Keel Infrastructure Corp. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $40 million — a 42% increase from Q1 2021 ($28.2 million), mainly due to growth in the company’s hash rate outpacing Bitcoin network difficulty despite lower Bitcoin prices.
  • Bitcoin Mined: 961 BTC in Q1 2022 at a direct production cost of $8,700 per BTC, maintaining one of the lowest cost structures in the industry.
  • Gross Mining Profit: $30 million in Q1 2022, up from $22 million in Q1 2021 — Gross Mining Margin was 76%.
  • Adjusted EBITDA: $32 million (80% of revenue), up from $20 million in Q1 2021, but down from $44 million in Q4 2021.
  • Net Income: $4.5 million or $0.02 per diluted share vs. net loss of $7.6 million or $0.06 loss per share in Q1 2021.
  • Operational Hash Rate: 2.7 EH/s at quarter-end, up 22% from 2.2 EH/s at December 31, 2021; current hash rate is 3.4 EH/s representing ~1.5% of the global Bitcoin network hash rate.
  • Current BTC Holdings: 5,900 BTC as of the call date (valued at ~$30,000/BTC).
  • Installed Miner Fleet: Approximately 36,700 miners.
  • Daily BTC Production: 14.5 BTC/day (~$435,000/day revenue at $30K BTC).

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Operator: Good morning and welcome to the Bitfarms First Quarter 2022 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to hand the conference over to David Barnard with LHA Investor Relations. Please go ahead. David Barnard: Thank you, Anthony. Good morning everyone, and welcome to Bitfarms’ conference call for the first quarter of 2022. With me on the call today is Emiliano Grodzki, Chief Executive Officer of Bitfarms; Geoff Morphy, President and Chief Operating Officer; and Jeff Lucas, Chief Financial Officer. Before we begin, please note, this call is being webcast live with an accompanying presentation. To watch along with the slides, you can log onto our website at www.bitfarms.com under Investors Presentations. If you prefer to listen to the call on your smartphone, you can download the presentation from there as well. I would like to remind you that this morning Bitfarms issued a press release announcing its first quarter 2022 financial results. Turning to Slide 2. I also want to remind you that certain statements we make today are forward-looking and in that regard, Bitfarms cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to different materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information or statements. Please see today's press re

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