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Akerna (KERN) - 2024 Q4 - Annual Results
KERNAkerna (KERN)2025-04-01 10:06

Financial Performance - Gryphon Digital Mining reported mining revenues of 3.845millionforQ42024,anincreasefrom3.845 million for Q4 2024, an increase from 3.689 million in Q3 2024[6] - The company achieved a net income of 0.4millioninQ42024,comparedtoanetlossof0.4 million in Q4 2024, compared to a net loss of 11.0 million in fiscal 2023[6] - Total revenues for 2024 were 20,539,000,adecreaseof6.320,539,000, a decrease of 6.3% from 21,925,000 in 2023[24] - The net loss for 2024 was 21,300,000,animprovementfromanetlossof21,300,000, an improvement from a net loss of 28,599,000 in 2023, representing a 25.6% reduction[24] - The net loss per share improved to (0.51)in2024from(0.51) in 2024 from (0.83) in 2023[24] - Adjusted EBITDA for the year ended December 31, 2024, was (5.52million),comparedto(5.52 million), compared to 0.094 million in 2023[14] Mining Operations - Gryphon mined approximately 61 Bitcoin in Q4 2024, a decrease from 176 Bitcoin mined in Q4 2023[6] - The breakeven cost per Bitcoin in Q4 2024 was 75,872,significantlyhigherthan75,872, significantly higher than 23,902 in Q4 2023[6] - Mining activities generated revenues of 20,539,000,whilemanagementservicescontributed20,539,000, while management services contributed 873,000 in 2023, which is no longer reported in 2024[24] Assets and Liabilities - Total assets decreased from 18.834millionin2023to18.834 million in 2023 to 7.632 million in 2024, while total liabilities reduced from 19.433millionto19.433 million to 14.642 million[22] - Gryphon reduced total debt by over 70% through the conversion of 13millionofdebtintoequityandfavorablerestructuringofremainingdebt[9]CashFlowandFinancing−Cashprovidedbyfinancingactivitieswas13 million of debt into equity and favorable restructuring of remaining debt[9] Cash Flow and Financing - Cash provided by financing activities was 5,963,000 in 2024, compared to a cash outflow of 109,000in2023[26]−Cashandcashequivalentsattheendoftheperiodwere109,000 in 2023[26] - Cash and cash equivalents at the end of the period were 735,000, down from 915,000in2023[26]StockPerformance−TheaveragetradingvolumeofGryphon′sstockincreasedfromapproximately249,000sharesperdayinQ32024toapproximately874,000sharesperdayinQ42024[6]StrategicInitiatives−ThecompanyisfocusedonclosingtheCaptusEnergyAcquisition,whichisviewedasabillion−dollaropportunity[4]−Thecompanyreportedagainof915,000 in 2023[26] Stock Performance - The average trading volume of Gryphon's stock increased from approximately 249,000 shares per day in Q3 2024 to approximately 874,000 shares per day in Q4 2024[6] Strategic Initiatives - The company is focused on closing the Captus Energy Acquisition, which is viewed as a billion-dollar opportunity[4] - The company reported a gain of 6,248,000 from the settlement of the BTC Note in 2024[26] - The company incurred merger and acquisition costs of 394,000in2024,withnosuchcostsreportedin2023[24]Expenses−Totaloperatingexpensesdecreasedto394,000 in 2024, with no such costs reported in 2023[24] Expenses - Total operating expenses decreased to 38,286,000 in 2024 from 41,103,000in2023,reflectingareductionof6.941,103,000 in 2023, reflecting a reduction of 6.9%[24] - The impairment of miners was recorded at 8,335,000 in 2023, which was not reported in 2024[24] Capital Raising - The company successfully closed a $2.85 million offering with 100% management and majority board participation[9]