EcoChain, Inc. Announces August Site Level Financials
EcoChain, Inc., a subsidiary of Mechanical Technology, Incorporated (MKTY), reported a significant increase in its financial metrics for August 2021. The cash contribution margin rose to $748,000, more than double the $358,000 from July, marking an annual run-rate of $8.97 million. Additionally, the company's hashrate surged by 174% over the previous month. Key developments include the operational launch of the Anaconda facility in September and a hosting joint venture that started in August.
- Cash contribution margin increased to $748k from $358k in July.
- Annual run-rate of cash contribution margin reached $8.97 million.
- Hashrate rose by 174% compared to July.
- Joint venture for hosting launched in August with about 1-year payback on investment.
- Anaconda facility set to go live in September.
- None.
August Cash Contribution Margin More than Doubles vs July with an Annual Run Rate of
August Hashrate Up
ALBANY, NY, Sept. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – EcoChain, Inc. (“EcoChain”), a wholly-owned subsidiary of Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), a cryptocurrency mining business powered by renewable energy, today announced the release of its August site level financials.
Michael Toporek, CEO of MTI, stated, "We are pleased to report our continued execution with another strong month of growth as our cash contribution margin more than doubled and installed hashrate in August increased by
Key August Milestones:
- Contribution Margin ($) more than doubled from July
-
$358 k in July,$748 k in August - Annual run-rate of
$8.97 million
-
- Anaconda facility going live in September
- Scaling up through Q4
- Hosting JV went live in August
- ROIC on infrastructure investment at about 1 year payback
- Took over management of Python facility
Margins Set to Expand:
Toporek further commented, “It’s great to see our Python facility ramping up. As it hits capacity in January or February of next year, margins will expand as power costs decline by about
Key Summary Highlights for August 2021 EcoChain Flash Revenue:
($ in 000s; Unaudited) | Q1 2021 | Q2 2021 | Jul 21 | Aug 21 | YTD Aug 2021 | |||||||||
Revenue | ||||||||||||||
Contribution Margin | ||||||||||||||
Annualized Revenue | ||||||||||||||
Annualized Contribution Margin | ||||||||||||||
A presentation and corresponding video is available on the Company’s website at https://ecochainmining.com/news/monthlyflashseptember2021/
About EcoChain, Inc.
EcoChain, Inc., a wholly-owned subsidiary of Mechanical Technology, Incorporated, is engaged in developing and operating ultra-low cost green data centers focused on cryptocurrency mining. For more information about EcoChain, please visit www.ecochainmining.com.
Forward-Looking Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Contact Information:
Lisa Brennan
lbrennan@mtiinstruments.com
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com
FAQ
What was EcoChain's cash contribution margin in August 2021?
How much did EcoChain's hashrate increase in August 2021?
What is the annual run-rate for EcoChain's cash contribution margin?
When did the Anaconda facility go live?