Keel Infrastructure Corp. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Bitcoin Production: Mined 1,515 BTC in Q3 2022, a 21% increase compared to 1,257 BTC in Q2 2022. October production added another 487 BTC.
  • Hasrate Growth: Increased hashrate to 4.4 EH/s at end of Q3 2022, up 17% from Q2. Year-to-date, hashrate had doubled from beginning of 2022.
  • Revenue: $33 million in Q3 2022, down from $42 million in Q2 2022 (reflecting a 35% drop in average Bitcoin price offsetting higher production).
  • Adjusted EBITDA: $10.3 million (31% margin), down from $18.7 million (45% margin) in Q2 2022 due to lower Bitcoin prices.
  • Direct Cost per BTC Mined: $9,400 in Q3, down from $9,900 in Q2. Excluding a VAT accrual, cost would have been $8,300.
  • Total Cash Cost per BTC: $14,300 in Q3, down from $17,000 in Q2, due to lower mining and G&A costs.
  • Net Loss: $85 million in Q3 (or $0.40 per share), down from $142 million in Q2. Includes a $70M impairment related to Argentina expansion due to unfavorable FX conversion under IFRS.
  • Liquidity: $76 million at quarter end ($36M cash + 2,064 BTC valued at $40M).
  • Mining Efficiency: 115.7 BTC per average EH/s in October — at the top of industry performance. Energy efficiency improved to 40 joules per terahash in Q3 (a 12% YoY improvement).

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Operator: Good day, and welcome to Bitfarms Third Quarter 2022 Financial Results Call. All participants will be in listen-only mode. [Operator Instructions] Please note that this event is being recorded. Now, I’d like to turn the conference over to Mr. David Barnard, LHA Investor Relations. Please go ahead. David Barnard: Thank you, Nick. Good morning everyone, and welcome to Bitfarms’ conference call for the third quarter of 2022. With me on the call today is 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 the Investors Presentations section. 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 this morning Bitfarms issued a press release announcing its third quarter 2022 financial results. Turning to slide two. I’ll remind everyone that certain forward-looking statements will be made during the call and future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risk and uncertainites and I invite you to consult Bitfarms MD&A for a complete list of these. Also during the call, reference will be made to supporting slides. And again, you can find the presentation on our website und

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