EcoChain, Inc. Reports Monthly Site Level Financials for Q2 2021
Mechanical Technology, Incorporated (NASDAQ: MKTY) reported a 66% revenue increase in Q2 2021, totaling $1,656,000 compared to $995,000 in Q1 2021. The contribution margin also rose significantly from $743,000 to $1,261,000, achieving a margin of 69.7%. These results reflect EcoChain’s focus on renewable energy in cryptocurrency mining.
CEO Michael Toporek emphasized the company's resilience amidst challenging market conditions, attributing success to their eco-friendly energy sourcing strategy.
- Revenue increased by 66% from Q1 to Q2 2021, reaching $1,656,000.
- Contribution margin rose by 69.7%, from $743,000 to $1,261,000.
- Annualized revenue projected at $6,624,000, up from $3,980,000.
- None.
Revenue Increase of
ALBANY, N.Y., July 15, 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 site level results by month through June.
As previously communicated, EcoChain remains committed to releasing its site level financial flash report, including revenue, adjusted cost of cryptocurrency revenue and contribution margin.
Michael Toporek, CEO of the Company, commented, “We continue to be pleased with our results, especially considering the current market conditions, clearly showcasing the strength of our business model. Our commitment to low cost, eco-friendly energy sourcing has been instrumental in maintaining our contribution margin.”
Key Summary Highlights:
| Summary Results | ||||
| (thousands) | Q1 2021 | Q2 2021 | Change | % Change |
| Revenue | $ 995 | $ 1,656 | $ 661 | |
| Contribution Margin | $ 743 | $ 1,261 | $ 518 | |
| Annualized Revenue | $ 3,980 | $ 6,624 | ||
| Annualized Contribution Margin | $ 2,972 | $ 5,044 | ||
Click here to access the presentation and video:
https://ecochainmining.com/news/monthlyflashjune2021/
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
