BlockQuarry Corp (BLQC)

[Louied91]

$BLQC BlockQuarry Provides Q3 Corporate Update & Q2 Financial Highlights

https://www.globenewswire.com/news-release/2022/09/29/2525136/0/en/BlockQuarry-Provides-Q3-Corporate-Update-Q2-Financial-Highlights.html

HOUSTON, Sept. 29, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- BlockQuarry Corp, (OTC: BLQC) (“BlockQuarry” or the “Company”), a Texas-based company with commercial-stage operations in cryptocurrency mine hosting and self-mining in the Southeast United States, is pleased to update current and prospective shareholders on provisional and unaudited Q3 performance projections as well as highlights from its financial performance for the three months ended June 30, 2022.

“We had a fantastic 2021, but we believe 2022 is on pace to significantly raise the bar,” said Alonzo Pierce, President and Chair of BlockQuarry. “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.”

Management believes the Company is on pace for top-line sequential quarterly growth during the three months ending Sept. 30, 2022, of roughly 30%.
Highlights for the three months ended June 30, 2022

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 & a float of 47 million shares.
Low break-even bitcoin mining cost and significant hosting agreements, which allow protection from bitcoin price volatility.
Management also notes that the Company has been fully engaged in the process of responding to SEC comments for the confidential filing of Form S-1.

Despite recent weakness in cryptocurrency related assets and market tone, the Company continues to see another year of very strong growth in 2022 as its hybrid mining and hosting model continues to scale up.

The Company’s long-term focus includes:

Strong financial performance with quarter over quarter growth.
Dedication to net zero carbon mining & infrastructure solutions.
A diverse long-term strategy branching within the energy & infrastructure industries.
Pierce added, “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 concluded, “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.”

All Company updates, material and non-material, will only be made public via press releases, Twitter and/or via the Company’s website: www.BlockQuarry.io.