The following is a summary of the Gryphon Digital Mining, Inc. (GRYP) Q1 2024 Earnings Call Transcript:
Financial Performance:
Gryphon Digital Mining reported mining revenues of $7.5 million in Q1 2024 from mining 142 bitcoins.
The company marked an increase in revenues compared to $4.8 million in the same period prior year.
However, Gryphon noted a net loss of $11.7 million during this quarter, a significant element of this being net non-cash expenditures of $11.6 million.
Adjusted EBITDA for the quarter was recorded at $1.9 million, a fall from the $4.2 million of Q1 2023.
Net loss per share (both basic and diluted) were noted to be $0.36 in Q1 2024 compared to a net loss per share of $0.28 in Q1 2023.
Business Progress:
Gryphon successfully concluded an upgrade program for its miners, enhancing the company's operational efficiency and competitive stance.
The company deployed Bitmain S21 200 terahash per miners to upgrade a segment of its fleet, leading to an increase of 23 terahashs per second in its total hatch rate.
The present self-mining hash rate of Gryphon is approximately 0.94 exahash per second.
The company's eye is on targeted growth by focusing on struggling private bitcoin mining entities lacking in capital and scale.
The possibility of a share buyback program has been considered by Gryphon, emphasizing on the management's focus on capital structure.
The company is exploring different expansion options, operating flexibility with a hosting partner, and considering a move into the nuclear space, aligning with its pledge of being carbon-neutral. Specific expansion location under consideration include Asia, South America, Europe, and the U.S., specifically Wyoming.
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