Riot Blockchain (NASDAQ:RIOT) changed -13.78% to recent value of $1.6. The stock transacted 8874888 shares during most recent day however it has an average volume of 2.11M shares. It spotted trading -67.32% off 52-week high price. On the other end, the stock has been noted 212.13% away from the low price over the last 52-weeks.
On May 11, 2020, Riot Blockchain (NASDAQ:RIOT) one of the few Nasdaq listed public cryptocurrency mining companies in the United States, revealed financial results for the first quarter ended March 31, 2020.
Recent financial highlights
- Produced 281 newly minted bitcoins (BTC) during the first quarter of 2020 and increased bitcoin inventory 60% to 821 BTC from December 31, 2019 to March 31, 2020.
- Improved working capital at March 31, 2020 to $17.0 million from $9.3 million as of December 31, 2019 and decreased total liabilities to $3.8 million from $4.1 million during the same period.
- Increased total stockholders’ equity to $33.2 million as of March 31, 2020 from $26.2 million at December 31, 2019.
First Quarter 2020 Financial Results
Total mining revenue increased 68% to $2.4 million as compared to $1.4 million in the first quarter of 2019.
Mining margin, computed as mining revenues in excess of cost of revenues (excluding depreciation and amortization which is separately stated), was $955,000 (40.0% of total revenue), which compares to a loss of $65,000 in the same year-ago period. The improvements in revenue and gross profit were primarily due to changes in cryptocurrency prices, combined with the higher efficiencies of the new generation miners in place in 2020, net of increases in the difficulty index associated with solving mining algorithms.
Selling, general, and administrative (SG&A) expenses increased 18% to $3.7 million as compared to $3.2 million reported in the first quarter of 2019. The increase in SG&A expenses was primarily due to an increase in stock-based compensation expense. Excluding the stock-based compensation expense, SG&A decreased to $1.8 million as compared to $2.9 million reported in the first quarter of 2019 primarily due to cost reduction efforts and decreases in legal fees.
Net loss for the quarter ended March 31, 2020 was $4.3 million, or $(0.15) per share, compared to net loss of $13.8 million, or $(0.94) per share, in the same period last year.
RIOT has a gross margin of 10.80%. Its earnings per share (EPS) expected to touch remained 76.40% for this year while earning per share for the next 5-years is expected to reach at 20.00%.
The company has 27.24M of outstanding shares. According to the most recent quarter its current ratio was 3.7 that represents company’s ability to meet its current financial obligations. The price moved ahead of 33.64% from the mean of 20 days, 55.60% from mean of 50 days SMA and performed 8.19% from mean of 200 days price. Company’s performance for the week was 72.90%, 72.90% for month and YTD performance remained 65.18%.