Vogogo Releases Third Quarter Financial Results

Vogogo (CSE:VGO) has announced its financial results for Q3 ended September 30, 2018.

As quoted in the press release:

As at September 30, 2018, the Company’s facilities are fully operational, running more than 22,000 cryptocurrency miners with 36 MW of electrical power. This is the aggregate result of: (i) the acquisition of Crypto 205 Inc., pursuant to which Vogogo commenced cryptocurrency mining activities with approximately 4,125 mining machines and 6 MW of electrical power effective April 3, 2018; (ii) the larger acquisition of 14,000 mining machines and electrical and HVAC infrastructure to support a total of 30 MW of electrical power, which was completed effective June 29, 2018; and (iii) a co-location agreement, which was announced by the Company on July 5, 2018, adding another 4,000 cryptocurrency miners to its facilities.

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

		Three Months Ended September 30,							Nine Months Ended September 30,										Year ended December 31,
		2018		2017			2018					2017					2017
Revenue		$	8,230,518			$	—			$	10,939,694				$	—				$	—
Net loss and comprehensive loss			(3,437,552	)			(204,208	)			(55,328,776		)			(1,155,994		)			(1,677,489		)
Adjusted EBITDA			3,188,900				(85,588	)			4,086,640					(801,738		)			(992,206		)
Adjusted EBITDA margin			39	%			—				37		%			—					—
Total assets			64,847,400				12,836,319				64,847,400					12,836,319					12,836,319
Total liabilities			37,723,796				95,078				37,723,796					95,078					224,823
Basic and diluted net loss and comprehensive loss per common share		$	(0.02	)		$	(0.00	)		$	(0.35		)		$	(0.02		)		$	(0.02		)

For the three months ending September 30, 2018, Vogogo achieved an Adjusted EBITDA of $3.2 million, resulting in an Adjusted EBITDA Margin of 39%.  For the nine months ending September 30, 2018, the Company achieved an Adjusted EBITDA of $4.1 million and an Adjusted EBITDA Margin of 37%.  The Company’s average cash cost per Bitcoin mined (which includes electricity cost, contractors’ fees and general facility operating costs) for the three months ending September 30, 2018 was $4,641.

Click here to read the full press release.