Workflow
Gryphon Digital Mining(GRYP) - 2024 Q4 - Annual Results
GRYPGryphon Digital Mining(GRYP)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[9] - 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[9] - Total revenues for 2024 decreased to 20,539,000from20,539,000 from 21,925,000 in 2023, representing a decline of approximately 6.3%[24] - Mining activities revenue was 20,539,000,whilemanagementservicesrevenuewas20,539,000, while management services revenue was 0 in 2024, compared to 873,000in2023[24]−Thenetlossfor2024was873,000 in 2023[24] - The net loss for 2024 was 21,300,000, an improvement from a net loss of 28,599,000in2023,reflectingadecreaseofapproximately25.628,599,000 in 2023, reflecting a decrease of approximately 25.6%[24] - The net loss per share improved to (0.51) in 2024 from (0.83)in2023[24]CashandAssets−Cashandcashequivalentsincreasedfrom(0.83) in 2023[24] Cash and Assets - Cash and cash equivalents increased from 368,000 to 735,000duringQ42024[6]−Totalassetsdecreasedfrom735,000 during Q4 2024[6] - Total assets decreased from 18.834 million in 2023 to 7.632millionin2024[22]−Cashflowsfromoperatingactivitiesresultedinanetcashusedof7.632 million in 2024[22] - Cash flows from operating activities resulted in a net cash used of 3,396,000 in 2024, compared to a net cash provided of 3,011,000in2023[26]−Cashandcashequivalentsattheendoftheperiodwere3,011,000 in 2023[26] - Cash and cash equivalents at the end of the period were 735,000 in 2024, down from 915,000in2023[26]LiabilitiesandExpenses−Totalliabilitiesdecreasedbyover70915,000 in 2023[26] Liabilities and Expenses - Total liabilities decreased by over 70%, with 13 million of debt converted to equity[9] - Total operating expenses decreased to 38,286,000in2024from38,286,000 in 2024 from 41,103,000 in 2023, a reduction of about 6.9%[24] - The company incurred merger and acquisition costs of 394,000in2024,withnosuchcostsreportedin2023[24]MiningOperations−ThebreakevencostperBitcoininQ42024was394,000 in 2024, with no such costs reported in 2023[24] Mining Operations - The breakeven cost per Bitcoin in Q4 2024 was 75,872, significantly higher than 23,902inQ42023[9]−Gryphonminedapproximately61BitcoininQ42024,downfrom176BitcoininQ42023[9]−ThecompanyreportedagainonsettlementofBTCNoteamountingto23,902 in Q4 2023[9] - Gryphon mined approximately 61 Bitcoin in Q4 2024, down from 176 Bitcoin in Q4 2023[9] - The company reported a gain on settlement of BTC Note amounting to 6,248,000 in 2024, with no comparable gain in 2023[24] - The company purchased mining equipment for 1,075,000in2024,adecreasefrom1,075,000 in 2024, a decrease from 1,894,000 in 2023[26] Stock and Market Activity - 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] - The company closed a $2.85 million offering with 100% management and majority board participation[9] Future Opportunities - Gryphon is focused on closing the Captus Energy Acquisition, which is expected to represent a billion-dollar opportunity[4]