DMG Blockchain Solutions, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Ending: March 31, 2024 | Call Date: May 23, 2024

Key Financial Highlights

  • Revenue: $10 million, up 3% QoQ (from $9.7 million) and up 31% YoY (from $7.6 million).
  • Bitcoin Mined: 153 BTC, down 22% QoQ due to reduced network issuance post-halvening.
  • Cash + Bitcoin Holdings: $43.6 million, up 57% QoQ and 101% YoY.
  • Fleet Hashrate: 0.96 EH/s (flat QoQ); projected to grow to 1.7 EH/s in the June quarter.
  • Fleet Efficiency: 28.4 J/TH (flat QoQ), targeted improvement to 23 J/TH with T21 miner deployment.
  • Net Income: Breakeven in Q2 2024; second consecutive quarter of profitability.
  • Earnings Before Other Items: ($1.8 million), down from ($1.5 million) in prior quarter.
  • Adjusted Cash Flow from Operations: $4.5 million, up 19% from $3.7 million in prior quarter.
  • Mining Margins: 47% (revenue less O&M), flat QoQ.
  • Electricity Cost per Bitcoin: ~$23,000, up more than one-third QoQ due to rate adjustments.

Operational Highlights

  • Installed 4,550 Bitmain T21 miners expected to bring fleet to 1.7 EH/s by end of June quarter.

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Operator: Good afternoon. And welcome to the DMG Blockchain Solutions Second Quarter 2024 Update Conference Call. Participants on this call are advised that the audio of this conference call 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 content of this call contains time sensitive information that is accurate only as of today, May 23, 2024. 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 is now my pleasure to turn the call over to Sheldon and Steven. Sheldon? Sheldon Bennett: Thank you, Levi. Good afternoon, and thanks

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