Akerna (US:KERN)2025-04-01 10:06Financial Performance - Gryphon Digital Mining reported mining revenues of $3.845 million for Q4 2024, an increase from $3.689 million in Q3 2024[6] - The company achieved a net income of $0.4 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, a decrease of 6.3% from $21,925,000 in 2023[24] - The net loss for 2024 was $21,300,000, 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) in 2024 from $(0.83) in 2023[24] - Adjusted EBITDA for the year ended December 31, 2024, was $(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, significantly higher than $23,902 in Q4 2023[6] - Mining activities generated revenues of $20,539,000, while management services contributed $873,000 in 2023, which is no longer reported in 2024[24] Assets and Liabilities - Total assets decreased from $18.834 million in 2023 to $7.632 million in 2024, while total liabilities reduced from $19.433 million to $14.642 million[22] - Gryphon reduced total debt by over 70% through the conversion of $13 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 $109,000 in 2023[26] - Cash and cash equivalents at the end of the period were $735,000, down from $915,000 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 $394,000 in 2024, with no such costs reported in 2023[24] Expenses - Total operating expenses decreased to $38,286,000 in 2024 from $41,103,000 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]