LM Funding America, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Date of Earnings Call: November 11, 2024
  • Reporting Period: Three months ended September 30, 2024
  • Executives on Call: Ryan Duran (President, U.S. Digital Mining), Richard Russell (Chief Financial Officer)
  • CEO Bruce Rogers was absent due to a family emergency.

Financial Highlights

  • Total Revenue: $1.3 million, compared to $3.4 million in Q3 2023 (down $2.1 million)
  • Bitcoins Mined: 18.5 BTC in Q3 2024
  • Average BTC Selling Price: $61,000
  • BTC Holdings (as of Nov 11, 2024): 142.3 BTC valued at approx. $12.4 million (based on $87,000/BTC)
  • Operating Expenses: $5.6 million, down from $6.6 million in Q3 2023
  • EBITDA: Loss of $1.6 million in Q3 2024 (compared to $0.6 million loss in Q3 2023); however, positive core EBITDA of $0.6 million for the first nine months of 2024

Operational Overview

  • Active Miners: ~3,700 operational
  • Additional Miners in Storage: 2,200 awaiting deployment
  • Total Hashing Capacity: ~639 petahash

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Operator: Greetings, and welcome to the LM Funding America Inc. Third Quarter 2024 Business Update Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Mr . Ted Ayvas of Investor Relations. Sir, you may begin. Ted Ayvas: Good morning, and thanks to everyone for joining LM Funding America's 2024 third quarter financial results and business update conference call. On the call with us today are Ryan Duran, President of U.S. Digital Mining; and Richard Russell, Chief Financial Officer of LM Funding. Bruce Rogers, the company's Chief Executive Officer, will not be able to attend the call this morning due to a family emergency. This morning, the company announced its operating results for the quarter ended September 30, 2024, and its financial condition as of that date. The press release is posted on the company's website, lmfunding.com and is filed as an exhibit to a Form 8-K, which was filed 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 months and nine months ended September 30, 2024, and its financial condition as of that date, we would like to remind everyone that th

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