Summary by Moomoo AI
Stronghold Digital Mining reported Q2 2024 revenues of $19.1 million, down 30.6% QoQ but up 4.8% YoY, with a GAAP net loss of $21.3 million. The company mined 299 Bitcoin during the quarter, with an additional 3 Bitcoin-equivalent from energy sales, representing a 46% decrease from Q1 2024 production.The company continues its formal strategic review process with multiple bids received for all or parts of the business. Stronghold is pursuing significant site expansion opportunities, having submitted preliminary load studies for an additional 400MW at Panther Creek and 390MW at Scrubgrass. The company secured a one-year option to purchase 1,140 acres adjacent to Panther Creek for potential data center expansion.In positive developments, Stronghold's facilities cleared the PJM capacity auction at $269.92/MW/day, up 833% from last year, potentially yielding $7 million in incremental revenue at Panther Creek. The Pennsylvania Coal Refuse Reclamation tax credit doubled to $8 per ton, which could generate $2-4 million in annual incremental net income. As of June 30, 2024, the company had $5.1 million in cash and Bitcoin, with $55.1 million in outstanding debt.
