DMG Blockchain Solutions, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Positive Financial Highlights:
    • Strong positive comprehensive income for Q2 of $2.1 million.
    • Improved cash flow position; net cash outflows reduced compared to the previous quarter, nearing cash flow positive operations.
  • Mining Operations Updates:
    • Christina Lake facility being built to support up to 2 exahash of mining capacity.
    • DMG clarified they have not yet purchased 2 exahash of miners but are working towards this with selective purchases based on 1-year ROI thresholds.
  • Technology Initiatives:
    • Petra technology has achieved patent pending status and is now in beta testing with exchanges.
    • Immersion cooling development underway at Christina Lake. Phase 1 and 2 still expected by year-end 2021 despite some supply chain challenges.
    • Partnership announcements for immersion cooling fluid and potential manufacturing partners expected soon.
    • Interest from other mining companies in using thematic pool software Blockseer continues; two additional parties currently in discussion.

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Operator: Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the DMG Blockchain Solutions Q2 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. Participants on this call are advised that the audio of this conference is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call. I would now like to turn the call over to Jules Abraham of Core IR, the Company's Investor Relations firm. Please go ahead, sir. Jules Abraham: Thank you, Sarah. Good afternoon everyone and thank you for joining us for the DMG Blockchain Solutions second quarter 2021 financial results and corporate update conference call. Joining us today from DMG Blockchain Solutions is Sheldon Bennett, the Company's Chief Executive Officer. Sheldon Bennett: Thank you so much, Jules. It's great to be here. Thank you for the introduction and we've got a lot to cover. We've looked a bit of time for this. So hopefully we can get through all the questions that we have at the end that people have submitted to the website. Just in terms of what I'd like to cover and what I'd like to do. I plan on doing a little bit of a general corporate overview then going into our financial results, where I'll just be highlighting parts that I think for the shareholders out there, maybe they have a few questions of why numb

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