Fort Stockton, Texas – May 26th, 2025 – Cormint Data Systems, Inc. ("Cormint"), a West Texas based Bitcoin miner built to be America's lowest cost producer of Bitcoin, announced today its unaudited financial results for Q1 2025.
Financial Performance Summary
| Financials in USD | FY 2024 | Q1 2025 |
|---|---|---|
| Nameplate BTC Hashrate 1 | 3.2 EH/s | 3.2 EH/s |
| BTC Mined | 496 | 101 |
| BTC Mining Revenue | $32.6mm | $9.4mm |
| Non-BTC Mining Revenue | $0.1mm | $1.0mm |
| Total Revenue | $32.7mm | $10.4mm |
| Power Price Achieved | 2.3c kWh | 2.2c kWh |
| Power Expenses per BTC | $22,754 | $35,508 |
| Gross Margin | 66% | 64% |
| Admin Expenses per BTC 2 | $15,100 | $18,484 |
| Operating Expenses per BTC 3 | $37,855 | $54,002 |
| Mining Operating Profit 4 | $13.9mm | $4.7mm |
| Mining Operating Margin | 44% | 46% |
| Unlevered Net Income | $1.4mm | $0.3mm |
1 Deployed as at period end
2 Administrative Expenses are attributed between BTC Mining and Non-BTC Mining in proportion to energy consumption
3 Operating Expenses includes electricity and administrative costs. It excludes items such as stock-based compensation, depreciation, interest, and Gain/(Loss) on Bitcoin Held or Derivatives.
4 Mining Operating Profit is Revenue less Operating Expenses, and thereby provides a proxy for underlying cash flow generation from mining operations
5 Unlevered Net Income includes all revenue, and all expenses (cash and non-cash items such as depreciation), but excludes those items which are a function of its capital strategy namely, the PnL from HODLing Bitcoin and Debt. If the business were to be entirely equity funded, and to immediately sell down all Bitcoin earnt, then Unlevered Net Income would be equal to Net Income
Q1 Performance Highlights
Cormint delivered strong mining operating profit results in Q1 2025, mining 101 BTC and achieving a power cost of 2.2¢/kWh with a robust 64% gross margin. The company recorded its fourth positive unlevered net income quarter in the past five, solidifying its reputation as an industry-leading low-cost miner.
Capital Position
Capitalizing on its strong operating results, Cormint made a strategic early repayment of 650 BTC on its Bitcoin-denominated debt, reducing financial leverage and enhancing balance sheet flexibility. The company closed Q1 with 161 BTC on the balance sheet, positioning it well for future growth and market opportunities.
Operational Update
Cormint also expanded its Dogecoin mining operations at Fort Blocks, generating 3.4 million DOGE in Q1. To fund this growth, the company used free cash flow from operations and, in an industry first, issued Dogecoin-denominated debt to hedge against DOGE price volatility while aligning capital structure with operational output.
Growth Strategy
In a significant step toward its goal of managing 500 MW by the end of 2026, Cormint acquired a new greenfield site with substantial expansion plans and the first energization expected in early 2026. The company will leverage the same disciplined power, engineering, and financial strategies there that have driven success at Fort Blocks.
For more information, please visit www.cormint.com or contact us.
Contact: [email protected]