Gryphon Digital Mining, Inc. Reports First Quarter 2024 Financial Results

Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a company focused on renewable bitcoin mining, disclosed its first quarter financial figures for the period ending March 31, 2024. CEO Rob Chang highlighted the operational efficiency improvements and the completion of the miner upgrade program, which helped expand the company’s hash rate capacity to about 0.94 exahash.

For Q1 of 2024, Gryphon reported a revenue of $7.5 million, up from $4.8 million in the same quarter of the previous year. However, the breakeven cost per bitcoin increased significantly from $12,910 to $34,063. The financial documents also revealed a net loss of $11.7 million for this quarter, slightly larger than the $6.9 million loss reported in Q1 2023, despite non-cash expenses accounting for nearly $11.6 million of the recent losses. Adjusted EBITDA was reported at $1.9 million, lower than the $4.2 million of the prior year's first quarter.

The company continues to pursue increasing shareholder value, reflected in the initiation of a $5 million stock repurchase program. This is part of Gryphon's considerable efforts to position itself favorably in an evolving market, especially post-bitcoin halving.

The balance sheet as of March 31, 2024, shows $1.7 million in cash and equivalents, with total assets valued at $17.8 million, against liabilities totaling $30.2 million. In addition, the company now possesses about 10.3 Bitcoins, evaluated at $0.6 million.

As bitcoin’s average price projection stands at $70,000 for 2024, Gryphon anticipates a gross profit of roughly $16.6 million from ongoing mining operations, indicating potential upturns dependent on market trends and operational efficiencies.