Stronghold Digital Mining, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 08:22 am EDT
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Stronghold Digital Mining, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 18.19 million compared to USD 29.71 million a year ago. Revenue was USD 18.23 million compared to USD 29.74 million a year ago. Net loss was USD 8.34 million compared to USD 16.7 million a year ago. Basic loss per share from continuing operations was USD 1.35 compared to USD 8.21 a year ago. Diluted loss per share from continuing operations was USD 1.35 compared to USD 8.21 a year ago.
For the six months, sales was USD 35.4 million compared to USD 59.07 million a year ago. Revenue was USD 35.5 million compared to USD 59.12 million a year ago. Net loss was USD 36.88 million compared to USD 30.11 million a year ago. Basic loss per share from continuing operations was USD 6.99 compared to USD 14.85 a year ago. Diluted loss per share from continuing operations was USD 6.99 compared to USD 14.85 a year ago.
Stronghold Digital Mining, Inc. is a vertically integrated Bitcoin mining company with a focus on environmentally beneficial operations. The Company's segments include Energy Operations and Cryptocurrency Operations. The Energy Operations segment operates as a qualifying cogeneration facility under the provisions of the Public Utilities Regulatory Policies Act of 1978 and sells its electricity into the PJM grid under a Professional Services Agreement with Customized Energy Solutions. The Cryptocurrency Operations segment is engaged in vertically-integrated digital currency mining business. The Company buys and maintains a fleet of Bitcoin miners, as well as the required infrastructure, and provides power to third-party digital currency miners under hosting agreements. The Company's Scrubgrass Plant has the capacity to generate approximately 83.5 megawatts (MW) of electricity. Its Panther Creek Plant has the capacity to generate approximately 80 MW of electricity.