Keel Infrastructure Corp. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q3 2023 revenue remained flat at $35M vs Q2 2023, with Bitcoin mining revenue at $33M and $2M from subsidiary Volta.
  • Bitcoin Production: 1,172 BTC mined in Q3, down from 1,223 BTC in Q2, and 1,515 BTC in Q3 2022 due to higher network difficulty.
  • Hashrate Growth: Increased to 6.1 EH/s by September 30 (up 15% from June 30, and 45% YoY); reached 6.3 EH/s in October.
  • Adjusted EBITDA: $7M in Q3, down slightly from $8M in Q2; equates to profit per BTC of $5,900 (vs. $6,300 in Q2).
  • Production Costs: Q3 direct cost per BTC: $16,900 (Q2: $15,700); Rio Cuarto site cost: under $12,000. Without VAT tax (~$1,700 per BTC), cost would be $15,200.
  • Net Loss: $19M in Q3 ($0.07 per share), improved from Q2's $25M loss ($0.10 per share).
  • Balance Sheet: Liquidity of $66M at end-Q3 ($47M cash, $19M BTC). Debt reduced to $10M at Q3 end; under $8M by October 31. Target: fully debt-free by Feb 2024.
  • Bitcoin Holdings: 703 BTC at September 30; increased to 760 BTC by October 31 (valued ~$26M).

Strategic and Operational Updates

  • Río Cuarto (Argentina): Expanded to 1.6 EH/s; achieved cost below $0.03/kWh in Oct; accounts for 23% of operating capacity and drives production cost reduction.

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Operator: Good day, everyone, and welcome to the Bitfarms' Third Quarter Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to David Barnard, LHA Investor Relations. Please go ahead, sir. David Barnard: Thank you. Good morning everyone, and welcome to Bitfarms conference call for the third quarter of 2023. With me on the call today is Geoff Morphy, President and Chief Executive 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 on to our website at www.bitfarms.com under the Investors Presentation 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 that this morning Bitfarms issued a press release announcing its third quarter 2023 financial results. Turning to Slide 2, I'll remind everyone that certain forward-looking statements will be made during the call and future results could differ from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to consult Bitfarms's MD&A for a complete list of these. Als

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