Consensus Mining & Seigniorage (CMSG) Q2 2024 earnings summary

Executive summary

• Q2 2024 mining revenue reached $1.4 million, down from $1.5 million in Q1 2024 but up from $0.97 million year-over-year.

• Net loss for the quarter was $1.7 million, compared to a $9.1 million profit in Q1 2024 and a $0.5 million loss in Q2 2023.

• Operating loss was $240,450, a significant improvement from a $1.2 million loss in Q2 2023.

• Cryptocurrency holdings at quarter-end were valued at $19.5 million, with 299 BTC, 8,671 LTC, and 90,000 DOGE among others.

Financial highlights

• Cost of revenue was $0.7 million, stable compared to both Q1 2024 and Q2 2023.

• Operating costs were $0.9 million, up from $0.8 million in Q1 2024 but down from $1.5 million in Q2 2023.

• Non-operating loss of $2.0 million, mainly from mark-to-market losses on digital assets.

• Adjusted for new accounting standards, a $6.0 million cumulative effect was added to retained earnings at the start of 2024.

• Cash and cash equivalents stood at $61.9 million at quarter-end.

Outlook and guidance

• Focus remains on deploying capital prudently and maintaining a low-cost structure.

• Plans to continue upgrading to more efficient mining equipment and managing older, less profitable machines.

• Ongoing efforts to secure additional hosting capacity as new equipment is procured.