Keel Infrastructure Corp. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • NASDAQ Listing: Bitfarms received approval from NASDAQ on May 7, 2021. Listing is pending final DTC eligibility—which is expected within two weeks from the call—after which Bitfarms can begin trading three to four business days later.
  • Hashrate Growth: Average hashrate for Q1 2021 was 988 petahash (PH), a 39% increase from 709 PH in Q1 2020. Ending hashrate stood at 1.2 exahash (EH), with a current hashrate of ~1.42 EH. The Company expects to reach 2.5 EH in fall 2021 and 3.0 EH by end of 2021.
  • Bitcoin Production: 598 BTC mined in Q1 2021, down 45% from 1,087 BTC in Q1 2020. Decline due to May 2020 Bitcoin halving and increased network difficulty.
  • Bitcoin Price Impact: Despite fewer BTC mined, revenue surged from $8.7M in Q1 2020 to $27.7M in Q1 2021 due to average BTC price of ~$45,000, compared to ~$8,300 in Q1 2020.
  • Financial Performance:
    • Revenue: $28.4M (up 209% YoY)
    • Gross Mining Profit: $22.3M vs. $4.1M YoY
    • Gross Mining Margin: 80% vs. 47% YoY
    • Adjusted EBITDA: $19.5M vs. $2.8M YoY
    • Adjusted EBITDA Margin: 69% vs. 30% YoY
    • EBITDA: -$3M (vs. $1.8M YoY) due to non-cash expenses totaling ~$22.8M

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Operator: Ladies and gentlemen, thank you for standing by. Good afternoon and welcome to the Bitfarms First Quarter 2021 Financial Results and Corporate Update Conference Call. Currently, all participants are in a listen only mode. Participants of 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 approximately one hour after the end of the call through August 26, 2021. I would now like to turn the conference over to Jules Abraham of CORE IR, Bitfarms’ Investor Relations firm. Please go ahead. Jules Abraham: Thank you, Sean, and good afternoon, everyone. Prior to proceeding with Bitfarms’ Q1 2021 results conference call, I’d like to remind you that certain statements that will be made during the call may constitute forward-looking, and that actual results could differ materially from any such forward-looking statements. As well as the Company undertakes no obligation to revise or update any forward-looking information, other than as required by law. During this call, the Company will refer to certain matters not recognized under IFRS and do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company uses the following non-IFRS measures: gross mining profit; gross mining margin; adjusted EBITDA and adjusted EBITDA margin; EBITDA and EBITDA margin as add

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