DMG Reports Fourth Quarter and Year-End Results Ending September 30, 2022

DMG Reports Fourth Quarter and Year-End Results Ending Sep 30, 2022

DMG announces its fourth quarter and full fiscal-year financial results. All financial references are in Canadian dollars unless specified otherwise. Recent Highlights

Increased hashrate during fiscal year 2022 from 15 PH/s to 700 PH/s Strong balance sheet at fiscal year-end with $10.6 million in cash and digital currency with no debt
For full year 2022, $43.2 million revenue, $1.5 million income before other items, $17.0 million net loss (-$0.10 per share)

Readers are encouraged to review the Company’s September 30, 2022 year-ended audited financial statements and management’s discussion and analysis thereof for a fulsome assessment of the Company’s performance and applicable risk factors, available at www.sedar.com.Management CallDMG will host a conference call to review fourth quarter 2022 financial results and provide a corporate update on January 31, 2023, at 4:30 PM ET. Participants are asked to pre-register for the call. Please note that registered participants will receive their dial in number upon registration and will dial directly into the call without delay. The conference call will also be available through a live webcast.

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Sheldon Bennett, DMG CEO, commented, “DMG has successfully managed through a very difficult crypto currency market with bitcoin-Canadian dollar price declining 56% during our financial year 2022. Despite these challenging market conditions, we outperformed many of our competitors, which experienced severe financial hardships as a result of the industry downturn and subsequent environment resulting from the FTX situation. Our prudent approach to drive growth while carefully managing our balance sheet enabled us to execute and continue to generate positive cash operating income. We ended the financial year with $10.6 million worth of cash and digital currency and no debt.”

Steven Eliscu, Chief Operating Officer added, “In 2022, we built a sound base of leading-edge bitcoin mining capacity that we can continue to grow with the purchase of new miners, conversion of our existing mining assets to utilize immersion cooling technology, as well as the potential development of new sites. In addition, we believe in the future of our Core+ software strategy to monetize bitcoin transactions by building on our carbon-neutral pool, Terra Pool, monetizing our Petra technology for filtering in known good transactions, and creating a carbon-neutral bitcoin marketplace. We believe this suite of technologies will enable us to further grow our revenue in the long-term.”

Adrian Glover, Chief Technology Officer, continued, “2022 was a year for moving forward DMG’s software development, the results of which we expect to bear fruit in 2023 with an upgraded version of Terra Pool, deployment of Petra on the Bitcoin mainnet, and upgrades to our Helm mine management software, which would support our deployment of immersion cooling at scale.”

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