Fortress Technologies Generates Net Income of $3.5 Million in Q3 2021

Fortress Technologies, a bitcoin company that develops and operates world-class bitcoin mining infrastructure, has released its financial results for the third quarter ended September 30, 2021. According to the press release, the company’s net income for the quarter came in at $3.5 million, while earnings per share reached $0.04.

The company maintains a strong balance sheet at quarter end with a bitcoin a balance of 129 as of September 30, 2021, in addition to $5.7 million of cash. Consequently, at quarter end, the total value of the company’s cash, bitcoin, and accrued interest was $12,534,409.

In Q3 of 2021, Fortress more than doubled its active hash rate, deploying another three containers in partnership with Great American Mining ("GAM"). These three containers bring the total number of active containers with GAM to four. Together, these four containers produce approximately 52 PH/s of bitcoin mining hash rate at the company’s site in North Dakota.

In addition, Fortress also appointed new leadership during the quarter, as Antonin ‘AJ’ Scalia and Thomas ‘Drew’ Armstrong joined the company as Chief Executive Officer and President/Chief Operating Officer, respectively.

“Fortress believes sound money and cheap, abundant energy are the fundamental ingredients to human progress, and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network,”the company stated.