Digihost Technology Inc. (TSXV: DGHI) today reported its financial results for Q1 2021. The company posted revenue from digital currency mining $4.8 million, which reflects an increase of 469% in 2021 compared to the $0.8 million in revenue reported in 2020.
Gross profits came in at $2.1 million, while gross profit margins increased to 44% in 2021 compared to a gross loss margin of 13% in the previous year’s quarter, an increase in gross margin of 57%.
Digihost also reported $5,910,974 of total comprehensive income for the period, an increase of 872% over the same quarter of last year. Total comprehensive income was larger than revenues as a function of the revaluation of digital currency during the quarter.
Cash balance is recorded at $13.19 million in 2021. Digital currencies meanwhile were pegged at $15.16 million, consisting of 260 Bitcoins, compared to last year’s $4.51 million, made up of 154 Bitcoins.
Total assets came in at $43.54 million, compared to $16.52 million in 2020, representing a total increase of $27.02 million, while total liabilities amounted to $4.40 million, compared to $6.08 million for the same period last year, a decrease of $1.68 million.
Digihost Technology last traded at $2.40 on the TSX Venture.
Information for this briefing was found via Sedar and Digihost Technology. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.