Keel Infrastructure Corp. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $46 million in Q4 2023, up 34% from Q3 2023 and 71% YoY.
  • Bitcoin Mined: 1,236 BTC in Q4 2023, up from 1,172 BTC in Q3.
  • Gross Mining Profit: $23 million or 52% of revenue in Q4 vs. $13 million or 38% in Q3.
  • Operating Loss: $13 million in Q4, reduced from $19 million in Q3.
  • Net Loss: $57 million in Q4 due mainly to a $38 million non-cash warrant revaluation charge.
  • Adjusted EBITDA: $14 million in Q4, up 2x from $7 million in Q3. Adjusted EBITDA margin improved to 30% from 9%.
  • Liquidity: $118 million at year-end, up from $66 million in Q3. Cash balance of $84 million, BTC holdings valued at $34 million.
  • Debt: Reduced from $6 million in Q4 to zero by February 2024.
  • Bitcoin Direct Mining Cost: Improved to $16,200/BTC in Q4 from $16,900 in Q3. Argentina mining cost as low as $7,700/BTC due to cheap $0.021/kWh electricity contract.
  • Annual Share Performance: 592% annual stock return in 2023, making Bitfarms the top performer on TSX and 8th best on NASDAQ.

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Operator: Good morning and welcome to the Bitfarms Fourth Quarter and Full Year 2023 Conference Call. All participants will be in 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 Tracy Krumme, Senior Vice President, Head of Investor Relations at Bitfarms. Please go ahead. Tracy Krumme: Thank you. Good morning everyone, and welcome to Bitfarms Fourth Quarter and Year End 2023 Conference Call. With me on the call today is Geoff Morphy, President and Chief Executive Officer; Jeff Lucas, Chief Financial Officer; and Ben Gagnon, Chief Mining Officer. Before we begin, please note that this call is being webcast with an accompanying presentation. Today's press release and our presentation can be accessed at our website, bitfarms.com, under the Investor section. Turning to Slide 2, I'll remind everyone that certain forward-looking statements will be made during the call and that future results could differ from those implied in the statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to also consult Bitfarms' MD&A for a complete list of those. Please note that reference will be made to certain measures not recognized under IFRS, and therefore, may not be comparable to similar measures presented by other companies. We invite

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