Gryphon Digital Mining, Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Operational Highlights
  • Self-mining hash rate reached 0.9 exahash by end of 2023, up from 0.6 exahash at end of 2022.
  • Aim to scale to 10 exahash through a combination of M&A and procurement of new mining equipment.
  • Operated ~9,000 machines on 28 megawatts of 100% renewable energy.
  • Published a full carbon emissions report in partnership with CarbonChain, making Gryphon the first miner to publicly share such a granular assessment.
  • Maintained positive net cash flow throughout 2023, even during market downturns.
  • Top-ranked for Bitcoin Efficiency in 6 of the last 12 months and consistently ranked in the top 4 overall.
Financial Highlights (Comparative: FY 2022 vs FY 2023)
  • Mining Revenues: $21.1 million in 2023 vs. $21.4 million in 2022.
  • Breakeven Cost per Bitcoin: $18,217 in 2023 vs. $14,964 in 2022.
  • Operational Loss: $19.2 million in 2023 (includes $23.4 million in non-cash expenses) vs. $16.6 million in 2022.
  • Net Loss: $28.6 million in 2023 vs. Net Income of $3.5 million in 2022.
  • Adjusted EBITDA: $4.8 million in 2023 vs. $7.4 million in 2022.

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Operator: Greetings, and welcome to the Gryphon Digital Mining FY Financial Year 2023 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-K for the year ended December 31, 2023, 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 D

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