Fort Stockton, Texas – April 6th, 2023 – Cormint Data Systems, Inc. (“Cormint”), an emerging Bitcoin miner focused on mining low-cost Bitcoin at scale while supporting a reliable and renewable power grid, announced today its unaudited financial results for Q1 FY23. After successfully energizing 24 MVA of the Fort Stockton site in November 2022 for self-mining, the Company became operating cash flow positive in Q1 2023.
In Q1 2023, Cormint delivered outstanding results of mining 135 Bitcoin at a Gross Margin of 71%. During the Quarter, it was profitable for Cormint to mine 87.3% of the available hours, during those hours the Company achieved an average fully loaded power price per MWh consumed of $26.19 MWh. Electricity Expenses per BTC Mined for the Quarter were $6.7k USD. Adjusted EBITDA for the Quarter was $1.7M USD. These outcomes were partly enabled by Cormint’s proprietary software which results in the ASIC fleet being optimized on five minute intervals based on the prevailing power price, hashprice, and engineering considerations such as ambient temperature. “We are thrilled to have delivered such a strong start to 2023 and are delighted with the energy and engineering outcomes achieved” said Jamie McAvity, Cormint’s CEO.
Looking ahead, the expansion plan continues on schedule with a further 18MVA of capacity expected to be energized by August 2023 as it scales towards 130MW at its Fort Stockton site. Given the investment already made in fixed costs ranging from the Company owned Substation through to human capital, the Company expects operating margin to improve with each step of its expansion plan.
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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.
