Stronghold Digital Mining, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • IPO & Capital Raised: Completed IPO on October 22, 2021, raising $132 million in net proceeds. Began trading on NASDAQ.
  • Miner Deployments:
    • As of Q3 end: 3,000 miners online with 185 petahash capacity.
    • By November 29: 3,000 additional miners installed for a total of 485 petahash, doubling hash rate capacity in ~2 months.
    • Total ordered/installed to-date: ~45,000 miners with 4.4 exahash capacity.
    • Expect to end 2022 with 80,000 miners and 8 exahash capacity.
  • Open Market Miner Acquisitions:
    • 2,500+ miners (~200 petahash) purchased in the open market at ~$80/TH, to be delivered by year-end.
    • Potential additional purchase of 3,000 miners under oral agreement.
    • Open market purchases mitigate risks of supplier delays.
  • Miner Orders:
    • Bitmain: 12,000 S19j Pro miners and 1,800 S19 XP miners (delivery in 2H 2022).
    • MinerVa: Expected full delivery of 15,000 miners by Q1 2022; currently ~240 MV7 units online.
  • Power Generation:
    • Acquired second power facility, Panther Creek (adds 80 MW; total now 165 MW).

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Operator: Good afternoon, and welcome to the Stronghold Digital Mining Conference Call for the Third Quarter Ending September 30, 2021. My name is Val, and I will be your operator this afternoon. Before this call, Stronghold issued its results for the third quarter 2021 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 Investor section at the top of the home page. Joining us on today’s call are Stronghold’s Co-Chairman and CEO, Greg Beard; CFO, Ricardo Larroudé; and company’s outside Investor Relations Adviser Jeff Grampp with Gateway Investor Relations. Following their remarks, we will open the call for questions. And now, I would like to turn the call over to Mr. Grampp for the introductory comment. Jeff Grampp: Thank you. Before management begins their formal remarks, our discussion may contain forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Stronghold’s beliefs, expectations and future performance are forward-looking statements. Forward-looking statements can be identified by use of the words such as anticipate, intend, believe, estimate, plan, seek, project, expect, may, will, would, could or should, the negative of these terms or other comparable terminology. Examples of forward-looking statements include statements relating to our expectations regarding future growth, f

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