August 19, 2025 by Cormint
Q2 2025 RESULTS
Fort Stockton, Texas – August 19th, 2025 – 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 Q2 2025.
| Financials in USD | FY 2024 (5) | Q1 2025 | Q2 2025 | 1H 2025 Annualized |
|---|---|---|---|---|
| Nameplate BTC Hashrate (1) | 3.2 EH/s | 3.2 EH/s | 3.2 EH/s | 3.2 EH/s |
| BTC Mined | 496 | 101 | 95 | 392 |
| BTC Mining Revenue | $32.6mm | $9.4mm | $9.4mm | $37.6mm |
| Non-BTC Mining Revenue | $0.1mm | $1.0mm | $1.1mm | $4.2mm |
| Total Revenue | $32.7mm | $10.4mm | $10.5mm | $41.8mm |
| Power Price Achieved | 2.3c kWh | 2.2c kWh | 2.7c kWh | 2.4c kWh |
| Power Expenses per BTC | $22,748 | $35,508 | $50,507 | $42,793 |
| Gross Margin | 66% | 64% | 53% | 59% |
| Admin Expenses per BTC (2) | $14,756 | $18,484 | $21,810 | $20,108 |
| Operating Expenses per BTC (3) | $37,505 | $54,002 | $72,318 | $62,901 |
| Mining Operating Profit (4) | $14.1mm | $4.7mm | $3.4mm | $16.3mm |
| Mining Operating Margin | 43% | 46% | 32% | 40% |
(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 include 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) Full year 2024 audited financial results
The company mined 95 BTC during the quarter, closing with 306 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 5.2 million DOGE in Q2, a 53% increase over Q1 (3.4 million DOGE). Our DOGE mining fleet was materially funded through DOGE denominated debt at attractive terms thereby offering an effective hedge on the capital expenditure.
Cormint delivered solid mining operating profit results in Q2 2025, driven by operational excellence and strategic financial management. The company achieved a power cost of 2.7¢/kWh and generated a robust 53% gross margin. We are on track to outperform 2024 mining operating profit, despite the bitcoin halving in 2024. Our chosen strategy of acquiring, reconditioning, and deploying used ASICs continues to result in lower uptime and lower gross margin than we would otherwise achieve if we acquired new ASICs, with the benefit of substantially more favorable returns on invested capital. This strategy is uniquely available to Cormint because of its world class power optimization software and team.
Administrative Expenses have grown through 2025 as the Company invests in additional capabilities related to (i) a fulsome study for extending its business model into power generation, and (ii) for productizing Cormint’s infrastructure capabilities to create a new revenue source for the company. We expect these initiatives to deliver benefits to the top and bottom line in early 2026 while improving the quality of earnings. Regardless of this investment, Cormint is delivering amongst the lowest Administrative cost footprints per energized MW in the industry and we expect this to improve further as we scale.
In early 2025, the company completed the acquisition of its second site located in South Texas known as “Project Bobcat” which includes 77 Acres of land and an approved 58 MW of interconnection with further expansion under study. Since the acquisition, long-lead items for the new substation have been acquired at attractive price points and are landed in the United States. Energization of the first mining load is expected in Q1 2026. Further sites are currently under due diligence, and will be added to the portfolio when attractive terms can be achieved where the Company expects its economics to continue to benefit from efficiencies of scale.
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.