Stronghold Digital Mining(NASDAQ: SDIG) has released financial results for its third quarter, the period ended Sept. 30, 2022; the report also included an operational update. Highlights of the report included current liquidity for the company reaching an estimated $27 million, which includes $27 million cash plus 19 Bitcoin; other numbers worth noting include current principal amount of outstanding debt totaling approximately $82 million, with net debt of approximately $55 million, which represents an approximately 51% reduction since the end of June 2022. In addition, the company noted fully extinguished $67.4 million in principal value of debt associated with NYDIG ABL LLC and the Provident Bank equipment financings as well as a closed credit agreement with WhiteHawk Finance LLC. In addition, report stated that SDIG had entered into a settlement agreement with Northern Data PA LLC and 1277963 B.C. Ltd. to terminate the hosting agreement at what the company sees as attractive economics. The report also noted that the company has received or agreed to procure approximately 10,000 additional Bitcoin miners since Aug. 16, 2022, and has inked a definitive hosting agreement with Foundry Digital LLC along with completing significant scheduled maintenance outages at both the Panther Creek Power Plant and the Scrubgrass Power Plant. The report also stated the company’s initial FY 2023 guidance: total revenue and other income estimated to be $108 to $114 million and adjusted EBITDA estimated to be $29 to $35 million. That guidance is based on key market assumptions and material cost reductions that have been implemented in recent months at SDIG power plants as well as on general and administrative expenses. “We have executed on the major strategic goals we laid out in August during our second quarter earnings announcement; we have reduced leverage, improved liquidity, cut costs and opportunistically grown our mining fleet at attractive prices,” said Stronghold Digital Mining CEO and cochair Greg Beard in the press release. “In late October, we fully eliminated our NYDIG debt and closed on the refinanced WhiteHawk debt. We have reduced our net debt by 51% to $55 million since June 30, 2022, and our current liquidity is approximately $27 million. We will remain patient and diligent, and believe we are meaningfully better positioned to take advantage of opportunities in the market.”
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About Stronghold Digital Mining Inc.
Stronghold is a vertically integrated Bitcoin mining company with an emphasis on environmentally beneficial operations. Stronghold houses its miners at its wholly owned and operated Scrubgrass Plant and Panther Creek Plant, both of which are low-cost, environmentally beneficial coal refuse power generation facilities in Pennsylvania. For more information about the company, please visit www.StrongholdDigitalMining.com.
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