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.
Financial Performance Summary
| 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 | 2.3c kWh | 2.3c kWh |
| Power Expenses per BTC | $22,748 | $35,508 | $43,968 | $39,616 |
| Gross Margin | 66% | 64% | 59% | 62% |
| Admin Expenses per BTC 2 | $14,756 | $18,484 | $21,810 | $20,108 |
| Operating Expenses per BTC 3 | $37,505 | $54,002 | $65,778 | $59,724 |
| Mining Operating Profit 4 | $14.1mm | $4.7mm | $4.1mm | $17.6mm |
| Mining Operating Margin | 43% | 46% | 34% | 42% |
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
Q2 Performance Highlights
Cormint delivered solid operating results in Q2 2025, mining 95 BTC and generating $10.5M in total revenue. The company achieved a power cost of 2.3¢/kWh and a robust 59% gross margin, with 306 BTC on the balance sheet at quarter-end.
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.
Operational Excellence
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.
Strategic Initiatives
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.
Expansion Progress
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]