Akerna (KERN)2024-05-14 00:32Financial Performance - Total mining revenue in Q1 2024 was 4.8 million in Q1 2023[4] - The company reported a net loss of 6.9 million in Q1 2023[4] - Adjusted EBITDA for Q1 2024 was 4.2 million in Q1 2023[4] - Total revenues for Q1 2024 were 5,076,000 in Q1 2023[21] - The net loss for Q1 2024 was 6,910,000 in Q1 2023, indicating a 70.5% increase in losses[21] - Net loss per share for Q1 2024 was (0.28) in Q1 2023[21] Mining Operations - Breakeven cost per bitcoin in Q1 2024 was 12,910 in Q1 2023[4] - The company mined approximately 142 Bitcoin in Q1 2024, down from 212 Bitcoin in Q1 2023[4] - Mining activities generated 4,840,000 in the same period last year, reflecting a 54.1% growth[21] Expenses and Liabilities - Total operating expenses increased to 6,764,000 in Q1 2023, representing a 33.5% rise[21] - As of March 31, 2024, total assets were 30.2 million[9] Cash Flow and Stock - Cash and cash equivalents at the end of Q1 2024 were 2,016,000 at the end of Q1 2023[24] - The company reported a net cash used in operating activities of 1,807,000 provided in Q1 2023[24] - Proceeds from the issuance of common stock amounted to (1,703,000) in Q1 2024, while there was no unrealized gain reported in Q1 2023[24] - The company experienced a change in fair value of notes payable, resulting in a loss of 8,189,000 in Q1 2023[21] Strategic Initiatives - 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 has authorized a stock repurchase program of up to 70,000, the company expects a gross profit of approximately $16.6 million from current mining operations in 2024[7]