Stronghold Digital Mining, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Stronghold Digital Mining Q4 and FY 2022 Earnings Summary

  • Quarterly Revenue: $23 million, up 38% from Q4 2021.
  • Full Year 2022 Revenue: $106 million, an increase of over 200% y/y from $31 million in 2021.
  • Bitcoin Mined: Over 2,000 Bitcoin in 2022; ~450 mined in Q4 alone.
  • Hash Rate Capacity: 2.6 exahash currently, with plans to reach 4 exahash by end of 2023.
  • Adjusted EBITDA: $5.2 million in Q4, compared to $0.3 million in Q4 2021 and negative $3 million in Q3 2022.
  • Debt Reduction: Cut total debt from $150 million to $60 million (~60% reduction since June 2022). No mandatory amortization until July 2024.
  • Power Segment Revenue: $15 million in Q4 2022.
  • Mining Revenue: $8 million in Q4 2022 from Bitcoin mining.
  • Capital Efficiency: Added miners via distressed market purchases and strategic hosting agreements (e.g., with Foundry).
  • Environmental Impact: Removed over 1 million tons of coal refuse in 2022. 295,000 tons removed in Q4. Returned 173,000 tons of beneficial use ash.
  • Ancillary Revenue Streams: Beneficial use ash generated $300,000 revenue in 2022; $200,000 of that in Q4. Expected to reach at least $1 million in 2023.

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Operator: Good evening and welcome to Stronghold Digital Mining Conference Call for the Fourth Quarter and Full Year ended December 31, 2022. My name is Justin and I will be your operator this morning. Before this call, Stronghold issued its results for the fourth quarter and full year 2022 in a press release, which is 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 homepage. Joining us on today’s call are Stronghold’s Co-Chair and CEO, Greg Beard and CFO, Matt Smith. Following their remarks, we will open the call for questions. Before we begin, Alex Kovtun from Gateway Group will make a 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 are making today maybe considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, we caution you that there are 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 statemen

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