Integrated Ventures Reports Q3/2022 Financial Results With Total Revenues Of $1,431,819 And Gross Profit Of $307,492.00

Rhea-AI Summary

Integrated Ventures Inc. (OTCQB: INTV) released its Q3 2022 financial report, covering the period ending March 31, 2022. Total revenues surged to $5,894,798 compared to $961,152 in the same period last year. Gross mining profit reached $2,886,130, up from $342,198. The company reported a net income of $758,191, reversing a loss of $17,175,732 year-over-year. Total assets increased to $16,149,447. Despite these gains, company commentary indicated lower-than-expected mining revenues due to cryptocurrency market weakness and operational changes in NY.

Positive

• Total revenues increased significantly to $5,894,798 from $961,152.
• Gross mining profit rose to $2,886,130 from $342,198.
• Net income improved to $758,191 from a net loss of $17,175,732.
• Total assets grew to $16,149,447 from $13,363,965.
• Inventory of miners valued at over $22,500,000 will be fully paid without new debt or share issuance.

Negative

• Mining revenues in Q3 2022 were below expectations due to overall weakness in cryptocurrency markets.
• Termination of mining operations in NY affected performance.

Philadelphia, Pa., May 16, 2022 /PRNewswire/ -- Integrated Ventures Inc. (OTCQB: INTV), ("Company") is pleased to confirm that on 05/11/2022, Q3/2022 Report, covering financial period, ending on March 31, 2022, was filed.

Key Highlights, reflecting financial period of 9 months, for year 2021 vs 2022, are as follow:

• Total Revenues, consisting of (1) cryptocurrency mining and (2) sales of mining equipment, have increased to $5,894,798.00 (9 months thru March 31, 2022) vs $961,152.00 (9 months thru March 31, 2021).
  
  
• The Company's Gross Mining profit has reached $2,886,130.00 ( 9 months thru March 31, 2022) vs $342,198.00 ( 9 months thru March 31, 2021).
  
  
• The Company's Net Income has reached $758,191.00 (9 months thru March 31, 2022) vs loss of 17,175,732.00 ( 9 months thru March 31, 2021).
  
  
• Total Assets have increased to $16,149,447.00 (9 months thru March 31, 2022) from 13,363,965.00 (9 months thru March 31, 2021).
  
  
• The Balance for Digital Currencies was $300,403.00 (9 months thru March 31, 2022) vs $245,320.00 ( 9 months thru March 31, 2021).

Company adds the following commentary: "In terms of mining revenues, Q3's results were below expectations, mainly related to the (1) overall weakness in cryptocurrency markets and (2) ubrupt termination of our mining operations in NY, due to the financial failures by the Petawatt Holdings, Inc. All mining equipment has been re-located to our new facility, located in Tioga, PA. The Company plans to launch its PA operations, by the end of May, 2022 and will update shareholders with any developments. Our financial obligations to Bitmain set to expire on July 1, 2022. As result, the Company's inventory of 3,100+ miners, currently valued over $22,500,000, will be fully paid for. This was accomplished by relying mainly on existing cash flow and without issuing new shares and without creating new debt financial obligations."

About Integrated Ventures Inc: The Company operates as Technology Holdings Company with focus on cryptocurrency sector. Additional information is available by visiting company's website at www.integratedventuresinc.com.

Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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.
 

Media contact: sr@integratedventures.io, +1 (215) 613-1111

View original content:https://www.prnewswire.com/news-releases/integrated-ventures-reports-q32022-financial-results-with-total-revenues-of-1-431-819-and-gross-profit-of-307-492-00--301547883.html

SOURCE Integrated Ventures Inc.

FAQ

What were Integrated Ventures' total revenues for Q3 2022?

Integrated Ventures reported total revenues of $5,894,798 for Q3 2022.

How did Integrated Ventures' net income change in Q3 2022?

The company reported a net income of $758,191 for Q3 2022, a significant improvement from a loss of $17,175,732 in Q3 2021.

What is the current status of Integrated Ventures' mining operations?

The company is relocating its mining operations to a new facility in Tioga, PA, with plans to launch by the end of May 2022.

How have Integrated Ventures' total assets changed?

Total assets increased to $16,149,447 as of March 31, 2022, up from $13,363,965 a year earlier.

Why were mining revenues lower than expected for Integrated Ventures?

Mining revenues fell short of expectations due to weakness in cryptocurrency markets and the abrupt termination of operations in NY.