Stronghold Digital Mining, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 18, 2022 at 06:05 am EDT
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Stronghold Digital Mining, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported sales was USD 29.15 million compared to USD 4.18 million a year ago. Revenue was USD 29.18 million compared to USD 4.18 million a year ago. Net loss was USD 16.7 million compared to USD 1.01 million a year ago. Basic loss per share from continuing operations was USD 8.2. Diluted loss per share from continuing operations was USD 8.2.
For the six months, sales was USD 57.83 million compared to USD 7.85 million a year ago. Revenue was USD 57.88 million compared to USD 7.89 million a year ago. Net loss was USD 30.11 million compared to USD 1.08 million a year ago. Basic loss per share from continuing operations was USD 14.9. Diluted loss per share from continuing operations was USD 14.9.
Stronghold Digital Mining, Inc. is a vertically integrated Bitcoin mining company with a focus on environmentally beneficial operations. The Company's segments include Energy Operations and Cryptocurrency Operations. The Energy Operations segment operates as a qualifying cogeneration facility under the provisions of the Public Utilities Regulatory Policies Act of 1978 and sells its electricity into the PJM grid under a Professional Services Agreement with Customized Energy Solutions. The Cryptocurrency Operations segment is engaged in vertically-integrated digital currency mining business. The Company buys and maintains a fleet of Bitcoin miners, as well as the required infrastructure, and provides power to third-party digital currency miners under hosting agreements. The Company's Scrubgrass Plant has the capacity to generate approximately 83.5 megawatts (MW) of electricity. Its Panther Creek Plant has the capacity to generate approximately 80 MW of electricity.