LM Funding America, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights (Quarter Ended June 30, 2024)

  • Revenue: $3.0 million, down $184,000 year-over-year from Q2 2023 ($3.18 million).
  • Digital Mining Revenue: $2.9 million, flat versus $3.0 million in Q2 2023. Affected by April 2024 Bitcoin halving and miner repositioning, partially offset by higher Bitcoin prices.
  • Bitcoin Mined: 44.1 BTC, valued at approximately $2.9 million with an average price of $65,600.
  • Bitcoin Holdings: 160.4 BTC at quarter-end, valued at approximately $10 million.
  • Operating Expenses: $7.8 million, up from $6.4 million in Q2 2023. Driven by $1.3 million Bitcoin fair value loss and $1.2 million increase in D&A, partially offset by $1.6 million reduction in staff costs.
  • Net Loss: $6.1 million compared to $4.5 million loss in Q2 2023. Includes $1.9 million unrealized loss on securities.
  • Adjusted Core EBITDA: Loss of $2.2 million in Q2 2024 compared to a $0.1 million loss in Q2 2023. However, achieved positive core EBITDA of $2.2 million for the first half of 2024.

Operational Updates

  • 3,800 currently placed Bitcoin miners as of July 31, post-hosting contract expirations and relocations.

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Operator: Greetings, and welcome to the LM Funding America Incorporated Second Quarter 2024 Business Update Call. At this time all participant are on a listen-only mode and 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, Mr. Ted Ayvas, Investor Relations. Sir, you may begin. Ted Ayvas: Good morning, and thank you for joining LM Funding America’s 2024 second 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 June 30, 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 three and six months ended June 30, 2024, and its financial condition as of that date, we would like to remind everyone that this conference call may contain

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