with the Securities and Exchange Commission today. The entire document can be viewed at the Company’s website or at www.sec.gov.
MGT reported revenues from bitcoin mining of $589,000 in the third quarter ending September 30, 2018 versus $515,000 in same quarter in 2017, and $409,000 in the second quarter of 2018. This year’s figure represents 14% year over year growth, and 44% sequentially. Revenues derived from the bitcoin production of investor-owned machines are not included in our reported figures. Including these partnerships, the company produced 161 Bitcoins in the quarter just ended, bringing total 2018 production to 415 Bitcoins.
Net loss was $7.7 million for the third quarter of 2018, compared to $16.5 million the same quarter of 2017, and $6.5 million for the second quarter of 2018. Net loss in the most recent period included a non-cash impairment charge to fixed assets of $3.7 million to reflect current Bitcoin mining economics. Net cash used in operating activities continued to show sequential declines with $1.9 million used for the three-month period ended September 30, 2018, compared to $2.4 million and $2.9 million for the second and first quarters of 2018, respectively.
Executives of MGT will host an investor update call tomorrow, Tuesday November 20, 2018 at 8:30 AM EST. Shareholders and other interested parties are invited to join the call by dialing 785.424.1102 or 800.791.4813 and using passcode 16158. Further details and replay information can be found on MGT’s investor relations page of its corporate website.
About MGT Capital Investments, Inc.
Operating in facilities in Washington State, MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. MGT oversees the operation of approximately 6,800 Bitmain S9 miners, and 50 GPU-based Ethereum mining rigs. Further, the Company continues to execute on an expansion model to secure low cost power and grow its crypto assets materially.
For more information on the Company, please visit: https://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 crypto mining industry; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow and execute its business strategy; volatility in the Bitcoin market; 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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