Gryphon Digital Mining (GRYP) Q4 2024 earnings summary

Executive summary

• Achieved a strategic shift from pure Bitcoin mining to developing power assets for high-performance computing (HPC) and AI infrastructure, highlighted by the planned acquisition of Captus in Alberta and a NASDAQ listing.

• Completed a reverse takeover of Akerna and listed on NASDAQ, strengthening the public profile and balance sheet.

• Management and board members personally invested in a $2.8 million equity raise, demonstrating strong internal confidence.

• Key initiatives included major debt refinancing, capital raise, and a definitive agreement to acquire Captus Energy, a scalable HPC/AI asset.

• Exited Q4 2024 with improved financials, including higher cash, reduced liabilities, and increased shareholder equity.

Financial highlights

• Mined 334 Bitcoin and generated $20.5 million in revenue in 2024, compared to 740 Bitcoin and $21.1 million in 2023.

• Q4 2024 mining revenues were $3.845 million, up from $3.689 million in Q3 2024.

• Adjusted EBITDA for FY 2024 was negative $5.5 million, impacted by $6 million in one-time legal and marketing fees; excluding these, adjusted EBITDA would have been above break-even.

• Net loss for 2024 was $21.3 million, improved from a $28.6 million loss in 2023.

• Q4 2024 net income was $401,000, a turnaround from a $10.9 million loss in Q4 2023.

Outlook and guidance

• Focused on closing the Captus acquisition and developing up to 4 GW of power for HPC and AI data centers, with the first 130 MW targeted for 2026.

• Expects high-margin, recurring revenues from co-located customers post-Captus development, complementing Bitcoin mining income.

• Plans to announce capital partners and customer agreements as development progresses.

• Plans to advance development of the Captus asset and deliver on key milestones to drive shareholder returns.