Consensus Mining & Seigniorage (CMSG) Q1 2025 earnings summary

Executive summary

• Reported a net loss of $2.7 million for Q1 2025, compared to net income of $7.1 million in Q1 2024 and $8.1 million in Q4 2024, mainly due to lower fair value of cryptocurrency holdings.

• Book value per share decreased to $40.60 from $41.79 at year-end 2024.

• Mining revenue was $1.4 million, down from $1.6 million in Q4 2024, reflecting increased network hashrate and difficulty.

• Retained all mined Bitcoin and Litecoin; sold Dogecoin rewards for $647,814, using part of proceeds to acquire 1.39 BTC.

• Ended the quarter with 328 BTC and 10,809 LTC, valued at $28.0 million.

Financial highlights

• Operating loss was $0.1 million, improved from a $0.4 million loss in Q4 2024.

• Non-operating loss of $3.2 million, down from $10.5 million income in Q4 2024, due to lower crypto fair values.

• Cost of revenue remained stable at $0.7 million.

• Operating expenses declined to $0.8 million from $1.3 million in Q4 2024, mainly due to lower depreciation.

• Cash and cash equivalents stood at $61.2 million at quarter-end.

Outlook and guidance

• Continues to focus on acquiring efficient Antminer L9 rigs for Litecoin/Dogecoin mining and selling Dogecoin rewards.

• Plans to keep monitoring profitability, network hashrates, and equipment pricing, adjusting operations as needed.

• Will maintain a prudent capital deployment and low-cost structure amid industry volatility.