FORT Announces Third Quarter 2021 Financial Results Fortress Technologies Inc. (TSX-V: FORT) (the “Company” or “Fortress”), a bitcoin company that develops and operates world-class bitcoin mining infrastructure, announces the results of its operations for the third quarter and nine months ended September 30, 2021 (“Q3 2021”). The Company’s strong performance continued into the second half of the year, with net income of approximately $3.5 million or earnings per share of $0.04 in Q3 2021.
During the quarter, Fortress more than doubled its active hash rate, deploying another three containers in partnership with Great American Mining (“GAM”). These three containers bring the total number of active containers with GAM to four. Together, these four containers produce approximately 52 PH/s of bitcoin mining hash rate at the Company’s site in North Dakota.
Fortress also appointed new leadership during the quarter, as Antonin “AJ” Scalia and Thomas “Drew” Armstrong joined the Company as Chief Executive Officer and President/Chief Operating Officer, respectively. Scalia and Armstrong also replaced Joshua Crumb and Michael Costa on the Company’s board of directors.
Fortress ended the period with active and contracted hash rate of approximately 72 PH/s and 178 PH/s, respectively, across its two sites in Washington State and North Dakota. Based on current bitcoin mining conditions, the Company estimates its active hash rate will produce over 13 bitcoins per month.
The Company maintains a strong balance sheet at quarter end with a bitcoin a balance of 129 as of September 30, 2021, in addition to $5.7 million of cash. Consequently, at quarter end, the total value of the Company’s cash, bitcoin, and accrued interest was $12,534,409 (at a price per bitcoin of US$41,622).
About Fortress Technologies
Fortress Technologies Inc. (TSX-V: FORT) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.
Fortress believes sound money and cheap, abundant energy are the fundamental ingredients to human progress, and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network. Today, Fortress owns 163 PH/s across various sites around the United States and expects to deploy an additional 32 PH/s and 534 PH/s in Q4 2021 and 2022, respectively. Upon the full deployment of its purchased machines, Fortress’s hash rate will total 729 PH/s. The Company is focused on expanding its portfolio of hash rate through a diversified approach to site selection and operations, utilizing multiple energy sources across various jurisdictions.