Integrated Ventures is set to report 254% annual revenue growth, fueled by expansion of crypto mining operations
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PHILADELPHIA, Sept. 27, 2022 /PRNewswire/ -- Integrated Ventures, Inc, (OTC-QB: INTV) ("Company") is pleased to annonce filing of its Annual Report (Form 10K) and provide commentary on the latest operational developments.
The Annual Report is scheduled to be posted on 09/27/2022, after market close.
The Company is set to report a significant revenue increase vs 2021, from $1,851,390 to $6,550,133.
Key margins (2022 vs 2021) as follow:
- Cryptocurency Mining was up 172%
- Sales of Mining Equipment was up 2,791%
- Total Revenues were up 254%
The growth was fueled by BTC's higher pricing, hosting agreements with Compute North, launch of PA operations and INTV's timely acqusition of 2,400 Antminers S19J 100+TH, from Bitmain.
- Mining operations accounted for $4,871,473 in revenue, jumping from $1,793,316 for 2021. Mining revenue growth is a direct reflection of the self-mining hashrate.
- The remaining revenue was sourced from the equipment reselling business, posting $1,793,316 in 2022, up from $58,074 in 2021.
- Gross profit for 2022 was $2,731,743 vs $931,014 for 2021.
- As of 06/30/2022, INTV's assets are valued at $16,331,144 vs $13,363,965.
> 2022 - Operational Highlights
In July, INTV has completed an annual contract with Bitmain, resulting in the purchase and full payment of 2,400, high performance, Antminer S19J 104TH rigs.
Recently, INTV has executed an equipment hosting agreement with Compute North, for a mining capacity of 5.25MW, located at Wolf Hollow, TX facility. The agreement, executed on July 1, 2022 is scheduled to launch at the middle of October with connection of 1675 miners.
> 2023 - Management's Commentary
Steve Rubakh, CEO of Integrated Ventures offers the following commentary: "At approximately $13M in market cap, INTV slots on the smaller side with zero institutional coverage, but positions itself well as an undervalued, under followed but efficiently managed and hard-working small cap, with focus on growing a crypto-focused business. With FY22 revenues at $6.56M, up from $1.85M, INTV is confident that its annual mining revenues, based on BTC's trading range of 24k+, will approach $9M. INTV's estimates are based on operating 8.5MW of power, 2700+ miners being online and generating 195 PH.
About: Integrated Ventures, Inc is Technology Portfolio Holdings Company with focus on Blockchain Technology and Cryptocurrency Mining.
For more details, please visit the Company's website: www.integratedventuresinc.com.
Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.
Contact Details: (215) 613-1111, [email protected]
SOURCE Integrated Ventures, Inc
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