Consensus Mining & Seigniorage (CMSG) Q3 2024 earnings summary

Executive summary

• Generated $1 million in mining revenue for Q3 2024, down from $1.4 million in Q2 2024, but up from $0.8 million year-over-year.

• Mined 10.9 BTC and 717 LTC, retaining all, and sold most of 2.6 million DOGE mined via merge-mining.

• Ended the quarter with $20.3 million in digital assets, primarily 310 BTC and 9,388 LTC.

• Operating loss was $1.2 million, with a net loss of $0.5 million, an improvement from Q2 2024's $1.7 million loss.

• Continued equipment upgrades and expansion of hashrate capacity for both Bitcoin and Litecoin.

Financial highlights

• Mining revenue: $1 million (Q3 2024), $1.4 million (Q2 2024), $0.8 million (Q3 2023).

• Cost of revenue: $0.7 million, flat sequentially, slightly up year-over-year.

• Operating costs: $1.5 million, up from $0.9 million in Q2 2024 and $0.7 million in Q3 2023, mainly due to higher depreciation.

• Non-operating income: $0.9 million, compared to a $2.0 million loss in Q2 2024.

• Net loss: $0.5 million, improved from $1.7 million loss in Q2 2024.

Outlook and guidance

• Focus remains on expanding hashrate and improving efficiency while maintaining a low-cost structure.

• Profitability pressures persist post-2024 Bitcoin halving, with hashprice materially lower than pre-halving levels.

• Continued acquisition and deployment of efficient mining equipment, especially for Litecoin/Dogecoin merge-mining.