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Jun 30, 2023
Stronghold Q2 2023 Earnings Report
Stronghold reported a net loss but showed revenue growth in cryptocurrency mining and hosting.
Key Takeaways
Stronghold Digital Mining reported Q2 2023 results, including revenue of $18.2 million, a net loss of $11.7 million, and a non-GAAP Adjusted EBITDA loss of $2.6 million. The company mined 626 Bitcoin, representing growth compared to previous quarters. They also accelerated their hash rate guidance and expect to achieve 4 EH/s by September 1, 2023.
Achieved accelerated hash rate guidance, expecting 4 EH/s by September 1, 2023.
Procured over 14,000 high-spec Bitcoin miners between April and July 2023, providing nearly 1.6 EH/s.
Mined 626 Bitcoin in Q2 2023, reflecting growth compared to Q4 2022 and Q1 2023.
Generated revenue of $18.2 million, a net loss of $11.7 million, and a non-GAAP Adjusted EBITDA loss of $2.6 million in Q2 2023.
Revenue by Segment
Forward Guidance
Stronghold expects to have 4 EH/s of installed hash rate capacity at their Panther Creek and Scrubgrass data centers. They are also evaluating opportunities to deploy approximately 25 megawatts of end-to-end data center equipment at a prospective third site and expect to provide an update on this initiative by the end of the third quarter of this year.
Positive Outlook
- Expected hash rate capacity of 4 EH/s at Panther Creek and Scrubgrass data centers.
- Vertically integrated business model with wholly owned power plants and data centers.
- Anticipated advantages from the vertically integrated model going into the Bitcoin halving in April 2024.
- Payback periods for miner purchases in 2023 expected to be approximately one year.
- Evaluating opportunities to deploy approximately 25 megawatts of data center equipment at a third site.
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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