ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company,” transitioning to “BlockQuarry,” pending name change), a Nevada-based portfolio company with primary commercial-stage operations in cryptocurrency mining, is pleased to announce the filing of the Company’s financial performance data for the three months ended June 30, 2021.
“Our primary mining equipment was not installed and switched on until about two weeks before the end of Q2, so the bulk of the impact will show up in Q3 data in terms of topline numbers,” commented Alonzo Pierce, president and chairman of ISW Holdings. “That said, we have significant equipment now running and just received another large delivery of miners, so we are now cooking at a pace of well over $5 million in annual revenues on a monthly basis, with substantial growth ahead over coming months. We are also proud of material gains in assets while dramatically reducing our liabilities, including derivative liabilities, as we implement our new shareholder-friendly initiative announced several months ago.”
Financial Highlights for Three Months Ended June 30, 2021
- Net Cash increased by over 2,600% on a 6-month basis to over $2.3 million
- Total Assets increased 2,657% on a 6-month basis to over $4.9 million
- Total liabilities decreased 58%, and total derivative liabilities decreased 96% to under $750k
- Booked initial cryptocurrency mining revenues beginning during final weeks of quarter
Operational Highlights for Three Months Ended June 30, 2021
- Received, installed and switched on initial equipment to begin active cryptocurrency mining operations
- Entering Q3 with new partnerships, including partnership with Bitmain Technologies
- Minerset now confirmed as new shareholder, with incentives built in for more mining equipment as shares gain value
- Reached nearly $5 million in total assets
- Reduced liabilities from derivatives by over 96% and implemented new initiatives to prevent future dilution
The three months ended June 30 represent a period of powerful growth in underlying value for the Company, driven by a large increase in assets paired with a large decrease in liabilities. The period is also meaningful because it represents the launch of active operations in cryptocurrency mining with the installation and switch-on in Pennsylvania.
However, management believes that the progress the Company has made in Q3 has been substantially more important to demonstrating tangible financial gains and the Company’s capacity to drive top and bottom-line growth. This progress has been highlighted by the Company’s recent partnerships with Bitmain Technologies and Minerset, which will provide for significant material gains in both mining and hosting activities.
The Company looks forward to further discussing its growing operations in its Southeastern U.S. hosting sites, including total mining capacity that could reach 5.32 EH/s once all 200+ MW are active across all pod units.
Pierce added, “We received our initial primary tranche of miners by mid-June. By June 30, we had mined only $19k. However, this was achieved with only minimal mining capacity up and running. Other minor obstacles included refitting our pods for s19’s given that the pods were designed for s17’s. Another 250 Avalon’s arrived last week, and we are now in process of installing the remaining miners needed to reach a hashrate of 54,000 TH/s, which will produce nearly 12 BTC per month, or a little over $6 million in annual revenues at current pricing. However, that doesn’t include new equipment gains on the way or our upcoming growth in hosting revenues, which should surpass $10 million per month once we fully implement the terms of our Bitmain 200 MW agreement, as recently discussed in Company communications.”
ISW/BlockQuarry Corp is quickly becoming one of the largest Mining and Hosting providers in the digital currency space in North America, as we seek to transform the financial markets of the future. Our complement of cutting-edge technologies has enhanced the Bitcoin/Cryptocurrency ecosystem, enabling our customers to take advantage of real-time cost savings. At the same time, our customers can feel confident that their digital transactions and assets are entirely secure. Our company utilizes a scalable blockchain infrastructure to convert unique identifiable assets (UIAs) into interchangeable digital assets such as Bitcoin and other fungible digital assets. We offer immediate liquidity in the form of fast, confidential transactions, as well as the issuance of assets in the traditional capital markets.