DMG Blockchain Solutions, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

DMG Blockchain Solutions Q3 2023 Earnings Summary

  • Bitcoin Mined: 196 BTC, down 26% from 265 in Q2 2023.
  • Realized Hash Rate: 0.8 exahash (Q2: approx. 0.89 exahash), a 10% decrease.
  • Bitcoin Revenue: Slightly decreased to $7.5M (Q2: $7.6M, -2%).
  • Self-Mining Revenue: $7.5M, a 4% sequential drop due to lower BTC production offset by a 29% rise in BTC price.
  • Hosting Revenue: $0.3M, declined 23% sequentially.
  • Net Pool Revenue: -$0.3M (Q2: -$0.7M). Negatives from variance in hash rate payout vs. blocks mined.
  • Operating Margin: 45% (Q2: 40%). Benefited from increased BTC price and lower utility costs (-9%).
  • Adjusted Earnings (before other items): $2M or 27% margin (Q2: $1.7M or 22%).
  • Net Loss: $4.3M (Q2: $3.8M loss) — primarily due to modification of amount recoverable.
  • Cash & Crypto Holdings: $22.4M, up 3% from $21.7M; up 88% YoY.
  • Total Assets: $91.2M, down 3% QoQ from $94.3M.
  • Cost to Mine One BTC: Under $14,500.

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Operator: Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the DMG Blockchain Solutions Q3 2023 Update Conference Call. 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 content of this call contains time sensitive information that is accurate only as of today, August 30, 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 is now my pleasure to turn the call over to Sheldon and Steve. Sheldon? Sheldon Bennett: Good afte

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