Keel Infrastructure Corp. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue Growth: Q3 2021 revenues reached a record $44.8 million, a 22% increase from $36.7 million in Q2 2021 and a 560% increase from $6.8 million in Q3 2020.
  • Bitcoin Production: Mined 1,051 BTC in Q3 2021, up 38% from Q2 2021’s 759 BTC.
  • Hash Rate & Capacity: Exceeded 2 EH/s during Q3 2021 (up from 1.4 EH/s at Q2 close). Targeting 3 EH/s by March 31, 2022, and 8 EH/s by end of 2022.
  • Daily Production: Currently producing approximately 12 BTC/day, representing $762,000/day at ~$63,500 per BTC.
  • Cost of Production: Average cost to mine one BTC dropped to ~$6,900 in Q3 2021, down from $9,000 in Q2 2021. Washington acquisition brings costs as low as $4,000/BTC.
  • Net Income: Achieved record net income of $23.7 million (EPS: $0.13 diluted), compared to a net loss of $4.8 million in Q3 2020.
  • Adjusted EBITDA: $31.9 million in Q3 2021, up from $23.8 million in Q2 2021; margin improved from 65% to 71%.

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Operator: Good day. Thank you for standing by and welcome to the Bitfarms Third Quarter 2021 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to David Barnard of LHA Investor Relations. Please go ahead. David Barnard: Thank you. Good afternoon, everyone. And welcome to the Bitfarms conference call for the third quarter 2021. With me on the call today is Emiliano Grodzki, Chief Executive Officer of Bitfarms, Geoff Morphy, President 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 to our website under investors on your 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 shortly after the market closed today, momentarily Bitfarms, press release announcing its third quarter 2021 financial results. Turning to Slide 2, I'd like to remind you that certain statements that we make during the conference call may constitute forward-looking statements, and these statements include Bitfarms cautions and listeners to that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners

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