Core Insights - Digihost Technology Inc. reported significant financial growth in Q3 2024, with a revenue increase of 71% year-over-year, driven by diversified revenue streams from colocation agreements and energy sales [2][3] - The company achieved a total revenue of $31.4 million for the nine-month period ended September 30, 2024, representing a 104% increase compared to the same period in 2023 [3] - EBITDA for the nine months ended September 30, 2024, was $5.5 million, marking a nearly 350% increase from the previous year [3] Financial Performance - Q3 2024 revenue reached $9.2 million, up from $5.4 million in Q3 2023, reflecting a 71% increase [2] - For the nine-month period, revenue from energy sales increased by approximately 128% compared to the same period in 2023 [3] - The company reported a net loss of $6.3 million for the nine months ended September 30, 2024, an improvement from a loss of $12.2 million in the same period in 2023 [5][7] Operational Update - Digihost's operating capacity across its three sites is approximately 100MW, with a mining hash rate of 3 EH/s [8] - The colocation services segment has become the largest revenue source for the company, surpassing digital currency mining [9] - The company completed maintenance at its North Tonawanda power plant to enhance long-term efficiency, with plans to return to full operational power in Q4 2024 [8] Strategic Outlook - The company aims to expand its power portfolio and increase revenue from colocation services, leveraging partnerships with major mining companies [9] - Plans are in place to convert parts of the existing asset base into tier-3 data center infrastructure, which is expected to reduce costs and timelines [10] - Digihost anticipates achieving a hash rate of 6-7 EH by 2026 as part of its growth strategy [9]
Digihost Announces $31.4M in YTD Revenue, Representing a 104% YOY Increase