Business
LM Funding America Achieves Over 648% Revenue Growth to $13.0 Million for 2023
Mined 423.4 Bitcoins in 2023 Valued at Approximately $12.3 Million at an Average Market Revenue Value of Approximately $29,000 per Bitcoin Held 153.6 Bitcoin
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Mined 423.4 Bitcoins in 2023 Valued at Approximately $12.3 Million at an Average Market Revenue Value of Approximately $29,000 per Bitcoin Held 153.6 Bitcoin at February 29, 2024, Valued at Approximately $10.8 Million Based on Recent Bitcoin Price of $70,000 Reports Working Capital of Approximately $7.4 Million and LM Funding Stockholders’ Equity of $36.2 Million ($14.52 per share) as of December 31, 2023 Conference Call to Be Held Today at 11:00 am ET TAMPA, Fla., April 01, 2024 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and technology-based specialty finance company, today provided a business update and reported financial results for the three months and full year ended December 31, 2023. Operational Highlights Approximately 5,900 Bitcoin mining machines in operation at hosting sites as of December 31, 2023Mined 423.4 Bitcoin in 2023, which generated approximately $12.3 million in revenue based on the $29,000 average price of Bitcoin in 2023As of December 31, 2023, held 95.1 Bitcoin valued at approximately $3.4 millionAs of February 29, 2024, held 153.6 Bitcoin valued at approximately $10.8 million based on recent Bitcoin price of approximately $70,000Revenue for the three and twelve months ended December 31, 2023, increased approximately 262% and 648%, respectively over the same periods last yearNet loss for the three months ended December 31, 2023, was $1.6 million as compared to $19.7 million for the 2022 comparable quarter.Achieved positive Core EBITDA (defined below) of $345 thousand for the three months ended December 31, 2023, compared to a Core EBITDA loss of $1.7 million for the same period last year. Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net loss is set forth below in this press release. Bruce Rodgers, Chairman and CEO of LM Funding, commented, “We made tremendous progress building our Bitcoin mining operations in 2023, our first full year as a Bitcoin mining company. We are extremely pleased with our results as we mined 423.4 Bitcoins valued at approximately $12.3 million based on the average price of Bitcoin during the year. This success drove an almost 648% increase in the Company’s revenue for the year as compared to 2022. In 2023, we adopted an 'Infrastructure Light' strategy, aiming to lessen ...