MGT Capital Investments, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 04:46 pm EST
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MGT Capital Investments, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 0.027 million compared to USD 0.104 million a year ago. Revenue was USD 0.146 million compared to USD 0.173 million a year ago. Net loss was USD 16.42 million compared to USD 0.374 million a year ago. Basic loss per share from continuing operations was USD 0.02.
For the nine months, sales was USD 0.152 million compared to USD 0.628 million a year ago. Revenue was USD 0.685 million compared to USD 0.697 million a year ago. Net loss was USD 17.9 million compared to USD 1.62 million a year ago. Basic loss per share from continuing operations was USD 0.03.
MGT Capital Investments, Inc. is engaged in cryptocurrency activities with operations at an owned and managed Bitcoin mining facility in LaFayette, Georgia. The Companyâs business activities are comprised of self-mining operations, providing hosting services, and leasing space to third parties. The Company owned approximately 35 Antminer S19 Pro miners providing about 3 Ph/s in hash power for self-mining. It also offers third-party owners of miners a hosting service whereby the Company operates and maintains the miners for a fixed monthly fee. Its miners and those hosted for others are housed in a modified shipping container on the Companyâs owned property in Georgia. The Company owns the entire facility, including land and improvements, five 2500 kilovolt-amp (KVA) three-phase transformers, and three mining containers. The Company is exploring the 10 MW expansion potential at its property as well as investigating other sites to develop Bitcoin mining facilities.
MGT CAPITAL INVESTMENTS, INC. 
