BlockQuarry Announces Financial and Operational Highlights HOUSTON, Dec. 30, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- BlockQuarry Corp. (OTC: BLQC) (“BlockQuarry” or the “Company”), a Texas-based company with commercial-stage operations in cryptocurrency mine hosting and self-mining in the Southeast United States, is pleased to provide its financial and operational highlights for the three and nine months ended Sept. 30, 2022.
Alonzo Pierce, president and chair of BlockQuarry, stated, “I am extremely proud of our third quarter financial performance, despite very difficult current overall market and cryptocurrency market conditions. We were able to book a phenomenal quarter that featured continued strong topline growth, and we made substantial headway on key corporate objectives.”
Unaudited Financial Highlights for the Three and Nine Months ended Sept. 30, 2022:
- Total revenues for the three months ended Sept. 30 of $2.098 million, representing a 33% growth on a sequential quarterly basis (versus $1.58 million during Q2 2022).
- Total revenue for the nine months ended Sept. 30, 2022, of $4.46 million, representing 1,350% year-over-year growth (versus $308,803 for the nine months ended Sept. 30, 2021).
- As of Sept. 30, 2022, the Company’s total assets reported on the balance sheet were $10.42 million – up 11% year over year (versus $9.56 million reported on the balance sheet as of Sept. 30, 2021).
- As of Sept. 30, 2022, the Company reported total current liabilities of $16.4 million vs. $16.1 million as of Dec. 31, 2021.
Operational Highlights for the Three Months ended Sept. 30, 2022:
- The Company entered into an agreement with a consultant to provide services related to uplisting the Company’s common stock onto a higher exchange (NASDAQ) as well as advising the Company in making related necessary preparations.
- The Company and Bitmain agreed to amend their existing Service Framework Agreement to increase the hosting service fee from $0.05275 per kilowatt hour to $0.07 per kilowatt hour.
- The board of directors charter has been submitted with the state of Nevada, which solidifies the Company’s BOD as well as completes a necessary step for NASDAQ.
- The Company has filed its amended S1 registration statement with the updated Q3 financial reports.
- The Company has significantly reduced its convertible debt with legacy note holders, which would prevent any unwanted dilution or negate ramifications down the road.
Pierce added, “We were successful in hitting a number of key objectives in Q3, including a necessary reworking of our agreement with Btimain to protect the Company and ensure we are covered during peak power months. We were also able to get our board of directors and advisors finalized as well as hire a consulting firm to help us with the uplisting process.”
The Company wants to highlight, as well, that its long-term focus has been solidified by its newly formed board of directors and advisors, as follows:
- Delivery of strong financial performance with quarter-over-quarter growth.
- Dedication to net-zero carbon mining and infrastructure solutions.
- A diverse long-term strategy branching within the energy and infrastructure industries.