Stronghold Digital Mining, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $29 million, a 70% increase quarter-over-quarter from Q4 2021, driven by increased mining capacity.
  • Bitcoin Mined: 438 BTC in Q1 2022, with 250 BTC mined through May 13 in Q2; hash rate averaged just under 1 EH/s in Q1 (in line with prior guidance) and rose to ~3 EH/s by May 12.
  • Hash Rate Guidance: On track to hit 4.2 EH/s by year-end 2022 (excluding future MinerVa deliveries). 2.3 EH/s of the 3 EH/s capacity currently operational, with upgrades and miner installations ongoing to close the gap.
  • Adjusted EBITDA: $3.8 million in Q1 2022.
  • Environmental Impact: ~279,000 tons of coal refuse reclaimed and 179,000 tons of beneficial ash reused, consistent with its environmentally beneficial mission.

Operational & Strategic Developments

  • Liquidity Improved: Raised $27 million through a private placement and sold ~2,600 miners for $17 million (332 PH/s). Total pro forma liquidity of approximately $61 million.
  • Scrubgrass Power Plant: April power output improved by 20% over Q1 average; upgrades expected to be complete by early Q3 2022.

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Operator: Good evening, and welcome to Stronghold Digital Mining's Conference Call for the First Quarter ended March 31, 2022. My name is Carroll, and I will be your operator this afternoon. Before this call, Stronghold issued its results for the first quarter 2022 in a press release, which is available in the Investors section of the Company's website at www.strongholddigitalmining.com. You can find the link to the Investors section at the top of the homepage. Joining us on today's call are Stronghold's Co-Chairman and CEO, Greg Beard; and CFO, Matt Smith. Following the remarks, we will open the call for questions. Before we begin, Jeff Grampp from Gateway Group will make a brief introductory statement. Mr. Grampp, please proceed. Jeff Grampp: Thank you. Good evening, everyone and welcome. Today's slide presentation, along with our earnings release and financial disclosures were posted on our website earlier today and can be accessed on our website at strongholddigitalmining.com. Some statements we are making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially, from those described in the forward-looking statements. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures i

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