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Exceeds Hashrate Target with September up 107% over August
October 8th Annualized Cash Contribution Run Rate Exceeds $11.6 million
ALBANY, N.Y., October 12, 2021 — EcoChain, Inc. (“EcoChain”), a wholly-owned subsidiary of Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), a cryptocurrency mining business powered by renewable energy, today announced the release of its September site level financials.
Michael Toporek, CEO of MTI stated, “We continue to power up our facilities to hit our 50MW target by year end. It’s just a thrill to see it all come together as we turn on more hash rate almost every day. I am so proud to be a part of this amazing team. They are really getting it done. If you take the hashrate we had on line on October 8th and assume we had that on line for September our annualized cash contribution rate would be about $11.6 million. A very exciting step function in our growth which I expect will continue until we hit our targets.”
Key Summary Highlights for September 2021 and EcoChain Flash Revenue:
- Energizing and ramping up to hit 50MW target by year-end
- Infrastructure set to maximize efficiency
- By October 8, 2021, reached 300 PH/s running, exceeding target set in early May 2021 of 216 PH/s running by end of September
- Anaconda and Python continue to ramp MW & hashrate through Q4
- Python saw a significant increase in hashrate in the last week of September and is continuing to plug-in equipment through October
| ($ in 000s; Unaudited) | |||||
| Q1 2021 | Q2 2021 | Q3 2021 | |||
| Revenue | $995 | $1,657 | $2,368 | ||
| Annualized Revenue | $3,980 | $6,628 | $9,472 | ||
| Cash Contribution Margin | $744 | $1,261 | $1,657 | ||
| Annualized Cash Contribution Margin | $2,976 | $5,044 | $6,628 |
About EcoChain, Inc.
EcoChain, Inc., a wholly-owned subsidiary of Mechanical Technology, Incorporated, is engaged in developing and operating ultra-low cost green data centers focused on cryptocurrency mining.
Forward Looking Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission.
Contact Information:
Lisa Brennan
lbrennan@mtiinstruments.com
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com
