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 has announced an expansion of its contract with Core Scientific to host an additional 900 bitcoin mining machines, expected to be operational by the end of
Chairman and CEO Bruce M. Rodgers expressed satisfaction with the agreement, emphasizing the growth of their mining operations since starting in
LM Funding America, Inc. (NASDAQ: LMFA) reported a significant 93% increase in total revenue for 2022, totaling around $1.7 million, primarily driven by Bitcoin mining operations initiated in late 2022. As of year-end, the company operated approximately 2,800 mining machines with a capacity of 280 PH/s. The company anticipates expanding this capacity to about 600 PH/s by mid-2023. Financially, LMFA reported working capital of $8.3 million and stockholders' equity of $49.2 million ($3.76 per share). CEO Bruce Rodgers emphasized the strategic transformation into a Bitcoin mining company as a foundation for future growth.
On March 13, 2023, LM Funding America (NASDAQ: LMFA) announced a contract to host 500 bitcoin mining machines with Aspen Creek Digital Corporation. These machines are expected to be electrified and operational by the end of March 2023, achieving a capacity of approximately 370 petahash. The mining operation will utilize a mix of behind-the-meter solar and grid electricity. This expansion follows the company's commencement of bitcoin mining in September 2022. LM Funding also provides financial services to nonprofit community associations across several states, including Florida and Colorado.
LM Funding America, Inc. (NASDAQ: LMFA) will participate in the World Digital Mining Summit in Singapore on February 21, 2023. This summit, hosted by BITMAIN, brings together leaders in cryptocurrency mining to explore investment opportunities and trends in Web 3.0. Bruce M. Rodgers, Chairman and CEO, expressed excitement for the chance to form strategic partnerships and expand blockchain contracts. The company, which began Bitcoin mining in September 2022, also supports nonprofit community associations, primarily in Florida and several other states. Participation in this summit aims to enhance LMFA’s presence in the cryptocurrency sector.
LM Funding America, Inc. (NASDAQ:LMFA) announced that its Chairman and CEO, Bruce Rodgers, will appear on Bloomberg Radio's Bloomberg Businessweek on December 23, 2022, at approximately 3:20 PM ET. The company, which began Bitcoin mining operations in September 2022, also offers funding to nonprofit community associations in Florida and other states. The press release mentions forward-looking statements related to various risks, including those tied to cryptocurrency mining and operational uncertainties.
LM Funding America (NASDAQ:LMFA) announced that its Chairman and CEO, Bruce Rodgers, will appear on BNN Bloomberg's national show, The Close, on December 15 at 3:20 PM ET. The Company operates in cryptocurrency mining, commencing operations in September 2022, and also provides funding to nonprofit community associations in Florida and other states. Forward-looking statements in the PR highlight risks including cryptocurrency market volatility and operational challenges, emphasizing the need for careful consideration of these factors.
LM Funding America (LMFA) announced that its Chairman and CEO, Bruce Rodgers, will appear on CNBC’s Crypto World today, December 6, at approximately 3:00 PM ET.
The company, which began Bitcoin mining operations in September 2022, also operates a finance business serving nonprofit community associations primarily in Florida, Washington, Colorado, and Illinois.
Investors are urged to consider risks including cryptocurrency market volatility and operational challenges in mining.
FAQ
What is the current stock price of LM Funding America (LMFA)?
What is the market cap of LM Funding America (LMFA)?
What does LM Funding America, Inc. do?
When did LM Funding America start Bitcoin mining?
What are LM Funding America's main products?
How much Bitcoin did LM Funding mine in 2023?
What is the value of LM Funding's current Bitcoin holdings?
What is LM Funding's strategy for its Bitcoin mining operations?
Where does LM Funding operate its specialty finance business?
What recent partnerships has LM Funding announced?
How has LM Funding's revenue changed recently?
What is the financial condition of LM Funding America?
