Stronghold Q1 2022 Earnings Report
Key Takeaways
Stronghold Digital Mining reported a net loss of $32.3 million for Q1 2022, compared to a net loss of $0.2 million in the same quarter a year ago. Revenues increased to $28.7 million, driven by higher energy generation and cryptocurrency mining revenues. The company mined 438 Bitcoin during the quarter and averaged a hash rate of 0.9 EH/s.
Removed approximately 279,000 tons of coal refuse and returned approximately 179,000 tons of beneficial use ash to waste coal sites during the first quarter of 2022.
Issued approximately $33.8 million aggregate principal notes bearing a coupon of 10.0% and a maturity date of May 15, 2024, plus approximately 6.3 million warrants, with a strike price of $2.50, to certain investors.
Mined 438 Bitcoin during the first quarter of 2022, including 198 in March 2022; mined over 100 Bitcoin in first 13 days of May.
Averaged hash rate of 0.9 exahash per second (âEH/sâ) in the first quarter of 2022.
Stronghold
Stronghold
Stronghold Revenue by Segment
Forward Guidance
The company reiterates its guidance to exit 2022 with 4.1 EH/s of installed hash rate capacity, which excludes all potential future deliveries of MinerVa miners.
Revenue & Expenses
Visualization of income flow from segment revenue to net income