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DMG Blockchain Solutions Reports Third Quarter 2024 Results

DMG Blockchain Solutions Reports Third Quarter 2024 Results

DMG Blockchain Solutions Reports Q3 2024 Results

August 29, 2024

DMG Reports Third Quarter 2024 Results, Presenting at Upcoming Investor Conferences

DMG Blockchain Solutions announces its fiscal third quarter 2024 financial results. All financial references are in Canadian Dollars unless specified otherwise.

Q3 2024 Financial Results Highlights

Q3 2024 revenue up 11% over the prior year to $8.3M, driven by self-mining revenues increasing 5%
Net income of negative $3.8 million, a smaller loss versus the year-ago period
87 bitcoin mined in the third quarter, down from 152 bitcoin in the prior quarter, with a hashrate of 0.95 EH/s and fleet efficiency of 25.6 J/T
Operating cash flow in the third quarter of -$1.3 million versus $4.5 million in the prior quarter
Strong balance sheet with $39.6 million in cash and digital currency, $111 million in total

Sheldon Bennett, DMG Blockchain Solutions’ Chief Executive Officer, commented, “The June 2024 quarter was a transitional quarter, marked by the once-every-four-year halvening event, which negatively affected our mined bitcoin. While we are encouraged by the execution of our Systemic Trust subsidiary toward becoming a qualified custodian, we missed our target to deploy our new fleet of 4,550 Bitmain T21 miners due to supply chain issues. Going forward, we are highly focused on regaining profitability by increasing our hashrate, improving our fleet efficiency and continuing to execute on our Core+ software initiatives.”

Upcoming Investor Conferences

DMG management will present at the 2024 Gateway Conference on September 4-5 at the Four Seasons Hotel in San Francisco. The presentation is scheduled for Thursday, September 5, at 12:00 PM PT, and will also be webcast live: https://wsw.com/webcast/gateway2/dmgi/2136708.

DMG management will also present at the H.C. Wainwright 26th Annual Global Investment Conference, taking place September 9-11 at the Lotte New York Palace in New York City. The presentation is scheduled for Monday, September 9, at 1:30 PM ET.