Q2 Fiscal 2022 – Operating Results Revealed
ZEST announced second-quarter 2022 operating results on 11th November 2021. The revenue was $6.1 million, 86% more than the previous quarter’s $3.3 million. Moreover, the gross profit was $2.9 million, $0.95 million more than the previous quarter. The company also reported a net loss of $5.9 million compared to a net profit of $9.0 million. In addition, the second quarter of 2021 saw a net loss of $1.1 million. It was mostly due to interest expenditure and stock compensation expense.
How was ZEST’s quarter?
As indicated by an 86 percent growth in sales for the second quarter of fiscal 2022 compared to the prior-year period, the company continues to execute the plan and expand its operations. Also, the team is still working hard to find new ways to earn value, such as Ecoark’s recently announced cryptocurrency mining test site, which is expected to be live later this month.
Cryptocurrency Mining Beta Site Development in Texas
ZEST announced on 8th September 2021 that it along with its indirectly owned subsidiary Bitstream Mining LLC signed an agreement to secure 12 MW of available electric capacity for Bitstream’s mining operation. Moreover, bitstream and its strategic power consultant are working with the utility to modernize the substation.
By January 2022, Bitstream expects the 12 MW mining station to be fully operational and producing considerable currency, with monthly earnings of $4.4 million1 expected. This includes payments for participation in ERCOT Demand Response initiatives. By December 2022, the fully constructed 50 MW facility should be ready. Furthermore, the company intends to mine a diverse basket of large-cap cryptocurrencies with the highest miner reward-to-price ratio. Lastly, the company is planning to sell enough coins to pay Bitstream’s monthly operational costs, with the remaining crypto being used for fiat transactions.
ZEST’s Operating Results for Q1 Fiscal 2022 – What happened?
ZEST reported operating results for first-quarter fiscal 2022 on 16th August 2021. The revenue of $6.9 million was achieved, $2.3 million more than the preceding year’s quarter. Gross profit was $2.9 million, up from $1.2 million the year before, with gross margins of 42 percent. Moreover, the company also reported a net income of $2.6 million in the prior-year quarter. The non-cash gain was about $5.0 million in the first quarter of fiscal 2022. It was largely attributable to a change in the fair value of derivative obligations.
How’s the quarter been?
ZEST continues to evolve and extend its operations, as indicated by a 25% increase in sales during the first quarter of fiscal 2022. In addition, the staff is always looking for new ways to provide value, such as Ecoark’s recent investment in cryptocurrency mining beta site.