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LM Funding America, Inc. Achieves Over 1,720% Year-Over-Year Revenue Growth to $3.4 Million

LM Funding America, Inc.
LM Funding America, Inc.

Mined 117.1 Bitcoins in the Third Quarter of 2023 at an Average Market Revenue Value of Approximately $28,000 per Bitcoin

Implementing 'Infrastructure Light' Approach to Bitcoin Mining Business; Focuses Capital Investment on Bitcoin and Bitcoin Mining Machines That Track the Value of Bitcoin

Reports Working Capital of Approximately $4.5 Million and LM Funding Stockholders’ Equity of $35.9 Million ($2.45 per share) as of September 30, 2023

Conference Call to Be Held Today at 11:00 am ET

TAMPA, Fla., Nov. 15, 2023 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and technology-based specialty finance company, today provided a business update and reported financial results for the quarter ended September 30, 2023.

Operational Highlights

  • Approximately 5,549 Bitcoin mining machines in operation at hosting sites as of September 30, 2023.

  • Mined 117.1 Bitcoin in Q3 2023, valued at approximately $3.3 million based on the $28,000 average price of Bitcoin during the quarter.

  • Sequential quarterly revenue increased by 7.0% from the three months ended June 30, 2023.

Bruce Rodgers, Chairman and CEO of LM Funding, commented, “This quarter marks yet another significant step forward in our transition into Bitcoin mining. In the third quarter of 2023, we mined 117.1 Bitcoin, a 10% sequential increase over the second quarter of 2023. LM Funding is actively implementing an 'Infrastructure Light' approach in our Bitcoin mining business that seeks to mitigate risk and volatility in the market by focusing our capital investments on Bitcoin and Bitcoin mining machines that track the value of Bitcoin. Overall, we are quite encouraged by the overall market and outlook for Bitcoin pricing, including the upcoming 2024 halving event.”

Richard Russell, Chief Financial Officer of LM Funding, further noted, "Beyond our year-over-year quarterly revenue growth, we experienced sequential quarterly revenue growth of 7% compared with Q2 2023. As of September 30, 2023, our cash plus BTC was approximately $2.7 million. Our working capital stood at $4.5 million as of September 30, 2023, and the equity of LM Funding shareholders was $35.9 million, or $2.45 per share. Given our financial position, we remain highly encouraged by the financial outlook for the business.”

Financial Highlights

  • Total revenue for the quarter ended September 30, 2023, was approximately $3.4 million, an increase of $3.2 million, or more than 1,720%, from $0.2 million for the 2022 third quarter. The increase was primarily due to digital mining revenue of $3.3 million compared with $42 thousand of digital mining revenue in the same period last year as the Company commenced our Bitcoin mining operations in September 2022. The average BTC price for the quarter recognized as revenue was approximately $28,000.

  • Net loss attributable to LM Funding shareholders for the third quarter ended September 30, 2023, was approximately $4.4 million, which included a $0.8 million non-cash, unrealized loss on investment and equity securities and a $0.8 million impairment on our Symbiont assets compared with net income of approximately $6.7 million for the third quarter of 2022, which included a $0.2 million unrealized loss on investment and equity securities.

  • Core EBITDA loss for the quarter ended September 30, 2023, totaled approximately $0.6 million, compared with Core EBITDA loss of $1.5 million in the 2022 comparable quarter, primarily due to the existence of material Bitcoin mining operations in the current year quarter that didn’t exist in the prior year. 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 $0.5 million, digital assets of $2.2 million, and working capital of $4.5 million as of September 30, 2023 based on 90.1 BTC at a price of approximately $25,000 as of September 30, 2023. The current BTC market price has averaged between $35,000 to $37,000 in recent weeks. In October 2023, the Company also received approximately $800 thousand from SeaStar Medical Holdings as a partial repayment of their outstanding note receivable.

  • Total LM Funding stockholders’ equity of approximately $35.9 million, or $2.45 per share, as of September 30, 2023 (with the per-share amount calculated as LMFA stockholders’ equity divided by approximately 14,652,000 shares outstanding as of September 30, 2023).

Investor Conference Call

LM Funding will host a conference call today, November 15 , 2023, at 11:00 A.M. Eastern Time to discuss the Company’s financial results for the third quarter ended September 30, 2023, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 406670. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2917/49429 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 November 15, 2024. A telephone replay of the call will be available approximately one hour following the call, through November 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 49429.

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 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, negative press regarding the debt collection industry, and the risk of pandemics such as the COVID-10 pandemic. 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

(tables follow)

LM Funding America, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

2023

 

 

2022

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

Cash

$

469,007

 

 

$

4,238,006

 

Digital Assets

 

2,256,500

 

 

 

888,026

 

Finance receivables

 

21,558

 

 

 

26,802

 

Marketable securities

 

198,094

 

 

 

4,290

 

Notes receivable from Seastar Medical Holding Corporation

 

2,277,012

 

 

 

3,807,749

 

Less: Allowance for credit loss reserve on notes receivable from Seastar Medical Holding Corporation

 

(22,344

)

 

 

-

 

Notes receivable from Seastar Medical Holding Corporation, net

 

2,254,668

 

 

 

3,807,749

 

Prepaid expenses and other assets

 

1,463,094

 

 

 

1,233,322

 

Income tax receivable

 

293,466

 

 

 

293,466

 

Current assets

 

6,956,387

 

 

 

10,491,661

 

 

 

 

 

 

 

Fixed assets, net

 

25,917,390

 

 

 

27,192,317

 

Deposits on mining equipment

 

282,233

 

 

 

525,219

 

Hosting services deposits

 

2,218,452

 

 

 

2,200,452

 

Real estate assets owned

 

80,057

 

 

 

80,057

 

Long-term investments - debt security

 

-

 

 

 

2,402,542

 

Less: Allowance for losses on debt security

 

-

 

 

 

(1,052,542

)

Long-term investments - debt security, net

 

-

 

 

 

1,350,000

 

Long-term investments - equity securities

 

72,815

 

 

 

464,778

 

Investment in Seastar Medical Holding Corporation

 

683,100

 

 

 

10,608,750

 

Symbiont intangible assets, net

 

2,000,000

 

 

 

-

 

Operating lease - right of use assets

 

214,574

 

 

 

265,658

 

Other assets

 

10,726

 

 

 

10,726

 

Long-term assets

 

31,479,347

 

 

 

42,697,957

 

Total assets

$

38,435,734

 

 

$

53,189,618

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

Accounts payable and accrued expenses

 

2,253,311

 

 

 

1,570,906

 

Note payable - short-term

 

63,208

 

 

 

475,775

 

Due to related parties

 

44,398

 

 

 

75,488

 

Current portion of lease liability

 

106,689

 

 

 

90,823

 

Total current liabilities

 

2,467,606

 

 

 

2,212,992

 

 

 

 

 

 

 

Lease liability - net of current portion

 

114,855

 

 

 

179,397

 

Long-term liabilities

 

114,855

 

 

 

179,397

 

Total liabilities

 

2,582,461

 

 

 

2,392,389

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of September 30, 2023 and December 31, 2022

 

-

 

 

 

-

 

Common stock, par value $.001; 350,000,000 shares authorized; 14,651,883 shares issued and outstanding as of September 30, 2023 and 13,091,883 as of December 31, 2022

 

14,652

 

 

 

13,092

 

Additional paid-in capital

 

94,722,633

 

 

 

92,195,341

 

Accumulated deficit

 

(57,369,694

)

 

 

(43,017,207

)

Total LM Funding America stockholders' equity

 

37,367,591

 

 

 

49,191,226

 

Non-controlling interest

 

(1,514,318

)

 

 

1,606,003

 

Total stockholders' equity

 

35,853,273

 

 

 

50,797,229

 

Total liabilities and stockholders’ equity

$

38,435,734

 

 

$

53,189,618

 



LM Funding America, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Digital mining revenues

$

3,283,473

 

 

$

42,157

 

 

$

8,342,646

 

 

$

42,157

 

Specialty finance revenue

 

101,535

 

 

 

104,835

 

 

 

474,544

 

 

 

450,920

 

Rental revenue

 

34,500

 

 

 

40,788

 

 

 

111,486

 

 

 

120,240

 

Total revenues

 

3,419,508

 

 

 

187,780

 

 

 

8,928,676

 

 

 

613,317

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Digital mining cost of revenues (exclusive of depreciation and amortization shown below)

 

2,708,672

 

 

 

38,960

 

 

 

6,738,170

 

 

 

38,960

 

Staff costs & payroll

 

1,340,665

 

 

 

4,297,540

 

 

 

4,736,940

 

 

 

12,886,432

 

Professional fees

 

419,173

 

 

 

714,730

 

 

 

1,228,503

 

 

 

2,520,981

 

Settlement costs with associations

 

-

 

 

 

-

 

 

 

10,000

 

 

 

160

 

Selling, general and administrative

 

201,151

 

 

 

209,328

 

 

 

683,174

 

 

 

446,519

 

Real estate management and disposal

 

26,453

 

 

 

22,558

 

 

 

127,611

 

 

 

76,453

 

Depreciation and amortization

 

1,516,873

 

 

 

38,617

 

 

 

3,487,866

 

 

 

43,718

 

Collection costs

 

8,098

 

 

 

5,037

 

 

 

17,533

 

 

 

(6,689

)

Impairment loss on mined digital assets

 

383,497

 

 

 

870

 

 

 

822,650

 

 

 

870

 

Realized gain on sale of mined digital assets

 

(261,191

)

 

 

-

 

 

 

(1,331,982

)

 

 

-

 

Other operating costs

 

246,536

 

 

 

124,405

 

 

 

704,390

 

 

 

274,298

 

Total operating costs and expenses

 

6,589,927

 

 

 

5,452,045

 

 

 

17,224,855

 

 

 

16,281,702

 

Operating loss

 

(3,170,419

)

 

 

(5,264,265

)

 

 

(8,296,179

)

 

 

(15,668,385

)

Realized gain (loss) on securities

 

1,788

 

 

 

-

 

 

 

1,788

 

 

 

(349,920

)

Realized gain on convertible debt securities

 

-

 

 

 

-

 

 

 

-

 

 

 

287,778

 

Unrealized gain (loss) on marketable securities

 

2,058

 

 

 

(13,000

)

 

 

6,436

 

 

 

(36,900

)

Impairment loss on hosting deposits

 

-

 

 

 

-

 

 

 

(36,691

)

 

 

-

 

Impairment loss on Symbiont assets

 

(750,678

)

 

 

-

 

 

 

(750,678

)

 

 

-

 

Unrealized gain (loss) on investment and equity securities

 

(778,078

)

 

 

(194,174

)

 

 

(10,317,613

)

 

 

11,034,828

 

Impairment loss on digital assets

 

-

 

 

 

(25,764

)

 

 

-

 

 

 

(403,471

)

Realized gain on sale of purchased digital assets

 

-

 

 

 

-

 

 

 

1,917

 

 

 

-

 

Digital assets other income

 

-

 

 

 

-

 

 

 

-

 

 

 

5,658

 

Other income - coupon sales

 

10,160

 

 

 

-

 

 

 

639,472

 

 

 

-

 

Credit loss on Seastar Medical Holding Corporation notes receivable

 

(22,344

)

 

 

-

 

 

 

(22,344

)

 

 

-

 

Gain on adjustment of note receivable allowance

 

-

 

 

 

-

 

 

 

1,052,543

 

 

 

-

 

Other income - finance revenue

 

-

 

 

 

-

 

 

 

37,660

 

 

 

-

 

Dividend income

 

-

 

 

 

1,125

 

 

 

-

 

 

 

3,875

 

Interest income

 

39,657

 

 

 

85,602

 

 

 

210,881

 

 

 

264,947

 

Loss before income taxes

 

(4,667,856

)

 

 

(5,410,476

)

 

 

(17,472,808

)

 

 

(4,861,590

)

Income tax expense

 

-

 

 

 

(1,311,678

)

 

 

-

 

 

 

(1,311,678

)

Net Loss

$

(4,667,856

)

 

$

(6,722,154

)

 

$

(17,472,808

)

 

$

(6,173,268

)

Less: loss (income) attributable to non-controlling interest

 

250,880

 

 

 

59,298

 

 

 

3,120,321

 

 

 

(3,373,299

)

Net loss attributable to LM Funding America Inc.

$

(4,416,976

)

 

$

(6,662,856

)

 

$

(14,352,487

)

 

$

(9,546,567

)

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share

$

(0.33

)

 

$

(0.51

)

 

$

(1.08

)

 

$

(0.73

)

Diluted loss per common share

$

(0.33

)

 

$

(0.51

)

 

$

(1.08

)

 

$

(0.73

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

Basic

 

13,480,470

 

 

 

13,091,883

 

 

 

13,237,121

 

 

 

13,081,591

 

Diluted

 

13,480,470

 

 

 

13,091,883

 

 

 

13,237,121

 

 

 

13,081,591

 



LM Funding America, Inc. and Subsidiaries Consolidated Statements of Cash Flows (unaudited)

 

 

Nine Months ended September 30,

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

Net loss

$

(17,472,808

)

 

$

(6,173,268

)

Adjustments to reconcile net income (loss) to net cash used in operating activities

 

 

 

 

 

Depreciation and amortization

 

3,487,866

 

 

 

43,718

 

Noncash lease expense

 

70,545

 

 

 

71,288

 

Stock compensation

 

917,057

 

 

 

988,498

 

Stock option expense

 

1,611,795

 

 

 

9,956,219

 

Accrued investment income

 

(130,990

)

 

 

(259,867

)

Impairment loss on digital assets

 

822,650

 

 

 

404,341

 

Impairment loss on hosting deposits

 

36,691

 

 

 

-

 

Impairment loss on Symbiont assets

 

750,678

 

 

 

-

 

Unrealized loss (gain) on marketable securities

 

(6,436

)

 

 

36,900

 

Unrealized loss (gain) on investment and equity securities

 

10,317,613

 

 

 

(11,034,828

)

Realized loss (gain) on securities

 

(1,788

)

 

 

349,920

 

Realized gain on convertible note receivable

 

-

 

 

 

(287,778

)

Realized gain on sale of digital assets

 

(1,333,899

)

 

 

-

 

Proceeds from securities

 

554,036

 

 

 

2,565,893

 

Convertible debt and interest converted into marketable securities

 

-

 

 

 

844,882

 

Investments in marketable securities

 

(739,616

)

 

 

(844,882

)

Credit loss on Seastar Medical Holding Corporation notes receivable

 

22,344

 

 

 

-

 

Reversal of allowance loss on debt security

 

(1,052,543

)

 

 

-

 

Change in operating assets and liabilities:

 

 

 

 

 

Prepaid expenses and other assets

 

(123,221

)

 

 

807,352

 

Hosting deposits

 

(54,691

)

 

 

-

 

Repayments to related party

 

(31,090

)

 

 

(45,605

)

Accounts payable and accrued expenses

 

682,405

 

 

 

172,723

 

Mining of digital assets

 

(8,352,805

)

 

 

(42,157

)

Proceeds from sale of digital assets

 

7,487,058

 

 

 

-

 

Lease liability payments

 

(70,563

)

 

 

(75,574

)

Deferred taxes and taxes payable

 

-

 

 

 

841,678

 

Net cash used in operating activities

 

(2,609,712

)

 

 

(1,680,547

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

Net collections of finance receivables - original product

 

(8,765

)

 

 

19,049

 

Net collections of finance receivables - special product

 

14,009

 

 

 

(11,565

)

Capital expenditures

 

(1,913,303

)

 

 

(15,380

)

Investment in note receivable

 

(100,000

)

 

 

(350,000

)

Investment in note receivable - related party

 

-

 

 

 

(2,785,000

)

Collection of note receivable

 

1,761,727

 

 

 

-

 

Investment in digital assets

 

(35,157

)

 

 

(978,441

)

Proceeds from sale of purchased digital assets

 

43,678

 

 

 

-

 

Symbiont asset acquisition

 

(402,359

)

 

 

-

 

Deposits for mining equipment

 

-

 

 

 

(16,467,402

)

Net cash used in investing activities

 

(640,170

)

 

 

(20,588,739

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

Insurance financing repayments

 

(499,453

)

 

 

(114,688

)

Insurance financing

 

86,886

 

 

 

-

 

Issue costs from the issuance of common stock

 

(106,550

)

 

 

-

 

Net cash used in financing activities

 

(519,117

)

 

 

(114,688

)

NET DECREASE IN CASH

 

(3,768,999

)

 

 

(22,383,974

)

CASH - BEGINNING OF PERIOD

 

4,238,006

 

 

 

32,559,185

 

CASH - END OF PERIOD

$

469,007

 

 

$

10,175,211

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES

 

 

 

 

 

ROU assets and operating lease obligation recognized

$

21,887

 

 

$

300,787

 

Reclassification of mining equipment deposit to fixed assets, net

$

1,177,226

 

 

$

21,986,382

 

SUPPLEMENTAL DISCLOSURES OF CASHFLOW INFORMATION

 

 

 

 

 

Cash paid for interest

$

-

 

 

$

-

 

Cash paid for taxes

$

-

 

 

$

470,000

 


NON-GAAP FINANCIAL INFORMATION (unaudited)
Our reported results are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We also disclose Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA") and Core Earnings before Interest, Tax, Depreciation and Amortization ("Core EBITDA") which adjusts for unrealized loss on investment and equity securities, unrealized gain on convertible debt securities, impairment loss on mined digital assets, impairment of intangible long-lived assets, gain on adjustment of note receivable allowance and stock compensation expense and option expense, all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of Bitcoin miners.

The following tables reconcile net loss, which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(4,667,856

)

 

$

(6,722,154

)

 

$

(17,472,808

)

 

$

(6,173,268

)

Income tax expense

 

-

 

 

 

1,311,678

 

 

 

-

 

 

 

1,311,678

 

Interest expense

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Depreciation and amortization

 

1,516,873

 

 

 

38,617

 

 

 

3,487,866

 

 

 

43,718

 

Income (loss) before interest, taxes & depreciation

$

(3,150,983

)

 

$

(5,371,859

)

 

$

(13,984,942

)

 

$

(4,817,872

)

Unrealized loss (gain) on investment and equity securities

 

778,078

 

 

 

194,174

 

 

 

10,317,613

 

 

 

(11,034,828

)

Realized gain on convertible debt securities

 

-

 

 

 

-

 

 

 

-

 

 

 

(287,778

)

Impairment loss on mined digital assets

 

383,497

 

 

 

870

 

 

 

822,650

 

 

 

870

 

Impairment loss on Symbiont assets

 

750,678

 

 

 

-

 

 

 

750,678

 

 

 

-

 

Gain on adjustment of note receivable allowance

 

-

 

 

 

-

 

 

 

(1,052,543

)

 

 

-

 

Stock compensation and option expense

 

621,827

 

 

 

3,648,239

 

 

 

2,528,852

 

 

 

10,944,717

 

Core income (loss) before interest, taxes & depreciation

$

(616,903

)

 

$

(1,528,576

)

 

$

(617,692

)

 

$

(5,194,891

)


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