Fort Stockton, Texas – December 9th, 2024 – Cormint Data Systems, Inc. ("Cormint"), a West Texas based Bitcoin miner focused on becoming America's lowest cost producer of Bitcoin, announced today its unaudited financial results for Q3 2024.
Financial Performance Summary
| Financials in USD | Q1 2024 | Q2 2024 | Q3 2024 | Q3 YTD |
|---|---|---|---|---|
| Nameplate Hashrate 1 | 1.5 EH/s | 1.5 EH/s | 3.2 EH/s | 3.2 EH/s |
| BTC Mined | 147 | 113 | 103 | 362 |
| Revenue | $7.8mm | $7.5mm | $6.3mm | $21.6mm |
| Power Price Achieved | 2.1c kWh | 1.7c kWh | 3.5c kWh | 2.6c kWh |
| Power Expenses per BTC | $10,749 | $14,975 | $44,999 | $21,768 |
| Gross Margin | 80% | 77% | 26% | 63% |
| Admin Expenses per BTC | $13,378 | $18,596 | $19,533 | $16,749 |
| Operating Expenses per BTC 2 | $24,127 | $33,751 | $64,533 | $38,517 |
| Operating Margin | 55% | 49% | (6%) | 35% |
1 Deployed as at period end
2 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.
Q3 Performance Highlights
Cormint's Q3 2024 results were impacted by temporary underperformance in its power strategy, though year-to-date the Company achieved an all-in power price of 2.6¢/kWh at a 63% gross margin. Q4 started strong with October power price at 1.6¢/kWh, positioning for the strongest ever quarterly performance.
Expansion Progress
With its most recent expansion including energizations made thus far in Q4, Cormint is now utilizing 115MW of its permitted 130MW at its flagship site spanning proprietary immersion and air cooled solutions. Our final 15MW will energize in the coming months using the fifth iteration of our air-cooled infrastructure design which delivers another reduction in cost per MW to deploy. In the 2024 calendar year we will deploy at least 100MW of mining infrastructure.
Capital Position
From a capital perspective, we exited September with 788 Bitcoin on the balance sheet and a sophisticated hedging program. Given our balance sheet strength, we have ample liquid assets to pursue acquisitions at the same time as entering dialogue with lenders to retire a substantial portion of our debt.
Growth Strategy
Cormint expects to update the market early in the new year on a substantial expansion site for which contracts have been executed and is now in the process of closing. The Company retains its goal of reaching 500MW under management by 2026.
"As always, we remain focused on returns on capital deployed to ensure that any investment will exceed our cost of capital in all conceivable market conditions and that we deliver a return to equity investors materially greater than what they would otherwise achieve through a passive allocation to Bitcoin."
For more information, please visit www.cormint.com or contact us.
Contact: [email protected]