Georgia: The Best State to Mine Bitcoin
Income Statement FYE-23 ($ in thousands, except per value and share amounts)
Revenue, net
Bitcoin mining revenue, net
Other services revenue
Total revenue, net
Costs and expenses
Cost of revenues
(exclusive of depreciation and amortization shown below)
Professional fees
Payroll expenses
General and administrative expenses
Loss on disposal of assets
Other impairment expense (related to bitcoin)
Realized (gain) loss on sale of bitcoin
Depreciation and amortization
Total costs and expenses
$
Q1-23
December 31, 2022
Q2-23
March 31, 2023
Q3-23
June 30, 2023
Q4-23
September 30, 2023
FYE-23
September 30, 2023
27,746
42,488
45,427
52,460
$
168,121
73
58
96
60
287
27,819
42,546
45,523
52,520
$
168,408
20,416
22,082
20,681
30,401
93,580
2,831
3,750
2,225
2,063
10,869
9,802
9,750
10,405
15,757
45,714
3,724
4,329
5,064
7,706
20,823
3
1,928
1,931
83
194
740
6,146
7,163
517
(1,422)
143
(595)
(1,357)
19,329
21,346
21,850
58,203
120,728
56,702
60,032
61,108
121,609
$
299,451
Loss from operations
(28,883)
(17,486)
(15,585)
(69,089)
(131,043)
Other income
11
11
Change in fair value of contingent consideration
485
2,000
(1)
2,484
Unrealized gain (loss) on derivative security
(1,271)
56
105
851
(259)
Interest income
70
52
52
307
481
Interest expense
(889)
(799)
(689)
(600)
(2,977)
Total other (expense) income
(1,605)
(680)
1,468
557
(260)
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