DMG Reports First Quarter Results Ending December 31, 2022

DMG Reports First Quarter Results Ending December 31, 2022

DMG announces its first quarter 2023 unaudited financial results. All financial references are in Canadian dollars unless specified otherwise.Recent Highlights

Revenue of $7.2 million on 274.70 mined bitcoin, net loss of -$7.0 million, -$0.04 net loss per share
DMG leads the industry having executed its Petra technology and using that technology to be the first to place carbon-neutral Ordinal transactions on the Bitcoin blockchain
DMG is cautiously investing in key infrastructure and software initiatives, focusing on optimizing its investments in the challenging crypto environment
Strong balance sheet as of December 31, 2022 with $10.9 million in cash and digital currency (453.06 bitcoin) and debt of $1 million

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DMG Utilizes Petra to Place Carbon Neutral Ordinals on the Bitcoin BlockchainSheldon Bennett, DMG Blockchain Solutions’ Chief Executive Officer, commented, “DMG has successfully executed its Petra technology, for which we are utilizing to place Ordinals (used to make inscriptions to represent ownership of NFTs) on the Bitcoin blockchain. Petra ensures those NFT creators who want to utilize the most immutable digital asset ledger can do so in a carbon neutral manner. This is a huge step forward for the industry, as NFT creators have a new option they didn’t have previously for transacting their digital assets. These creations, whether they be art or music, stay recorded on the Bitcoin blockchain for all time, as miners are the guardians that ensure blockchain immutability.”

DMG Stays Focused on Cash ManagementSteven Eliscu, Chief Operating Officer added, “The company continues to manage its cash closely, with spending focused on its Core+ and immersion cooling initiatives and making incremental improvements to our mining operations. From a Core+ perspective, we are continuing developments that are bolstering our capabilities. Under the hood, we have upgraded our Terra Pool software, which includes making our infrastructure more scalable at lower costs. Our goal is to maximize revenue for DMG and pool members, making a green pool attractive not just because it’s carbon neutral but also because it’s more profitable.”

Management CallDMG announces it will host a conference call to review first quarter 2023 financial results and provide a corporate update on March 2, 2023, at 4:30 pm ET. Participants are asked to pre-register for the call through the following link:https://dpregister.com/sreg/10176272/f6166c1c70.

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