April YTD 2024 Results

Fort Stockton, Texas – May 23rd,  2024 – Cormint Data Systems, Inc. (“Cormint”), an emerging Bitcoin miner focused on becoming America’s lowest cost producer of Bitcoin, announced today its unaudited financial results for the Quarter ending March 2024 with a preview of results for April 2024.   

Financials in USD Q1 ‘23‘23Q1 ‘24Apr ‘24AprYTD
Nameplate Hashrate0.5 EH/s1 EH/s1.5 EH/s1.5 EH/s1.5 EH/s
Bitcoin Mined13552014758204
Revenue$3m$15.2m$7.8m$3.8m$11.7m
Power Price2 achieved 2.3c kWh2.8c kWh2.1c kWh1.1c kWh1.8c kWh
Power Expenses2 per BTC  $5,989$9,179$10,710$6,691$9,575
Gross Margin73%69%80%90%83%
Admin Expenses3 per BTC $8,581$10,021$13,407
Operating Expenses per BTC $14,570$19,200$24,118
Operating Margin35%34%55%
  1. Deployed as at period end
  2. March and April 2024 are estimates pending ERCOT settlement
  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.

Cormint delivered a strong result for the April YTD period leading into the halving as favorable trends in hashprice combined with strong execution in power strategy to deliver a gross margin of 83%. The company achieved an all-in power price of 1.8c kWh with uptime of 90%. Reflecting typical seasonal trends, Cormint expects slightly higher power prices this summer followed by weaker prices in Q4. The company remains optimistic to beat its projected annual power price of 2.8c kWh.  

Current hashrate stands at ~1.5EH across our proprietary immersion and air cooled solutions. Our construction team is now focused on deploying Phases 4 and 5 which will result in Cormint fully utilizing its 130MW interconnection at Fort Stockton by Q4 2024, and operating a nameplate fleet of at least 3 EH/s. The company has established an overseas manufacturing partnership to rapidly deploy our air-cooled solution at scale. We will deploy at least 100 MW this year with a stretch goal of 150 MW across 2 sites. We seek to have 500 MW under management by 2026 and have built our organization to be capable of deploying a high quality mining data center product at an industry leading price. 

From a capital perspective, we exited April with 733 Bitcoin on the balance sheet, significant cash reserves, and a sophisticated hedging program that is outperforming our expectations.  Given our balance sheet strength, we are fully funded to scale to 130MW at Fort Stockton, and have ample liquid assets to pursue acquisitions.  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.   

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.