Commentary on Stronghold Digital Mining’s Q2’22 Earnings

Quick TakeStronghold Digital Mining reported Q2’22 earnings on August 16, 2022 $SDIG currently trades at $1.40 / share, down ~93% from its IPO price of $19.00 / shareReported $29mm quarterly revenue, ($40mm) net loss and ($1mm) Adj. EBITDA for the three months ended June 30, 2022 Mined a reported 637 BTC through the three months Q2’22 with a total YTD amount of 1,075 BTC mined from January 1, 2022 to June 30, 2022 Eliminated $67.4mm outstanding equipment financing with NYDIG Restructured equipment financing agreement with WhiteHawk Finance Reduced May 16, 2022 Convertible Notes & Warrants by $11.3mm in a restructuringDisclaimer: This is a market commentary research piece and includes opinionated views from our research team. Nothing contained in this piece constitutes a solicitation, recommendation, endorsement, or offer by The Block Research