LM Funding America, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $3.2 million in Q2 2023, a significant increase from $235,000 in Q2 2022 and up over 38% sequentially from Q1 2023, primarily driven by Bitcoin mining operations.
  • Bitcoin Mining:
    • Mined 106.6 Bitcoin in Q2 2023, up 16% from 91.6 Bitcoin in Q1 2023.
    • In contrast, no Bitcoin was mined in Q2 2022.
    • As of August 14, 2023, 5,950 mining machines operational, representing 615 petahash in compute power (up from 3,000 machines at the beginning of Q1 2023).
    • Target to reach 1 hexahash capacity, with efforts underway to acquire additional machines.
    • Installed Braiins OS+ on 360 machines, expecting up to 25% increase in hashrate for those units and potential for pool fee savings.
  • Acquisitions:
    • Completed a $2.6 million stalking horse bid to acquire Symbiont.io, including its Assembly blockchain platform targeting financial services.
    • In active discussions with partners to commercialize and monetize Symbiont assets. Further developments expected in current quarter.

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Operator: Greetings. Welcome to the LM Funding America, Inc. Second Quarter 2023 Business Update Conference Call. At this time, all participants are in a listen-only mode. a question-and-answer session will follow the formal presentation. [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 second 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 June 30, 2023 and our financial condition as of that date. The press release is posted on the company’s website on 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 unlike any additional information about the company, please contact Crescendo Communications at 212-671-1020. Before management reviews the company’s operating results for the quarter ended June 30, 2023, 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

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