LM Funding America, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights (Quarter Ended March 31, 2024)

  • Revenue: Up 105% YoY compared to Q1 2023.
  • Net Income: $1.9 million, a turnaround from a net loss of $7.2 million in Q1 2023.
  • Core EBITDA: Positive $4.4 million vs. a loss of $300,000 in Q1 2023.
  • Mining Output: 86.4 Bitcoins mined, valued at approximately $4.6 million (based on $53,000 average Bitcoin price).
  • Stockholders' Equity: $38.5 million or $15.43 per share.
  • Bitcoin Holdings:
    • March 31, 2024: 163.4 BTC, valued at $11.7M (~$73,000/BTC).
    • April 30, 2024: 155.1 BTC, valued at $9.7M (~$63,000/BTC).
  • Mining Infrastructure: 5,900 machines operational as of March 31. Added 300 Bitmain S21 units in April, increasing hash power to 639 PH/s.

Strategic Highlights

  • LM Funding transitioned fully into its Bitcoin mining strategy in 2023 and achieved profitability in Q1 2024.
  • Company is leveraging infrastructure-light strategy with investments in efficient miners (e.g., S21 Antminers producing 200 TH/s each).
  • Invested $1.1 million in Q1 to buy 300 high-efficiency S21 machines.

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Operator: Greetings. Welcome to the LM Funding America Inc. First Quarter 2024 Business Update Conference Call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the conference over to your host, Ted Ayvas. You may begin. Ted Ayvas: Good morning, and thank you for joining LM Funding America's 2024 First Quarter Financial Results and Business Update 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, 2024, 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 U.S. 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 at (212) 671-1020. Before management reviews the company's operating results for the 3 months ended March 31, 2024, and its financial condition as of that date, we would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our f

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