May 26, 2025 by Cormint

Q1 2025 RESULTS

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.

(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

Cormint delivered another set of strong mining operating profit results in Q1 2025, driven by operational excellence and strategic financial management. The company achieved a power cost of 2.2¢/kWh, generating a robust 64% gross margin and recorded its fourth positive unlevered net income quarter in the past five, as it solidifies its reputation as an industry-leading low-cost miner.

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 mined 101 BTC during the quarter, closing with 161 BTC on the balance sheet, positioning it well for future growth and market opportunities.

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.

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]

Please note that this press release is for informational purposes only and it does not represent an offer to sell or the solicitation of an offer to buy any of Cormint’s securities.

This press release contains a number of forward-looking statements. Words such as “expect,” “will,” “working,” “plan” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements reflect Cormint’s current views with respect to, among other things, future events. These forward-looking statements are not guarantees of future results and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Cormint’s control. Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to Cormint’s ability to deliver and execute on its strategic plans; Cormint’s ability to maintain free cash flows and increase its operating margins and other risks related to Bitcoin mining.