LOS ANGELES, Oct. 06, 2022 (GLOBE NEWSWIRE) -- -- via InvestorWire -- BlockQuarry Corp. (OTC: BLQC), a Texas-based company with commercial-stage operations in cryptocurrency mine hosting and self-mining in the Southeast United States, today announces that it has been featured in a broadcast via NetworkNewsAudio (“NNA”), a solution that delivers additional visibility, recognition and brand awareness in the investment community via distribution to thousands of syndication points. The audio news release covers BlockQuarry’s recent update on its provisional and unaudited Q3 performance projections, as well as highlights from its financial performance for the three months ended June 30, 2022.
To hear the audio production, visit: https://www.nnw.fm/nFqTT
To read the original press release, visit: https://www.nnw.fm/o2xvh
“We had a fantastic 2021, but we believe 2022 is on pace to significantly raise the bar,” Alonzo Pierce, President and Chair of BlockQuarry, stated in the news 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.”
The company also recapped highlights from its second quarter financial results in the update, including:
- Revenue exceeded $1.5 million for Q2, up almost 8,000% YOY
- Total assets increased to nearly $11 million, up nearly 6,000%
- Debt reduction from liabilities over $2 million in Q2
- Shareholder base of over 7,000 shareholders and float of 47 million shares
- Low break-even bitcoin mining cost and significant hosting agreements, providing protection from bitcoin price volatility
“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,” Pierce added.
As detailed in the news release, BlockQuarry’s long-term focus includes strong financial performance, continued dedication to net zero carbon mining and infrastructure solutions, and execution of a diverse growth strategy within the energy and infrastructure industries. With its hybrid model, lack of toxic financing, and current partnerships with strong-handed players in the space, the BlockQuarry team believes the company is uniquely positioned to thrive in the coming years.
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. For more information, visit the company’s website at www.BlockQuarry.io.
NetworkNewsAudio (“NNA”), one of 50+ brands within IBN (InvestorBrandNetwork), allows you to sit back and listen to market updates, CEO interviews and AudioPressRelease (“APR”) productions. These audio clips provide snapshots of position, opportunity and momentum. NNA can assist by cutting through the overload of information in today's market, while bringing its clients unparalleled visibility, recognition and brand awareness. IBN is where news, content and information converge. IBN is a comprehensive provider of news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of journalists and writers, IBN has the unparalleled ability to reach a wide audience of investors, consumers, journalists and the general public with an ever-growing distribution network of 5,000+ key syndication outlets across the nation.
For more information, visit: www.NetworkNewsAudio.com
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you 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 our current judgment regarding the direction of our 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, we do 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).