Q2 2024 LM Funding America Inc Earnings Call Transcript
Key Points
- Successfully mined 44.1 Bitcoins during the quarter, valued at approximately $2.9 million.
- Several expensive hosting contracts expired, allowing relocation to more cost-effective mining sites.
- Entered into a letter of intent to acquire a mining site in Texas with significant expansion potential.
- Partnered with Arthur Mining to establish a new 15 megawatt hosting facility near Oklahoma City.
- Secured a $5 million nonconvertible loan to acquire additional mining capabilities.
- Total revenue for the second quarter of 2024 decreased by $184,000 compared to the same period last year.
- Operating expenses rose to $7.8 million from $6.4 million year over year.
- Reported a net loss attributable to shareholders of approximately $6.1 million.
- Core EBITDA loss increased to $2.2 million in Q2 2024 from $0.1 million in Q2 2023.
- Digital mining revenue was relatively flat at $2.9 million in the second quarter of 2024 versus $3 million in Q2 2023.
Greetings, and welcome to the LM Funding America, Inc., second-quarter 2024 business update call. (Operator Instructions)
Please note this conference is being recorded. I will now turn the conference over to your host, Mr. Ted Ayvas. Investor Relations. Sir, you may begin.
Good morning and thank you for joining LM Funding America's 2024 second-quarter financial results and business update conference call. On the call with us today are Bruce Rodgers, Chief Executive Office;, and Richard Russell, Chief Financial Officer of LM Funding.
This morning, the company announced its operating results for the quarter ended June 30, 2024, and its financial condition as of that date. The press release is posted on the company's website, lmfunding.com. In addition, the company has filed its quarterly report on Form 10-Q with the US Securities and Exchange Commission, which can also be accessed on the company's website as well as the SEC's website at
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