December 9, 2024 by Cormint
FINANCIAL UPDATE - Q3 2024 RESULTS
Fort Stockton, Texas – Dec 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.
| 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.
Cormint’s Q3 2024 results were impacted by a temporary underperformance in its power strategy which offset continued positive progress on administrative cost discipline and fleet expansion. Year-to-date the Company achieved an all-in power price of 2.6c kWh at a Gross Margin of 63%. Looking ahead to Q4, Cormint has already experienced an outstanding start, with October Power Price achieved at 1.6c kWh and expects to deliver its strongest ever top and bottom line performance for a quarter. For the full year 2024, Cormint continues to expect that it will deliver industry leading cost-to-mine and hashcost results.
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.
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.
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]
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.