Stronghold Digital Mining, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Stronghold Digital Mining Q2 2023 Earnings Summary

  • Revenue: $18.2 million, compared to $17.3 million in Q1 2023, reflecting modest sequential growth.
  • Bitcoin Mined: 626 BTC during Q2 2023, a 43% increase from Q4 2022 and a 1% increase from Q1 2023, despite a growing Bitcoin network hash rate (+39% YoY and +23% QoQ).
  • Adjusted EBITDA: $(2.6) million compared to Q4 2022's EBITDA loss of $(6.2) million, a notable improvement.
  • Net Loss: $(11.7) million, widening from Q1 net loss of $(10.4) million.
  • Power Business: Sold $0.7 million worth of energy; pricing in PJM market fell to ~$50/MWh from significantly higher levels in 2022.
  • Environmental Impact: Over 140,000 tons of coal refuse removed and 81,000 tons of beneficial use ash returned to remediation sites.
  • Balance Sheet: ~$5.1 million cash as of June 30, $59 million in debt. Implemented a 1-for-10 reverse stock split and launched a $15 million ATM offering to support growth.

Operational Updates

  • Hash Rate Capacity: 3.7 EH/s installed with plans to achieve 4 EH/s by September 1; 4.2 EH/s hash rate under contract.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good morning, and welcome to Stronghold Digital Mining's conference call for the second quarter ended June 30, 2023. My name is Norma, and I'll be your operator this morning. Before this call, Stronghold issued results for the second quarter 2023 in a press release which will be available in the Investors section of the company's website at www.strongholddigitalmining.com. You can find a link to the Investors section at the top of the home page. Joining us today on the call are Stronghold's Chairman and Chief Executive Officer, Greg Beard; and Chief Financial Officer, Matt Smith. Following their remarks, we will open the call for questions. Before we begin, Alex Kovtun from Gateway Group will make a brief introductory statement. Mr. Kovtun, please go ahead. Alex Kovtun: 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 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 the assumptions related to our for

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional