DMG Blockchain Solutions, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue Growth: Revenue increased 6% to $7.6 million in Q2 2023 (March quarter), up from $7.2 million in the prior quarter (Q1 2023).
  • Self-Mining Revenue: Increased by 17% to $7.8 million from $6.7 million due to a 26% increase in average Bitcoin price. However, mine Bitcoin decreased by 7% to 255.8 BTC, partly due to 13% lower network productivity.
  • Adjusted EBITDA: Earnings before other items (excluding depreciation, amortization, and SBC) rose to $1.7 million (22% margin), up from $1.3 million (18%) in the previous quarter.
  • Net Loss: Improved to $3.8 million compared to $5.6 million net loss in Q1 2023.
  • Cash and Digital Assets: Combined balance nearly doubled to $21.7 million from $10.9 million sequentially, with a $3.4 million tax refund contributing to cash growth.
  • BTC Mined: 255.8 Bitcoin were mined, a 7% sequential decline. DMG sold 97% of mined BTC generating $7 million in cash vs. 60% sold in prior quarter.
  • Mining Capacity: Achieved a hash rate of 0.89 EH/s. With new miner acquisitions totaling 1,550 units (188 PH/s), installed hash rate expected to rise to 1.2 EH/s.

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Jules Abraham: Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the DMG Blockchain Solutions Q2 2023 Update Conference Call. My name is Jules Abraham from CORE IR, the company's Investor Relations firm. 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 on the company's website. Joining us today from DMG Blockchain Solutions is Sheldon Bennett, the company's Chief Executive Officer; and Steven Eliscu, Chief Operating Officer. During this call, management will be making forward-looking statements including statements that address DMG Blockchain Solutions expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in DMG Blockchain Solutions most recently filed periodic reports and the company's recent press releases, particularly the cautionary statements within. The contents of this call contain time sensitive information that is accurate only as of today May 31, 2023. Except as required by law, DMG Blockchain Solutions disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It's now my pleasure to tu

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