Keel Infrastructure Corp. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarterly Bitcoin Production: 654 BTC earned in Q4 2024, with $56M in total revenue, up 21% from Q3 2024 ($46.3M).
  • Direct Mining Profit: $26M with a 47% margin. Avg. mining cost per BTC was $40,800 vs. average BTC price of $83,400, generating $22,600 in cash profit per BTC.
  • Net Income: $15M (or $0.03 per share), compared to a Q3 net loss of $37M (or $0.08 per share).
  • Adjusted EBITDA: $14M (25% of revenue), up from $6M (12%) in Q3 2024.
  • Liquidity: $135M in total liquidity plus $31M receivable from HIVE (Yguazu sale). Healthy cash flow of $8M–$12M/month supports 2025 expenditures.

Operational Highlights

  • Hashrate Expansion: Hashrate nearly tripled in 2024 to 18.6 EH/s with significant efficiency gains (19 watts/TH), meeting Q2 2025 target ahead of schedule.
  • Energy Portfolio: Energized MW increased 90% to 461 MW; cost of power lowered to $0.043/kWh. Total energy pipeline rose to 1.4 GW.
  • Strategic Transactions:
    • Acquisition of Stronghold Digital Mining (2 US data centers, paid in equity). All Stronghold debt repaid ($45M).
    • Sold 200MW Yguazu data center in Paraguay, reducing 2025 CapEx by 20% and saving $325M in future buildout costs.

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Operator: Good day, and thank you for standing by. Welcome to the Bitfarms Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Tracy Krumme, SVP of Investor Relations and Corporate Communications. Tracy Krumme: Thank you. Good morning, everyone, and welcome to Bitfarms' fourth quarter 2024 conference call. With me on the call today is Ben Gagnon, Chief Executive Officer and Director; and Jeff Lucas, Chief Financial Officer. Before we begin, please note that this call is being webcast with an accompanying slide 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'd like to remind everyone that certain forward-looking statements will be made during the call and that future results could differ from those implied in this statement. 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. Please note, that references 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 listeners to refer to

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