Stronghold Digital Mining, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Ending: March 31, 2024
  • Revenue: $27.5 million, comprised of $26.7 million from Bitcoin mining (546 BTC mined), $0.7 million from energy operations, and $0.1 million from other sources.
  • GAAP Net Income: $5.8 million
  • Adjusted EBITDA: $8.7 million, beating previous Q1 2024 guidance of "over $5 million" by over 70%.
  • Bitcoin Mining Update:
    • Currently operating 130 MW of fully energized data center capacity.
    • Installed hash rate capacity of 4.1 EH/s, with potential expansion to over 7 EH/s through fleet high-grading.
  • Energy Operations:
    • Panther Creek achieved net cost of power under $40/MWh.
    • Scrubgrass economically shut down during periods of low prices; power imported via Champion energy agreement starting March 2024.
    • Announced demand response partnership with Voltus to participate in PJM grid programs (price response and sync reserve). Expected to improve power economics by getting paid for curtailing load.
  • Environmentally Beneficial Operations:
    • Removed ~30 million tons of toxic mining waste from nearly 100 Pennsylvania sites.

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Operator: Good morning, and welcome to Stronghold Digital Mining's Conference Call for the First Quarter ended March 31, 2024. My name is Michelle, and I will be your operator this morning. Before this call, Stronghold issued its results for the first quarter 2024 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 home page. Joining us on today's call are Stronghold's Chairman and CEO, Greg Beard; and CFO, Matt Smith. Before we begin, Alex Kovtun from Gateway Group will make a brief introductory statement. Mr. Kovtun, please proceed. Alex Kovtun: Great. Thank you, operator. Good morning, everyone, and welcome. Today's slide presentation, along with our earnings release and financial disclosures were posted to our website earlier today and can be accessed on our website at www.strongholddigitalmining.com. Some statements we're making today may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, we caution 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 in our earnings release and public filings

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