Gryphon Digital Mining, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Hashrate & Fleet Upgrade: Successfully completed miner upgrade program ahead of schedule. Deployed Bitmain S21 200 TH/s miners, improving total hashrate to 0.94 EH/s and fleet efficiency to 28.5 J/TH from 28.9 J/TH.
  • Financial Performance:
    • Bitcoin Mined: 142 BTC in Q1 2024
    • Revenue: $7.5 million—up from $4.8 million in Q1 2023 (+56%)
    • Adjusted EBITDA: $1.9 million—down from $4.2 million in Q1 2023
    • Net Loss: $11.7 million vs. $6.9 million in Q1 2023
    • Net Loss Per Share: $0.36 vs. $0.28 in Q1 2023
    • Breakeven Cost per BTC: $34,000 (vs. $23,800 in Q4 2023 and $22,500 TTM Average)
  • Costs & Market Environment:
    • Energy cost increased to $0.046/kWh in Q1 2024 (up 46% YoY)
    • Global hash rate rose 88% YoY
    • Bitcoin price rose 131% YoY from $22,830 to $52,746
  • Strategic Initiatives:
    • Targeting 10 EH/s in hash rate through accretive M&A and organic growth
    • No binding LOIs signed yet, but evaluating 12–16 potential M&A targets

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Operator: Greetings, and welcome to the Gryphon Digital Mining First Quarter 2024 Earnings Call. On the call are Rob Chang, Chief Executive Officer of the Company and Sim Salzman, Chief Financial Officer of the Company. Before I turn the call over to Mr. Chang, please note that statements made on this call that are not historical facts may be forward-looking statements from the company's management made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended, concerning future events. Words such as may, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's Form 10-Q for the quarter ended March 31, 2024, filed with the SEC. Copies of these documents are available on the SEC's website at www.sec.gov. Actual results may differ materially from those expressed or implied by such forward-looking statements. Any forward-looking statements made on this call are made only as of today's date and the company does not undertake any obligation to update or supplement any such statements to reflect subsequent developments. Now, I would like to turn the call over to Rob Chang, CEO of Gryphon Digit

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