LM Funding America, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights
  • Revenue Surge: Total revenues reached $2.3 million for Q1 2023, marking a >1100% increase from $200,000 in Q1 2022, driven by bitcoin mining revenues of $2.1 million.
  • Bitcoin Mining Expansion: As of Q1 end, LM Funding operated approximately 5,000 mining machines with a capacity of 520 petahash. Approximately 91.75 bitcoins were mined in Q1 at an average price of $22,800.
  • Machine Additions:
    • Acquired 125 S19 XP miners in January 2023 for $500,000 (delivered April).
    • Won 101 more S19 XP miners (via Bitmain raffle) for $300,000, expected delivery by end of May 2023.
    • Contract signed with GIGA Energy to host 1,080 miners, expected to be online by end of May, increasing total capacity to 627 petahash.
  • Legacy Business: Nonprofit community association funding business remains stable since Q4 2022.
Financial Overview (Compared to Q1 2022)
  • Operating Expenses: $4.3 million (down from $5.2 million), driven by a $3.5M decrease in stock comp and a $400K gain on bitcoin sale, offset by $1.7M mining costs and higher professional/duration expenses.

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Operator: Greetings, and welcome to the LM Funding America, Incorporated. First Quarter 2023 Business Update Conference Call. At this time, all participants are in a listen-only mode. And a question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, [Ted Avas] (ph) with Investor Relations. Sir, you may begin. Unidentified Company Representative: Good morning and thank you for joining LM Funding America's first quarter 2023 conference call. On the call with us today are Bruce Rodgers, Chief Executive Officer; and Richard Russell, Chief Financial Officer of LM Funding. This morning, the company announced its operating results for the quarter ended March 31, 2023 and its financial condition as of that date. The press release is posted on the company's website lmfunding.com. In addition, the company has filed its quarterly report on Form 10-Q with the United States Securities and Exchange Commission, which can also be accessed on the company's website as well as the SEC's website at www.sec.gov. If you have any questions after the call, or would like any additional information about the company, please contact Crescendo Communications 212-671-1020. Before management reviews the company's operating results for the quarter ended March 31, 2023 and its financial condition as of that date, we would like to remind everyone that this conference call may contain

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