Business
LM Funding America, Inc. Provides Year-End Business Update; Reports Successful Repositioning into Bitcoin Mining Strategy
Full-Year 2022 Revenue Increased by 93% and Mined 51 Bitcoins in the Fourth Quarter 2022 Approximately 2,800 Mining Machines Fully Operational Providing the
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Full-Year 2022 Revenue Increased by 93% and Mined 51 Bitcoins in the Fourth Quarter 2022\nApproximately 2,800 Mining Machines Fully Operational Providing the Company with 280 PH/s of Mining Capacity at 2022 Year-End \nReports Working Capital of $8.3 Million and LMFA Stockholders' Equity of $49.2 Million ($3.76 per share) as of December 31, 2022\nTAMPA, Fla., March 31, 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 year ended December 31, 2022. \n\n \n \n \n \n \n \n\n \nOperational Highlights\nApproximately 2,800 Bitcoin mining machines in operation as of December 31, 2022.Placed approximately 700 machines in operation in the first quarter 2023.Anticipate an additional approximately 2,300 machines installed by June 30, 2023, to bring total installed capacity to approximately 600 PH/s.Bruce Rodgers, Chairman and CEO of LM Funding, commented, \"In 2021, we made the strategic decision to transform LM Funding into a Bitcoin mining company, and subsequently took measures to reposition the Company. Late in 2021, we placed an order for approximately 5,000 Bitcoin mining machines. As we progressed through 2022, we experienced a period of transition, locating and electrifying some of our mining machines, and initiating our Bitcoin mining operations. We also opportunistically capitalized on lower hardware pricing to order an additional 665 machines in the second half of 2022, bringing the total number of assets on hand to approximately 5,660 Bitcoin mining machines at year-end 2022. The Company subsequently purchased additional XP mining machines in early January 2023. When all 5,850 machines are fully operational, the Company anticipates total mining capacity of approximately 600 PH/s. We believe the decision to transform the Company into a Bitcoin mining company was the right one and that the results we demonstrated in the fourth quarter will accelerate as we continue to acquire, locate, electrify, and commence mining of Bitcoin on additional machines.\"\nRichard Russell, Chief Financial Officer of LM Funding commented, \"In addition to our revenue growth, our balance sheet remains solid. As of December 31, 2022, we had $4.2 million in cash, app...