Corporate Bitcoin treasury strategies, HODL positions, and BTC-per-share metrics across mining companies.
CANG · Q2 FY2026 Earnings Call
…(self-mining 19.84 EH/s + leased 7.74 EH/s); held 1,056 BTC in treasury as of June 30. Financial Performance (vs Q1 2026) Total revenue: $50.8 million (down ~50% from Q1), with $47.4 million from Bitcoin mining. Net loss from continuing operations: $81.6 million (primarily non-cash impairment $42.9M + disposal losses $8.5M on mining machines tot…
LMFA · Q2 FY2026 Earnings Call
…modular containerized data centers. Liquidity priority: Retain Bitcoin holdings via new low-cost facility rather than selling; participate in price appreciation within collar. Analyst Questions Section Analyst: Matthew Galinko, Maxim Group Question 1: "Maybe if we could start with -- I think it's been a few weeks now since you announced the pote…
AVX · Q2 FY2026 Earnings Call
…Context: Avax One focuses on three pillars: Avalanche digital asset treasury, Bitcoin mining, and selective AI/high-performance computing. The company holds a significant AVAX treasury and benefits from Avalanche network growth in institutional finance, tokenized assets, and consumer applications (e.g., FIFA Collect during 2026 World Cup, Tassat's…
MARA · Q2 FY2026 Earnings Call
…prior-year period); 700 blocks won (up 1% YoY, up 8% sequentially). Bitcoin Holdings: 35,600 BTC (~$2.1B at $58,500 spot; down from 50,000 BTC YoY); ~26% loaned/pledged as collateral. Hash Rate: 70.3 EH/s energized (up 22% YoY from 57.4 EH/s; down modestly sequentially due to legacy miner phase-out). Net Income/Loss: -$611M or -$1.60/diluted share…
GLXY · Q2 FY2026 Earnings Call
…per share); firm-wide adjusted EBITDA: -$77 million (driven by Treasury/digital asset price depreciation). Operating businesses: Adjusted gross profit $86 million and adjusted EBITDA $1 million (both significantly up QoQ). Data centers contributed $20 million adjusted gross profit and $11 million adjusted EBITDA (first full quarter of results from…
HIVE · Q4 FY2026 Earnings Call
…3-year GPU depreciation and non-cash items). ROIC 13.3%. Bitcoin treasury: 150 BTC. Q4 2026 Revenue: $71.8 million (up 130% YoY from $31.2 million in Q4 FY2025; down from $93.1 million in Q3 FY2026). Gross operating margin $17.5 million (up 99% YoY from $8.8 million in Q4 FY2025; down from $32.1 million in Q3). HPC/AI revenue $4.6 million (~6-7% of…
CANG · Q1 FY2026 Earnings Call
…million at year-end 2025) through Bitcoin sales and repayments. Bitcoin Holdings: 1,025.7 BTC at March 31, 2026 (later updated to 1,057.46 BTC as of April 20). Operational Performance and Mining Metrics Hash Rate (End of Q1 2026): 37.01 EH/s total (27.98 EH/s self-mining, 9.02 EH/s hosted). April 2026 Hash Rate: 31.58 EH/s total (20.43 EH/s self…
AVX · Q1 FY2026 Earnings Call
…operations (approximately 300 PH/s capacity in Alberta) and Avalanche treasury strategy. Key initiative: Advancing a 10-megawatt Tier 3-ready critical power facility in Alberta, Canada, using dedicated flared natural gas generation, battery energy storage (BESS), and modular microgrid architecture. Engineering partners include BlueFlare Energy Syst…
LMFA · Q1 FY2026 Earnings Call
…includes $7 million negative non-cash fair value adjustment on Bitcoin holdings and collateral due to price drop from ~$87,500 at year-end to ~$68,300 on March 31. Core EBITDA loss: ~$8.4 million (vs. $2.8 million loss in Q1 2025). Net adjusted cash flow used in operations: ~$200,000 (after adding back $3.1 million from digital asset sales to $3.3…
CLSK · Q2 FY2026 Earnings Call
…from $263 million non-cash GAAP mark-to-market adjustments on Bitcoin holdings. Adjusted EBITDA: Negative $241 million (improved from negative $295 million in Q1 2026), reflecting Bitcoin price decline from Q1 highs of ~$126,000. HODL Balance: 13,561 BTC valued at $925 million (quarter-end); current value ~$1.1 billion as Bitcoin recovered post-qua…
MARA · Q1 FY2026 Earnings Call
…facility at 7% (vs prior 10.5%). No ATM equity use since Q3 2025. Bitcoin holdings: 35,303 BTC (28% loaned/pledged, generating $6.4M interest income). Long Ridge pro forma debt ~$900M post-close (down from $1.1B prior). Bitcoin Market Context Challenging Q1 due to macro pressures and risk-asset decline; Bitcoin rebounded ~20% post-quarter-end (f…
CORZ · Q1 FY2026 Earnings Call
…expected to remain in operation by year‑end. Much of the company’s Bitcoin holdings were monetized earlier in the year. The $3.3 billion project bond financing closed at a 7.75% interest rate, structured with a lockbox mechanism; most proceeds flow back to corporate for new development investments. Approximately $2 billion in capex will be deployed…
IRM · Q1 FY2026 Earnings Call
…organic. Adjusted EBITDA: $618M, up 11%, with a 44% margin. U.S. Treasury contract contributed ~$9M in Q1; still expected to deliver $45M in FY26 and $100M+ annually starting FY27. Data Center Revenue: $255M, up 47% year-over-year (+$82M). Leasing: 22 MW signed in Q1; 24 MW commenced; 7 MW renewed. Additional 10 MW leased in April. YTD leasing:…
AVX · Q4 FY2025 Earnings Call
…quarter operating under its new Avalanche-focused digital asset treasury strategy. Nearly half of total full-year revenue was generated in Q4 alone, despite the strategy only being implemented in November 2025. Management highlighted major progress in AVAX accumulation, staking expansion, and the foundation for long-term on-chain yield generation.…
LMFA · Q4 FY2025 Earnings Call
…Net loss: ~$27 million; Core EBITDA loss: $10.9 million. BTC holdings increased from ~150 BTC to ~356 BTC (including 145 BTC receivable tied to Galaxy loan). BTC purchases included 164 BTC in August and 47 BTC in December 2025. Balance Sheet & Capital Structure Total assets at year-end: $51.3 million. BTC holdings valued at…
CANG · Q4 FY2025 Earnings Call
…Question: “What drives the decision to sell more than half of Bitcoin holdings in February 2026?” Answer (CFO Yongyi Zhang): The company reduced BTC exposure to strengthen the balance sheet amid price volatility and sector-wide shifts. The sale supports debt reduction and builds flexibility for AI expansion. 2. Ming Zeng — China Securitie…
MARA · Q4 FY2025 Earnings Call
…rights in 2027. MARA states these are manageable due to: BTC holdings valued at roughly double the put obligations Zero-coupon notes, creating no ongoing cash interest burden Plans to diversify liquidity through AI/HPC contracted cash flows ATM program was suspended in Q3 2025; operations were funded through BTC sales in Q4 inste…
HUT · Q4 FY2025 Earnings Call
…8 expects a significant cash inflow at financing close. Bitcoin holdings on Hut 8’s balance sheet will be phased out; exposure will primarily be through equity ownership in ABTC. Operational Highlights River Bend construction is on time; first data center comes online in Q2 2026, with others following every 60 days. 1 GW expans…
CIFR · Q4 FY2025 Earnings Call
…July 2027). Company liquidated a significant portion of its Bitcoin holdings in Q4; remaining 1,166 BTC will be sold opportunistically, with full exit expected by 2026. Pipeline and Site Development Total development pipeline: ~3.4 GW, all aimed at HPC workloads. Key near-term pipeline status: Stingray (100 MW): Fully interconnection appr…
HIVE · Q3 FY2026 Earnings Call
…adjustments. The company ended the quarter with 481 Bitcoin in treasury and $14M in cash. Operational Performance Highlights Bitcoin mined: 879 BTC for the quarter (up from 719 BTC the prior quarter), benefiting from Paraguay ramp-up. Operating capacity: 440 MW across global sites, with an additional 100 MW PPA in Paraguay targeted for September…
IRM · Q4 FY2025 Earnings Call
…down due to mix shift toward services and data centers. Treasury Department Contract Q4 revenue recognized: $6 million. 2026 guidance includes $45 million in revenue (ramp year). Expected to exceed $100 million annually in 2027 and beyond. Iron Mountain expects to receive FedRAMP High approval, enhancing federal government…
CLSK · Q1 FY2026 Earnings Call
…since Dec 2024; share count reduced ~20% over 15 months. Bitcoin holdings: 13,000+ BTC with USD 1.15B value at quarter end. Digital Asset Management (DAM) Generated USD 13M in premiums and cash in Q1, representing 24% of normalized EBITDA. Covered-call strategy yielded an 8% uplift per Bitcoin sold and annualized returns exceed…
GLXY · Q4 FY2025 Earnings Call
…gross profit of $5 million, up 67% from $3 million in 2024. Treasury and corporate segment posted an $86 million adjusted gross loss, reflecting unrealized losses from falling digital asset prices. Galaxy ended 2025 with $11.3 billion in assets and $3 billion in equity capital. Cash and stablecoins totaled $2.6 billion, up $700 million from Q3, lar…
CANG · Q3 FY2025 Earnings Call
…on flexible channels including equity or structured products. BTC holdings can be used for liquidity if needed. Q2: "You mentioned that equipment operates improved energy efficiency. But we see October operational hashrate, which was 46.6 exahash, which is still below the deployed hashrate of 50 exahash. So what are the main factors behind thi…
CLSK · Q4 FY2025 Earnings Call
…increase from Q3); gross margin 56.5% (up 2 pts QoQ). Bitcoin Treasury: Increased 62% to over 13,000 BTC (valued over $1.2 billion). Exahash Rate: Reached operational 50 EH/s in Q4. CleanSpark now the largest U.S.-based miner by hash rate. Capital Strategy: Raised $1.15 billion via 0% convertible note with 27.5% conversion premium and 6…
HIVE · Q2 FY2026 Earnings Call
…cash + $24.4M digital securities + $17M receivables; 210 BTC treasury + 1,992 pledged (~2,200 BTC total). Low SG&A, strong liquidity for growth. Operational Highlights Bitcoin Mining: Reached 25 EH/s installed (from ~16 EH/s average during quarter), mining ~10 BTC/day at 440 MW green energy footprint. Fleet efficiency: 17.5 J/TH blended. ~$400M…
LMFA · Q3 FY2025 Earnings Call
…share repurchase program in early November. Treasury Position (as of Oct 31, 2025): 295 Bitcoin valued at ~$31.9M. Per-share Bitcoin value: $2.60 vs stock price near $1.07 on 12.2M shares. Future Outlook Continue focusing on expanding mining efficiency, fleet upgrades, and Bitcoin per…
IRM · Q3 FY2025 Earnings Call
…management, workflow tools, and AI agents. New 5-year U.S. Treasury contract valued up to $714 million; volume-based revenue; seasonal ramp expected during spring tax season 2026. Capital Allocation & Balance Sheet Growth CapEx: $472 million; recurring CapEx: $42 million. Net lease-adjusted leverage: 5.0x (in line with expectat…
MARA · Q3 FY2025 Earnings Call
…assets on balance sheet as of Sept 30, 2025. About 1/3 of Bitcoin holdings (17,357 BTC) actively loaned or pledged as collateral. Shift to quarterly production reporting starting Q4 2025; real-time updates remain available via mempool tracking. Cooling Strategy Shift: Ceased near-term investments in 2-phase immersion…
HUT · Q3 FY2025 Earnings Call
…million, a substantial increase from $5.6 million in Q3 2024. Bitcoin Holdings: 13,696 BTC worth ~$1.6 billion, includes 3,418 BTC held by American Bitcoin. Operating strategies extracted approximately $1 billion in liquidity across facilities and options. Segment Performance: Compute: Revenue rose from $13.7 million to $70 milli…
RIOT · Q3 FY2025 Earnings Call
…power cost to $0.032/kWh. Utilization rate improved to 86%. Bitcoin Holdings: 19,287 BTC (valued at $2.2 billion as of quarter end). CapEx Plan: $214 million for initial Core & Shell build at Corsicana, representing ~$1.9M per IT megawatt. Data Center Transformation Highlights Initiated Core & Shell development of two buildings…
GLXY · Q3 FY2025 Earnings Call
…a record level, bolstered by $4.5 billion from digital asset treasury mandates. Assets under stake grew to $7 billion. Digital Asset Segment: Delivered $318 million in adjusted gross profit, reflecting record trading volumes (up 140% QoQ), with one major Bitcoin deal for $9B+ notional value. Trading & Lending: Lending book grew to $1.8 bill…
CANG · Q2 FY2025 Earnings Call
…represents major milestone—completion of transformation, growth in BTC holdings (5,000+), improved operational scale and validation of strategic model.
HIVE · Q1 FY2026 Earnings Call
…due to equity raises for expansion, yet EPS outpaced dilution. Bitcoin Holdings: 435 BTC on balance sheet (~$47.3M value at quarter-end). Pledge strategy (no dilution/debt) for ~$200M CapEx; currently >$40M in-the-money. ARR (Annualized Run Rate): $315M (Bitcoin mining at current economics; HPC targeting $100M ARR by 2026 via Toronto expansion).…
LMFA · Q2 FY2025 Earnings Call
…Context Net Book Value (as of June 30): $31.9 million Bitcoin Holdings (as of June 30): $16.7 million; increased to $18 million by early August Fully Diluted Market Cap: $14.7 million (as of June 30); $11.8 million (as of recent Monday close) Analyst Q&A Michael John Donovan, H.C. Wainwright (on behalf of Kevin Dede)…
KEEL · Q2 FY2025 Earnings Call
…from mining operations is approximately $8 million/month. Bitcoin holdings increased by 25% YTD to ~1,200 BTC (~$145 million at $119,000/BTC). AI & HPC Expansion Strategy Pivot underway toward becoming a High-Performance Computing (HPC) and AI infrastructure company. Key U.S. energy assets include: Pennsylvania:…
CLSK · Q3 FY2025 Earnings Call
…slightly below all-time high of Q2 2024 (2,031 BTC). Bitcoin Treasury Balance: 12,608 BTC (valued at approx. $1.08 billion at quarter-end), reflecting an increase of more than $100 million since last quarter. Treasury Strategy: Evolution from 100% HODL to a balanced yield-generating approach. Writing covered calls on 40% of BTC holding, tar…
IRM · Q2 FY2025 Earnings Call
…solution as its enterprise ECM platform. U.S. Department of Treasury digitization contract ramping; significant revenue expected in 2026 due to seasonality. Data Center Business Revenue grew 24% to $189 million; organic storage rental growth 26%. 23 MW commenced; 25 MW renewed with strong pricing spreads (13% cash, 20% GAAP).…
GLXY · Q2 FY2025 Earnings Call
…million total—Digital Assets contributed $71 million (up 10% QoQ), Treasury & Corporate added $228 million. Adjusted EBITDA: Introduced as a new performance metric, totaling $211 million in Q2. GAAP Results: Net income was $31 million (impacted by a $125 million mark-to-market adjustment). GAAP operating income stood at $166 million. Ba…
RIOT · Q2 FY2025 Earnings Call
…versus a loss of $296.4 million or $0.90/share in Q1 2025. Bitcoin Holdings: 19,000 BTC and $330 million in cash. Total liquidity stands at $2.4 billion, includes a new $200 million BTC-collateralized credit facility with Coinbase. Bitcoin Mining Revenue: $140.9 million, flat versus Q1 ($142.9 million). Bitcoin Mining Gross Margin: 50%,…
MARA · Q2 FY2025 Earnings Call
…diluted share) in Q2 2024. This included a $1.2 billion gain on bitcoin holdings. Bitcoin Production & Holdings: Q2 2025 average daily production was 25.9 BTC, up from 22.9 BTC in Q2 2024. Total bitcoin held at quarter end: ~50,000 BTC (up 170% YoY from ~18,500 BTC in Q2 2024). Total market value of holdings grew…
LMFA · Q1 FY2025 Earnings Call
…contributing to margin stabilization amid Bitcoin price volatility. Bitcoin Holdings: Held 160.2 Bitcoin valued at $13.2M ($2.58/share) as of March 31, 2025. At April-end, 148.7 Bitcoin would be worth ~$15.5M ($3.01/share) based on Bitcoin's May 13 price of $104,000. Market Cap Discrepancy: Bitcoin holdings valued at >1.5x market cap, highl…
GLXY · Q1 FY2025 Earnings Call
…into: Digital Assets Data Centers Treasury and Corporate Historical results have been recast to align with new structure. Q1 2025 Financial Performance: Net Loss: $295 million, driven by decline in value of digital assets. Operating Expenses (ex. gross-up transaction costs)…
MARA · Q1 FY2025 Earnings Call
…Answer (Fred Thiel): The market seems to value MARA only for our BTC holdings, not our mining operations. We're seeing increasing institutional and even state-level adoption of BTC, pointing to strong future demand that’s decoupled from previous cycle patterns. Stephen Glagola (Jones Trading): "Can you elaborate on the public priva…
CLSK · Q2 FY2025 Earnings Call
…mark-to-market loss on Bitcoin spot price decline during the quarter. Bitcoin Holdings as of April 30, 2025: 12,101 BTC (~$1.2B in value), third largest among public miners. Total Liquidity: ~$1.1B, including $97M cash and ~$980M in BTC at March 31. Total Debt: $641.7M (net of issuance costs); includes $650M zero coupon convertible from…
HUT · Q1 FY2025 Earnings Call
…spread over a reduced consumption base during fleet downtime. Bitcoin Holdings: 10,264 BTC held, valued at $847.2 million as of March 31, 2025. Bitcoin price declined from ~$93,000 to ~$82,500 during Q1 2025. Fleet Upgrade: 9.3 EH/s deployed (up 79% QoQ) with improved efficiency at 20 J/TH (37% QoQ improvement). Upgrade completed despite a…
CORZ · Q1 FY2025 Earnings Call
…forward. Liquidity: $780 million in cash, equivalents, and Bitcoin holdings by the end of Q1 FY2025. CapEx: ~$90 million in Q1, with majority funded by CoreWeave under contractual terms. CapEx aligns with infrastructure expansion, not expected to recur at this level in future quarters. GPU Transition: Core is executing a major shift fro…
CIFR · Q1 FY2025 Earnings Call
…Adjusted net income was $6 million ($0.02/share). Bitcoin Treasury Strategy: Actively sold a portion to fund OPEX, held some, and hedged rest (~10%). Achieved a $96,000 effective sale price per Bitcoin through forward contracts and hedges. Generated $90 million in Q1 liquidity without shareholder dilution.…
RIOT · Q1 FY2025 Earnings Call
…hash rate rose 7% to 33.7 EH/s from 31.5 EH/s last quarter. Bitcoin Holdings: Increased to 19,223 BTC, up 8% from 17,722 BTC at year-end 2024. Bitcoin per million fully diluted shares rose from 44.3% to 47.4% (7% yield). Financial Highlights: Revenue: $161.4M, a 13% increase from $142.6M in Q4 2024. Gross Profit: $73.…
IRM · Q1 FY2025 Earnings Call
…summarization for patient data. $140 million U.S. Department of Treasury digital transformation contract (majority of revenue expected in 2026). Strong pipeline increases from multiple federal agencies following visibility from Treasury award. Balance Sheet, Capital Allocation, and Dividend Q1 Capex: $657 million (mainly growth-oriented). Net le…
ETR · Q1 FY2025 Earnings Call
…Update Nuclear production tax credits effective 2024; awaiting Treasury guidance. Any benefit would be upside to the current plan. Renewable tax credits included in the outlook: ~$170M in 2027 and ~$350M in 2028. If transferability rules change, Entergy would pivot to tax equity financing. Loss of assumed credits would still leave FFO/debt comfort…
LMFA · Q4 FY2024 Earnings Call
…million in Q4 2023, driven by $4.3 million unrealized gains on Bitcoin holdings. Cost Management and Financial Health: 18% reduction in SG&A expenses YoY. Cash and Bitcoin holdings combined grew 200% YoY to $17.4 million (cash: $3.4M; Bitcoin: $14M). Uses a $5M secured loan backed by Bitcoin collateral…
KEEL · Q4 FY2024 Earnings Call
…expected in Q2 2025 to guide HPC monetization strategy. New Treasury Strategy – Bitcoin One Builds on Synthetic HODL: Q4 2023–Q4 2024 pilot yielded 135% return; $18M trading profit. Multi-Strategy Program: Bitcoin One uses quantitative models, structured options, leverage, and active BTC treasury management targeting volatility pre…
CANG · Q4 FY2024 Earnings Call
…under regulation? 3) Does the company have any plan to sell your Bitcoin holdings?" Response (Jiayuan Lin, CEO): Transition driven by reduced financing business and growth in energy-computing integration; this aligns with AI-related computing demands. Transaction is offshore and not under Chinese regulation. Cango will follow a mine-and-hold…
HUT · Q4 FY2024 Earnings Call
…Also discussed additional Bitcoin purchases using strategic treasury frameworks. Mike Colonnese – H.C. Wainwright: "Can you provide some more detail on how conversations with prospective AI customers have evolved?" Answered by Asher Genoot: Hut 8 prefers to share customer updates only when definitive, but conversations…
MARA · Q4 FY2024 Earnings Call
…with federal and state agencies on energy grid development and Bitcoin reserve proposals. Actively collaborating across executive and legislative branches. MARA's Mission: To remain competitive through ultra-low energy cost, capital-efficiency, and hybrid usage of data centers for Bitcoin mining and inference AI workloads. Analyst Q&A Hig…
CIFR · Q4 FY2024 Earnings Call
…(10.4M shares). Cash and BTC as of Dec. 31: $6M cash and $92M in BTC holdings. Capital spend for Black Pearl Phase 1: $200M remaining ($50M for infrastructure, $150M for rigs). Plans for Phase 2 (~$260M) under review. Current short-term borrowings of $32M (partially repaid post FY-end). Strategic Shift Toward AI/HP…
RIOT · Q4 FY2024 Earnings Call
…Platforms Q4 and Full Year 2024 Earnings Call Summary Bitcoin Holdings Strategy: Riot retained 100% of all self-mined Bitcoin in 2024, resulting in a 141% year-over-year increase to 17,722 BTC, valued at $1.7 billion as of Dec 31, 2024. Production and Hash Rate: 2024 self-mining hash rate rose 154% YoY from 12.4 EH/s to 31.5 EH/s, outpac…
ETR · Q4 FY2024 Earnings Call
…quality. Nuclear PTCs remain excluded from credit metrics pending Treasury guidance. Nuclear Strategy Entergy is actively exploring: Large-scale reactors (e.g., AP1000) due to supply-chain maturity. Small modular reactors (SMRs) via agreements with Holtec and evaluations of GE and others. No new nuclear announcement expected in 20…
IRM · Q4 FY2024 Earnings Call
…machine learning capabilities in DXP driving adoption across treasury operations, compliance, HR, and consumer lending. Data Center Business 2024 Data Center revenue grew 25% to 620 million (up from ~496 million in 2023). Fourth consecutive year leasing over 100 megawatts; 2024 total was 116 megawatts (slightly below midyear expect…
IREN · Q2 FY2025 Earnings Call
…Community Questions via X/Twitter (Selected): Why not HODL Bitcoin? → IREN believes shareholders can manage BTC exposure themselves—focus is on reinvestment, not BTC speculation. Why was Morgan Stanley terminated? → Change in monetization strategy toward retaining ownership and broader partner engagement.
HIVE · Q3 FY2025 Earnings Call
…Mined: 322 Bitcoin equivalents were mined in Q3; balance sheet HODL totaled 2,805 unencumbered Bitcoin as of quarter-end. Balance Sheet Strength: $9.8 million in cash, $260.8 million in digital currency holdings, $30.7 million in strategic investments, and a current ratio of 10.4. Dilution: HIVE leads industry with lowest shareholder diluti…
CLSK · Q1 FY2025 Earnings Call
…a cautious rollout strategy. No plans to utilize 100% of the BTC holdings immediately. Mike Colonnese (H.C. Wainwright): "How should we think about the cadence of hashrate growth from 40 exahash to 50 exahash?" Zachary Bradford: Expects even monthly cadence of hashrate additions via expansions at existing and greenfield…
CLSK · Q4 FY2024 Earnings Call
…Q4 2024: $36,250 (up from $26,950 in Q3) Bitcoin Holdings: Nearly 10,000 BTC valued at ~$1B Cash Position: $121 million as of Sept 30, 2024 Major Infrastructure Acquisitions: Grid Infrastructure acquisition in Tennessee (closed October) Includes 68 MW in developed infrastructure and 400+ MW expansi…
LMFA · Q3 FY2024 Earnings Call
…18.5 BTC in Q3 2024 Average BTC Selling Price: $61,000 BTC Holdings (as of Nov 11, 2024): 142.3 BTC valued at approx. $12.4 million (based on $87,000/BTC) Operating Expenses: $5.6 million, down from $6.6 million in Q3 2023 EBITDA: Loss of $1.6 million in Q3 2024 (compared to $0.6 million loss in Q3 2023); however, positive core EBIT…
HIVE · Q2 FY2025 Earnings Call
…Adjusted EBITDA: $5.6M (down from $14.9M in Q1 FY2025). Bitcoin HODL Position (as of Sept 30): 2,624 BTC valued at $165M. As of Nov 11, valued at $226M (Bitcoin price: $86K). Net Loss: $7.7M for Q2 FY2025 vs Net Income of $3.3M in Q1. Cash Position: $7.2M + $165.2M in digital assets and $6.6M in receivables/prepaids. Operational U…
KEEL · Q3 FY2024 Earnings Call
…(38% of mining revenue), down from $21M (51%) QoQ Total BTC Treasury: 1,188 BTC as of Oct 31 (↑ from 905 BTC at June 30) Total Liquidity: $146M ($73M cash + $73M BTC) Cost to Mine: Direct mining cost per BTC was $36K; total cash cost was $52.4K; revenue per BTC ~$61K; cash profit per BTC ~$8.5K Analyst Q&A Summary Mike Colonnes…
MARA · Q3 FY2024 Earnings Call
…Expanded to ~1.5 GW, with 65% now owned and operated by MARA. BTC Holdings: Post-Q3, MARA holds over 27,000 BTC, now valued at almost $2.5 billion. Average acquisition cost is under $50,000/BTC. Key Strategic Developments Ohio Data Centers Acquisition: Secured 372 megawatts of interconnect-approved capacity across three locations (…
CIFR · Q3 FY2024 Earnings Call
…$0.027/kWh, leading to highly competitive unit economics. Bitcoin Holdings: 1,508 BTC held as of Q3-end. Odessa Facility: Primary production facility representing 83% of Bitcoin output in September. Currently undergoing rig upgrades, expected to increase output to 11.3 EH/s from 207 MW. Observed all-in electricity cost per Bitcoin post-halv…
RIOT · Q3 FY2024 Earnings Call
…economies of scale. Balance Sheet & Capital Plans BTC Holdings: 10,427 BTC as of Q3-end 2024, up 42% YoY from 7,327 BTC. CapEx Outlook: ~$663M expected capital expenditure over the next five quarters through Q4 2025 (revised down from $713M). Strategic Infrastructure: Initiating second phase of Corsicana build-out with 600 MW e…
LMFA · Q2 FY2024 Earnings Call
…to expand to support 1,000 BTC annually. Leveraging BTC holdings to finance acquisition and infrastructure expansion. Oklahoma City Expansion: Strategic partnership with Arthur Mining to establish 15 MW hosting facility. Arthur Mining to host LMF’s miners at cost for 10 months. Post-period will shift t…
HUT · Q2 FY2024 Earnings Call
…hosting reimbursements, services, and power plant revenue. Bitcoin Holdings: 9,102 BTC worth $570.5 million as of June 30, 2024. 5,022 BTC unencumbered. Cash Position: $175.5 million. Total Debt: $328.8 million. Strategic & Organizational Updates Vertically integrated platform spans energy assets, digital infrastructure (da…
CIFR · Q2 FY2024 Earnings Call
…Bitcoin Fair Value Adjustments: Mark-to-market loss of $21M from BTC holdings in Q2, partially offset by $5M realized gains. Power Contract Valuation: Odessa PPA valued at $123M as of June 30 (up $22M QoQ, $29M YTD). Recorded as a derivative asset on the balance sheet. Balance Sheet: $309M in total current assets, including $123M cash and $…
CLSK · Q3 FY2024 Earnings Call
…MW by 2026); several hundred MW Wyoming by 2025-2026. Other: HODL strategy maintained (~7,000+ Bitcoin); high uptime ~98%; strong power management across fixed and wholesale contracts for flexibility. Analyst Questions Michael Colonnese, H.C. Wainwright Question: "Congrats on achieving your midyear target here. It's great to see. First one for me…
KEEL · Q2 FY2024 Earnings Call
…Liquidity: $195M total — $139M cash, $57M in Bitcoin. Synthetic HODL Strategy: Long-dated call options fund growth with 333 BTC-equivalent balance as of July 31. ATM Facility: Raised $136M in Q2; additional $68M post-Q2. Current share price below $2 led to a more judicious use going forward. 2024 & 2025 Targets Hashrate: On tar…
MARA · Q2 FY2024 Earnings Call
…operations under the new HODL strategy? What’s the goal with BTC holdings?” Answer (Salman Khan & Fred Thiel): Funded through cash, capital markets, and high-margin ventures like Kaspa. Goal is to maximize shareholder value through strategic BTC accumulation. Kevin Dede, H.C. Wainwright: “Can you elaborate on your 50 exahash t…
RIOT · Q2 FY2024 Earnings Call
…April 2024 halving and 68% network difficulty increase YoY. Bitcoin Holdings: 9,334 BTC as of Q2 2024, 28% increase from 7,265 BTC in Q2 2023. Retained 100% of mined BTC. Financial Performance Total Revenue: $70M, down 9% YoY from $76.7M, driven by lower engineering segment revenue. Bitcoin Mining Revenue: $55.8M, up 12% YoY ($…
HIVE · Q4 FY2024 Earnings Call
…due to Bitcoin price appreciation; ended May with 2,451 BTC HODL, up ~200 BTC post-halving). Strategic investments: $7.0M. Current ratio: 6.8 (very strong liquidity). Positive corporate margins maintained through bear market and halving with minimal dilution. Operational & Post-Halving Performance Maintained high utilization (94%, ranked #2 indus…
KEEL · Q1 FY2024 Earnings Call
…March 31, 2024), including $66 million in cash, $58 million in BTC holdings. ATM program raised: $38 million in Q1 and another $83 million post-Q1 to fund miner and infrastructure capex. Company is debt-free (excluding IFRS lease accounting). Estimated total remaining payments for miners: $156 million, mostly due in Q3 2024.…
LMFA · Q1 FY2024 Earnings Call
…Stockholders' Equity: $38.5 million or $15.43 per share. Bitcoin Holdings: March 31, 2024: 163.4 BTC, valued at $11.7M (~$73,000/BTC). April 30, 2024: 155.1 BTC, valued at $9.7M (~$63,000/BTC). Mining Infrastructure: 5,900 machines operational as of March 31. Added 300 Bitmain S21 units in April, increasi…
HUT · Q1 FY2024 Earnings Call
…fund growth?” Answer (Asher Genoot): Yes, willing to use BTC holdings for accretive projects. Salt Creek was an example, though funded from operational cash flow. Preference is still to avoid liquidation unless returns warrant it. George Sutton (Craig Hallum): “Has your 1.1 GW opportunity pipeline changed? What’s the compositi…
CLSK · Q1 FY2024 Earnings Call
…Bitcoin Accounting: Recognized $120 million unrealized gain from Bitcoin holdings under new fair value method Growth Target: Reaffirmed path to 32 EH/s by end of 2024 and 50 EH/s in 2025 Strategic Outlook: Focused on acquiring distressed or stranded capacity, particularly from smaller miners unable to survive post-halving Leadership Upd…
MARA · Q1 FY2024 Earnings Call
…increase in Bitcoin fair value (BTC up ~150% YoY) Cash & BTC Holdings: $1.6B—comprised of $324M cash and 17,320 BTC ($1.2B) ATM Equity Sales: Raised $489M in Q1; further $200M post-Q1 Hosting Revenue: $21M from temporary hosting customers post-acquisitions (not recurring) G&A Expenses (ex-stock comp): $21M vs. $11M Y…
CLSK · Q2 FY2024 Earnings Call
…mining operations generated ~$60M in EBITDA (50% margin). Bitcoin Holdings: 5,021 Bitcoin, up by over 2,000 BTC in the quarter. CleanSpark held nearly 100% of its production, highlighting its HODL strategy. Hashrate and Fleet: Operating capacity increased 63% in Q2, reaching 16.7 EH/s, compared to 10.1 EH/s in Q1. Yea…
CEG · Q1 FY2024 Earnings Call
…guidance—what should investors watch?” Response (Dominguez): Treasury guidance still pending. Company assumes PTC will be based on spot prices at plant busbars (energy + capacity), consistent with industry comments.
RIOT · Q1 FY2024 Earnings Call
…Q1 2023. This includes a $234.1 million gain in fair value of Bitcoin holdings. Adjusted EBITDA: $245.7 million, vs. $81.7 million in Q1 2023. Bitcoin Holdings: 8,490 BTC as of March 31, 2024, up from 794 BTC as of March 31, 2023. Hash Rate: 12.4 EH/s as of Q1 2024 (up 18% YoY). Riot expects to reach 31 EH/s by YE 2024 and is targeting…
LMFA · Q4 FY2023 Earnings Call
…equity: $36.2 million or $14.52/share as of Dec 31, 2023 Bitcoin holdings as of Feb 29, 2024: 154 BTC (~$10.8 million at ~$70K/BTC) Mining fleet at year-end: ~5,900 machines, 614 PH/s hash rate Expected hash rate increase to 674 PH/s with 300 new BITMAIN S21 Antminer units (each 200 TH/s) Strategic Investment…
HUT · Q4 FY2023 Earnings Call
…Management & Strategy: New creative strategies using BTC holdings (covered call writing, collateralized loans) to fund growth without dilution Completed covered call strategy generating premiums (~$7k-$10k per BTC for calls above $85k-$90k strike) Analyst Questions & Management Answers Mike Co…
WULF · Q4 FY2023 Earnings Call
…Strategy: Monetize mined BTC instead of holding in treasury; focus on using free cash flow to repay debt and fund growth Growth Outlook and Guidance 2024 Goal: 300MW infrastructure capacity, translating into ~16 EH/s 2025 Goal: 550MW, equating to ~28 EH/s with current generation miners 2024 Power Cost Guidance: $0.035…
KEEL · Q4 FY2023 Earnings Call
…year-end, up from $66 million in Q3. Cash balance of $84 million, BTC holdings valued at $34 million. Debt: Reduced from $6 million in Q4 to zero by February 2024. Bitcoin Direct Mining Cost: Improved to $16,200/BTC in Q4 from $16,900 in Q3. Argentina mining cost as low as $7,700/BTC due to cheap $0.021/kWh electricity contract. Annual…
CIFR · Q4 FY2023 Earnings Call
…$93.6M, up $26.9M YoY, recorded partially as non-GAAP gain. Treasury Strategy: Cipher continues to HODL BTC while also using strategic collars to hedge downside and capitalize on upside during volatility. Accounting Change: Early adopted new crypto fair value accounting standards for 2023; positive impact of $3M on Q4 GAAP results. Tran…
CEG · Q4 FY2023 Earnings Call
…clean-matched energy, behind-the-meter nuclear supply, hydrogen if Treasury rules align) is not included in base EPS growth. Illustrative example: selling attributes for half the fleet at $10/MWh yields ~$900 million of revenue and more than $2 EPS uplift. Management indicates actual long-term prices should exceed $10/MWh. Commercial Business Hig…
HIVE · Q3 FY2024 Earnings Call
…(mostly Bitcoin) as of December 31, 2023. Total Q3 2024 Bitcoin holdings (HODL): 1,704 BTC; increased to ~1,974 BTC by end of January 2024 (approx. $100 million at $50,000/BTC). Operational Efficiency: Corporate G&A costs per BTC mined at $4,450, one of the lowest among peers. Total fleet efficiency of 25 J/TH projected for June 2024. A…
DUK · Q4 FY2023 Earnings Call
…Steve Fleishman — Wolfe Research Question: Asked when Treasury guidance on nuclear PTCs will be released and how financing via DRIP vs ATM breaks out; also asked timing for new gas plant in-service dates. Response (Brian Savoy / Lynn Good): Treasury guidance expected in 1H24, likely Q2. DRIP will supply about 40% of equity issuance (~$20…
CLSK · Q4 FY2023 Earnings Call
…compared to FY 2022 due to drop in average Bitcoin price Bitcoin Holdings: Increased 300% in Q4 alone to 2,240 BTC; currently nearly 2,600 BTC (~$100 million in value) Liquidity: $170 million total (including ~$70 million cash and ~$100 million Bitcoin) Hashrate: Surpassed 10 EH/s; aiming to exceed 20 EH/s after full deployment of S21s…
LMFA · Q3 FY2023 Earnings Call
…Balance Sheet (as of September 30, 2023) Cash: $500,000 Bitcoin Holdings: Valued at approx. $2.2 million Working Capital: $4.5 million Stockholders’ Equity: $35.9 million, or $2.45 per share (vs. trading price of ~$0.40) Minimal long-term debt Operational Highlights Mined 117.1 Bitcoin in Q3 2023, up 10% from 106…
HIVE · Q2 FY2024 Earnings Call
…mid-November, equating to ~1% of total Bitcoin network rewards. Bitcoin Holdings: 1,738 BTC as of September 30, 2023 (down from 1,957 BTC on June 30, 2023>), due to strategic sales to invest in efficient ASIC machines ahead of 2024 halving. Cash & Digital Assets: $4.5M in cash and $46.9M in digital currencies (primarily BTC). Energy Eff…
HUT · Q3 FY2023 Earnings Call
…$10.1 million non-cash loss on digital asset revaluation. Bitcoin Holdings: 9,366 at quarter-end, worth $341.4 million. 7,259 bitcoins (~$265 million) unencumbered. Cash Balance: $21.1 million as of September 30, 2023. Loan Balance: C$47 million outstanding at quarter-end. Operational Updates Operating Capacity: Improved 7%…
WULF · Q3 FY2023 Earnings Call
…Continues to "monetize what we mine" strategy as opposed to “HODL,” maintaining liquidity and avoiding dilution. Company leaders argue this approach better aligns with commodity industry standards. Valuation and Shareholder Alignment: CEO Paul Prager and COO Nazar Khan own a meaningful portion of both equity and debt. CEO signaled willingness t…
MARA · Q3 FY2023 Earnings Call
…Sheet and Hedging Strategy Combined unrestricted cash and BTC holdings exceeded $600 million by October 31. Implemented Bitcoin hedging using costless collars to protect against volatility while preserving upside. Strategy aims to optimize treasury management without compromising long-term BTC accumulation. Guidance & Strategy…
CIFR · Q3 FY2023 Earnings Call
…phases beginning in 2025. Cipher will finance it through a mix of treasury bitcoin sales, equity ATM program, free cash flow, and potential debt financing. No “take or pay” power obligations allow development at Cipher's discretion. New Rig Purchases: Cipher acquired 1.2 EH/s of Bitmain’s S21 mining rigs at $14/TH. Deliveries begin in Q1 2024,…
KEEL · Q3 FY2023 Earnings Call
…$8M by October 31. Target: fully debt-free by Feb 2024. Bitcoin Holdings: 703 BTC at September 30; increased to 760 BTC by October 31 (valued ~$26M). Strategic and Operational Updates Río Cuarto (Argentina): Expanded to 1.6 EH/s; achieved cost below $0.03/kWh in Oct; accounts for 23% of operating capacity and drives production cost…
CEG · Q3 FY2023 Earnings Call
…Response (Joe Dominguez): Hydrogen opportunities depend on Treasury rules; expect strong contracting activity if guidance is favorable. No holdback on data centers or capital allocation; exploring all channels in parallel. Durgesh Chopra – Evercore ISI Question: On hedging levels being lower (~80%) vs. ~90% disclosed last year—does th…
LMFA · Q2 FY2023 Earnings Call
…Balance Sheet: Cash: $1.8 million Bitcoin holdings: ~$2 million Working capital: $5.5 million Stockholders’ equity: $39.9 million or $2.72 per share, while stock recently traded at ~$0.70. Minimal long-term debt. Legacy Business: Stable, with continued lower operational focus as comp…
WULF · Q2 FY2023 Earnings Call
…CEO Paul Prager has personally invested over $12 million. HODL Strategy: TeraWulf does not HODL BTC. Mined BTC is used to fund operations, expansion, and debt repayment, focusing on being an efficient operating mining company rather than a speculative investor. Analyst Q&A Highlights Nick Giles – B. Riley Securities:…
HUT · Q2 FY2023 Earnings Call
…available in Central/Western Canada with minimal investment. Bitcoin Treasury: HODL strategy maintained; only 2023 production sold. Holdings: 9,136 Bitcoin (market value $368.7 million as of June 30, 2023); 8,289 unencumbered ($334.5 million). Mined 399, sold 396 in quarter (net +3 Bitcoin). Merger with USBTC: Progress on transaction; amended S-4 f…
HIVE · Q1 FY2024 Earnings Call
…FY2023, a 5% increase. Average cost per BTC was $18,687. Bitcoin Holdings: 1,957 BTC as of June 30, 2023, down from 3,231 BTC year-over-year—strategic sell-off to reinvest in higher-efficiency ASIC machines. Gross Mining Margin: $8 million or 34% in Q1 FY2024; down from $27 million (61%) in Q1 FY2023 but up from $4 million in Q4 FY2023.…
CLSK · Q3 FY2023 Earnings Call
…funding source for growth?" Zachary Bradford: Yes, BTC holdings are viewed as a liquidity and growth lever. They anticipate market conditions will continue to favor holding and may use BTC to support expansion. Tyler DiMatteo (BTIG): Q1: "Could you provide a little more color on Dalton specifically? Timing…
MARA · Q2 FY2023 Earnings Call
…assets: $23.4M in Q2 2023 vs. $14M loss in Q2 2022. Cash & Bitcoin Holdings: $128M in cash and 12,538 BTC (fair value: ~$382M), totaling ~$495.7M in combined liquidity. Operational Developments International Expansion: Joint venture in Abu Dhabi reached production phase; 250MW site to be fully operational by end of 2023. July produ…
KEEL · Q2 FY2023 Earnings Call
…($0.01/share) in Q1 2023 Liquidity: $48 million (cash: $31M; BTC holdings: $17M) Debt: Reduced to $16M as of June 30, and under $14M by end of July; targeted full repayment by Feb 2024 Mining Capacity: Hash rate: 5.3 EH/s at end of Q2 (up 10% QoQ, 47% YoY) Target: 6.3 EH/s by Q3 2023 end; 7 EH/s by Q1 2024…
CIFR · Q2 FY2023 Earnings Call
…to fund OpEx; prioritizing retaining excess Bitcoin to build treasury. Impairment: $2.8 million impairment on BTC in Q2 vs. $0.5 million in Q2 2022. Strategic Updates Welcomed Rob Flatley to the Board of Directors to support data-driven growth initiatives and institutional insights into trading infrastructure. Ongoing strategic…
CEG · Q2 FY2023 Earnings Call
…nuclear to qualify for hydrogen PTC; company is engaged with Treasury; confident additionality requirements will not apply or will be overturned if imposed. Shar Pourreza – Guggenheim Partners Question: Where is wholesale outperformance coming from given high hedge levels? Answer (McHugh): Wholesale load customers, utility load a…
NEE · Q2 FY2023 Earnings Call
…250 GW potential tied to hydrogen and renewables. Expect Treasury hydrogen rules by September–October 2023. NextEra Energy Partners (NEP) Q2 2023 adjusted EBITDA: $486 million; cash available for distribution (CAFD): $200 million. Weaker wind resource negatively impacted results: Adjusted EBITDA down $99 million…
KEEL · Q1 FY2023 Earnings Call
…Cash: $29 million as of March 31, 2023. Bitcoin holdings: 435 BTC valued at $12 million. Total liquidity: $41 million, up from $38 million as of December 31, 2022. Debt reduced to $19 million as of April 30, 2023, down from $165 million in 10 months. ATM proceeds raised: $16 million in Q1; additional $5 m…
CLSK · Q2 FY2023 Earnings Call
…to pay operational costs from mining margins; plans to build HODL balance without equity or debt issuance. HODL Balance: Anticipates continued growth given higher margins and transaction fees. Power Management: Blended power cost for company-owned sites at $0.046/kWh; expect to lock in portions of power prices at favorable times. Hosting ra…
BE · Q1 FY2023 Earnings Call
…carbon capture? Response (Greg Cameron): Awaiting final Treasury guidance. Expect their technology to align with the legislation’s decarbonization intent. Carbon capture will mainly apply to very large-scale deployments. Pavel Molchanov – Raymond James Question: If electrolyzer demand were unlimited, how much capacity could Bloom s…
EXC · Q1 FY2023 Earnings Call
…and transmission rates due to completed rate cases and higher treasury rates. $0.03 benefit from lapping one-time 2022 items (separation adjustment and Illinois customer refund). Offset by $0.05 negative impact from mild weather in non-decoupled jurisdictions (Pennsylvania and Delaware). $0.02 higher interest expense due to…
KEEL · Q4 FY2022 Earnings Call
…million from BTC sales in Q4 (1,434 from production + 1,659 from treasury). Equipment debt reduced from $165 million (June 2022 peak) to $47 million (Dec 2022), and further to $23 million (Feb 2023). CapEx commitments lowered from $100 million to $32 million. Operational Highlights Hashrate reached 4.7 EH/s as of end February 2…
CIFR · Q4 FY2022 Earnings Call
…into expansion?” Tyler Page: Strategy is to slowly build BTC holdings over time, but reserves can be liquidated if compelling expansion opportunity arises. Bill Papanastasiou (Stifel): “Given your fleet efficiency is at 31 J/TH, are you targeting improved efficiency with upcoming expansion?” Tyler Page: Efficiency is fa…
HIVE · Q3 FY2023 Earnings Call
…Investments: $5.5 million Debt: Minimal HODL Position: Increased year-over-year despite strategic sales to fund ASIC purchases. Energy Strategy: Global average cost of electricity: $0.034/kWh Sold power back to grid in Sweden generating $3.1 million in December and $180K in January Green, h…
CEG · Q4 FY2022 Earnings Call
…underscore nuclear value. PTC implementation details from U.S. Treasury remain pending; future disclosures may evolve accordingly. State-level nuclear support programs (e.g., ZECs) may need adjustments to align with new federal incentives. Analyst Q&A Highlights James Thalacker – BMO Capital Markets Question: Sought clarity…
EXC · Q4 FY2022 Earnings Call
…utilities and included in rate base. Exelon continues to push Treasury for favorable treatment. Jeanne Jones: Added that CMAT cash tax impacts are already included in guidance. Without repair deductions, Exelon expects credit metrics near the low end of the 13%–14% target. On 2022 credit metrics, she noted they ended above downgrade thresho…
CLSK · Q1 FY2023 Earnings Call
…Bradford & Gary Vecchiarelli): Strategic over ideological approach. HODL balance will grow as margins improve. Bitcoin held is also used opportunistically for acquisitions. HODL levels will reflect bitcoin prices and margin conditions. Mike Colonnese (Lake Street Capital): "Any additional color on the greenfield sites you're…
HIVE · Q2 FY2023 Earnings Call
…$0.45 compared to income per share of $0.51 in Q2 FY2022. HODL Position: $64.9 million in digital assets, primarily Bitcoin. Cost to Produce Bitcoin: Reduced by 23% QoQ to $9,900 (from $12,800 in Q1 FY2023). Non-Cash Charges: $26.2 million equipment impairment (IAS 36), $13.5 million accelerated GPU depreciation, $2.4 million digital as…
HUT · Q3 FY2022 Earnings Call
…for potential zero-knowledge proof and Layer 2 applications. Bitcoin Holdings: 8,388 BTC (largest unencumbered reserves among public companies), valued at $223.4 million. No sales since early 2021 (huddle strategy maintained). Balance Sheet: $33 million cash, minimal debt, $2.6 million raised via ATM equity program. Conservative approach emphasized…
CEG · Q3 FY2022 Earnings Call
…through 2024 will be provided. Longer‑term guidance depends on Treasury clarification of PTC gross receipts rules.
D · Q3 FY2022 Earnings Call
…(~13 years). $9B notional in rate hedges allows locking Treasury rates near 1% for debt issuances through 2026. Fuel under‑recovery balance totaled ~$2B as of September 30; mitigation measures include hedging, storage, and multiyear recovery mechanisms. Customer bill affordability remains strong relative to national averages; utility bi…
EXC · Q3 FY2022 Earnings Call
…year-by-year growth will be non-linear due to rate case timing and treasury rate exposure at ComEd. 2023 expected to fall below 6% growth; 2024 expected within range; 2025 expected above the upper end of the range due to rate case cycle timing. Operational Performance ComEd delivered its most reliable service performance in 100+ ye…
ETR · Q3 FY2022 Earnings Call
…included in 2023 outlook; continuous improvement offsets pressures; treasury actions and upcoming equity/securitization reduce borrowing needs. Follow-up: On potential minority asset sale (~$2B). Answer (Fontan): No new developments; company continues reviewing private vs. public capital value but nothing active now. David Arcaro (Mor…
KEEL · Q2 FY2022 Earnings Call
…2022 Additional 1.2 EH/s in H1 2023 HODL Strategy Update: Now selling BTC mined to fund operating costs and debt service instead of holding. Potential to revert if environment changes. Upcoming Conferences: Needham Crypto Conference – September 8 H.C. Wainwright – September 12–14 B. Riley…
HUT · Q2 FY2022 Earnings Call
…equipment financing; exploring responsible yield generation on Bitcoin holdings as markets stabilize. Long-term goal: HPC and Bitcoin yield revenue to fund mining operations without capital markets reliance. Analyst Q&A Section Chris Brendler (D.A. Davidson): "Can you talk about sort of just in general terms what your power cost did in the second…
MARA · Q2 FY2022 Earnings Call
…-$147.2 million, worse than -$105.2 million in Q2 2021. Bitcoin Holdings (as of June 30): 10,055 BTC total, 7,235 BTC unrestricted with a fair market value of $143 million; 2,820 BTC used as loan collateral. Cash Position: $86.5 million unrestricted cash with additional cash from equipment sales and equity issuance. Total cash uses YTD reac…
CEG · Q2 FY2022 Earnings Call
…Response: Too early to quantify; awaiting final bill language and Treasury guidance. Question: Retail margin pressure quantification? Response: Margin pressure present but small relative to guidance; recovery assured in later years due to contractual price structures. Question: 2024 hedging progress? Response (McHugh): 2024 hedge levels increased…
EXC · Q2 FY2022 Earnings Call
…the 6–8% CAGR but noted variability year‑to‑year due to ComEd Treasury‑linked returns, PECO rate cycle, and Illinois rate‑setting transition. Question: “What about achieving ROEs around 9.5%?” Response (Joe Nigro & Chris Crane): Early‑year ROE softness due to equity infusions, but year‑end should reach target range. Regulatory case out…
KEEL · Q1 FY2022 Earnings Call
…representing ~1.5% of the global Bitcoin network hash rate. Current BTC Holdings: 5,900 BTC as of the call date (valued at ~$30,000/BTC). Installed Miner Fleet: Approximately 36,700 miners. Daily BTC Production: 14.5 BTC/day (~$435,000/day revenue at $30K BTC). Operational Locations: 9 farms as of Q1 2022 (up from 6 at YE 2021). Pro…
BGDE · Q1 FY2022 Earnings Call
…deployed in U.S. Matt: “Why sell BTC instead of HODL?” Answer: To generate operational cash, finance infrastructure growth. Matt: “Hosting vs. self-mining long-term mix?” Answer: Case-by-case basis; strategic partners prioritized; currently focused on high-margin self-mini…
CORZ · Q1 FY2022 Earnings Call
…Balance Sheet (as of March 31, 2022): Bitcoin holdings valued at $307.2 million (net of accounting adjustments). Cash, equivalents, and restricted cash: $110.4 million. Outstanding equipment purchase obligations: $391 million, with $134.8 million remaining to be paid in 2022. 2022 Guidance & Out…
HUT · Q1 FY2022 Earnings Call
…Rate: Increased to ~2.2 EH/s from under 900 PH/s in Q1 2021. Bitcoin Holdings: 6,460 BTC in reserve (marked at $367.6 million fair value as of Mar 31, 2022); no Bitcoin sold during quarter under HODL strategy. Added ~$30 million in assets from TeraGo acquisition. HPC/Colocation: 400 clients across sectors; expected 15-18% recurring revenue growth i…
EXC · Q1 FY2022 Earnings Call
…methodology [for] equity issuance?” Response (Joe Nigro): Higher treasury rates benefit ComEd’s ROE; a 50 bps move equals ~$0.04, partially realized in Q1. Corporate debt expense increases ~$0.01 per 50 bps. Net impact depends on further rate movement. Equity issuance timing remains flexible based on market conditions and financing needs. Stev…
DUK · Q1 FY2022 Earnings Call
…depreciation spans 5–7 years. Question: Impact of rising treasury rates. Response (Lynn Good & Steve Young): Sensitivity of $0.12 is high-end. Duke has mitigated significantly by increasing hedging (30% of 2022 securities hedged) and opportunistic market timing. Jonathan Arnold, Vertical Research Partners Question: Will Duke provide a pre…
D · Q1 FY2022 Earnings Call
…in pre‑issuance interest-rate hedges, enabling future debt at treasury rates as low as ~1%. So far in 2022, $1 billion in long‑term debt was issued at a weighted average rate of 2.6%. Operational and Project Updates Offshore Wind Dominion’s regulated offshore wind project remains on schedule and on budget. Major supplier con…
MARA · Q1 FY2022 Earnings Call
…due to lower Bitcoin prices despite higher production. Bitcoin Holdings: 9,374 BTC as of March 31, 2022, with a market value of approximately $427.7 million. Operational Scale-Up: From 12,000 to 37,000 installed miners YoY, expanding hash rate more than 3x. Employee count increased from 4 to 15. CapEx & Investments: Spent $192.4 mill…
AVA · Q1 FY2022 Earnings Call
…for inflation; commissions slow to adjust ROEs upward despite Treasury moves (historical context: from 10.2% to 9.4% over decade). Analyst: Brian Russo (Sidoti) Original question: "Hey I just want to understand kind of the seasonality of the ERM the 1.1 plus million benefit in the first quarter. But yet, you’re going to be well above the baseline b…
CORZ · Q4 FY2021 Earnings Call
…(excluding $200.7 million raised from SPAC merger in Jan 2022) Bitcoin Holdings (as of Dec 31, 2021): 5,296 BTC ($224.8 million) Capital Expenditures for mining gear in 2021: $584 million (with $258 million balance remaining for 2022 deliveries) Operational Highlights Hash Rate: Grew from under 3 EH/s to 13.5 EH/s in 2021 S…
KEEL · Q4 FY2021 Earnings Call
…Financing Cash Balance (Dec 31, 2021): $126 million. Bitcoin Holdings: 3,301 BTC; 1,817 pledged as collateral for a $60M revolving credit facility from a $100M facility. Working Capital: $186 million. ATM Equity Program: $171 million raised since launch (Aug 16, 2021), with 30.4M shares issued. QTD 2022 Equity Raised (via ATM…
HUT · Q4 FY2021 Earnings Call
…Balance Sheet & Capital Position (as of Dec 31, 2021) Bitcoin holdings: 5,518 BTC (3,518 in custody + 2,000 lent) valued at CAD 323.9 million; no BTC sold in Q4 under hurdle strategy. Raised ~CAD 413 million via equity issuances; secured US$30 million non-dilutive equipment financing with Trinity Capital. Strong liquidity for growth: North Ba…
HIVE · Q3 FY2022 Earnings Call
…Bitcoin mined (highest among peers reporting). Substantial HODL: 2,043 BTC + 25,400 ETH (~3,800 BTC equivalent). Expansion Projects New Brunswick: Expansion to 75 MW in Spring 2022 via new 20 MW building and 5 MW optimization. Sweden: 10 MW expansion completed, additional optimization underway. Quebec & Icel…
CLSK · Q1 FY2022 Earnings Call
…opportunities. Bitcoin used as operational currency; strategic HODL approach with monetization for returns. No equity raises via ATM since Nov 2019; reserved for M&A at fair valuations. Consideration of shareholder returns, including potential future buybacks. Analyst Q&A Nick (for Kevin Dede)…
IREN · Q2 FY2022 Earnings Call
…EH/s by end of Q3 2023. Future Considerations: Potential to HODL bitcoin, pay distributions, or explore dividends in BTC pending future market and operational conditions. Community & ESG Environmental: 100% renewable energy since inception, focus on integrating into energy markets to support grid reliability. Social: Community…
NVT · Q4 FY2021 Earnings Call
…improved maturity ladder. Net cost modest (~$3 million after treasury rate lock benefit). Question: Whether new debt structure improved covenants or flexibility. Response (Sara Zawoyski): Little change; initial structure already provided strong flexibility.
KEEL · Q3 FY2021 Earnings Call
…“Why are you not getting the full economic benefit of your Bitcoin holdings and what’s your plan for those holdings?” Answered by Jeff Lucas: Using Bitcoin-collateralized loans to access capital while holding BTC. Cautious on yield-bearing via third parties due to risk. Yield generation (2–4%) not worth potential custodial and counter…
EXC · Q2 FY2021 Earnings Call
…Higher utility earnings from new rate cases and improved treasury rates impacting ComEd’s ROE. ExGen benefited from higher ZEC revenue, fewer nuclear outage days, and realized/unrealized gains from Constellation Technology Ventures and nuclear decommissioning trust funds. Full‑year earnings guidance reaffirmed at $2.60 to…
KEEL · Q1 FY2021 Earnings Call
…Ended Q1 with $53M in cash; total liquidity of $85.5M including BTC holdings. Used C$80M in private placements to: Retire Dominion Capital debt Begin infrastructure development in Quebec and South America Place an order for 48,000 miners for 2022 Subsequent May 2021…
EXC · Q4 FY2020 Earnings Call
…fluctuate with normal utility factors (e.g., capital projects, treasury rates, regulatory outcomes). Question: Asked about dividend structure post-spin. Response: Chris Crane: Too early to specify SpinCo dividend; RemainCo aims for 60% payout ratio. Question: Asked about federal nuclear support pro…
EXC · Q2 FY2020 Earnings Call
…issuance. Future plans depend on variables such as power prices, treasury rates, O&M, capital plans, and FRR outcomes. Leadership will update the outlook on the Q4 call. Question: “Has your strategic thinking changed on whether the Genco business could stand alone without corporate support?” Response (Chris Crane): Exelon reviews this regul…
EXC · Q1 FY2020 Earnings Call
…Long-term EPS growth target of 6%–8% reaffirmed, despite low treasury rates impacting ComEd’s ROE. ExGen remains focused on clean energy value, market reforms, monetizing assets where appropriate, and improving profitability. Commitment to maintaining strong investment-grade credit ratings; anticipating FFO/debt improvement in 2021. A…
