Stronghold Digital Q1 revenue $27.5M (+59% YoY), net income $5.8M; launches strategic review

Stronghold Digital Mining, Inc.

2024-Q1 EPS reported $0.35 revenue$27,522,185

Revenue $27.5M (+59% YoY); GAAP net income $5.8M; adjusted EBITDA $8.7M.
Mined 546 Bitcoin in Q1 (561 Bitcoin-equivalent); April mined 155 Bitcoin; hash rate 3.6 EH/s.
Initiated formal strategic review; considering sale or other transaction; retained Cohen & Co. and Vinson & Elkins.
Appointed Ryan Weber as CAO; salary $225K; target bonus $50K; additional 10,000 RSUs over 2 years.
Cash and equivalents $8.0M as of Apr 30; debt $55.3M; $3.4M ATM capacity remaining.

item 2.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Ryan Weber

Chief Accounting Officer

Stronghold Digital Mining, Inc.

Effective: 2024-05-01
Filed: May 2, 2024, 7:59 PM ET

On May 1, 2024 (the “Effective Date”), the Company’s Board of Directors (“Board”) appointed Ryan Weber, age 38, to serve as the Company’s Chief Accounting Officer.

Role change

Matthew Smith

Chief Financial Officer

Stronghold Digital Mining, Inc.

Effective: 2024-05-01
Filed: May 2, 2024, 7:59 PM ET

Matthew Smith, who will continue in his role as Chief Financial Officer, will no longer serve as the principal accounting officer.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Stronghold Digital Mining, Inc. reported the first quarter ended March 31, 2024 results: revenue $27.5 million, net income $5.8 million.

Period: the first quarter ended March 31, 2024
Revenue: $27.5 million
Net income: $5.8 million
Result: reported results

Exact text from the filing

Stronghold Digital Mining, Inc. ( NASDAQ: SDIG) (“Stronghold”, the “Company”, or “we”) today announced financial and operational results for the first quarter of 2024 and provided other strategic updates: Recent Financial Highlights • The Company generated revenues of $27.5 million during the first quarter of 2024, up 27% sequentially and 59% year-over-year. Revenues comprised $26.7 million from cryptocurrency operations, $0.7 million from the sale of energy, and $0.1 million from other activities. • First quarter 2024 fixed costs were down 3% sequentially and 11% year-over-year, demonstrating Stronghold’s operating leverage and cost controls. Fixed costs include operations & maintenance expenses and general & administrative expenses, excluding stock-based compensation. • The Company earned GAAP Net Income of $5.8 million and non-GAAP Adjusted EBITDA of $8.7 million during the first quarter of 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ryan Weber was appointed as Chief Accounting Officer at Stronghold Digital Mining, Inc..

Action: appointed
Role: Chief Accounting Officer

Exact text from the filing

On May 1, 2024 (the “Effective Date”), the Company’s Board of Directors (“Board”) appointed Ryan Weber, age 38, to serve as the Company’s Chief Accounting Officer.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

Matthew Smith changed role as Chief Financial Officer at Stronghold Digital Mining, Inc..

Role: Chief Financial Officer

Exact text from the filing

Matthew Smith, who will continue in his role as Chief Financial Officer, will no longer serve as the principal accounting officer.

View on SEC.gov

222 earnings releases filed in the last 30 days. Browse all earnings releases →

Source: SEC EDGAR

accession 0001140361-24-023845

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