Keel Infrastructure Corp. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • NASDAQ Listing: Bitfarms began trading on NASDAQ on June 23, 2021, marking a major milestone in its growth strategy.
  • Hash Rate Growth: Q2 2021 average hash rate reached 1.3 EH/s, an 89% increase year-over-year (YoY) from 694 PH/s in Q2 2020. As of the end of Q2, hash rate exceeded 1.4 EH/s. The company targets 3 EH/s by Q1 2022 and 8 EH/s by year-end 2022.
  • Bitcoin Production: Mined 759 BTC in Q2 2021 with an average production cost of $9,000 per BTC. As of August 13, YTD BTC mined totaled 1,910, with 1,820 BTC held (95%), valued at $87.9 million.
  • Revenue: Generated $36.7 million in revenue, a 400% YoY increase from $7.4 million in Q2 2020. This was driven by both a higher hash rate and an increase in average BTC price ($46,500 vs. $8,600 YoY).
  • Gross Mining Profit: Record $28.1 million, up significantly from $2.5 million YoY. Gross mining margin increased to 79%, from 36% YoY.
  • Adjusted EBITDA: $23.8 million (65% margin), up from $1.4 million (19% margin) in Q2 2020. EBITDA (including noncash charges) was $2.7 million, impacted by a $14.9 million impairment on BTC revaluation.
  • Net Income: Net loss of $3.7 million or $0.02 per share, same as Q2 2020 net loss ($3.7 million or $0.04/share), due to higher G&A and BTC revaluation loss.

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Operator: Good day, and welcome to the Bitfarms Second Quarter 2021 Financial Results and Corporate Update Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jules Abraham with CORE IR. Please go ahead. Jules Abraham: Thank you, Chuck, and good afternoon, everyone. Prior to proceeding of Bitfarms Q2 2021 results conference call, I'd like to remind you that certain statements that we made during the conference call may constitute forward-looking information. Bitfarms cautions listeners that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information. Please refer to those risks set out in Bitfarms' public documents filed on www.sedar.com and www.sec.gov/edgar. As well, the company undertakes no obligation to revise or update any forward-looking information or statements other than as required by applicable securities laws. During this call, the company will refer to certain measures not recognized underlying FRS and they do not have a standardized meaning prescribed by IFRS and, therefore, 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, adjusted EBITDA margin, EBITDA and EBITDA margin,

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