Stronghold Digital Mining sees Q1 revenue $27.5M, consensus $29.01M

Stronghold generated an estimated $27.5 million of revenue, an estimated $5.8 million of GAAP Net Income, and an estimated $8.7 million of adjusted EBITDA during the first quarter of 2024. Revenue comprised an estimated $26.7 million from cryptocurrency mining, an estimated $0.7 million from the sale of energy, and an estimated $0.1 million of other revenue during the quarter. The period featured two extremes: improving Bitcoin mining economics from January through March and depressed PJM power prices to end the winter in January and February. In addition to the improved Bitcoin mining economics experienced during the first quarter, Stronghold’s improved operational execution in the first quarter led to improved hash rate utilization compared to prior quarters.