Keel Infrastructure Corp. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Bitfarms Q2 2023 Earnings Summary

  • Date: August 8, 2023
  • Presentation by: Geoff Morphy (President & CEO), Jeff Lucas (CFO)
  • Revenue: $35 million, up 18% from Q1 2023 ($29 million)
  • Bitcoin Mined: 1,223 BTC (Q1 2023: 1,297 BTC; Q2 2022: 1,257 BTC)
  • Adjusted EBITDA: $8 million, up from $7 million in Q1 2023
  • Gross Mining Profit: $14 million or 42% of revenue (same margin as Q1)
  • Cost to Produce 1 BTC:
    • Direct cost: ~$15,700 (up from $12,500 in Q1 2023)
    • Excluding VAT accrual: ~$14,000
    • Total cash cost: ~$21,800 (Q1 2023: ~$17,600)
  • Net Loss: $25 million ($0.10/share), compared to $2 million loss ($0.01/share) in Q1 2023
  • Liquidity: $48 million (cash: $31M; BTC holdings: $17M)
  • Debt: Reduced to $16M as of June 30, and under $14M by end of July; targeted full repayment by Feb 2024
  • Mining Capacity:
    • Hash rate: 5.3 EH/s at end of Q2 (up 10% QoQ, 47% YoY)
    • Target: 6.3 EH/s by Q3 2023 end; 7 EH/s by Q1 2024
    • Future potential: up to 7.8 EH/s if 30MW in Paraguay is developed

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Operator: Good morning, everyone. My name is Alan, and I will be your conference operator today. At this time, I'd like to welcome to the Bitfarms' Second Quarter 2023 Financial Results Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] As a reminder, this conference is being recorded today, August 8, 2023. I'd like to turn the call over to David Barnard of LHA Investor Relations. David, you may begin you conference. David Barnard: Thank you, Alan. Good morning, everyone, and welcome to Bitfarms conference call for the second quarter of 2023. With me on the call today is Geoff Morphy, President and CEO; 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 second quarter 2023 financial results. Turning to Slide 2, I'll remind everyone that certain forward-looking statements will be made during the call and that future results could differ materially from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risks

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