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Mar 31, 2023
Stronghold Q1 2023 Earnings Report
Stronghold reported a net loss, but is expanding operations and reducing debt.
Key Takeaways
Stronghold Digital Mining reported Q1 2023 revenue of $17.3 million and a net loss of $46.7 million. The company is focused on expanding its hash rate capacity to 4 EH/s by the end of Q3 2023 and has made progress in deleveraging its balance sheet.
Revenue for Q1 2023 was $17.3 million.
Net loss for Q1 2023 was $46.7 million.
Company expects to achieve hash rate capacity of approximately 4 EH/s by the end of the third quarter of 2023.
Approximately $59.6 million of principal amount of debt outstanding as of May 8, 2023.
Revenue by Segment
Forward Guidance
Stronghold expects to achieve a hash rate capacity of approximately 4 EH/s by the end of the third quarter of 2023 and believes that the likely range for the cost of power for the rest of 2023 has improved to $40 to $50 per MWh.
Positive Outlook
- Achieve hash rate capacity of approximately 4 EH/s by the end of the third quarter of 2023
- Receiving 5,000 MicroBT Whatsminer M50 miners expected later in May.
- Receipt of the remaining 2,000 Canaan A1346 miners expected by June 15, 2023.
- Cost of power for the rest of 2023 has improved to $40 to $50 per MWh.
- Company is pursuing the deployment of its additional 25 MW of end-to-end data center equipment that it owns in inventory.
Challenges Ahead
- No assurances can be made that Stronghold will be able to consummate any of these transactions.
- No assurances can be made that Stronghold will receive the remaining MinerVa miners.
- May incur expenses that are the same as or similar to some of the adjustments in such presentation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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