Gryphon Q1 revenue $7.5M, net loss $11.7M, adjusted EBITDA $1.9M

American Bitcoin Corp.

2024-Q1 EPS reported -$0.40 revenue$7,490,000

Revenue $7.5M (up 56% YoY from $4.8M); net loss $11.7M vs $6.9M loss in Q1 2023, including $11.6M non-cash items.
Adjusted EBITDA $1.9M vs $4.2M YoY; breakeven cost per BTC $34,063 vs $12,910, driven by lower BTC mined (142 vs 212).
Self-mining hash rate reached ~0.94 EH/s after miner upgrades adding 23 PH/s; fleet efficiency improved to 28.5 J/T.
Balance sheet: cash $1.7M, Bitcoin $4.2M, total current assets $7.1M vs current liabilities $30.2M; total liabilities $30.2M.
$5M stock buyback authorized; 2024 outlook projects $16.6M gross profit, assuming $70k BTC price and 550 EH network hashrate.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

American Bitcoin Corp. reported quarter ended March 31, 2024 results: revenue $7.5 million, net income ($11.7) million.

Period: quarter ended March 31, 2024
Revenue: $7.5 million
Net income: ($11.7) million
Result: reported results

Exact text from the filing

shareholder value and demonstrates the Board and management team’s confidence in Gryphon’s strategy.” Q1 2024 and Recent Highlights ● Total mining revenue in Q1/2024 of $7.5 million, compared to $4.8 million in Q1/2023. ● Breakeven Cost 1 per Bitcoin in Q1/2024 was $34,063, compared to $12,910 in Q1/2023. The company continues to be focused on Breakeven

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Source: SEC EDGAR

accession 0001213900-24-042521

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