Fortress Blockchain Announces Second Quarter Financial Results

Fortress Blockchain (TSXV:FORT) has announced its second quarter results for the quarter ended June 30, 2018.

As quoted in the press release:

“With the first six months of the fiscal year behind us, and our first full operating quarter in the books, we could not be more pleased with the results generated from operations to date,” stated Aydin Kilic, Co-Founder, CEO and Director of Fortress Blockchain Corp. “As a low cost leader in the industry we are pleased to report industry leading mining margins of 75% and EBITDA margins of 24% for the quarter despite the volatility in bitcoin prices. Our high margins exemplify and further validate our successful business model of driving efficiencies through operations and having access to some of the cheapest power in North America.”

“While cryptocurrency pricing has been under pressure, the Fortress team has performed extremely well,” continued Aydin Kilic. “We remain focused on scaling our operations to maximize shareholder value with our industry leading efficiency and secured low cost environment, which will continue to yield impressive results. Shareholders will take comfort in Fortress’ industry low breakeven mining prices, which provides the Company with flexibility to handle the volatility of the underlying spot prices.”

Second Quarter Financial Highlights:

• Total revenues during the quarter were $1,353,976 (March 31, 2018: $264,348). Revenue from the mining of digital currencies was $986,253 (March 31, 2018: $264,348). The Company had other revenue of $367,723 (March 31, 2018: Nil) from the sale of coupons to purchase ASIC hardware
• Fortress started mining cryptocurrencies at its Flagship Facility on March 7, 2018. Consequently, the revenue generated from cryptocurrency mining in the first quarter ended March 31, 2018 represents mining for the period from March 7, 2018 to March 31, 2018. The quarter ended June 30, 2018 was the first full quarter of mining operations for the Company. Consequently, the results of the two quarters are not comparable

Click here to read the full press release.