EcoChain, Inc. Announces September Site Level Financials with Continued Ramp 

Rhea-AI Summary

EcoChain, a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), reported significant growth in its cryptocurrency mining operations for September 2021. The company exceeded its hashrate target, achieving 300 PH/s, a 107% increase over August. The annualized cash contribution run rate surpassed $11.6 million. CEO Michael Toporek expressed excitement about reaching the 50MW target by year-end, emphasizing the efficiency of their infrastructure. EcoChain continues to ramp up operations, with a strong hashrate and revenue growth over the previous quarters.

Positive

• Annualized cash contribution run rate exceeds $11.6 million.
• Achieved a hashrate of 300 PH/s, exceeding the September target of 216 PH/s.
• Infrastructure improvements are expected to maximize efficiency.

Negative

• None.

 

Exceeds Hashrate Target with September up 107% over August

 

October 8^th Annualized Cash Contribution Run Rate Exceeds $11.6 million 

 

ALBANY, NY, Oct. 12, 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 September site level financials.

Michael Toporek, CEO of MTI stated, "We continue to power up our facilities to hit our 50MW target by year end. It’s just a thrill to see it all come together as we turn on more hash rate almost every day. I am so proud to be a part of this amazing team. They are really getting it done. If you take the hashrate we had on line on October 8^thand assume we had that on line for September our annualized cash contribution rate would be about $11.6 million. A very exciting step function in our growth which I expect will continue until we hit our targets.” 

KeySummaryHighlights for September 2021 and EcoChain Flash Revenue:

•  Energizing and ramping up to hit 50MW target by year-end
  •  Infrastructure set to maximize efficiency 

•  By October 8,2021, reached 300 PH/s running, exceeding target set in early May 2021 of 216 PH/s running by end of September 

•  Anaconda and Python continue to ramp MW & hashrate through Q4

•  Python saw a significant increase in hashrate in the last week of September and is continuing to plug-in equipment through October 

($ in 000s; Unaudited)
	Q1 2021		Q2 2021		Q3 2021
Revenue	$995		$1,657		$2,368
Annualized Revenue	$3,980		$6,628		$9,472
Cash Contribution Margin	$744		$1,261		$1,657
Annualized Cash Contribution Margin	$2,976		$5,044		$6,628

A presentation and corresponding video is available on the Company’s website at https://ecochainmining.com/news/monthlyflashoctober2021/

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 is the recent hashrate achievement for EcoChain (MKTY)?

EcoChain achieved a hashrate of 300 PH/s, exceeding its target of 216 PH/s set for September.

What is the annualized cash contribution run rate for EcoChain (MKTY)?

The annualized cash contribution run rate for EcoChain exceeds $11.6 million as of October 8, 2021.

How much revenue did EcoChain (MKTY) report for Q3 2021?

EcoChain reported revenue of $2,368,000 for Q3 2021.

What are the plans for EcoChain (MKTY) by the end of 2021?

EcoChain plans to ramp up operations to achieve a 50MW target by the end of 2021.

What was the percentage increase in hashrate for EcoChain (MKTY) from August to September 2021?

EcoChain's hashrate increased by 107% from August to September 2021.