Digihost Announces 57% Increase in Quarterly-YOY Revenue for Q2 2024 and $8M EBITDA* for YTD 2024
Digihost Technology Inc. (Nasdaq / TSXV: DGHI) reported a 57% increase in quarterly revenue for Q2 2024, reaching $9.23 million compared to $5.87 million in Q2 2023. The company's EBITDA for YTD 2024 was $8 million. Key highlights include:
- Revenue from energy sales increased by 123% compared to Q2 2023
- Total assets of $41.16 million
- Digital currencies valued at $2.60 million, up 68% from Q2 2023
- Current operating capacity of 90MW with a hashrate of 2.75 EH/s
Digihost aims to diversify its mining operations and expand its operational footprint in New York and Alabama. The company plans to increase its hashing power by approximately 4EH by the end of 2024.
Digihost Technology Inc. (Nasdaq / TSXV: DGHI) ha riportato un aumento del 57% del fatturato trimestrale per il secondo trimestre del 2024, raggiungendo 9,23 milioni di dollari rispetto ai 5,87 milioni di dollari nel secondo trimestre del 2023. L'EBITDA dell'azienda per l'anno fino ad oggi del 2024 è stato di 8 milioni di dollari. I punti salienti includono:
- I ricavi dalle vendite di energia sono aumentati del 123% rispetto al secondo trimestre del 2023
- Totale attivo di 41,16 milioni di dollari
- Valore delle valute digitali di 2,60 milioni di dollari, in crescita del 68% rispetto al secondo trimestre del 2023
- Capacità operativa attuale di 90MW con un tasso di hash di 2,75 EH/s
Digihost mira a diversificare le proprie operazioni di mining ed espandere la propria presenza operativa a New York e Alabama. L'azienda prevede di aumentare la propria potenza di hashing di circa 4EH entro la fine del 2024.
Digihost Technology Inc. (Nasdaq / TSXV: DGHI) reportó un aumento del 57% en los ingresos trimestrales para el segundo trimestre de 2024, alcanzando 9,23 millones de dólares en comparación con 5,87 millones de dólares en el segundo trimestre de 2023. El EBITDA de la empresa para el año hasta la fecha de 2024 fue de 8 millones de dólares. Los aspectos destacados incluyen:
- Los ingresos por ventas de energía aumentaron un 123% en comparación con el segundo trimestre de 2023
- Activos totales de 41,16 millones de dólares
- Criptomonedas valoradas en 2,60 millones de dólares, un aumento del 68% en comparación con el segundo trimestre de 2023
- Capacidad operativa actual de 90MW con una tasa de hash de 2,75 EH/s
Digihost tiene como objetivo diversificar sus operaciones de minería y expandir su presencia operativa en Nueva York y Alabama. La empresa planea aumentar su poder de hashing en aproximadamente 4EH para finales de 2024.
Digihost Technology Inc. (Nasdaq / TSXV: DGHI)는 2024년 2분기에 분기 수익이 57% 증가하여 9.23 백만 달러에 이르렀으며, 이는 2023년 2분기의 5.87 백만 달러와 비교됩니다. 회사의 2024년 연간 EBITDA는 800만 달러였습니다. 주요 하이라이트는 다음과 같습니다:
- 에너지 판매 수익이 2023년 2분기 대비 123% 증가
- 총 자산이 4,116만 달러
- 디지털 화폐 가치는 260만 달러로 2023년 2분기 대비 68% 증가
- 현재 운영 용량은 90MW이며 해시레이트는 2.75 EH/s입니다.
Digihost는 자원 채굴 운영의 다양화와 뉴욕 및 앨라배마에서의 운영 기반 확대를 목표로하고 있습니다. 회사는 2024년 말까지 약 4EH의 해싱 파워를 증가시킬 계획입니다.
Digihost Technology Inc. (Nasdaq / TSXV: DGHI) a annoncé une augmentation de 57 % des revenus trimestriels pour le deuxième trimestre 2024, atteignant 9,23 millions de dollars contre 5,87 millions de dollars au deuxième trimestre 2023. L'EBITDA de l'entreprise pour l'année jusqu'à présent en 2024 était de 8 millions de dollars. Les points clés comprennent :
- Les revenus des ventes d'énergie ont augmenté de 123 % par rapport au deuxième trimestre 2023
- Actifs totaux de 41,16 millions de dollars
- Cryptomonnaies évaluées à 2,60 millions de dollars, soit une augmentation de 68 % par rapport au deuxième trimestre 2023
- Capacité opérationnelle actuelle de 90MW avec un taux de hachage de 2,75 EH/s
Digihost vise à diversifier ses opérations de minage et à étendre son empreinte opérationnelle à New York et en Alabama. L'entreprise prévoit d'augmenter sa puissance de hachage d'environ 4EH d'ici la fin de 2024.
Digihost Technology Inc. (Nasdaq / TSXV: DGHI) berichtete von einem Umsatzanstieg von 57% im Quartal für das zweite Quartal 2024, mit 9,23 Millionen Dollar im Vergleich zu 5,87 Millionen Dollar im zweiten Quartal 2023. Das EBITDA des Unternehmens für das laufende Jahr 2024 betrug 8 Millionen Dollar. Die wichtigsten Highlights umfassen:
- Der Umsatz aus Energieverkäufen stieg um 123% im Vergleich zum zweiten Quartal 2023
- Gesamte Vermögenswerte von 41,16 Millionen Dollar
- Digitale Währungen im Wert von 2,60 Millionen Dollar, ein Anstieg von 68% im Vergleich zum zweiten Quartal 2023
- Aktuelle Betriebskapazität von 90MW mit einer Hashrate von 2,75 EH/s
Digihost plant, seine Mining-Operationen zu diversifizieren und seinen operativen Fußabdruck in New York und Alabama auszubauen. Das Unternehmen beabsichtigt, seine Hash-Leistung bis Ende 2024 um etwa 4EH zu erhöhen.
- 57% increase in quarterly revenue year-over-year for Q2 2024
- $8 million EBITDA for YTD 2024
- 123% increase in revenue from energy sales compared to Q2 2023
- 68% increase in digital currency holdings compared to Q2 2023
- Plans to expand operational footprint and increase hashing power by 4EH by end of 2024
- Gross loss of $2.89 million for the six months ended June 30, 2024
- Operating loss of $3.59 million for the six months ended June 30, 2024
Insights
Digihost's Q2 2024 results show promising growth, with a
However, the company's gross loss of
Digihost's performance is closely tied to Bitcoin's price movements, as evidenced by the
The expiration of 3,955,993 warrants without dilution is positive for existing shareholders. However, the cryptocurrency mining sector faces challenges with the upcoming Bitcoin halving event, which could impact profitability. Digihost's diversification into energy sales and colocation services may provide some buffer against these industry-specific risks.
Digihost's pivot towards energy sales is a smart move in the evolving crypto mining landscape. The
The focus on clean energy sources aligns with growing ESG concerns in the crypto mining industry. This approach could attract environmentally conscious investors and potentially lead to preferential treatment in regions with strict energy regulations. However, the energy sector is highly regulated and competitive, so Digihost will need to navigate these challenges carefully as it expands its energy-related operations.
HOUSTON, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Digihost Technology Inc. (“Digihost” or the “Company”) (Nasdaq / TSXV: DGHI), an innovative U.S. based blockchain technology and computer infrastructure company, is pleased to provide a summary of the Company’s unaudited financial results for the second quarter ended June 30, 2024 (all amounts in U.S. dollars, unless otherwise indicated) and a 2024 year-to-date update on its operations. The Company’s unaudited consolidated financial statements and management’s discussion and analysis (“MD&A”) for the six-month period ended June 30, 2024 have been filed and made accessible under the Company’s continuous disclosure profile on SEDAR+ at www.sedarplus.ca and also on EDGAR at www.sec.gov/edgar.
Comparative Financial Highlights for the Three-Month Period Ended June 30, 2024:
- Revenue of
$9.23 million for the three-month period ended June 30, 2024, compared to$5.87 million for the three-month period ended June 30, 2023, representing an increase of57% , as the price of Bitcoin (“BTC”) increased in comparison to the prior year and the Company diversified its revenue verticals through various colocation agreements and the sale of energy; - Revenue from the sale of energy increased by approximately
123% in comparison to the second quarter of 2023; - Total assets of
$41.16 million ; - Property, plant, and equipment consisting primarily of the Company’s Bitcoin miners and mining support infrastructure of
$28.77 million ; - Digital currencies of
$2.60 million , representing an increase of68% over Q2 2023; - During the quarter, the Company spent approximately
$1.7 million on capital expenditures and mining infrastructure support equipment. Digihost continues to monitor its capital expenditures closely with self-funding.
| (U.S.$ in thousands except share and per share data) | Six Months Ended | |
| June 30, 2024 | June 30, 2023 | |
| Revenue from digital currency mining | 9,779 | 9,165 |
| Revenue from colocation services | 3,637 | - |
| Revenue from sale of electricity | 6,283 | - |
| Revenue from sale of energy | 2,490 | 809 |
| Cost of sales | (17,176) | (6,222) |
| Miner lease and hosting agreement | - | (639) |
| Depreciation and amortization | (7,903) | (6,289) |
| Gross loss | (2,890) | (3,176) |
| General and administrative and other expenses | (2,262) | (2,180) |
| Foreign exchange | 2,003 | (1,322) |
| Gain on disposition of cryptocurrencies | 271 | 815 |
| Change in FV of loan payable | (20) | (220) |
| Other Income (expense) | 13 | 90 |
| Change in fair value - Miner Lease Agreement | - | (268) |
| Gain on revaluation of digital currencies | 49 | (54) |
| Share based compensation | (750) | (883) |
| Operating loss | (3,586) | (7,198) |
| Revaluation of warrant liabilities | 3,682 | (5,020) |
| Net financial expenses | (17) | (184) |
| Net income (loss) before income taxes | 79 | (12,402) |
| Income tax expense | - | - |
| Net income (loss) for the year | 79 | (12,402) |
| Foreign currency translation adjustment | (1,847) | 1,212 |
| Revaluation of digital currency, net of tax | - | - |
| Total comprehensive loss for the year | (1,768) | (11,190) |
| Basic and diluted income (loss) per share | 0.00 | (0.44) |
| Weighted average number of subordinate voting shares outstanding – diluted | 29,297,364 | 28,438,731 |
* EBITDA – NON-IFRS MEASURE
EBITDA is a non-IFRS financial measure and should be read in conjunction with and should not be viewed as an alternative to or replacement of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and in the table below.
The following table provides a reconciliation of net income to EBITDA for the fiscal periods ended June 30, 2024 and 2023:
| Six months ended | ||
| 2024 | 2023 | |
| $ | $ | |
| Income (loss) before other items | 78,701 | (12,401,975) |
| Taxes and Interest | 17,574 | 183,990 |
| Depreciation | 7,902,503 | 6,288,568 |
| EBITDA | 7,998,778 | (5,929,417) |
Expiration of Warrants
During the six-month period ended June 30, 2024, 3,955,993 warrants with an exercise price of
Operations Update
Presently, Digihost’s consolidated operating capacity across its three sites represents approximately 90MW of available power and is mining at a hashrate of 2.75 EH/s.
Outlook
Digihost’s strategic growth plan is to continue to diversify its mining operation while accessing clean sources of energy. The Company plans to execute on this plan by expanding its current operational footprint in New York and Alabama and is working towards accessing power and building infrastructure in other locations by the end of 2024 that would lead to an increase in the Company’s hashing power by approximately 4EH.
About Digihost
Digihost is a growth-oriented technology company focused on the blockchain industry. The Company operates from three sites in the U.S. and, in addition to managing its own operations, provides hosting arrangements at its facilities.
For further information, please contact:
Digihost Technology Inc.
www.digihost.ca
Michel Amar, Chief Executive Officer
T: 1-818-280-9758
Email: michel@digihost.ca
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Except for the statements of historical fact, this news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. Forward-looking information in this news release includes information about potential further improvements to profitability and efficiency across mining operations, including, as a result of the Company’s expansion efforts, potential for the Company’s long-term growth, and the business goals and objectives of the Company. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: future capital needs and uncertainty of additional financing; share dilution resulting from equity issuances; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; development of additional facilities and installation of infrastructure to expand operations may not be completed on the timelines anticipated by the Company, or at all; ability to access additional power from the local power grid; a decrease in cryptocurrency pricing, volume of transaction activity or generally, the profitability of cryptocurrency mining; further improvements to profitability and efficiency may not be realized; development of additional facilities to expand operations may not be completed on the timelines anticipated by the Company; ability to access additional power from the local power grid; an increase in natural gas prices may negatively affect the profitability of the Company’s power plant; the digital currency market; the Company’s ability to successfully mine digital currency on the cloud; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Annual Information Form of the Company and other documents disclosed in the Company’s filings at www.sedarplus.ca and www.SEC.gov/EDGAR. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about: the current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies on the cloud will be consistent with historical prices; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the negative impact of regulatory changes in the energy regimes in the jurisdictions in which the Company operates; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainties therein. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
FAQ
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