Vogogo Releases Second Quarter Financial Results

Vogogo (CSE:VGO) has announced its financial results for Q2 ended June 30, 2018.

As quoted in the press release:

Vogogo completed the acquisition of Crypto 205 Inc. (the “Crypto 205 Acquisition”) and commenced cryptocurrency mining activities with approximately 4,125 mining machines effective April 3, 2018. The larger acquisition of 14,000 mining machines and electrical and HVAC infrastructure to support a total of 30 MW of electrical power (the “828 Acquisition”) was completed effective June 29, 2018.  The operating results for the second quarter include one day of operations subsequent to the 828 Acquisition.  The operating results for a full quarter of operations, including the co-location agreement announced by the Company on July 5, 2018, will be reflected in the third quarter financial results of the Company.

Selected financial information of the Company for the three and six months ended June 30, 2018 is set forth below:

		Three Months Ended June 30,							Six Months Ended June 30,							Year ended December 31,
		2018		2017			2018		2017		2017
Revenue		$	2,709,176			$	—			$	2,709,176			$	—			$	—
Net loss and comprehensive loss			(51,738,445	)			(203,074	)			(51,891,224	)			(951,786	)			(1,677,489	)
Adjusted EBITDA			1,097,307				(90,022	)			897,740				(716,150	)			(992,206	)
Adjusted EBITDA margin			41	%			—				33	%			—				—
Total assets			66,663,808				12,836,319				66,663,808				12,836,319				12,836,319
Total liabilities			37,284,621				93,982				37,284,621				93,982.0				224,823
Basic and diluted net loss and comprehensive loss per common share		$	(0.35	)		$	(0.00	)		$	(0.37	)		$	(0.01	)		$	(0.02	)

Vogogo achieved an adjusted EBITDA of $1.1 million, resulting in an adjusted EBITDA margin of 41% for the three months ending June 30, 2018.  The Company’s cost of revenue, which includes electricity cost, non-cash depreciation of mining and infrastructure equipment, contractors’ fees and general facility operating costs, resulted in an average cost per Bitcoin mined of $3,772.

Click here to read the full press release.