Riot reported $ 2.8 million of revenue for the three months ended June 30 and a net loss of $ 24.4 million, according to a press release released on Wednesday. In the previous quarter, Riot posted revenue of less than $ 1 million, according to its presentation in May. Comparisons year after year are useless since the company entered the cryptocurrency business only in October 2017.
Riot has defined the results of the second quarter a "milestone" in the press release.
Most of Riot's revenue came from cryptocurrency mining, which is now fully configured, based on his last quarterly deposit. But the company has recorded a partial devaluation of the value of miners. The price of Bitcoin has decreased significantly in the first six months of the year. Based on this fall in prices "and the drop in cash flows expected during the lives of miners", said Riot in his latest quarterly report, "the company determined that there had been devaluations."
The company had $ 1.7 million in cash at June 30, $ 5.3 million in cash at the end of the first quarter, and from $ 41.7 million in December, according to the last two quarterly registrations.
Riot has $ 4.9 million of cryptocurrency and has sold $ 1.6 million worth the digital currency. The cryptocurrency has increased slightly since the last quarter.
The uprising has no long-term debt. The company owes $ 1.5 million in August for the purchase of cryptographic machines in February, according to the latest regulatory filing.
In the last 6 months, Riot has spent $ 20.1 million on the purchase of property and equipment and used $ 9.6 million for operations.  "The Company expects to continue to suffer losses due to short-term transactions and these losses could be significant …" the last issue said. "The Company expects the need to raise additional capital to expand our operations and pursue our growth strategies …"
Riot expects to be able to meet its cash requirements for at least a year, said the deposit .
A CNBC investigation in February found a series of red flags in the company's SEC documents that could make investors seem alarming. The investigation revealed annual meetings postponed to the last minute, sales of shares by employees in companies immediately after the change of name of the company, issuance of dilutive shares on terms favorable to large investors, confusion of SEC documents and evidence that a major shareholder sold shares while all
O & # 39; Rourke accused the CNBC of publishing "a negative one-sided piece."
"We have made significant progress in building a diversified portfolio of investments and to start protecting digital assets", O & # 39; Rourke said in a letter to shareholders on the day when the survey of the CNBC went on the air.