Keel Infrastructure Corp. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights

  • Q4 2022 revenue: $27 million, down from $33 million in Q3 2022 (↓18%), driven by a 15% drop in average Bitcoin price and 5% fewer Bitcoin mined.
  • Full-year 2022 revenue: $142 million vs $169 million in 2021 (↓16%).
  • Bitcoins mined in Q4 2022: 1,434 vs 1,515 in Q3 2022.
  • Full-year BTC mined: 5,167 vs 3,453 in 2021 (↑50%).
  • Adjusted EBITDA Q4 2022: $1.1 million positive.
  • Net loss in Q4 2022: $70 million ($0.08/share) vs Q3 2022 loss of $85 million.
  • Operating loss Q4 2022: $20 million, includes $29 million realized losses, $23 million unrealized gains, and $9 million impairment reversal.
  • Cash balance at Dec 31, 2022: $31 million + 405 BTC ($6.7 million), total liquidity of $38 million.
  • $54 million from BTC sales in Q4 (1,434 from production + 1,659 from treasury).
  • Equipment debt reduced from $165 million (June 2022 peak) to $47 million (Dec 2022), and further to $23 million (Feb 2023).
  • CapEx commitments lowered from $100 million to $32 million.

Operational Highlights

  • Hashrate reached 4.7 EH/s as of end February 2023, more than doubled from prior year.
  • All-in quarterly cash cost of production remained below average Bitcoin price of $18,100.
  • Direct cost per BTC mined in Q4 2022: ~$11,100 (vs $9,600 in Q3).

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Operator: Good morning, and welcome to the Bitfarms Fourth Quarter and Full-Year 2022 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note that this event is being recorded today. I would now like to turn the conference over to David Barnard, with LHA Investor Relations. Please go ahead, sir. David Barnard: Thank you, Joe. Good morning, everyone. Welcome to Bitfarms' conference call for the fourth quarter of 2022. 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 onto our Web site 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 that this morning, Bitfarms issued a press release announcing its fourth 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 materially 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' MD&A for a complete list of these. Also during the call, reference will be made to suppor

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