Business
LM Funding America, Inc. Achieves Over 1,100% Year-Over-Year Revenue Growth to $2.1 Million for the First Quarter of 2023
Mined 91.7 Bitcoins in the First Quarter of 2023 at an Average Market Revenue Value of $22,800 per Bitcoin Reports Working Capital of $4.6 Million and LM
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Mined 91.7 Bitcoins in the First Quarter of 2023 at an Average Market Revenue Value of $22,800 per Bitcoin\nReports Working Capital of $4.6 Million and LM Funding Stockholders' Equity of $44.0 Million ($3.36 per share) as of March 31, 2023\nConference Call to Be Held Today at 11:00 am ET\nTAMPA, Fla., May 15, 2023 /PRNewswire/ -- 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 quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nOperational Highlights\nApproximately 3,700 Bitcoin mining machines in operation as of March 31, 2023.Approximately 5,000 Bitcoin mining machines operating today providing approximately 520 PH/s of mining capacity after adding 1,300 machines in April, 2023.Signed an agreement with GIGA Energy May 8, 2023, adding 1,080 additional machines for an approximate total of 627 PH/s by May 31, 2023.Bruce Rodgers, Chairman and CEO of LM Funding, commented, \"We are pleased with the strides LM Funding has taken during the first quarter of 2023 as we continue to steadily transition our Company towards Bitcoin mining. We started the year with approximately 2,700 fully operational mining machines and added approximately 2,300 more during the first four months of 2023, bringing our total to approximately 5,000 machines, with a mining capacity of around 520 PH/s, actively mining Bitcoin today. Throughout the quarter, we mined nearly 91.7 Bitcoins at an average value of about $22,800 per Bitcoin, compared to the current price of Bitcoin, which has been ranging between $27,000 and $30,000 over the past two months.\"\n\"We continue to strategically acquire additional mining machines, and since the conclusion of the first quarter, have acquired 101 S19 XP machines through a Bitmain raffle, costing $0.3 million. Our goal is to continue to acquire and energize more energy efficient mining machines in the forthcoming quarters as we approach the next Bitcoin halving, anticipated to occur sometime in 2024.\"\nRichard Russell, Chief Financial Officer of LM Funding commented, \"In addition to our revenue growth, our balance sheet remains solid. As of March 31, 2023, we had $3.4 million in cash, approximately 84 Bitcoins valued at $1.8 million or $21,400 per ...