- Revenue: $161.4M, +103% YoY
- Bitcoin mined: 1,530 BTC, +12% YoY
- Adjusted EBITDA: $(176.4)M vs $245.7M in Q1 2024
CEO Jason Les: "We achieved a new record for quarterly revenue... significantly expanding our hash rate and further enhancing our operating efficiency."
🌱Revenue & Growth
- Total revenue: $161.4M, +103% YoY
- Bitcoin mining revenue: $142.9M, +100% YoY
- Engineering revenue: $13.9M, +196% YoY
- Deployed hash rate: 33.7 EH/s
- BTC mined: 1,530 vs 1,364 in Q1 2024
💰Profits & Health
- Net loss: $(296.4)M vs net income $211.8M in Q1 2024
- Adjusted EBITDA: $(176.4)M vs $245.7M
- Avg cost to mine 1 BTC (excl. depreciation): $43,808 vs $23,034
- Working capital: $310.3M
- Unrestricted cash: $163.7M
- BTC holdings: 19,223 BTC (~$1.6B @ $82,534/BTC)
📌Business Highlights
- Acquired Rhodium’s mining ops at Rockdale, eliminated $15M+ in 2024 losses
- Corsicana Facility Phase I completed
- 125 MW repurposed for self-mining
- AI/HPC data center feasibility study completed
- Expanding land, fiber, water, and power at Corsicana site
🔮Future Outlook
- 1.0 GW Corsicana substation to complete in early 2026
- Continued AI/HPC infrastructure development
- Eliminated legacy contract costs and litigation from Rhodium deal
- Focus on site enhancements to attract data center tenants