Keel Infrastructure Corp. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $60 million (up 426% from Q4 2020 revenue of ~$11.4 million).
  • Gross Mining Profit: $49 million with an 84% margin.
  • Adjusted EBITDA: $44 million, up from $4 million in Q4 2020; Adjusted EBITDA Margin: 74% (up from 71% in Q3 2021).
  • Net Income: $10 million ($0.05 per fully diluted share) vs. a net loss of $5 million ($0.06/share) in Q4 2020.
  • Bitcoin Mined: 1,045 BTC (flat QoQ), with an average production cost per BTC of $8,000.
  • Installed Hash Rate at Dec 31, 2021: 2.2 EH/s (up 47% QoQ and 166% YTD from 965 PH/s); current rate as of call: 2.7 EH/s.
  • Daily BTC Production: ~12.5 BTC/day, or ~$590,000/day based on BTC price of ~$47,000.

Operational Highlights

  • Completed construction of a new 10 MW facility in Paraguay and acquired a 17 MW facility in Washington State (expandable to 24 MW).
  • Paraguay and Washington both feature lower-cost hydropower electricity, boosting margins.
  • Washington facility generated $8M in revenue over 52 days post-acquisition; payback expected by mid-2022.

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Operator: Good morning. My name is Gary. And I will be your conference operator today. At this time, I would like to welcome everyone to the Bitfarms Third [ph] Quarter 2021 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded March 28, 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 Gary. Good morning everyone. And welcome to the Bitfarms conference call for the fourth quarter of 2021. With me on the call today is Emiliano Grodzki, Chief Executive Officer of Bitfarms, 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 on to our website www.bitfarms.com under investors presentations. If you prefer to listen to the call on your smartphone, you can also download the presentation from there as well. I would like to remind you that this morning Bitfarms issued a press release announcing its fourth quarter 2021 financial results. Turning to Slide 2, as a reminder there are certain statements that we make during the conference call that may constitute forward-looking information and statements. Bitfarms cautions its listeners that forward-looking information and statements are based on certain assumptions an

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