A publicly traded Bitcoin miner has reported its financial results for the fourth quarter, revealing a revenue of $29.2 million and an adjusted EBITDA of $17.3 million. Though these figures reflect a slight decline compared to the same timeframe last year, the company significantly increased its Bitcoin holdings to 2,805 tokens, which are now valued at approximately $260.8 million.
For the quarter ending December 31, 2024, the miner achieved a net income of $1.3 million, a notable recovery from a $7.0 million loss in the prior year’s quarter. Mining operations generated $26.7 million in revenue, complemented by $2.5 million generated from its evolving high-performance computing segment.
The company noted a tremendous growth of 263% in the value of its Bitcoin holdings year-over-year from the $72 million recorded at the end of December 2023. Importantly, it managed to achieve this expansion while keeping shareholder dilution low; the total shares outstanding climbed only 51% during the same period to support its growth initiatives.
Despite facing heightened network difficulty, the firm maintained robust production levels and made continual improvements to its infrastructure, boosting its hashrate from 4.01 EH/s in 2023 to 6.0 EH/s by the close of 2024. Furthermore, in January, it reported the mining of an additional 102 Bitcoin.
Looking ahead, the company is making strides in Paraguay, aiming to escalate its hashrate from 6 EH/s to an ambitious 25 EH/s by September 2025. This expansion effort includes the development of a 300-megawatt facility and the acquisition of the Yguazú site from another firm, showcasing a significant push in its operations.
In a strategic move, the headquarters will shift from Vancouver, Canada, to San Antonio, Texas, reflecting a commitment to integrate further into the U.S. market. This decision aligns with the broader expansion goals set by the company to enhance its market position.
Additionally, the high-performance computing sector of the business is on an upward trajectory, boasting a $10 million annualized run rate, with expectations of doubling that figure to $20 million by the second quarter of 2025. This growth is expected to be fueled by the deployment of cutting-edge NVIDIA H100 and H200 clusters intended for AI model training services.
As 2025 approaches, the organization is enthusiastic about its transformative plans, emphasizing a target to rank among the largest Bitcoin miners globally. The ambitious strategy aims at quadrupling its existing hashpower, aiming for substantial operational growth.
Lastly, the company reported maintaining low general and administrative expenses, rising from $3.7 million to $4.6 million year-over-year. The overall financial standing remains robust, highlighted by $270.7 million in combined cash and digital currencies at the conclusion of the quarter.