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Gryphon Digital Mining(GRYP) - 2024 Q3 - Quarterly Results
GRYPGryphon Digital Mining(GRYP)2024-11-13 21:17

Financial Performance - Mining revenues for Q3 2024 were 3.7million,downfrom3.7 million, down from 5.2 million in Q3 2023[3] - The company reported a net loss of 5.9millioninQ32024,animprovementfromanetlossof5.9 million in Q3 2024, an improvement from a net loss of 8.1 million in Q3 2023[4] - Adjusted EBITDA loss narrowed to 2.5millioninQ32024,comparedtoalossof2.5 million in Q3 2024, compared to a loss of 4.7 million in Q3 2023[5] - Total revenues for the three months ended September 30, 2024, were 3,689,000,adecreaseof32.53,689,000, a decrease of 32.5% compared to 5,477,000 for the same period in 2023[16] - The company reported a net loss of 5,948,000forthethreemonthsendedSeptember30,2024,comparedtoanetlossof5,948,000 for the three months ended September 30, 2024, compared to a net loss of 8,086,000 for the same period in 2023, indicating an improvement of 26.1%[16] - The net loss for the nine months ended September 30, 2024, was 21,701,000,comparedtoanetlossof21,701,000, compared to a net loss of 17,619,000 for the same period in 2023, representing an increase in loss of approximately 23.5%[21] Mining Operations - Breakeven cost per Bitcoin increased to 59,213inQ32024,comparedto59,213 in Q3 2024, compared to 22,625 in Q3 2023[3] - The company mined approximately 61 Bitcoin in Q3 2024, significantly lower than 176 Bitcoin mined in Q3 2023[5] - Mining activities generated revenues of 3,689,000forthethreemonthsendedSeptember30,2024,downfrom3,689,000 for the three months ended September 30, 2024, down from 5,189,000 in the prior year, reflecting a decline of 29%[16] Assets and Liabilities - Total current assets as of September 30, 2024, were 1.7million,withtotalassetsamountingto1.7 million, with total assets amounting to 7.5 million[6] - Current liabilities stood at 26.4millionasofSeptember30,2024,followingasuccessfuldebtrestructuring[6]−Totalcurrentassetsdecreasedto26.4 million as of September 30, 2024, following a successful debt restructuring[6] - Total current assets decreased to 1,688,000 as of September 30, 2024, from 5,398,000atDecember31,2023,representingadeclineof68.75,398,000 at December 31, 2023, representing a decline of 68.7%[15] - Total liabilities increased to 26,408,000 as of September 30, 2024, compared to 19,433,000atDecember31,2023,reflectingariseof36.519,433,000 at December 31, 2023, reflecting a rise of 36.5%[15] - The company’s accumulated deficit increased to (68,137,000) as of September 30, 2024, compared to (47,175,000)attheendof2023,representingadeteriorationof44.4(47,175,000) at the end of 2023, representing a deterioration of 44.4%[15] - The company reported total stockholders' deficit of (18,863,000) as of September 30, 2024, compared to (599,000)atDecember31,2023,indicatingasignificantincreaseindeficit[15]CashFlowandInvestments−Cashusedinoperatingactivitieswas(599,000) at December 31, 2023, indicating a significant increase in deficit[15] Cash Flow and Investments - Cash used in operating activities was (2,368,000) for 2024, a significant decrease from the cash provided of 3,064,000in2023[21]−Thecompanyreportedanetcashusedininvestingactivitiesof3,064,000 in 2023[21] - The company reported a net cash used in investing activities of (1,504,000) in 2024, compared to (1,902,000)in2023,showingareductionincashoutflow[21]−Cashattheendoftheperiodwas(1,902,000) in 2023, showing a reduction in cash outflow[21] - Cash at the end of the period was 368,000, down from 1,405,000attheendofthepreviousyear,reflectingadecreaseofapproximately73.81,405,000 at the end of the previous year, reflecting a decrease of approximately 73.8%[21] Expenses and Impairments - General and administrative expenses surged to 2,439,000 for the three months ended September 30, 2024, compared to 804,000inthesameperiodlastyear,markinganincreaseof203.6804,000 in the same period last year, marking an increase of 203.6%[16] - The impairment of digital assets was recorded at 1,295,000 in 2024, while there was no impairment reported in 2023[21] - The depreciation expense for the nine months ended September 30, 2024, was 9,435,000,downfrom9,435,000, down from 11,906,000 in 2023, indicating a decrease of about 20.7%[21] Strategic Initiatives - The company aims to enhance financial flexibility and secure low-cost power deals to expand Bitcoin mining operations and explore AI computing opportunities[2] - Market capitalization exceeded 40million,reflectinggrowingmarketconfidenceinthecompany′sstrategicdirection[2]−Thecompanyplanstoannounceseveralinitiativesinthecomingmonthstomaximizeshareholdervalue[2]StockandShares−Theweightedaveragesharesoutstandingforbasicanddilutedcalculationsincreasedto40,611,068forthethreemonthsendedSeptember30,2024,comparedto14,450,688intheprioryear[16]−Thecompanyrecognizedafairvalueofcommonstockissuedtoconsultantsamountingto40 million, reflecting growing market confidence in the company's strategic direction[2] - The company plans to announce several initiatives in the coming months to maximize shareholder value[2] Stock and Shares - The weighted average shares outstanding for basic and diluted calculations increased to 40,611,068 for the three months ended September 30, 2024, compared to 14,450,688 in the prior year[16] - The company recognized a fair value of common stock issued to consultants amounting to 1,708,000 in 2024[21] - The proceeds from the sale of digital assets were 16,649,000in2024,anincreasefrom16,649,000 in 2024, an increase from 13,958,000 in 2023, representing a growth of approximately 19.2%[21]