Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Q3 2022 Earnings Conference Call November 9, 2022 5:00 PM ET Company Participants Jeff Grampp - Gateway Group, Inc. Investor Relations Greg Beard - Co-Chairman & Chief Executive Officer Matt Smith - Chief Financial Officer Conference Call Participants Lucas Pipes - B. Riley Securities Jacob Roberts - Tudor, Pickering, Holt Chris Brendler - D.A. Davidson Chase White - Compass Point Stephen Glagola - Cowen Operator Good evening, and welcome to Stronghold Digital M ...

Financial Performance & Restructuring - NYDIG debt was fully extinguished, approximately $67 million of principal amount[9] - WhiteHawk equipment financings restructured, tripling maturity and upsizing by $23 million[9] - Current principal amount of debt is approximately $82 million, with net debt around $55 million, a roughly 51% reduction since June 30, 2022[9] - The company is eliminating approximately $15-20 million of run rate annual costs within G&A and plant operations & maintenance expenses[9] - 2023E cash G&A is projected to be approximately $18-21 million, compared to $32 million annualized in Q1-Q3 2022[9] - Q3 2022 total revenue was $24749000, and net loss was $75220000, adjusted EBITDA was ($2965000)[21] Operational Updates & Future Guidance - Approximately 10000 miners have been procured or received since August 16, 2022, with over 7000 miners sourced with a capital outlay of approximately $4400000[10] - The company expects to be at $45-$50/MWh net cost of power beginning in Q1 2023[10] - Approximately 06 EH/s of hash rate capacity has been received since August 16, 2022, and is set to receive approximately 04 EH/s in coming months[14] - 2023 total revenue and other income guidance is $108-114 million, with recurring cash G&A of $18-21 million[24,26]

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 June 30, 2022 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) Q2 2022 Earnings Conference Call August 15, 2022 5:00 PM ET Company Participants Jeff Grampp - Gateway Group, Inc. Investor Relations Greg Beard - Co-Chairman & Chief Executive Officer Matt Smith - Chief Financial Officer Conference Call Participants Chase White - Compass Point Research & Trading Lucas Pipes - B. Riley Securities Chris Brendler - D.A. Davidson Jacob Roberts - TPH Mike Grondahl - Northland Securities Stephen Glagola - Cowen Operator Good afternoo ...

Q2 2022 Investor Presentation August 2022 Pictured: Actual Reclaimed Waste Coal Site in Russellton, PA Disclaimer 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, with respect to the anticipated performance of the Company. Such financial projections and estimates are as to future events and are not to be viewed as facts, and reflect various assumptions of management of th ...

Financial Data and Key Metrics Changes - The company generated approximately $29 million in revenue for Q1 2022, representing a nearly 70% sequential increase from the previous quarter [12][38] - Adjusted EBITDA totaled approximately $3.8 million for the quarter, despite a $12 million non-cash impairment related to MinerVa equipment deposits [38] Business Line Data and Key Metrics Changes - The company mined 438 Bitcoin during the quarter, averaging a hash rate just under one exahash per second [13][38] - As of May 12, the hash rate capacity was approximately three exahash per second, with plans to reach approximately 4.2 exahash per second by year-end [14] Market Data and Key Metrics Changes - The company reclaimed approximately 279,000 tons of coal refuse during the quarter, aligning with its environmentally beneficial mission [13][39] - The company expects to generate about $35 million to $65 million of adjusted EBITDA over the next 12 months even if no Bitcoin is mined, based on current power prices [20] Company Strategy and Development Direction - The company emphasizes a vertically integrated business model to mitigate downside risks associated with Bitcoin price volatility [16] - The focus has shifted from aggressive growth to financial flexibility and returns, with no new miner purchases planned in the immediate future [32][87] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market conditions have led to several peers scaling back growth projections due to capital availability issues [14] - The company is positioned to be self-funded moving forward, which is expected to strengthen its position for future opportunities, especially with the upcoming halving event in 2024 [15] Other Important Information - The company has taken steps to improve liquidity, including a private placement raising $27 million and selling excess miners for approximately $17 million [26][28] - The Scrubgrass power plant has shown improvements, with average power output in April being 20% higher than the first quarter average [22] Q&A Session Summary Question: What is the current utilization rate? - The current utilization rate is approximately 2.3 out of 3 exahash, with factors such as installing delivered miners and moving miners to the joint venture datacenter affecting this rate [44] Question: What is the split between gross and net for the joint venture? - The ultimate split on the joint venture will be 35% to the JV, with presented numbers being gross [49] Question: What is the latest on resolving the MinerVa issues? - The situation with MinerVa is better than previously guided, with ongoing communications and attempts to resolve the issues [61][62] Question: How many Bitcoin have been sold this year? - The company has sold 635 Bitcoin year-to-date, with a thoughtful approach to future sales to cover capital expenditures [67] Question: How did the Panther Creek and Scrubgrass plants perform? - Panther Creek has been operating well, while Scrubgrass is expected to improve as upgrades are completed by the end of Q3 [75][106]

Q1 2022 Investor Presentation May 2022 Pictured: Actual Reclaimed Waste Coal Site in Russellton, PA Disclaimer 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, with respect to the anticipated performance of the Company. Such financial projections and estimates are as to future events and are not to be viewed as facts, and reflect various assumptions of management of the C ...

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, 2022 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 ...

Q4 and Year-End 2021 Investor Presentation March 2022 Pictured: Actual Reclaimed Waste Coal Site in Russellton, PA Disclaimer The information, financial projections and other estimates contained herein contain forward-looking statements with respect to the anticipated performance of the Company. Such financial projections 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 the future performance of the Company and a ...

Financial Data and Key Metrics Changes - Revenue for Q4 2021 was $17 million with adjusted EBITDA of $0.3 million, reflecting challenges in miner deliveries and Bitcoin price fluctuations [33][35] - The company ended 2021 with a total liquidity of approximately $75 million, including $31.8 million in cash and 182 Bitcoin on the balance sheet [36] Business Line Data and Key Metrics Changes - The current hash rate capacity is approximately 2.3 exahash per second, with expectations to reach 4.1 exahash by the end of 2022, contingent on miner deliveries [12][35] - The company acquired 21,100 Bitcoin miners in Q4 2021, contributing to an aggregate hash rate capacity of over 2.4 exahash [24] Market Data and Key Metrics Changes - The company has faced significant delays in miner deliveries from MinerVa, receiving only 3,300 out of the 15,000 miners ordered, which has negatively impacted cash flow by an estimated $40 million to $45 million [26][27] - The spot market for miners has seen prices drop by 30% to 40% from peak levels, with current prices ranging from $50 to $75 per terahash [105] Company Strategy and Development Direction - The company aims to expand its vertically integrated business model by acquiring additional power generation assets and focusing on environmentally beneficial mining practices [10][37] - A non-binding letter of intent is in place for a third coal refuse reclamation facility with 112 megawatts of power generation capacity [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's fundamentals despite recent operational challenges, emphasizing that the current situation is a delay in performance rather than a reduction in potential [115] - The company is actively working on a revised growth strategy that can be funded with existing resources while exploring M&A opportunities [32][37] Other Important Information - The company has invested approximately $5 million in upgrades for the Scrubgrass plant to improve operational consistency [20][84] - The management team holds over 50% ownership in the company, aligning their interests with shareholders [40] Q&A Session Summary Question: Can you provide an update on the MinerVa situation? - Management expressed disappointment with MinerVa's delivery performance, stating that only 3,300 miners have been received and that future delivery timelines remain uncertain [43][45] Question: What is driving the lower than expected performance? - Management indicated that operational challenges and delays in third-party datacenter deliveries have contributed to suboptimal utilization rates [60][62] Question: What is the capital needed for the third plant? - Approximately $150 million is required to finance the third plant, which is in the final stages of negotiation [78] Question: What are the operational issues at Scrubgrass? - Scrubgrass has faced maintenance challenges due to its previous operation as a peaking plant, but management is confident that upgrades will restore it to optimal performance [83][84] Question: How is the inflationary environment impacting operations? - While inflation affects various costs, management noted that the most significant impact is from trucking expenses, but they do not anticipate dramatic changes in upgrade costs for the third plant [110][111]