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Gryphon Digital Mining(GRYP) - 2024 Q1 - Quarterly Results
GRYPGryphon Digital Mining(GRYP)2024-05-14 00:32

Financial Performance - Total mining revenue in Q1 2024 was 7.5million,a56.37.5 million, a 56.3% increase from 4.8 million in Q1 2023[4] - The company reported a net loss of 11.7millioninQ12024,comparedtoanetlossof11.7 million in Q1 2024, compared to a net loss of 6.9 million in Q1 2023[4] - Adjusted EBITDA for Q1 2024 was 1.9million,downfrom1.9 million, down from 4.2 million in Q1 2023[4] - Total revenues for Q1 2024 were 7,490,000,a47.77,490,000, a 47.7% increase from 5,076,000 in Q1 2023[21] - Mining activities generated revenues of 7,490,000inQ12024,comparedto7,490,000 in Q1 2024, compared to 4,840,000 in Q1 2023, reflecting a 54.1% growth[21] - The net loss for Q1 2024 was 11,744,000,comparedtoanetlossof11,744,000, compared to a net loss of 6,910,000 in Q1 2023, indicating a 70.5% increase in losses[21] - Net loss per share for Q1 2024 was (0.36),comparedto(0.36), compared to (0.28) in Q1 2023[21] Mining Operations - Breakeven cost per bitcoin in Q1 2024 was 34,063,significantlyhigherthan34,063, significantly higher than 12,910 in Q1 2023[4] - Gryphon completed its miner upgrade program ahead of schedule, adding approximately 23 PH/s to hashing power and improving average fleet efficiency to 28.5 J/T[4] - The self-mining hash rate capacity reached approximately 0.94 EH/s following the upgrades[4] - The company mined approximately 142 Bitcoin in Q1 2024, down from 212 Bitcoin in Q1 2023[4] Expenses and Liabilities - Total operating expenses increased to 9,050,000inQ12024,upfrom9,050,000 in Q1 2024, up from 6,764,000 in Q1 2023, representing a 33.6% rise[21] - As of March 31, 2024, total assets were 17.8million,whiletotalliabilitieswere17.8 million, while total liabilities were 30.2 million[9] - The company experienced a change in fair value of notes payable, resulting in an expense of 9,638,000inQ12024[24]CashFlowandShareholderValue−CashandcashequivalentsattheendofQ12024were9,638,000 in Q1 2024[24] Cash Flow and Shareholder Value - Cash and cash equivalents at the end of Q1 2024 were 1,737,000, down from 2,016,000attheendofQ12023[24]−Thecompanyreportedanetcashusedinoperatingactivitiesof2,016,000 at the end of Q1 2023[24] - The company reported a net cash used in operating activities of (983,000) for Q1 2024, compared to net cash provided of 1,807,000inQ12023[24]−Proceedsfromtheissuanceofcommonstockamountedto1,807,000 in Q1 2023[24] - Proceeds from the issuance of common stock amounted to 1,395,000 in Q1 2024[24] - The company has authorized a stock repurchase program of up to 5milliontoenhanceshareholdervalue[4]FutureProjections−BasedonaprojectedaverageBitcoinpriceof5 million to enhance shareholder value[4] Future Projections - Based on a projected average Bitcoin price of 70,000, the company expects a gross profit of approximately 16.6millionfromcurrentminingoperationsin2024[7]DigitalAssetRevenue−Digitalassetrevenuewasreportedat16.6 million from current mining operations in 2024[7] Digital Asset Revenue - Digital asset revenue was reported at (7,490,000) for Q1 2024, compared to $(4,840,000) in Q1 2023[24]