July 25, 2024 by Cormint
JUNE YEAR TO DATE 2024 RESULTS
Fort Stockton, Texas – July 25th, 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 Q2 2024.
| Financials in USD | ‘23 | Q1 ‘24 | Q2 ‘24 | H1 ‘24 |
|---|---|---|---|---|
| Nameplate Hashrate (1) | 1 EH/s | 1.5 EH/s | 1.5 EH/s | 1.5 EH/s |
| BTC Mined | 520 | 147 | 113 | 260 |
| Revenue | $15.2mm | $7.8mm | $7.5mm | $15.3mm |
| Power Price (2) Achieved | 2.8c kWh | 2.1c kWh | 1.7c kWh | 1.9c kWh |
| Power Expenses (2) per BTC | $9,179 | $10,749 | $15,004 | $12,601 |
| Gross Margin | 69% | 80% | 77% | 79% |
| Admin Expenses (3) per BTC | $10,021 | $13,452 | $18,747 | $15,756 |
| Operating Expenses per BTC | $19,200 | $24,201 | $33,750 | $28,357 |
| Operating Margin | 34% | 55% | 49% | 52% |
(1) Deployed as at period end
(2) Q2 includes an estimate for June 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 H1 2024 which straddled the halving in April 2024. With hashprice falling substantially post-halving, Cormint benefited from outstanding execution of its power strategy and the benefits of additional scale from its most recent energization in March. Year-to-date the Company achieved an all-in power price of 1.9c kWh while mining in 88% of time intervals at a Gross Margin of 79%. Looking ahead to Q3, the company expects to realize slightly higher power prices through the summer followed by weaker prices in Q4 and remains optimistic that it will beat its planned annual power price of 2.8c kWh.
Since closing Q2, expansion has pushed hashrate to ~2EH across our proprietary immersion and air cooled solutions. Our construction team is fully focused on further expansions which will result in Cormint fully utilizing its 130MW interconnection at Fort Stockton by Q4 2024, and operating a nameplate fleet of at least 3.5 EH/s. The company’s overseas manufacturing partnership has exceeded our expectations on cost, quality and timelines, and enables Cormint to rapidly deploy our air-cooled solution at scale. We will deploy at least 100MW this calendar year.
From a capital perspective, we exited June with 781 Bitcoin on the balance sheet, significant cash reserves, and a sophisticated hedging program. Given our balance sheet strength, we are fully funded to scale to 130MW at Fort Stockton, and have ample liquid assets to pursue acquisitions. Our acquisition pipeline is robust ranging from green-field sites to partnering with landowners and generators to further monetize their assets through Bitcoin mining supplemented by a market-leading hedging program. Cormint has signed LOIs to negotiate transactions that would allow the company to develop an additional 225MW of power infrastructure through 2025, and the company has a 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.