Riot Blockchain (RIOT) Reports Q2 Revenues Below Consensus

Riot Blockchain (NASDAQ: RIOT) reported Q2 revenue for the quarter came in at $2.77 million versus the consensus estimate of $4.2 million.

• First quarter within which the Company reached full deployment of its 8,000 ASIC cryptocurrency miners
• Generated approximately $2,768,619 million in revenue on the production of 348 Bitcoins (including BCash as converted) and 318 Litecoins for the quarter
• Gross margin percentage of 47%
• Cash, cash equivalents, digital currencies, and prepaid contracts of $9,128,051
• Total current liabilities of $6,572,187
• No long-term debt
• Net loss of approximately $24.4 million. This net loss was largely attributable to a non-cash $15.4 million impairment charge to the Company's mining equipment, a non-cash depreciation and amortization charge of $2,870,899, and $6,422,883 million in selling, general, and administrative expense
• 13,511,427 weighted average number of common shares outstanding

For earnings history and earnings-related data on Riot Blockchain (RIOT) click here.

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