EcoChain, Inc. Reports Monthly Site Level Financials as it Continues to Scale Up
June 15 2021 - 7:00AM
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
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
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