Gryphon Digital Mining Reports Fourth Quarter and FY 2024 Financial Results
Gryphon Digital Mining (NASDAQ:GRYP) reported its Q4 and FY 2024 financial results, marking a transformative year highlighted by its NASDAQ listing and leadership team strengthening. The company's Q4 2024 showed significant improvements with mining revenues of $3.845 million, up from $3.689 million in Q3 2024.
Key financial metrics include: cash increase from $368k to $735k, $13 million debt-to-equity conversion reducing liabilities, and improved accumulated shareholder's equity deficit from ($18.9m) to ($7.0m). The company mined approximately 61 Bitcoin in Q4 2024, with a breakeven cost per Bitcoin of $75,872.
Notable developments include closing a $2.85 Million non-brokered offering with management participation and announcing a definitive agreement for an HPC/AI asset in Alberta scalable to 4GW. The company reduced total debt by over 70% through strategic restructuring with Anchorage Digital, who became the largest shareholder.
Gryphon Digital Mining (NASDAQ:GRYP) ha riportato i risultati finanziari del quarto trimestre e dell'anno fiscale 2024, segnando un anno di trasformazione evidenziato dalla sua quotazione al NASDAQ e dal rafforzamento del team dirigenziale. I risultati del Q4 2024 dell'azienda hanno mostrato miglioramenti significativi con entrate da mining di 3,845 milioni di dollari, in aumento rispetto ai 3,689 milioni di dollari del Q3 2024.
I principali indicatori finanziari includono: aumento della liquidità da 368k a 735k dollari, conversione del debito in capitale di 13 milioni di dollari che riduce le passività, e miglioramento del deficit accumulato del patrimonio netto degli azionisti da (-18,9 milioni) a (-7,0 milioni). L'azienda ha estratto circa 61 Bitcoin nel Q4 2024, con un costo di pareggio per Bitcoin di 75,872 dollari.
Sviluppi notevoli includono la chiusura di un offerta non intermediata da 2,85 milioni di dollari con partecipazione della direzione e l'annuncio di un accordo definitivo per un asset HPC/AI in Alberta scalabile fino a 4GW. L'azienda ha ridotto il debito totale di oltre il 70% attraverso una ristrutturazione strategica con Anchorage Digital, che è diventato il maggiore azionista.
Gryphon Digital Mining (NASDAQ:GRYP) informó sus resultados financieros del cuarto trimestre y del año fiscal 2024, marcando un año transformador destacado por su cotización en NASDAQ y el fortalecimiento de su equipo directivo. Los resultados del Q4 2024 de la empresa mostraron mejoras significativas con ingresos por minería de 3.845 millones de dólares, un aumento respecto a los 3.689 millones de dólares del Q3 2024.
Los principales indicadores financieros incluyen: aumento de efectivo de 368k a 735k dólares, conversión de deuda a capital de 13 millones de dólares que reduce las obligaciones, y mejora del déficit acumulado del patrimonio de los accionistas de (-18,9 millones) a (-7,0 millones). La empresa extrajo aproximadamente 61 Bitcoin en el Q4 2024, con un costo de equilibrio por Bitcoin de 75,872 dólares.
Desarrollos notables incluyen el cierre de una oferta no intermediada de 2.85 millones de dólares con participación de la dirección y el anuncio de un acuerdo definitivo para un activo HPC/AI en Alberta escalable hasta 4GW. La empresa redujo su deuda total en más del 70% a través de una reestructuración estratégica con Anchorage Digital, que se convirtió en el mayor accionista.
그리폰 디지털 마이닝 (NASDAQ:GRYP)은 2024년 4분기 및 회계연도 재무 결과를 발표하며, NASDAQ 상장 및 경영진 강화로 특징지어진 변혁의 해를 기념했습니다. 2024년 4분기 회사의 결과는 3.845백만 달러의 채굴 수익을 기록하며, 2024년 3분기의 3.689백만 달러에서 증가했습니다.
주요 재무 지표로는 현금이 368k에서 735k로 증가하고, 1300만 달러의 부채-자본 전환으로 부채가 감소하며, 주주 자본 누적 적자가 (-1890만)에서 (-700만)으로 개선되었습니다. 회사는 2024년 4분기에 약 61 비트코인을 채굴했으며, 비트코인당 손익 분기점 비용은 75,872 달러입니다.
주목할 만한 발전으로는 경영진 참여가 있는 285만 달러의 비중개 제안 마감과 알버타에서 4GW로 확장 가능한 HPC/AI 자산에 대한 최종 계약 발표가 포함됩니다. 회사는 앵커리지 디지털과의 전략적 재구성을 통해 총 부채를 70% 이상 줄였으며, 앵커리지 디지털은 최대 주주가 되었습니다.
Gryphon Digital Mining (NASDAQ:GRYP) a annoncé ses résultats financiers du quatrième trimestre et de l'exercice 2024, marquant une année transformative mise en avant par son introduction en bourse sur le NASDAQ et le renforcement de son équipe de direction. Les résultats du Q4 2024 de l'entreprise ont montré des améliorations significatives avec des revenus miniers de 3,845 millions de dollars, en hausse par rapport à 3,689 millions de dollars au Q3 2024.
Les principaux indicateurs financiers comprennent : augmentation de la trésorerie de 368k à 735k dollars, conversion de la dette en capital de 13 millions de dollars réduisant les passifs, et amélioration du déficit du capital accumulé des actionnaires de (-18,9 millions) à (-7,0 millions). L'entreprise a extrait environ 61 Bitcoin au Q4 2024, avec un coût de rentabilité par Bitcoin de 75,872 dollars.
Parmi les développements notables, on trouve la clôture d'une offre non intermédiaire de 2,85 millions de dollars avec participation de la direction et l'annonce d'un accord définitif pour un actif HPC/IA en Alberta évolutif jusqu'à 4GW. L'entreprise a réduit sa dette totale de plus de 70 % grâce à une restructuration stratégique avec Anchorage Digital, qui est devenu le principal actionnaire.
Gryphon Digital Mining (NASDAQ:GRYP) hat seine finanziellen Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht, was ein transformierendes Jahr markiert, das durch die NASDAQ-Notierung und die Stärkung des Führungsteams gekennzeichnet ist. Die Ergebnisse des Unternehmens für das Q4 2024 zeigten signifikante Verbesserungen mit Mineraleinnahmen von 3,845 Millionen Dollar, ein Anstieg von 3,689 Millionen Dollar im Q3 2024.
Wichtige Finanzkennzahlen umfassen: Anstieg der liquiden Mittel von 368k auf 735k Dollar, Umwandlung von 13 Millionen Dollar Schulden in Eigenkapital, was die Verbindlichkeiten reduziert, und Verbesserung des kumulierten Eigenkapitaldefizits von (-18,9 Millionen) auf (-7,0 Millionen). Das Unternehmen hat im Q4 2024 etwa 61 Bitcoin abgebaut, mit einem Break-even-Kosten pro Bitcoin von 75.872 Dollar.
Bemerkenswerte Entwicklungen umfassen den Abschluss eines 2,85 Millionen Dollar nicht vermittelten Angebots mit Beteiligung des Managements und die Bekanntgabe einer endgültigen Vereinbarung für einen HPC/AI-Vermögenswert in Alberta, der auf 4GW skalierbar ist. Das Unternehmen hat die Gesamtverschuldung durch strategische Umstrukturierung mit Anchorage Digital um über 70% reduziert, wobei Anchorage Digital der größte Aktionär wurde.
- Net income of $0.4 million in Q4 2024, compared to net loss of $11.0 million in 2023
- Mining revenues increased to $3.845M in Q4 2024 from $3.689M in Q3 2024
- Reduced total debt by over 70% through strategic restructuring
- Cash increased from $368k to $735k in Q4 2024
- Efficient operations with cash payroll expenses at 6.5% of revenue, below 10% target
- Bitcoin mining output decreased to 61 BTC in Q4 2024 from 176 BTC in Q4 2023
- Breakeven cost per Bitcoin increased significantly to $75,872 from $23,902 year-over-year
- Accumulated shareholder's equity remains negative at ($7.0m)
- Total liabilities of $14.6 million exceed total assets of $7.6 million
Insights
Gryphon's Q4 results reveal a company in transition with mixed financial signals. While achieving net income of $0.4 million appears positive, the underlying operational metrics paint a concerning picture. Their Bitcoin production dropped dramatically from 176 BTC in Q4 2023 to just 61 BTC in Q4 2024, while their breakeven cost per Bitcoin skyrocketed to $75,872 from $23,902 year-over-year – a 217% increase that significantly exceeds typical industry averages.
The balance sheet shows persistent structural challenges. Despite improving cash position to $0.7 million, total liabilities of $14.6 million substantially exceed total assets of $7.6 million. More concerning is the $9.3 million in current liabilities against only $2.3 million in current assets, creating potential liquidity pressure in the near term.
The debt restructuring converting $13 million to equity has improved their capital structure but hasn't addressed the fundamental mining economics problem. With current Bitcoin prices around $70,000 and their breakeven at $75,872, they appear to be mining at a loss on a pure operating basis.
The announced Captus Energy Acquisition represents a strategic pivot toward HPC/AI that could eventually transform their business model, but this remains speculative until successfully executed. The $2.85 million capital raise with management participation demonstrates internal confidence but provides only runway for their ambitious growth plans.
Gryphon appears to be shifting from a pure Bitcoin mining operation to a diversified digital infrastructure company – a necessary evolution given their challenging mining economics.
Gryphon's strategic pivot toward high-performance computing and AI through the Captus Energy Acquisition represents a critical diversification from pure Bitcoin mining. The Alberta asset's potential to scale to 4GW is substantial in energy infrastructure terms, positioning them to potentially become a significant player in the energy-intensive computing sector.
The appointment of energy veteran Eric Gallie as SVP of Energy Strategy signals a serious commitment to this transition. This expertise will be crucial as managing energy procurement, infrastructure development, and operational efficiency becomes increasingly central to their business model.
The dramatic increase in their breakeven cost to $75,872 per Bitcoin indicates serious challenges with their current energy efficiency or arrangements. This represents an existential threat to their mining business, as even in a bullish Bitcoin market, these economics are unsustainable compared to industry leaders operating at $20,000-$30,000 breakeven points.
The Captus acquisition theoretically addresses this fundamental issue by securing potentially lower-cost energy at scale, but execution risks remain substantial. Energy infrastructure development involves complex regulatory approvals, significant capital expenditure, and extended timeframes. The $0.7 million cash position appears wholly inadequate for the scale of development required for a multi-gigawatt facility.
This transition from a struggling Bitcoin miner to an energy-centric computing infrastructure provider is conceptually sound but requires substantial additional capital and flawless execution to succeed. The current financial resources appear insufficient for the scale of their ambitions.
Transformative year for the Company, in which it:
Began listing on the NASDAQ
Strengthened its leadership team
Strengthened its Balance Sheet
Enjoyed key financial improvements in Q4
LAS VEGAS, NEVADA / ACCESS Newswire / March 31, 2025 / Gryphon Digital Mining (NASDAQ:GRYP) ("Gryphon," the "Company," "we," "our," and "us"), an innovative venture in the bitcoin, high performance computing ("HPC") and AI space today reported financial results for its quarter and year ended December 31, 2024.
Steve Gutterman, CEO of Gryphon Digital Mining commented:
"2024 was transformative for the company. In February, we went public on the NASDAQ. In September and October, we strengthened our management team by changing CEOs, retaining our CFO, adding a VP of Energy and adding key members to our Board.
"Since bolstering our leadership team, we have had an incredibly productive fourth quarter of 2024 and year to date. During that time, we have undertaken a series of deliberate and transformative steps to reshape our Company by way of, among others, a debt refinancing, adding key expertise, successfully raising capital, including a financing round in which members of both our management and board participated, and, most significantly, executing a definitive agreement for an HPC/AI asset in Alberta, called Captus Energy, which we believe is scalable to 4GW (the "Captus Energy Acquisition").
"By our key metrics, we exited the fourth quarter of 2024 in a substantially stronger financial position than we entered it. During the fourth quarter we:
increased cash and cash equivalents from
$368 k to$735 k;increased equity and reduced liabilities by
$13 million by converting debt to equity;improved accumulated shareholder's equity from a deficit of (
$18.9m ) to a deficit of ($7.0m ); andimproved the average trading volume of our stock from approximately 249,000 shares per day in the third quarter of 2024 to approximately 874,000 shares per day in the fourth quarter.
"These improvements have allowed us to focus on closing the Captus Energy Acquisition, which we believe represents a billion-dollar opportunity. Once closed, we feel the Captus Energy Acquisition will position us to deliver exceptional value to our shareholders by marking the start of an exciting new chapter for the Company. As we look ahead, we are focused on closing the Captus Energy Acquisition and then advancing development of the asset, delivering on key milestones, and unlocking the full potential of our portfolio to drive shareholder returns."
Fourth Quarter 2024 and Recent Highlights
Closed a non-brokered
$2.85 Million offering with100% management and majority board participation.Announced a definitive agreement for an HPC/AI asset in Alberta scalable to 4GW, announced January 10, 2025.
Reduced total debt by over
70% , with the conversion of$13 million of Anchorage Digital's debt into equity and pre-funded warrants, restructured$5 million remaining debt with favorable terms, granted Anchorage warrants for 2 million shares at$1.50 /share, and welcomed Anchorage as our largest shareholder with a seat on the Board.Appointed energy industry veteran Eric Gallie as Senior Vice President of Energy Strategy.
Mining revenues were
$3.84 5 million for the fourth quarter of 2024, compared to$3.68 9 million for the third quarter of 2024.Breakeven Cost1 per Bitcoin in the fourth quarter of 2024 was
$75,872 , compared to$23,902 in in the fourth quarter of 2023. The company continues to be focused on Breakeven Costs, which we believe is the best measure of what it costs to mine bitcoin on an operating basis, as opposed to sharing only electricity costs, which leaves out the other costs of mining.The Company recognized net income of
$0.4 million in the fourth quarter of 2024, which includes net non-cash expenses of ($2.4) million . Net non-cash expenses consisted of items including: depreciation, employee stock-based compensation expense, fair market value of common stock issued to consultants, gain on restructuring of bitcoin denominated note payable, unrealized (gain) loss on marketable equity securities, change in the fair value of notes payable and unrealized gain on digital assets. This compares to a net loss in fiscal 2023 of ($11.0) million , which includes net non-cash expenses of$9.0 million .The Company mined approximately 61 and 176 Bitcoin in the fourth quarters of 2024 and 2023, respectively.
The Company continues to focus on tight operational controls. During fiscal 2024, cash payroll expenses as a percentage of revenue was
6.5% , below the Company's target of10% or lower.
Balance Sheet Highlights as of December 31, 2024
Assets
Cash and cash equivalents:
$0.7 million Bitcoin:
$1.0 million Total current assets:
$2.3 million Total mining assets (including deposits & intangible assets):
$3.6 million Total assets:
$7.6 million
Liabilities and Stockholders' Equity
Current liabilities:
$9.3 million Total liabilities:
$14.6 million
(1) The Company defines Breakeven Cost per Bitcoin as (a) Cost of Revenues (excluding depreciation) divided by (b) total Bitcoin generated and received from the hashrate contributed to the mining pool operator. The Company mined approximately 48 and 164 Bitcoin in the fourth quarter ended December 31, 2024 and 2023, respectively.
(2) The Company defines adjusted EBITDA as (a) GAAP net income (loss) plus (b) adjustments to add back the impacts of (1) depreciation and amortization, (2) interest expense, (3) income tax expense (benefit) and (4) adjustments for non-cash and non-recurring items which currently include (i) stock compensation expense, (ii) change in fair value of notes payable and (iii) gain on restructuring of bitcoin denominated note payable and (iv) unrealized (gain) loss on marketable equity securities
Conference Call Information
Date: March 31, 2025
Time: 4:30 PM Eastern Time
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 626037
Webcast: https://www.webcaster4.com/Webcast/Page/3030/52196
Conference Call Replay Information
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 52196
Webcast replay: https://www.webcaster4.com/Webcast/Page/3030/52196
Non-GAAP Figures
In addition to our results determined in accordance with GAAP, the Company also provides adjusted EBITDA and Breakeven Costs, which are non-GAAP measures. Each of these are not financial measures of performance under GAAP and, as a result, these measures may not be comparable to similarly titled measures of other companies. Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. These non-GAAP measures are not meant to be considered in isolation and should be read only in conjunction with our Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K as filed with the Securities and Exchange Commission. Management uses Adjusted EBITDA and Breakeven Costs as a means of understanding, managing, and evaluating business performance and to help inform operating decision making. The Company relies primarily on its condensed consolidated financial statements to understand, manage, and evaluate our financial performance and uses the non-GAAP financial measures only supplementally. Reconciliations for each of these non-GAAP measures to the nearest GAAP financial measures are provided below.
Breakeven Analysis
| 2024 |
|
| 2023 |
| |||
Mining revenues |
| $ | 20,539,000 |
|
| $ | 21,052,000 |
|
Bitcoin mined |
|
| 334 |
|
|
| 739 |
|
Value of one mined bitcoin |
| $ | 61,494 |
|
| $ | 28,487 |
|
Cost of revenues (excluding depreciation) |
| $ | 15,818,000 |
|
| $ | 13,462,000 |
|
Cost to mine one bitcoin |
| $ | 47,359 |
|
| $ | 18,217 |
|
Total Bitcoin Equivalent Coins Generated (Total BTC Equivalent)* |
|
| 334 |
|
|
| 771 |
|
Breakeven of Total BTC Equivalent |
| $ | 47,359 |
|
| $ | 17,460 |
|
*Amount represents Bitcoin plus MSA BTC Equivalent listed below in table
| 2024 |
|
| 2023 |
| |||
Reconciliation to Adjusted EBITDA: |
|
|
|
|
|
| ||
Net loss |
| $ | 401,000 |
|
| $ | (7,215,000 | ) |
Exclude: Depreciation |
|
| 1,744,000 |
|
|
| 4,067,000 |
|
Exclude: Interest expense |
|
| 7,000 |
|
|
| 162,000 |
|
EBITDA |
|
| 2,152,000 |
|
|
| (2,986,000 | ) |
Non-cash/non-recurring operating expenses: |
|
|
|
|
|
|
|
|
Exclude: Stock based compensation expense |
|
| 1,143,000 |
|
|
| 392,000 |
|
Exclude: Change in fair value of notes payable |
|
| 969,000 |
|
|
| (1,342,000 | ) |
Exclude: Gain on restructuring of bitcoin denominated note payable |
|
| (6,248,000 | ) |
|
| - |
|
Exclude: Unrealized (gain) loss on marketable equity securities |
|
| (5,000 | ) |
|
| 75,000 |
|
Adjusted EBITDA |
| $ | (1,989,000 | ) |
| $ | (3,861,000 | ) |
About Gryphon Digital Mining
Gryphon Digital Mining, Inc. is an innovative venture in the bitcoin, HPC and AI space with a talented leadership team coming from globally recognized brands. More information is available on https://gryphondigitalmining.com/
Cautionary Statements Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the Company's ability to close the Captus Energy Acquisition, the ability of assets acquired or to be acquired to produce energy at both the cost and the volume anticipated; the engagement, and the results of such engagement, with regulatory bodies, First Nations, local stakeholders and norther communities; green initiatives; plans to expand the Company's business to include AI and HPC; the future financial performance of the Company; changes in the Company's strategy and future operations; financial position; estimated revenues and losses; projected costs; prospects, plans and objectives of management; and future acquisition activity.
The forward-looking statements are based on management's current expectations and assumptions about future events and financial results and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. Except as otherwise required by applicable law, Gryphon disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Gryphon cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Gryphon. In addition, Gryphon cautions you that the forward-looking statements contained in this press release are subject to the risks set forth in our filings with the Securities and Exchange Commission (the "SEC"), including the section titled "Risk Factors" in the Annual Report on Form 10-K filed with the SEC by Gryphon on March 31, 2024, as updated by the Company's subsequent filings.
INVESTOR CONTACT:
Name: James Carbonara
Company: Hayden IR
Phone: (646)-755-7412
Email: james@haydenir.com
Gryphon Digital Mining, Inc and Subsidiaries
Consolidated Balance Sheets
As of December 31,
| 2024 |
|
| 2023 |
| |||
|
|
|
|
|
| |||
Assets |
|
|
|
|
|
| ||
Current assets |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 735,000 |
|
| $ | 915,000 |
|
Restricted cash |
|
| - |
|
|
| 8,000 |
|
Accounts receivable |
|
| - |
|
|
| 486,000 |
|
Prepaid expenses |
|
| 409,000 |
|
|
| 581,000 |
|
Marketable securities |
|
| 115,000 |
|
|
| 403,000 |
|
Digital assets held for other parties |
|
| - |
|
|
| 908,000 |
|
Digital asset |
|
| 1,016,000 |
|
|
| 2,097,000 |
|
Total current assets |
|
| 2,275,000 |
|
|
| 5,398,000 |
|
|
|
|
|
|
|
|
| |
Mining equipment, net |
|
| 2,994,000 |
|
|
| 12,916,000 |
|
Intangible asset |
|
| 100,000 |
|
|
| 100,000 |
|
Deposits |
|
| 2,263,000 |
|
|
| 420,000 |
|
Total assets |
| $ | 7,632,000 |
|
| $ | 18,834,000 |
|
|
|
|
|
|
|
|
| |
Liabilities and stockholders' deficit |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
| $ | 9,045,000 |
|
| $ | 3,649,000 |
|
Obligation liability related to digital assets held for other parties |
|
| - |
|
|
| 916,000 |
|
Note payable - current portion |
|
| 213,000 |
|
|
| - |
|
Bitcoin denominated note payable - current portion |
|
| - |
|
|
| 14,868,000 |
|
Current liabilities |
|
| 9,258,000 |
|
|
| 19,433,000 |
|
|
|
|
|
|
|
|
| |
Note payable - less current portion |
|
| 5,384,000 |
|
|
| - |
|
Total liabilities |
|
| 14,642,000 |
|
|
| 19,433,000 |
|
|
|
|
|
|
|
|
| |
Stockholders' deficit |
|
|
|
|
|
|
|
|
Common stock, |
|
| 5,000 |
|
|
| 3,000 |
|
Additional paid-in capital |
|
| 60,050,000 |
|
|
| 46,598,000 |
|
Shares to be issued - register direct offering |
|
| 670,000 |
|
|
| - |
|
Subscription receivable |
|
| - |
|
|
| (25,000 | ) |
Accumulated deficit |
|
| (67,735,000 | ) |
|
| (47,175,000 | ) |
Total stockholder's deficit |
|
| (7,010,000 | ) |
|
| (599,000 | ) |
Total liabilities and stockholders' deficit |
| $ | 7,632,000 |
|
| $ | 18,834,000 |
|
Gryphon Digital Mining, Inc and Subsidiaries
Consolidated Statements of Operations
For the Years Ended December 31,
| 2024 |
|
| 2023 |
| |||
Revenues |
|
|
|
|
|
| ||
Mining activities |
| $ | 20,539,000 |
|
| $ | 21,052,000 |
|
Management services |
|
| - |
|
|
| 873,000 |
|
Total revenues |
|
| 20,539,000 |
|
|
| 21,925,000 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Cost of revenues (excluding depreciation) |
|
| 15,818,000 |
|
|
| 13,462,000 |
|
General and administrative expenses |
|
| 11,267,000 |
|
|
| 4,760,000 |
|
Stock-based compensation expense (benefit) |
|
| 1,588,000 |
|
|
| (152,000 | ) |
Depreciation expense |
|
| 11,179,000 |
|
|
| 14,958,000 |
|
Impairment of digital assets |
|
| - |
|
|
| 275,000 |
|
Impairment of miners |
|
| - |
|
|
| 8,335,000 |
|
Unrealized gain on digital assets |
|
| (1,566,000 | ) |
|
| - |
|
Realized gain on sale of digital assets |
|
| - |
|
|
| (535,000 | ) |
Total operating expenses |
|
| 38,286,000 |
|
|
| 41,103,000 |
|
Loss from operations |
|
| (17,747,000 | ) |
|
| (19,178,000 | ) |
|
|
|
|
|
|
|
| |
Other income (expense) |
|
|
|
|
|
|
|
|
Unrealized (loss) gain on marketable securities |
|
| (288,000 | ) |
|
| 168,000 |
|
Realized gain from use of digital assets |
|
| - |
|
|
| 3,899,000 |
|
Change in fair value of notes payable |
|
| (8,058,000 | ) |
|
| (13,297,000 | ) |
Interest expense |
|
| (915,000 | ) |
|
| (758,000 | ) |
Loss on disposal of asset |
|
| (146,000 | ) |
|
| (55,000 | ) |
Merger and acquisition cost |
|
| (394,000 | ) |
|
| - |
|
Other income |
|
| - |
|
|
| 446,000 |
|
Gain on settlement of BTC Note |
|
| 6,248,000 |
|
|
| - |
|
Total other income (expense) |
|
| (3,553,000 | ) |
|
| (9,597,000 | ) |
|
|
|
|
|
|
|
| |
Loss before provision for income taxes |
|
| (21,300,000 | ) |
|
| (28,775,000 | ) |
|
|
|
|
|
|
|
| |
Provision for income taxes |
|
| - |
|
|
| 176,000 |
|
Net loss |
| $ | (21,300,000 | ) |
| $ | (28,599,000 | ) |
|
|
|
|
|
|
|
| |
Net loss per share, basic and diluted |
| $ | (0.51 | ) |
| $ | (0.83 | ) |
Weighted average shares outstanding - basic and diluted |
|
| 41,911,711 |
|
|
| 34,270,512 |
|
Gryphon Digital Mining, Inc and Subsidiaries
Consolidated Statements of Cash Flows
For the Years Ended December 31,
| 2024 |
|
| 2023 |
| |||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
| ||
Net loss |
| $ | (21,300,000 | ) |
| $ | (28,599,000 | ) |
Adjustments to reconcile net loss to cash (used in) provided by operating activities |
|
|
|
|
|
|
|
|
Gain from settlement of BTC Note |
|
| (6,248,000 | ) |
|
| - |
|
Impairment of digital assets |
|
| - |
|
|
| 275,000 |
|
Realized gain from sale of digital assets |
|
| - |
|
|
| (535,000 | ) |
Realized gain from use of digital assets |
|
| - |
|
|
| (3,899,000 | ) |
Unrealized gain on digital assets |
|
| (1,566,000 | ) |
|
| - |
|
Impairment of miners |
|
| - |
|
|
| 8,335,000 |
|
Depreciation expense |
|
| 11,179,000 |
|
|
| 14,958,000 |
|
Forfeiture of restricted common stock awards |
|
| - |
|
|
| (1,910,000 | ) |
Compensation cost related to restricted common stock awards |
|
| 1,588,000 |
|
|
| 1,508,000 |
|
Fair value of common stock issued to consultants |
|
| 1,884,000 |
|
|
| - |
|
Compensation for services contributed by the Company's President |
|
| - |
|
|
| 250,000 |
|
Unrealized loss (gain) on marketable securities |
|
| 288,000 |
|
|
| (168,000 | ) |
Loss on asset disposal |
|
| 146,000 |
|
|
| 55,000 |
|
Change in fair value of BTC Note |
|
| 8,058,000 |
|
|
| 13,193,000 |
|
Interest expense |
|
| 914,000 |
|
|
| 758,000 |
|
Digital asset revenue |
|
| (20,539,000 | ) |
|
| (21,052,000 | ) |
Other |
|
| - |
|
|
| 67,000 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Proceeds from the sale of digital assets |
|
| 20,260,000 |
|
|
| 18,512,000 |
|
Accounts receivable |
|
| 486,000 |
|
|
| (456,000 | ) |
Prepaid expenses |
|
| (230,000 | ) |
|
| (249,000 | ) |
Accounts payable and accrued liabilities |
|
| 1,684,000 |
|
|
| 1,968,000 |
|
Net cash (used in) provided by operating activities |
|
| (3,396,000 | ) |
|
| 3,011,000 |
|
|
|
|
|
|
|
|
| |
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of mining equipment |
|
| (1,075,000 | ) |
|
| (1,894,000 | ) |
Proceeds from the sale of miners |
|
| 170,000 |
|
|
| - |
|
Refundable deposit |
|
| (1,842,000 | ) |
|
| (360,000 | ) |
Net cash used in investing activities |
|
| (2,747,000 | ) |
|
| (2,254,000 | ) |
|
|
|
|
|
|
|
| |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Payment for insurance payable |
|
| (601,000 | ) |
|
| (109,000 | ) |
Issuance of note payable for insurance premiums |
|
| 569,000 |
|
|
| - |
|
Payment for interest on notes payable |
|
| (40,000 | ) |
|
| - |
|
Cash paid for legal fees incurred for BTC Note restructuring |
|
| (230,000 | ) |
|
| - |
|
Proceeds from registered direct offering |
|
| 670,000 |
|
|
| - |
|
Cash acquired in connection with the reverse recapitalization |
|
| 500,000 |
|
|
| - |
|
Proceeds from issuance of common stock - private placement |
|
| 1,395,000 |
|
|
| - |
|
Proceeds from issuance of common stock - ATM |
|
| 4,043,000 |
|
|
| - |
|
Cash expenses for issuance of common stock |
|
| (343,000 | ) |
|
| - |
|
Net cash provided by (used in) financing activities |
|
| 5,963,000 |
|
|
| (109,000 | ) |
|
|
|
|
|
|
|
| |
Net change in cash |
|
| (180,000 | ) |
|
| 648,000 |
|
|
|
|
|
|
|
|
| |
Cash-beginning of period |
|
| 915,000 |
|
|
| 267,000 |
|
Cash-end of period |
| $ | 735,000 |
|
| $ | 915,000 |
|
Reconciliation of cash and cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 735,000 |
|
| $ | 915,000 |
|
Restricted cash |
|
| - |
|
|
| 8,000 |
|
Cash and cash equivalents and restricted cash |
| $ | 735,000 |
|
| $ | 923,000 |
|
Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
|
Cash paid for interest |
| $ | 40,000 |
|
| $ | - |
|
Cash paid for income taxes |
| $ | - |
|
| $ | 176,000 |
|
|
|
|
|
|
|
|
| |
Non-Cash investing and financing activities: |
|
|
|
|
|
|
|
|
Accrued expenses for issuance of common stock |
| $ | 322,000 |
|
| $ | 845,000 |
|
ASC 2023-08 fair value adjustment |
| $ | 740,000 |
|
| $ | - |
|
Fair value of common stock issued for settlement of BTC Note |
| $ | 5,072,000 |
|
| $ | - |
|
Fair value of warrants issued for settlement of BTC Note |
| $ | 3,048,000 |
|
| $ | - |
|
Promissory note issued for settlement of BTC Note |
| $ | 5,000,000 |
|
| $ | - |
|
Digital assets used for principal and interest payment BTC Note |
| $ | 3,665,000 |
|
| $ | 7,770,000 |
|
SOURCE: Gryphon Digital Mining, Inc.
View the original press release on ACCESS Newswire