Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Q1 2024 Earnings Call Transcript

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Q1 2024 Earnings Call Transcript May 4, 2024

Stronghold Digital Mining, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good morning, and welcome to Stronghold Digital Mining's Conference Call for the First Quarter ended March 31, 2024. My name is Michelle, and I will be your operator this morning. Before this call, Stronghold issued its results for the first quarter 2024 in a press release, which is available in the Investors section of the Company's website at www.strongholddigitalmining.com. You can find the link to the Investors section at the top of the home page. Joining us on today's call are Stronghold's Chairman and CEO, Greg Beard; and CFO, Matt Smith. Before we begin, Alex Kovtun from Gateway Group will make a brief introductory statement. Mr. Kovtun, please proceed.

Alex Kovtun: Great. Thank you, operator. Good morning, everyone, and welcome. Today's slide presentation, along with our earnings release and financial disclosures were posted to our website earlier today and can be accessed on our website at www.strongholddigitalmining.com. Some statements we're making today may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, we caution that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission.

A cryptocurrency wallet on a modern touchscreen device displaying a graph of the company's assets.

We disclaim any obligation or any undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We will also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables to applicable GAAP measures in our earnings release carefully as you consider these metrics. We expect to file our quarterly report on Form 10-Q on or around May 3, 2024, with the Securities and Exchange Commission, which sets forth detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including, but not limited to, risks and uncertainties identified under the risk caption Risk Factors.

You may access Stronghold's Securities and Exchange Commission filing for free by visiting the SEC website at www.sec.gov or Stronghold's Investor Relations website at ir.strongholddigitalmining.com. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Stronghold's website. Now I would like to turn the call over to Stronghold's Chairman and CEO, Greg Beard. Greg?

Greg Beard: Good morning, everyone, and thank you for joining us on our first quarter 2024 earnings call. We will be referencing an associated slide presentation throughout the call that is available through the webcast and on the Investor Relations section of our corporate website. Let's start on Slide 3. Stronghold is the only environmentally beneficial and vertically integrated public Bitcoin mine. We owned and operate two mining waste to power facilities in Pennsylvania, Scrubgrass and Panther Creek, with aggregate power capacity of 165 megawatts. Through our process, Scrubgrass and Panther Creek have removed an estimated 30 million tons of toxic mining waste from the environment from nearly 100 different sites. Today, we own and operate 130 megawatts of current fully energized data center capacity with 4.1x a hash of installed cash rate capacity.

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