LM Funding America, Inc. Achieves Over 1,100% Year-Over-Year Revenue Growth to $2.1 Million for the First Quarter of 2023

"We continue to strategically acquire additional mining machines, and since the conclusion of the first quarter, have acquired 101 S19 XP machines through a Bitmain raffle, costing $0.3 million. Our goal is to continue to acquire and energize more energy efficient mining machines in the forthcoming quarters as we approach the next Bitcoin halving, anticipated to occur sometime in 2024."

Richard Russell, Chief Financial Officer of LM Funding commented, "In addition to our revenue growth, our balance sheet remains solid. As of March 31, 2023, we had $3.4 million in cash, approximately 84 Bitcoins valued at $1.8 million or $21,400 per Bitcoin, working capital of $4.6 million, and LM Funding stockholders' equity of $44.0 million, or $3.36 per share. In light of our strong capital position, we have confidence in our ability to deliver on our growth strategy, which we believe will generate significant value for our shareholders in the long term."

Financial Highlights

• Total revenue for the quarter ended March 31, 2023, was approximately $2.3 million, an increase of $2.1 million, or more than 1,100%, from $0.2 million for the 2022 first quarter. The increase was primarily due to digital mining revenue of $2.1 million in connection with the commencement of our Bitcoin mining operations in September 2022 compared to no digital mining revenue in the same quarter last year.
• Net loss attributable to LM Funding shareholders for the first quarter ended March 31, 2023, was approximately $5.4 million, which included a $5.8 million non-cash, unrealized loss on investment and equity securities, compared to a net loss of approximately $5.8 million for the first quarter of 2022, which included a $1.0 million unrealized loss on investment and equity securities.
• Core EBITDA loss for the quarter ended March 31, 2023, improved to a loss of $(0.3 million), compared to Core EBITDA loss of $(1.7 million) in the 2022 comparable quarter, primarily due to our successful digital strategy. Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net loss is set forth below in this press release.
• Cash of approximately $3.4 million, digital assets of $1.8 million, and working capital of $4.6 million as of March 31, 2023.
• Total LM Funding stockholders' equity of $44.0 million and net equity per share of $3.36 as of March 31, 2023. (Calculated as LMFA stockholders' equity divided by 13,091,883 shares outstanding as of March 31, 2023)

Investor Conference Call

LM Funding will host a conference call today, May 15, 2023, at 11:00 A.M. Eastern Time to discuss the Company's financial results for the first quarter ended March 31, 2023, as well as the Company's corporate progress and other developments.

The conference call will be available via telephone by dialing toll-free +1 877-545-0523 for U.S. callers or +1 973-528-0016 for international callers and entering access code 621273. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2917/48367 or on the investor relations section of the Company's website, https://ir.lmfunding.com/.

A webcast replay will be available on the investor relations section of the Company's website at https://www.lmfunding.com/investors/news-events/ir-calendar through May 15, 2024. A telephone replay of the call will be available approximately one hour following the call, through May 29, 2023, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 48367.

About LM Funding America

LM Funding America, Inc. (Nasdaq: LMFA), together with its subsidiaries, is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado, and Illinois, by funding a certain portion of the Associations' rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments.

Forward-Looking Statements

This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company's most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the COVID-19 pandemic, the risks of entering into and operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance our planned cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry.  The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

Contact:
Crescendo Communications, LLC
Tel: (212) 671-1020
Email: LMFA@crescendo-ir.com

LM Funding America, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited)
		March 31,		December 31,
		2023		2022
		(Unaudited)
Assets
Cash		$          3,428,906		$          4,238,006
Digital Assets (Note 2)		1,751,914		888,026
Finance receivables		22,107		26,802
Marketable securities (Note 5)		10,080		4,290
Notes receivable from Seastar Medical Holding Corporation (Note 5)		-		3,807,749
Prepaid expenses and other assets		1,196,849		1,233,322
Income tax receivable		293,466		293,466
Current assets		6,703,322		10,491,661
Fixed assets, net (Note 3)		26,708,914		27,192,317
Deposits on mining equipment (Note 4)		1,357,341		525,219
Hosting services deposit (Note 4)		2,200,452		2,200,452
Real estate assets owned		80,057		80,057
Long-term investments - debt security (Note 5)		2,402,542		2,402,542
Less: Allowance for losses on debt security (Note 5)		(1,052,542)		(1,052,542)
Long-term investments - debt security, net (Note 5)		1,350,000		1,350,000
Long-term investments - equity securities (Note 5)		437,924		464,778
Investment in Seastar Medical Holding Corporation (Note 5)		4,812,750		10,608,750
Notes receivable from Seastar Medical Holding Corporation (Note 5)		2,216,649		-
Operating lease - right of use assets (Note 8)		264,321		265,658
Other assets		10,726		10,726
Long-term assets		39,439,134		42,697,957
Total assets		$        46,142,456		$        53,189,618
Liabilities and stockholders' equity
Accounts payable and accrued expenses		1,682,392		1,570,906
Note payable - short-term  (Note 6)		298,382 Werbung Mehr Nachrichten zur LM Funding America Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09.05.24 - PR Newswire BlackRock Latin American Investment Trust Plc - Blocklisting - Interim Review 09.05.24 - PR Newswire Wood Group (John) Plc - Result of AGM Brandaktuell!    InnoCan Pharma: Großartige Gelegenheit kurz vor den Quartalszahlen?! weiterlesen» Anzeige wo-site-teaser-box-16890_site-teaser-box_2024-05-09_09%253A00%253A00_2024-05-10_09%253A00%253A59