Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| In summary, we are extremely pleased with the progress we have made during the third quarter of 2023, and believe the momentum of our transition to Bitcoin mining will continue to accelerate as we acquire and electrify more mining machines in the future |
| Our belief in the long-term value increase of Bitcoin as an asset class remains strong |
| Our company's shift towards Bitcoin mining is yielding encouraging outcomes |
| That company seems to be rolling out FDA approvals and we're very, very happy with how the stock is recovering and advancing |
| We believe the steps we are taking today will lead to considerable long-term value for our shareholders |
| Our confidence lies in our commitment to our strategic goals, increased prudent Bitcoin mining efforts, which we believe will ultimately be recognized by the market |
| But I think the the more current 35-plus routes, there should be quite an improvement in the fourth quarter |
| If history repeats and the anticipated events unfold as expected, we expect to create meaningful value for shareholders, reflecting both the value of our Bitcoin holdings, as well as the increased value of our mining equipment |
| Overall, we are quite encouraged by the recent performance of the Bitcoin market, as well as the outlook for Bitcoin pricing |
| However, we remain extremely optimistic about the outlook for the business |
| There was an improvement year-over-year, and we're trying to take out more non-cash items and the odd items like the Symbiont up and down, and the impairment loss on mine digital asset bitcoins, so that's kind of where GAAP is going to |
| Nevertheless, our company has made significant progress executing on our business model, including advancing our Bitcoin mining strategy and other key strategic activities |
| Improving the efficiency and size of the fleet is the name of the game, so if we can mine Bitcoin and reinvest it to get more Bitcoin through our mining, we'll do that |
| Beyond our year-over-year quarterly revenue growth, we also have experienced sequential quarterly revenue growth of 7% compared to the second quarter of 2023 |
| Total revenues for the three-month ended September 30, 2023 increased by approximately $3.2 million to $3.4 million from the $200,000 generated in the three-month ended September 30, 2022 |
| Obviously, that's a progress, I think, year-over-year |
| It's on its way to recovering above $1 and we see a future of it above that |
| During the quarter ended September 30, 2023, the company mined 117.1 Bitcoin, marking a 10% sequential increase from the 106.6 Bitcoin mined in the second quarter of 2023, at an average market revenue value of approximately $28,000 per Bitcoin |
| Sounds good |
| Our position is that Bitcoin post-having, the two quarters afterwards or so, we should expect to reach an all-time high |
| It is expected this will increase the hashrate of these machines by as much as 25%, which should lead to an increase in the number of Bitcoins the company can mine |
| Rick Russell Yeah, and this is Rick, and I think with improved value of Bitcoin, I think we may have increased liquidity this quarter to look at more opportunities to expand that fleet |
| On behalf of the LM Funding team, I want to thank our shareholders for your continued support despite the volatility and weakness in the market |
| Bruce Rodgers Yeah Rick Russell So we picked up about $800,000 from that in October to improve our liquidity, and there's another million and change left to be received out of that |
| A further advantage to mining Bitcoin with machines operating Braiins OS+ software is that machines equipped with this software may mine with any pool or mine with the Braiins pool, without having to pay pool fees to the Braiins pool |
| Matthew Galinko Terrific |
| Rick? Rick Russell Thanks, Bruce, and good morning everyone |
| We ended the quarter with $500,000 in cash, mining [ph] Bitcoin valued at approximately $2.2 million and working capital of $4.5 million, which we believe provides us with sufficient liquidity to execute on our current Bitcoin mining strategy |
| With respect to our legacy business, which involves offering funding to nonprofit community associations, the business has remained fairly stable since the conclusion of 2022 |
| The company believes that such information provides an additional measurement and consistent historical comparison of its performance |
| Statement |
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| We recognize the broader downturn in the stock market, particularly the disproportionate impact on the microcap sector |
| We also had a little bit of expenses in the hosting this quarter due to we moved machines from our ACDC site over to the core facility in Texas, so that impacted the margin a bit |
| Core EBITDA loss for the quarter ended September 30 2023 was approximately $600,000 compared to a loss of $1.5 million in the 2023 comparable quarter primarily due the increase of our Bitcoin mining operations |
| As most people likely know, Bitcoin halving is an event where the reward for mining new Bitcoin blocks is cut in half, resulting in miners receiving 50% fewer blocks for verifying transactions |
| For the third quarter of 2023, the net loss attributable to LM Funding shareholders was $3.7 million, which included an $800,000 non-cash unrealized loss on investment and equity securities and an $800,000 non-cash impairment charge on long-lived and tangible assets, as compared overall to a net loss of $6.7 million for the third quarter of 2022, which included a $200,000 non-cash unrealized loss on investment and equity securities |
| We share our investors' frustration that there is such a significant GAAP between our stockholders' equity, valued at $35.9 million or $2.45 per share as of September 30, 2023, and the recent trading price of our shares at $0.40, representing an approximately 85% discount from book value |
| You have to win the arbitration and then you have to succeed in perfecting a judgment for that |
| Because of these risks, uncertainties, and assumptions, the forward-looking event and circumstances discussed in this conference call may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements |
| It was beaten down all the way to about $0.20 |
| Sequentially, that swung down, and I just wanted to understand the mechanics there |
| Likewise, the value of Bitcoin mining machines has typically peaked between halvings |
| Bruce Rodgers And then the last thing you get on is the arbitration and that's a long-term fraud suit where we're chasing somebody who took a deposit from us |
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