Keel Infrastructure Corp. Q1 FY2023 Earnings Call

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Bitfarms Q1 2023 Earnings Summary

  • Hashrate Growth: Achieved a hashrate of 4.8 EH/s by March 31, 2023—a 7% QoQ increase (from 4.5 EH/s at year-end 2022) and a 78% YoY increase. Reached 5.0 EH/s post-quarter.
  • Bitcoin Production: Mined 1,297 BTC in Q1 2023, up 35% YoY (vs. 961 BTC in Q1 2022), but down 10% QoQ (from 1,434 BTC in Q4 2022) due to a 13% increase in network difficulty.
  • Revenue and Profitability:
    • Q1 2023 revenue: $30 million, up from $27 million in Q4 2022 (+11%).
    • Gross mining profit: $12 million (42% margin), vs. $8 million (33%) in Q4 2022.
    • Adjusted EBITDA: $6.3 million, significantly up from $1 million in Q4 2022.
    • Operating loss: $15 million, improved from $20 million in Q4 2022.
    • Net loss: $2 million or $0.01/share, vs. $17 million or $0.08/share in Q4 2022.
  • Production Costs:
    • Direct cost per BTC: $12,500, up from $11,100 in Q4 2022, due to higher network difficulty and slight increase in energy costs.
    • All-in cash cost per BTC: $17,600, up from $16,800 in Q4 2022.
  • Financial Position:
    • Cash: $29 million as of March 31, 2023.
    • Bitcoin holdings: 435 BTC valued at $12 million.

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Operator: Good morning, everyone, and welcome to the Bitfarms Limited First Quarter 2023 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to David Barnard of LHA Investor Relations. Sir, please go ahead. David Barnard: Thank you, Jamie. Good morning, everyone, and welcome to Bitfarms conference call for the first quarter of 2023. With me on the call today is Geoff Morphy, President and Chief Executive 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 on our website at www.bitfarms.com under the Investor Relations section under Presentation. 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 press release [announcing its] first quarter 2023 financial results. I'll remind everyone, turning to Slide 2, that certain forward-looking statements will be made during the call and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and invite you to consu

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