Digi Power X Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue Growth: Revenue increased to $24.95 million in 2021, a 602% increase from $3.5 million in 2020.
  • Net Income: Positive net income of approximately $300,000 in 2021, up from a net loss of $5.9 million in 2020.
  • Adjusted EBITDA: $14.01 million for 2021, marking a 1,600% increase from a negative adjusted EBITDA of ($900,000) in 2020.
  • Cash Position: Cash and cash equivalents were $34.4 million as of December 31, 2021. As of March 2022, the company noted approx. $50 million in cash/cash equivalent balance.
  • Working Capital: $30 million at the end of 2021, up 17.6% YoY.
  • Book Value Per Share: Increased to $3.13 in 2021, up 251% from 2020.
  • Hashrate Growth: Ended 2021 at 416 PH/s; current hashrate as of March 2022 is 720 PH/s. Company targets 1.5 EH/s average for 2022.
  • Bitcoin Production: Producing 3.35 BTC/day at 720 PH/s; aiming for 6.7 BTC/day by achieving 1.5 EH/s.
  • Projected 2022 Revenue: Estimated $114 million based on 6.7 BTC/day at a $47,000 BTC price.
  • Adjusted EBITDA Target for 2022: Projecting 4.5x-5x growth over 2021 (~$65-$70 million).

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Operator: Good day ladies and gentlemen, and welcome to Digihost Technology Inc. 2021 Earnings Conference Call. [Operator Instructions] Also note that the call is being recorded on March 28, 2022. And now I would like to turn the conference over to Mr. Donald Christie. Please go ahead sir. Donald Christie: Thanks very much. Just before we begin, I'd like to read a safe harbor statement with respect to some forward-looking information that will come up during the course of this meeting. Digihost cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information or statements. Please see today's press release and refer to those risks set out in Digihost's public documents filed on SEDAR. The company undertakes no obligation to revise or update any forward-looking information or statements other than as required by applicable securities laws. During this call, the company will refer to certain measures not recognized by IFRS and that do not have a standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies. The company uses the following non-IFRS measures. EBITDA, Earnings Before Interest Taxes, Depreciation and amortization and adjusted EBITDA as additional information to complement IFRS measures to pro

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