NetworkNewsBreaks – BlockQuarry Corp. (BLQC) Releases Corporate Update, Financial Highlights
BlockQuarry (OTC: BLQC), a Texas-based company with commercial-stage operations in cryptocurrency mine hosting and self-mining in the southeast United States, is providing shareholders with provisional and unaudited Q3 performance projections along with highlights from its financial performance for the three months ended June 30, 2022. According to the update, BLQC management anticipates that the company is “on pace” for top-line sequential quarterly growth of some 30% during the three months ending Sept. 30, 2022. In addition, the update noted that for the three months ended June 30, 2022, revenue was up almost 8,000% year over year, totaled more than $1.5 million, and total assets increased by nearly 6,000%, reaching nearly $11 million. In addition, debt reduction from liabilities for the quarter was over $2 million and shareholder base numbered more than 7,000 shareholders and a float of 47 million shares. The announcement also noted that the company has been fully engaged in the process of responding to SEC comments for the confidential filing of Form S-1. “We had a fantastic 2021, but we believe 2022 is on pace to significantly raise the bar,” said BlockQuarry president and chair Alonzo Pierce in the press release. “Our hosting revenue this year has already surpassed what we produced from that segment for the whole year in 2021. Moreover, due to our market positioning and signed agreements with major partners, 2022 appears set to be our best year ever on both the top and bottom line, with Q3 on pace to show strong growth on both a sequential and year-over-year basis, and we are excited to further bolster our positioning and performance trajectory into year end. . . . Given our substantial hosting footprint, our long-term trajectory toward accelerating top-line growth is not contingent on price trends in the cryptocurrency market as we scale our operations. In other words, the price of Bitcoin has no bearing on our financial performance in our hosting business. As a result, we believe our stock price no longer reflects our fundamental value proposition for our shareholders following the recent period of significant weakness in cryptocurrency related assets. Given our hybrid model, our lack of toxic financing on the balance sheet, and our current partnerships and agreements with strong-handed players in the space, we believe we are positioned to thrive over the long term.”
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BlockQuarry (OTC: BLQC), a Texas-based company with commercial-stage operations in cryptocurrency mine hosting and self-mining in the southeast United States, is providing shareholders with provisional and unaudited Q3 performance projections along with highlights from its financial performance for the three months ended June 30, 2022. According to the update, BLQC management anticipates that the company is “on pace” for top-line sequential quarterly growth of some 30% during the three months ending Sept. 30, 2022. In addition, the update noted that for the three months ended June 30, 2022, revenue was up almost 8,000% year over year, totaled more than $1.5 million, and total assets increased by nearly 6,000%, reaching nearly $11 million. In addition, debt reduction from liabilities for the quarter was over $2 million and shareholder base numbered more than 7,000 shareholders and a float of 47 million shares. The announcement also noted that the company has been fully engaged in the process of responding to SEC comments for the confidential filing of Form S-1. “We had a fantastic 2021, but we believe 2022 is on pace to significantly raise the bar,” said BlockQuarry president and chair Alonzo Pierce in the press release. “Our hosting revenue this year has already surpassed what we produced from that segment for the whole year in 2021. Moreover, due to our market positioning and signed agreements with major partners, 2022 appears set to be our best year ever on both the top and bottom line, with Q3 on pace to show strong growth on both a sequential and year-over-year basis, and we are excited to further bolster our positioning and performance trajectory into year end. . . . Given our substantial hosting footprint, our long-term trajectory toward accelerating top-line growth is not contingent on price trends in the cryptocurrency market as we scale our operations. In other words, the price of Bitcoin has no bearing on our financial performance in our hosting business. As a result, we believe our stock price no longer reflects our fundamental value proposition for our shareholders following the recent period of significant weakness in cryptocurrency related assets. Given our hybrid model, our lack of toxic financing on the balance sheet, and our current partnerships and agreements with strong-handed players in the space, we believe we are positioned to thrive over the long term.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
