Mechanical Technology, Incorporated Announces Third Quarter 2020 Financial Results
ALBANY, N.Y., Nov. 12, 2020 /PRNewswire/ -- Mechanical Technology, Incorporated (“MTI” or the “Company”), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, announced its second quarter financial results for 2020. Please visit https://www.mechtech.com under News.
For the third quarter 2020, net income was $1.5 million, bringing the year to date total net income to $1.97 million which represents a year over year increase of 352% year to date.
The financial performance is a result of the MTI Instrument subsidiary successfully delivering on the United States Air Force historic contract. The aforementioned increase in revenue combined with an improvement in product margin of 378 basis has contributed to the improvement in operating income.
MTI subsidiary EcoChain, Inc., has successfully ramped up capacity and is trending favorably, revenues were $176k for the current quarter, an increase of 252% over the prior quarter. EcoChain, Inc. is continuing to invest in mining purchases to reach facility capacity, estimated to be in November 2020.
MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through MTI Instruments, MTI is engaged in the design, manufacture and sale of test and measurement instruments and systems that use a comprehensive array of technologies to solve complex, real world applications in numerous industries, including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage. Through EcoChain, MTI is developing cryptocurrency mining facilities powered by renewable energy that integrate with the bitcoin blockchain network. For more information about MTI, please visit https://www.mechtech.com.
Statements in this press release that are not historical fact and in particular, with respect to future growth opportunities and continued investments in innovation, constitute forward-looking statements involving risks, uncertainties, estimates, and assumptions that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Such forward-looking statements are made as of today, and MTI disclaims any duty to update such statements. Factors that could cause anticipated results not to occur include, but are not limited to: general economic conditions and the uncertainty of the U.S. and global economy, particularly in light of the COVID-19 pandemic; our inability to develop and utilize new technologies that address the needs of our customers and otherwise keep pace with technological developments; the loss of services of one or more of our key employees or the inability to hire, train, and retain key personnel; the dependence of our business on a small number of customers and potential loss of government contracts; our inability to build and maintain relationships with our customers; and changes in national and global economic or other conditions that impact demand for our products and/or accelerated purchases of our products by our customers due to changes in their business needs.
For more information about the Company, please visit https://www.mechtech.com.
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SOURCE Mechanical Technology, Incorporated