Consensus Mining & Seigniorage (CMSG) Q4 2024 earnings summary

Executive summary

• Net income for 2024 reached $13.0 million, reversing a prior year loss of $0.8 million, driven by increased cryptocurrency holdings and higher fair valuations.

• Book value per share rose to $41.79 from $36.01 year-over-year.

• Mining revenue for 2024 was $5.5 million, up from $3.7 million in 2023; Q4 revenue was $1.6 million, a significant increase both sequentially and year-over-year.

• Strategic shift toward more profitable Litecoin/Dogecoin mining rigs, with increased hashrate and equipment upgrades.

Financial highlights

• Q4 2024 net income was $8.1 million, up from $0.5 million in Q4 2023.

• Operating loss for 2024 narrowed to $1.9 million from $3.6 million in 2023.

• Non-operating income surged to $18.5 million in 2024, up from $2.8 million in 2023, mainly from fair value gains on digital assets.

• Cost of revenue for 2024 was $2.8 million, up from $2.3 million in 2023.

• Operating expenses declined to $4.6 million in 2024, aided by lower depreciation, offset by a one-time $0.8 million accelerated depreciation charge.

Outlook and guidance

• Full impact of the new strategy to convert Dogecoin proceeds to Bitcoin expected to be clearer in Q1 2025.

• Continued focus on acquiring efficient Scrypt mining equipment and prudent capital deployment.