Keel Infrastructure Corp. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Leadership Update: CEO Jeff Murphy's departure was expedited due to a legal claim. Nico Bonta, Chairman and Co-Founder, has stepped in as Interim CEO. A new CEO is expected to be appointed within weeks.
  • Financial Highlights:
    • Q1 revenue: $50 million — up 9% quarter-over-quarter (QoQ), and 67% year-over-year (YoY).
    • Adjusted EBITDA: $21 million — up 50% QoQ.
    • Net loss: $6 million or $0.02 per share, significantly improved from Q4 2023 net loss of $57.2 million ($0.19 per share).
    • Gross mining profit: $29 million or 59% of mining revenue, up from 52% in Q4.
    • Cash G&A: $8.5 million, down 11% QoQ, after adjusting for nonrecurring severance charges and noncash compensation.
    • Bitcoin mined: 943 BTC in Q1 vs. 1,236 in Q4; impacted by a 21% increase in network difficulty.
  • Operational Highlights:
    • Targeting 21 exahash hash rate by Q4 2024 (223% increase from current levels).
    • Infrastructure capacity to grow to 428 megawatts, up 80% from year-end 2023.
    • Energy efficiency expected to improve from 35 to 21 watts/terahash by end of year.

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Operator: Greetings. Welcome to the Bitfarms' First Quarter 2024 Financial Results Conference Call. At this time all participants’ are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] I will now turn the conference over to your host, Tracy Krumme. You may begin. Tracy Krumme: Thank you. Good morning, everyone, and welcome to Bitfarms' first quarter, 2024 conference call. With me on the call today is Nico Bonta, Interim Chief Executive Officer; Jeff Lucas, Chief Financial Officer, and Ben Gagnon, Chief Mining Officer. Before we begin, please note that this call is being webcast with an accompanying presentation. Today's press release and our presentation can be accessed at our website, bitfarms.com. Under the investor section. Turning to slide two. I'll remind everyone that certain forward-looking statements will be made during the call and that future results could differ from those implied in the statements. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties and I invite you to consult bit Bitfarms MD&A for a complete list. Please note that references will be made to certain measures not recognized under IFRS and therefore may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's press release and our MD&A for definitions of the aforementioned non-IFRS measures and their reconciliations to IFRS measures.

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