Welcome to our dedicated page for LM Funding America news (Ticker: LMFA), a resource for investors and traders seeking the latest updates and insights on LM Funding America stock.
LM Funding America, Inc. (Nasdaq: LMFA), established in January 2008, is a financial services company focused on providing principal secured funding to nonprofit community associations, primarily in the states of Florida, Washington, Colorado, and Illinois. The company's core business involves purchasing the rights to delinquent accounts arising from unpaid Association assessments, thereby offering immediate cash to the associations and relieving them from the burden of debt collection. This innovative approach has accumulated a delinquent assessment balance exceeding $90 million, showcasing LM Funding's significant impact in the industry.
In September 2022, LM Funding expanded its operations to include cryptocurrency mining, marking a new era for the company. The mining operations have since contributed substantially to the company's revenue, with 423.4 Bitcoins mined in 2023, valued at approximately $12.3 million. The company employs an 'Infrastructure Light' strategy to mitigate market risks, focusing on investments in Bitcoin and mining devices. As of the latest updates, LM Funding's Bitcoin holdings stand at 163.1 BTC, valued at around $11.4 million based on recent market prices.
LM Funding's financial health remains robust with substantial working capital and a strong balance sheet. As of March 31, 2024, the company's working capital was $12.7 million, and equity of shareholders was $38.5 million. The company's strategic partnerships, such as the collaboration with Arthur Mining Inc. for a new 15 MW hosting site near Oklahoma City, further underscore its commitment to expanding its mining capabilities while ensuring cost efficiencies.
Recent achievements include a 648% increase in revenue in 2023 compared to the previous year, driven by the successful integration of cryptocurrency mining. The company is optimistic about the future, particularly with the anticipated benefits of the upcoming Bitcoin halving events. LM Funding continues to explore new opportunities and partnerships to enhance its operational capabilities and maximize shareholder value.
LM Funding America (NASDAQ: LMFA) has released its preliminary, unaudited Bitcoin mining update for November 2024. The company mined 7.4 Bitcoin during the month, sold 5.7 Bitcoin, and held 142.2 Bitcoin valued at approximately $14.2 million as of November 30, 2024. The company maintains approximately 3,700 miners deployed with a potential hash rate of 639 PH/s, while 2,180 miners remain in transit.
The company's operational metrics show a slight increase in Bitcoin mined compared to October 2024 (7.3 BTC) and September 2024 (6.6 BTC), though significantly lower than November 2023 (33.8 BTC). The company's strategy focuses on operational efficiency and strategic management of Bitcoin assets.
LM Funding America (NASDAQ: LMFA) has acquired a 15MW mining site in Oklahoma from Tech Infrastructure JV I for $7.3 million. The site has potential for 60MW expansion and operates at $0.04/kwh power cost. The company has been operating approximately 2,880 S19J Pros at the site since June 2024.
The acquisition involved applying $3.8 million in existing loans and accrued interest, paying $1 million in cash, and escrowing $2.5 million. The facility operates under a 5-year ground lease, with an option to purchase the underlying land. The company expects to achieve 562 petahash combined mining capacity at the Oklahoma site in Q1 2025, complementing their hosted operations with Core Scientific in Kentucky.
LM Funding America (NASDAQ: LMFA), a cryptocurrency mining and technology-based specialty finance company, has announced a warrant exercise agreement with an institutional investor. The investor will exercise 1,736,370 existing warrants at $2.98 per share, generating gross proceeds of $5.1 million for the company.
In exchange, the investor will receive new unregistered warrants to purchase 3,472,740 shares at $2.95 per share, exercisable for five years. Maxim Group is acting as the warrant inducement agent. The new warrants were offered privately to accredited investors, and the company will file a registration statement for the resale of shares issuable upon exercise.
LM Funding America (NASDAQ: LMFA) released its Bitcoin mining update for October 2024. The company mined 7.3 BTC, up from 6.6 in September, and holds 140.5 BTC valued at approximately $13.3 million (based on $94,700 BTC price). The company maintains 3,700 miners deployed with 639 PH/s potential hash rate. Mining production improvements were attributed to more efficient software and improved uptime. The company announced acquisition of a 15 MW mining site in Oklahoma, which will add 5 MW capacity and increase deployed miners to approximately 5,200 units, with plans to expand by additional 60 MW in Q1 2025.
LM Funding America (NASDAQ:LMFA), a cryptocurrency mining and technology-based specialty finance company, announced its participation in the Virtual Investor Summit Microcap Event on November 21st. The company will deliver a presentation from 12:00pm to 12:30pm ET and be available for one-on-one meetings throughout the day.
The event features 40 micro-cap companies with catalysts and/or strong market performance. Qualified investors can attend complimentary sessions, including live Q&A opportunities. The presentation will be accessible via webcast.
LM Funding America (NASDAQ: LMFA) has signed an asset purchase agreement to acquire a 15 MW mining site in Oklahoma from Tech Infrastructure JV I for $7.3 million. The company currently operates 10 MW of Bitcoin mining machines at this site. The acquisition includes air-cooled GIGA containers, transformers, and related infrastructure. The payment structure involves $1.1 million in cash, $3.7 million in loan credits, and $2.5 million held in escrow. By January 2025, LM Funding plans to deploy approximately 800 S21 and XP Bitmain machines and 640 S19J Pros after vacating the current third-party miner from 5 MW of space.
LM Funding America (NASDAQ: LMFA) reported Q3 2024 financial results, highlighting its cryptocurrency mining operations. The company held 142.3 Bitcoin valued at $12.4 million as of September 30, 2024. Digital mining revenue decreased to $1.1 million from $3.3 million year-over-year due to the April halving event and miner repositioning. The company reported a net loss of $4.8 million compared to $4.7 million in Q3 2023. Following the halving event, LMFA implemented a vertical integration strategy focusing on low-cost power locations. The company appointed Ryan Duran as president of US Digital Mining and Hosting Co to optimize operational efficiency.
LM Funding America reported Q3 2024 financial results, highlighting its cryptocurrency mining operations. The company held 142.3 Bitcoin valued at $12.4 million as of September 30, 2024. Revenue decreased to $1.3 million from $3.4 million year-over-year, primarily due to the April 2024 Bitcoin halving event. The company mined 18.5 Bitcoins in Q3 2024, generating approximately $1.1 million in revenue at an average Bitcoin price of $60,870. The net loss was $4.8 million compared to $4.7 million in Q3 2023. The company implemented a vertical integration strategy focusing on low-cost power sources and appointed Ryan Duran as president of US Digital Mining and Hosting Co
LM Funding America (NASDAQ: LMFA), a cryptocurrency mining and technology-based specialty finance company, has announced a conference call scheduled for November 13, 2024, at 11:00 a.m. Eastern Time. The call will discuss financial results for Q3 2024 and provide a business update. Participants can join via telephone or webcast, with replay options available through November 27, 2024, for telephone access and November 14, 2025, for webcast viewing.
LM Funding America (NASDAQ: LMFA) has promoted Ryan Duran from Vice President of Operations to President of its digital mining subsidiary, US Digital Mining and Hosting Co Duran, who has been with the company since 2008, will lead the strategic direction and operational efficiency of the company's Bitcoin mining operations. He brings extensive operational experience in digital mining, hosting, and specialty finance operations, along with a Bachelor of Science in Real Estate and Finance from Florida State University.
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