Stronghold Q3 2021 Earnings Report
Key Takeaways
Stronghold Digital Mining reported a 527% increase in revenues to $6.0 million compared to the same quarter a year ago. The increase is primarily attributable to higher energy generation and crypto asset mining revenues. Net loss for the third quarter was ($6.3) million.
Removed approximately 106,000 tons of coal refuse and returned approximately 64,500 tons of beneficial use ash to waste coal piles during the quarter.
Closed upsized initial public offering (âIPOâ) on October 22, 2021, generating net proceeds of approximately $132.5 million.
Closed acquisition of Panther Creek Plant on November 2, 2021, increasing owned power generation capacity to approximately 165 megawatts (âMWâ).
As of November 29, 2021, has received nearly 6,000 miners with total hash rate capacity of approximately 470 petahash per second (âPH/sâ) and remains on track to achieve its hash rate capacity goal of 8,000+ PH/s by the end of 2022
Stronghold
Stronghold
Stronghold Revenue by Segment
Forward Guidance
Stronghold expects a significant ramp-up in miner deliveries over the coming months and are taking active steps to accelerate miner deliveries. The company remains on track to reach the 2022 operational metrics that were communicated at the time of their IPO and continue to make excellent progress in expanding power generation capacity to maintain vertical integration as they grow their miner fleet.
Revenue & Expenses
Visualization of income flow from segment revenue to net income