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 reported a significant 105% year-over-year revenue growth to $4.7 million for Q1 2024. The company mined 86.4 Bitcoins valued at $4.6 million with an average price of $53,000 per Bitcoin. They held 163.4 Bitcoins valued at $11.7 million as of March 31, 2024. The net income for Q1 2024 was $1.9 million, a recovery from a $7.2 million loss in the prior year. The company has operating expenses of $4.2 million and a total stockholder equity of $38.5 million. LM Funding plans to enhance its mining capability with new equipment and anticipates positive market conditions post-2024 Bitcoin halving.
LM Funding America, Inc. has scheduled a conference call to discuss their financial results for the first quarter of 2024 and provide a business update. The call will take place on May 16, 2024, at 11:00 a.m. Eastern Time. Investors can join via telephone or webcast. This announcement comes as LM Funding continues its operations in cryptocurrency mining and technology-based specialty finance.
LM Funding America, Inc. provided a monthly operational and Bitcoin mining update for April 2024, reporting a total of approximately 155.1 BTC held as of April 30, 2024, valued at around $9.7 million based on an estimated BTC price of $62,500. The company highlighted the deployment of new mining machines, resulting in an increased hashing power of 639 Ph/s.
LM Funding America, Inc. announced the appointment of Marty Traber to its Board of Directors, replacing Todd Zhang. Traber brings over 40 years of experience in securities law and corporate finance. He has a strong background in the technology industry and has served on various boards of directors, including a New York Stock Exchange-listed company. The CEO expressed appreciation for Zhang's contributions to the Bitcoin mining operations.
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