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.
Pierce concluded, “I am very proud of what we have accomplished this quarter, both on the revenue side and internally. Unfortunately, these moves haven’t been reflected in the Company’s public value, and overall market and cryptocurrency market conditions have only served to exacerbate the matter. However, as long as we continue to make the right strategic moves along the way, I believe we will achieve the strong goals we have set for Blockquarry. I look forward to seeing what we can accomplish in Q4 and beyond.”
All Company updates, material and nonmaterial, will only be made public via press releases, Twitter and/or the Company’s website: www.BlockQuarry.io.
BlockQuarry focuses on cryptocurrency mine hosting and self-mining operations at a leased property located in Gaffney, South Carolina. BlockQuarry also maintains a fleet of digital/cryptocurrency mining equipment and infrastructure.
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or the Company’s future financial performance. In some cases, readers can identify forward-looking statements by terminology including “could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company’s current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with OTC Markets (www.otcmarkets.com).
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