EcoChain, Inc. Reports Monthly Site Level Financials as it Continues to Scale Up
EcoChain, Inc., a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), has announced its monthly financial results through May 2021, highlighting a commitment to transparency. For April, EcoChain reported revenue of $560,000 and a contribution margin of $440,000. In May, revenues increased to $618,000 with a contribution margin of $503,000. The total revenue for 2021 thus far is $2.2 million with a contribution margin of $1.7 million. CEO Michael Toporek expressed satisfaction with the release of these figures as part of regular financial disclosures.
- April 2021 revenue: $560,000 and contribution margin: $440,000.
- May 2021 revenue: $618,000 and contribution margin: $503,000.
- Total revenue for 2021 thus far: $2.2 million with a contribution margin of $1.7 million.
- None.
ALBANY, N.Y., June 10, 2021 /PRNewswire/ -- 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 site level results by month through May.
As previously communicated, EcoChain has released its site level financial flash, including revenue, adjusted cost of cryptocurrency revenue and contribution margin.
Michael Toporek, CEO of the Company commented "We are pleased to make this first monthly disclosure of EcoChain's revenue and contribution margin by location. It is the first of what will now be regular releases of monthly results. We continue to disclose information that is consistent with our ethos of transparency and accountability to stockholders. We sincerely hope that investors find this information useful when reviewing our operating performance."
Key Highlights:
- Combined EcoChain revenue of
$560 thousand and contribution margin of$440 thousand for April 2021 - Combined EcoChain revenue of
$618 thousand and contribution margin of$503 thousand for May 2021 - Combined EcoChain revenue of
$2.2 million and contribution margin of$1.7 million for all of 2021
Click here to access the presentation and video:
https://ecochainmining.com/news/monthlyflashmay2021/
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
View original content to download multimedia:http://www.prnewswire.com/news-releases/ecochain-inc-reports-monthly-site-level-financials-as-it-continues-to-scale-up-301310428.html
SOURCE Mechanical Technology, Incorporated
FAQ
What were EcoChain's revenue and contribution margin for April 2021?
How much revenue did EcoChain generate in May 2021?
What is the total revenue for EcoChain in 2021 to date?
Who is the CEO of Mechanical Technology, Incorporated?
How does EcoChain ensure transparency with its investors?
