- Digihost Technology (DGHI) has announced its unaudited financial results for Q1, 2022
- Highlights include revenue from digital currency mining of $7.3 million, a 53 per cent increase over Q1, 2021
- Operating income increased 125 per cent over Q1, 2021
- EBITDA of $2.0 million, an increase of 53 per cent over Q1, 2021
- Digihost is a growth-oriented blockchain technology company primarily focused on Bitcoin mining
- Digihost Technology Inc. (DGHI) opened trading at C$1.76 per share
Digihost Technology (DGHI) has announced its unaudited financial results for Q1, 2022.
Michel Amar, Chairman and CEO of Digihost commented on the results.
“The company is pleased to present its first quarter financial results, highlighted by a 77 per cent increase in Bitcoins mined on a year over year basis. The company’s previous investments in infrastructure along with securing access to clean and renewable energy sources led to revenue generation from mining of $7.3M, an increase of 53 per cent over the preceding year.
With approximately $31 million of cash and cash equivalents currently on hand, valued at today’s BTC price, and a mining operation with breakeven costs of roughly $12,000 per BTC, based on current hashing difficulty and cost of power, the company is more than capable of sustaining its existing operations. Based on the number of BTC mined this quarter, the company anticipates that it will mine more BTC in Q2 than it mined during Q1 of this year.”
Q1 financial highlights:
- Revenue from digital currency mining of $7.3 million, compared to $4.8 million for the three-month period ended March 31, 2021, an increase of 53 per cent
- The company mined a total of 186.53 BTC in Q1, 2022 compared to 105.26 BTC for Q1, 2021
- Operating income of $513,000, an increase of 125 per cent over Q1, 2021
- Realized net income of $59,000 compared to realized net income of $73,000 for Q1, 2021
- EBITDA of $2.0 million compared to $1.3 million for Q1, 2021, an increase of 53 per cent
- Total assets of $97.4 million, an increase of 22 per cent compared to December 31, 2021
- Cash and cash equivalents of $47.72 million, an increase of 39 per cent compared to December 31, 2021
- Working capital of $35.47 million as at March 31, 2022, an increase of 34 per cent compared to December 31, 2021
- Raised C$13,300,000 in a private placement
- Closed a $10,000,000 revolving credit facility.
Digihost is a blockchain technology company focused on Bitcoin mining. The company is currently hashing at a rate of approximately 450 PH/s.
Digihost Technology Inc. (DGHI) opened trading at C$1.76 per share.