Business
LM Funding America, Inc. Achieves Over 1,260% Year-Over-Year Revenue Growth to $3.2 Million and Generates Positive Core EBITDA for the Second Quarter of 2023
Mined 106.6 Bitcoins in the Second Quarter of 2023 at an Average Market Revenue Value of Approximately $27,900 per Bitcoin Completed Acquisition of
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Mined 106.6 Bitcoins in the Second Quarter of 2023 at an Average Market Revenue Value of Approximately $27,900 per Bitcoin Completed Acquisition of Symbiont.io Assets; Advancing Strategic Relationships to Leverage its Assembly™ Financial Services Blockchain Enterprise Platform Reports Working Capital of Approximately $5.5 Million and LM Funding Stockholders’ Equity of $39.9 Million ($2.72 per share) as of June 30, 2023 Conference Call to Be Held Today at 11:00 am ET TAMPA, Fla., Aug. 14, 2023 (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 quarter ended June 30, 2023. Operational Highlights Approximately 5,230 Bitcoin mining machines in operation at hosting sites as of June 30, 2023.Mined 106.6 Bitcoin in Q2 2023, valued at approximately $3.0 million based on the $27,800 average price of Bitcoin during the quarter.Approximately 5,950 Bitcoin mining machines operating as of August 14, 2023 providing approximately 615 PH/s of mining capacity.Net loss was approximately $4.5 million; however, the Company achieved Core EBITDA (as defined below) of $1.0 million, which excludes approximately $6.6 million of non-cash expenses. Bruce Rodgers, Chairman and CEO of LM Funding, commented, “Once again, we made major strides in our transition towards Bitcoin mining as we mined 106.6 Bitcoin during the quarter ended June 30, 2023, a sequential increase of 16% compared to 91.7 Bitcoin mined in the first quarter of 2023. Our goal is to continue to acquire and energize more energy-efficient mining machines as we approach the next Bitcoin halving, anticipated to occur sometime in 2024. As we expand our mining capacity by adding more mining machines, we anticipate an increase in the number of Bitcoins that we will be able to mine. In addition, the Company has installed Braiins OS+ software on 360 of its mining machines, which is expected to increase mining machine hashrate by as much as 25%. Furthermore, machines operating Braiins OS+ software may mine with any pool or mine with Braiins pool and pay no pool fees to Braiins pool.” \"An important highlight of the recent quarter was our successful $2.6 million 'stalking horse' bid, through which we acquired the asset...