Business
LM Funding America, Inc. Reports Financial Results and Provides Business Update for the Second Quarter of 2022
On track for over 5,000 miners to be operational by Q4 2022,with total capacity of 504 petahash Reports working capital of $21.2 million and stockholders’
About this update from Lm Funding America, Inc.
[{"type":"text","content":"On track for over 5,000 miners to be operational by Q4 2022,with total capacity of 504 petahash Reports working capital of $21.2 million and stockholders’ equity of $65.2 million ($4.98 per share) as of June 30, 2022 Conference call to be held Wednesday, August 17th at 11:00 AM TAMPA, Fla., Aug. 17, 2022 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ:LMFA) (\"LM Funding\" or the \"Company\"), a technology-based specialty finance company with a primary focus on expanding into the cryptocurrency mining business, today provided a business update and reported financial results for the three months ended June 30, 2022. Bruce Rodgers, Chairman and CEO of LM Funding, commented, “We are continuing to execute on our Bitcoin mining strategy, which began in late 2021. We have already placed 2,690 of the mining machines that we committed to purchase last year with Compute North and are currently on track for over 5,000 miners to be operational by the fourth quarter, which would provide us capacity of approximately 504 petahash. As a result of the variable pricing structure we negotiated with our mining machine supplier, pegged to the price of Bitcoin, we have secured over $2 million in rebate credits. As we move forward, we plan to maintain a disciplined approach of opportunistically purchasing and cost-effectively operating Bitcoin mining machines in order to maximize long-term value for shareholders.” Richard Russell, Chief Financial Officer of LM Funding, added, “As sponsor and founding stockholder of LMF Acquisition Opportunities, Inc. (“LMAO”), a special purpose acquisition company (SPAC), we continue our focus on the proposed merger with SeaStar Medical. Based on the status of the pending merger, as of June 30, 2022, the Company recalculated the fair value of our interests in LMAO, which included a reassessment of the risk of forfeiture, and concluded the risk of forfeiture has decreased versus the first quarter and the value of our retained interest has accordingly increased. As a result, we recognized an unrealized gain on securities of $12.2 million for the three months ended June 30, 2022.” Financial Highlights for the Three Months ended June 30, 2022 Cash of $17 million and working capital of $21.2 million as of June 30, 2022Total stockholders’ equity of $65.2 million and net equity per share of $4.98 as of June 30, 2022 (c...