BitNile Holdings, Inc., a diversified holding company (“BitNile” or the “Company”) announced preliminary unaudited revenue for 2021 and revenue guidance for 2022.
Latest Fintech Insights: FinancialForce Partners With Talent Works To Enhance Employer Brand And Grow Engineering Talent
“We are encouraged by the Company’s momentum across its business segments, which leads us to expect significant revenue growth in 2022. We have several key initiatives that we expect will drive nearly 200% revenue growth from 2021 to 2022: ”
The Company anticipates preliminary unaudited revenue of approximately $52 million for 2021, up 119% from revenue of $23.9 million in 2020. Further, the Company announced expected revenue of approximately $155 million for 2022, which would represent a 197% increase from 2021 preliminary unaudited revenue.
Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “We are encouraged by the Company’s momentum across its business segments, which leads us to expect significant revenue growth in 2022. We have several key initiatives that we expect will drive nearly 200% revenue growth from 2021 to 2022:
Browse The Complete News About Fintech : Coinswitch To Launch Recurring Buy Plan For Crypto Assets
- BitNile expects to grow its Bitcoin mining operations through strategic procurement of power at its Michigan data center to support the additional Bitcoin mining equipment the Company plans to install in 2022. The Company is taking a dual-path strategy for power procurement, looking at the cost benefit analysis of increasing capacity in Michigan versus procuring power in a more advantageous geography. To this end, BitNile is exploring various tax friendly locales in addition to opportunities through alternative energy sources, including hydropower. The Company’s projected Bitcoin mining revenue, presumes the installation of 20,600 Bitcoin miners by the end of 2022, a Bitcoin price of $41,500 and a mining difficulty level of 26.7 trillion;
- TurnOnGreen projects revenue to grow from $5.3 million in 2021 to $13.1 million in 2022 through increased sales of its electric vehicle charging products; and
- We are also expecting $15.4 million of revenue from our subsidiary, Ault Global Real Estate Equities, Inc., which recently announced the acquisition of four hotels including two Marriott and two Hilton Garden Inn hotels, located in the suburbs of Madison, Wisconsin.”
The Company notes Bitcoin mining estimates are subject to the actual delivery and installation of Bitcoin miners, the volatility in Bitcoin market price, the fluctuation in the mining difficulty level, and other factors that may impact the results of operations.
Read More About Fintech News : Qredo Announces an $80mm Series A Raise Led By 10T Holdings, with Strategic Investment from Coinbase, Avalanche and Terra
[To share your insights with us, please write to sghosh@martechseries.com]
