TECH - TAAL Distributed Information Technologies (TAALF) - Making its Way Through the Crypto Malaise

2Q22 Results. TAAL reported second quarter 2022 revenue of $7.3 million (all figures in CAD$), up from $6.7 million in the year ago quarter but down from 1Q22 of $8.7 million. The sequential drop reflects the difficult operating conditions in the crypto market, including both declining values and reduced trade volumes. We had projected revenue of $8.1 million. Driven by gains on the sale of assets, TAAL reported net income of $16.3 million, or $0.33 per share, compared to a net loss of $10.1 million, or $0.29 per share, in the year ago period. We had estimated a net loss of $2.1 million, or $0.05 per share.Site Diversification. TAAL is moving forward with diversifying its computing power, with the recent New Mexico agreement, the ongoing development of the New Brunswick facility, and rental computing power. With additional units on the way, we expect TAAL to be able to replace its current Russian operations by year-end 2022. Read More >>