Keel Infrastructure Corp. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Bitfarms Q2 2022 Earnings Summary

  • Bitcoin Production: 1,257 BTC mined in Q2 2022, a 31% increase compared to Q1 2022.
  • Revenue: $42 million, up 3% quarter-over-quarter (Q1 2022: $40.8 million), despite a 20% decline in average Bitcoin price. Year-over-year, revenue increased 16% (Q2 2021: $36.1 million).
  • Adjusted EBITDA: $19 million (45% of revenue), down from $21 million in Q1 2022 and $24 million in Q2 2021.
  • Direct Cost of Production: $9,900 per BTC (Q1 2022: $8,700). Increase mainly due to network difficulty and a newly accrued VAT tax cost. Without VAT accrual, cost would have been $8,700.
  • Gross Mining Margin: 66% (Q1 2022: 76%; Q2 2021: 79%).
  • Operating Loss: $173 million, including:
    • $78 million realized loss from BTC sale
    • $70 million unrealized loss from BTC revaluation
    • $80 million goodwill impairment
  • Net Loss: $142 million (-$0.70/share) vs. $4 million net loss in Q2 2021 (-$0.02/share).
  • Liquidity: $108 million as of June 30, 2022 ($46M in cash + $62M in BTC).
  • Debt Reduction:
    • Reduced Bitcoin-backed loan from $100 million to $23 million (as of July 31).

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Operator: Good morning. My name is MJ and I will be your conference operator today. At this time, I would like to welcome everyone to the Bitfarms Second Quarter 2022 Financial Results Conference Call. [Operator Instructions] As a reminder this conference is being recorded, August 15, 2022. I will now turn the call over to David Barnard from LHA Investor Relations. David, you may begin your conference. David Barnard: Thank you, MJ. Good morning everyone, and welcome to Bitfarms’ conference call for the second quarter of 2022. With me on the call today are 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 second quarter 2022 financial results. Turning to Slide 2. I’ll remind you that certain statements that we make during this call may constitute forward-looking information and safety. Bitfarms cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that cause actual results to differ materially from the expectations of the company. Listeners should not place undue reli

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