Core Viewpoint - Stronghold Digital Mining, Inc. reported a revenue decline of 24% in June 2024 compared to May 2024, primarily due to a lower average daily hash rate and several operational disruptions [1]. Financial Performance - The company generated an estimated $4.0 million in revenue during June 2024, down from May 2024 [1]. - Stronghold mined 61 Bitcoin in June 2024, with an additional energy revenue of approximately $0.1 million, equating to about 63 Bitcoin-equivalent production for the month [6]. Operational Factors - The decline in revenue was attributed to a 0.9 EH/s lower average daily hash rate caused by: 1. Voluntary curtailment due to extreme heat in Pennsylvania from June 17 to June 23 [1]. 2. A planned outage at the Panther Creek plant for maintenance [1]. 3. A storm affecting the Panther Creek plant transmission line, resulting in four days of downtime [1]. - The average hash price in June was $0.055 per TH/s per day, an increase from $0.052 in April, driven by a slight increase in Bitcoin price and higher transaction fees [1]. Company Overview - Stronghold is a vertically integrated Bitcoin mining company focused on environmentally beneficial operations, utilizing low-cost coal refuse power generation facilities in Pennsylvania [5].

Bitcoin Mining Update About Stronghold Digital Mining, Inc. Forward-Looking Statements of Stronghold: Contacts: NEW YORK, June 07, 2024 (GLOBE NEWSWIRE) -- Stronghold Digital Mining, Inc. (NASDAQ: SDIG) ("Stronghold" or the "Company") today provided the following updates regarding its operations and financial performance: Stronghold mined 82 Bitcoin in May 2024 and the Company generated an estimated $5.2 million of revenue during May, a decrease of 46% compared to April 2024. The primary driver of the decli ...

NEW YORK, June 07, 2024 (GLOBE NEWSWIRE) -- Stronghold Digital Mining, Inc. (NASDAQ: SDIG) ("Stronghold" or the "Company") today provided the following updates regarding its operations and financial performance: Bitcoin Mining Update Stronghold mined 82 Bitcoin in May 2024 and the Company generated an estimated $5.2 million of revenue during May, a decrease of 46% compared to April 2024. The primary driver of the decline was due to the first full month of post-halving operations. Average hash price in May w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-40931 Stronghold Digital Mining, Inc. (Exact name of registrant as specified in its charter) Delaware 86-2759890 ...

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Q1 2024 Results Conference Call May 2, 2024 11:00 AM ET Company Participants Alex Kovtun - Gateway Group Greg Beard - Chairman & Chief Executive Officer Matt Smith - Chief Financial Officer Operator Good morning, and welcome to Stronghold Digital Mining's Conference Call for the First Quarter ended March 31, 2024. My name is Michelle, and I will be your operator this morning. Before this call, Stronghold issued its results for the first quarter 2024 in a press r ...

Exhibit 99.1 Stronghold Announces First Quarter 2024 Operating and Financial Results Announces Formal Review of Strategic Alternatives NEW YORK, May 2, 2024 – Stronghold Digital Mining, Inc. (NASDAQ: SDIG) ("Stronghold", the "Company", or "we") today announced financial and operational results for the first quarter of 2024 and provided other strategic updates: Recent Financial Highlights Strategic Alternatives Stronghold and its Board of Directors ("Board") have initiated a formal strategic review process w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40931 Stronghold Digital Mining, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Financial Data and Key Metrics Changes - Revenue for Q4 2023 was $21.7 million, with $20.5 million from cryptocurrency operations and $1.2 million from energy operations [22] - GAAP net loss for Q4 was $21.2 million, while adjusted EBITDA was $2.3 million [22] - As of February 29, the company had over $10 million in liquidity, covering $6.5 million in mandatory amortization for 2024 [18] Business Line Data and Key Metrics Changes - The company operates over 40,000 Bitcoin miners with a hash rate capacity of 4.1 exahash, with potential to grow to over 5.3 exahash by upgrading miners [6][7] - The average efficiency of the current miners exceeds 40 joules per terahash, with opportunities to improve further [7] Market Data and Key Metrics Changes - Following the approval of Bitcoin ETFs, there has been a significant rise in Bitcoin price and hash price, with Bitcoin reaching a new all-time high and hash price around $0.12 per terahash [8] - Power prices in the region are low, averaging around $30 per megawatt hour for the remainder of 2024, providing flexibility for the company to import electricity [9] Company Strategy and Development Direction - The company focuses on high-grading its fleet to improve efficiency and increase hash rate, with plans to continue adding hash rate opportunistically [17] - The carbon capture project aims to capture up to 100,000 tonnes of CO2 annually, enhancing the company's environmental benefits and potential revenue streams [36][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and growth prospects, particularly with the upcoming Bitcoin halving [44] - The company anticipates that the halving will positively impact Bitcoin prices due to supply constraints [38] Other Important Information - The company has made significant progress in its carbon capture project, with recent tests indicating a carbon capture capacity of up to 14% [10] - The Scrubgrass facility has been registered with the Puro Earth Registry, moving towards monetizing carbon capture [41] Q&A Session Summary Question: What type of machines should be considered for filling slots? - The company is considering generic latest-generation miners, estimating a cost of around $20 million to fill all slots [48][49] Question: When will a decision be made on deploying additional capital? - A decision will be made after assessing market conditions and ensuring the best pricing and rates of return [50] Question: What are the expected costs for in-house power production? - The expected costs for producing power in-house are between $40 and $45 per megawatt hour, with decisions to buy power based on market prices [78] Question: How does the company plan to manage its balance sheet and growth ambitions? - The company plans to maintain low obligations due to the halving, allowing for upgrades to the fleet while benefiting from low power prices [81] Question: What is the outlook for the hosting business? - The company prefers to maintain its current model of sharing Bitcoin mining revenue with partners rather than entering traditional hosting agreements [82]

March 2024 The information, financial projections and other estimates contained herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and future guidance with respect to the anticipated future performance of the Company and its potential carbon capture initiative. Such financial projection, guidance, and estimates are as to future events and are not to be viewed as facts, and reflect various assumptions of management of the Company concerning t ...

Financial Data and Key Metrics Changes - The company reported a potential to capture up to 100,000 tons of carbon dioxide annually, which could drive up to $30 million of incremental annual EBITDA if 45Q tax credits are received [37][49][60] - The current net cost of power is guided to be between $40 to $45 per megawatt hour, with potential reductions to under $25 per megawatt hour if 45Q tax credits are received [77] Business Line Data and Key Metrics Changes - The company operates two mining waste-to-power facilities with an aggregate power capacity of 165 megawatts, producing 800,000 to 900,000 metric tons of ash per year [34][43] - The ash produced can capture carbon at a capacity of up to 12% by starting weight of the ash, equating to approximately 100,000 tons of carbon captured annually [41][43] Market Data and Key Metrics Changes - The average index price for Puro Carbon removal credits in 2023 has ranged from approximately $130 to $190 per ton of carbon, implying potential annual proceeds of $13 million to $19 million assuming 100,000 tons of carbon captured [29][49] - The company is pursuing a listing on the Puro Registry, which is owned by NASDAQ, to monetize carbon removals in the private markets [45] Company Strategy and Development Direction - The company is forming a complementary business, Stronghold carbon capture, around the discovery that its ash can capture carbon dioxide directly from the atmosphere [35] - The company aims to leverage its existing facilities and technology to create a significant carbon capture project, potentially one of the largest in the U.S. by 2024 [28][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the carbon capture initiative, highlighting its potential to transform the cash flow profile of the business exponentially [59][81] - The company is focused on creating value through reclamation, power generation, Bitcoin mining, and carbon capture, all of which are seen as complementary [62] Other Important Information - The company has removed nearly 1.7 million tons of toxic mining waste from the environment since the beginning of 2022 [15] - The first direct air capture unit has been deployed at Scrubgrass, with testing currently underway [23][24] Q&A Session Summary Question: What is the project IRR for the capture initiative? - Management indicated that the project IRR would depend on the pace at which the ash is carbonated, with faster carbonation leading to lower capital expenditures [51][85] Question: What is the timeline for full deployment at both plants? - Management expects a full rollout at Scrubgrass over the course of 2024, assuming supportive data from initial tests [88][90] Question: What are the risks associated with the IRA and tax credits? - Management acknowledged political risks but emphasized that the IRA is currently law and has a long tail, making significant changes unlikely [106][129] Question: How will the Frontier agreement impact operations? - The Frontier agreement is expected to improve uptime and revenue generation significantly, with a projected revenue increase of $5 million to $10 million over the next 12 months [70][71] Question: What are the expected costs associated with carbon capture? - The capital costs for carbon capture are estimated to be between $50 to $125 per ton of CO2 captured, with the pace of carbonation being a key factor in determining costs [85][104]