Business
LM Funding America, Inc. Achieves Over 1,720% Year-Over-Year Revenue Growth to $3.4 Million
Mined 117.1 Bitcoins in the Third Quarter of 2023 at an Average Market Revenue Value of Approximately $28,000 per Bitcoin Implementing 'Infrastructure Light'
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Mined 117.1 Bitcoins in the Third Quarter of 2023 at an Average Market Revenue Value of Approximately $28,000 per Bitcoin Implementing 'Infrastructure Light' Approach to Bitcoin Mining Business; Focuses Capital Investment on Bitcoin and Bitcoin Mining Machines That Track the Value of Bitcoin Reports Working Capital of Approximately $4.5 Million and LM Funding Stockholders’ Equity of $35.9 Million ($2.45 per share) as of September 30, 2023 Conference Call to Be Held Today at 11:00 am ET TAMPA, Fla., Nov. 15, 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 September 30, 2023. Operational Highlights Approximately 5,549 Bitcoin mining machines in operation at hosting sites as of September 30, 2023.Mined 117.1 Bitcoin in Q3 2023, valued at approximately $3.3 million based on the $28,000 average price of Bitcoin during the quarter.Sequential quarterly revenue increased by 7.0% from the three months ended June 30, 2023. Bruce Rodgers, Chairman and CEO of LM Funding, commented, “This quarter marks yet another significant step forward in our transition into Bitcoin mining. In the third quarter of 2023, we mined 117.1 Bitcoin, a 10% sequential increase over the second quarter of 2023. LM Funding is actively implementing an 'Infrastructure Light' approach in our Bitcoin mining business that seeks to mitigate risk and volatility in the market by focusing our capital investments on Bitcoin and Bitcoin mining machines that track the value of Bitcoin. Overall, we are quite encouraged by the overall market and outlook for Bitcoin pricing, including the upcoming 2024 halving event.” Richard Russell, Chief Financial Officer of LM Funding, further noted, \"Beyond our year-over-year quarterly revenue growth, we experienced sequential quarterly revenue growth of 7% compared with Q2 2023. As of September 30, 2023, our cash plus BTC was approximately $2.7 million. Our working capital stood at $4.5 million as of September 30, 2023, and the equity of LM Funding shareholders was $35.9 million, or $2.45 per share. Given our financial position, we remain highly encouraged by the financial outlook for the business.” Financial Highlights Total revenue fo...