- TSX-V: CBITC$0.15
- OTCQX: CBTTF US$0.11
- CBIT Total Active Hash Rate: 166 PH/S
Cathedra Bitcoin Announces Fourth Quarter and Full-Year 2021 Financial Results
TORONTO, May 2, 2022 --(BUSINESS WIRE)--Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Cathedra”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, today announces its fourth quarter and full-year audited financial results for 2021:
Fiscal Year 2021 Financial Highlights
- Increased total revenue by 660% to C$7.8 million in 2021, compared to C$1.0 million in 2020.
- Increased mined bitcoin by 131% to 120.2 BTC in 2021, compared to 52.1 BTC in 2020.
- Increased gross mining margins to 53% in 2021 (calculated as mining revenue less direct operating costs), compared to 8% in 2020.
- Increased bitcoin held in treasury by 1% to 169.3 BTC as of December 31, 2021, compared to 168.2 BTC as of December 31, 2020, more than offsetting the sale of 208.1 BTC effected under previous management.
- Increased fully diluted sats (0.00000001 BTC) mined per share by 45% to 107 sats in 2021, compared to 73 sats in 2020.
- Raised C$9.3 million in a bought deal private placement equity financing.
- Raised C$25.0 million in a non-brokered convertible debt private placement from institutional investors.
Fiscal Year 2021 Operational Highlights
- Increased deployed hash rate by 812% to 177 PH/s as of December 31, 2021, compared to 19 PH/s as of December 31, 2020.
- Increased contracted hash rate by 3,637% to 725 PH/s as of December 31, 2021, compared to 19 PH/s as of December 31, 2020.
- Launched a strategic partnership with Great American Mining, under which Cathedra deployed 6.7 MW of mining infrastructure and equipment on flare gas sites in North Dakota.
- Invested in 5,100 Bitmain Antminer S19j Pro and S19 XP bitcoin mining machines, which will increase Cathedra’s hash rate to 725 PH/s when fully installed in 2022.
- Completed a leadership transition, appointing AJ Scalia and Drew Armstrong as CEO and President/COO, respectively, and appointing AJ Scalia, Drew Armstrong, and Marcus Dent to the Company’s board of directors.
- Rebranded from Fortress Technologies Inc. to Cathedra Bitcoin Inc. to reflect new management’s aspirations for the Company and for Bitcoin as bold, ambitious, long-term projects of civilizational importance.
2022 Strategic Priorities
- Begin the process of vertical integration by manufacturing proprietary modular datacenters (“Rovers”) which can be deployed in both on- and off-grid environments, wherever the cheapest power is found. All Rovers are being manufactured in New Hampshire, USA.
- Expand the Company’s bitcoin mining hash rate by implementing a diversified approach to site selection and operations, combining off-grid and on-grid mining.
- Continue building the Company’s bitcoin treasury by hodling all mined bitcoin.
- Pursue a Nasdaq listing to increase the liquidity, trading volumes, and profile of the Company’s stock and unlock additional capital for expansion.
“2021 was a transformative year for Cathedra. We appointed a new leadership team that continues to grow; announced a new corporate mission focused on delivering sound money and abundant energy to humanity; introduced a new name and brand to reflect the new team’s long-term vision; and adopted a new strategy focused on vertical integration and a diversified approach to bitcoin mining. We will continue to build Cathedra Bitcoin into the category-defining business at the intersection of money and energy in 2022 and the decades to come,” remarked AJ Scalia, CEO of Cathedra.
For management’s complete thoughts on the direction of the Company, please view their 2021 letter to Cathedra Bitcoin shareholders at: www.cathedra.com/investors/letters/2021-letter-to-shareholders.
About Cathedra Bitcoin
Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.
Cathedra believes sound money and abundant energy are the fundamental ingredients to human progress and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network. Today, Cathedra owns 187 PH/s across various sites around the United States and expects to deploy an additional 538 PH/s in 2022. Upon the full deployment of its purchased machines, Cathedra’s hash rate is expected to total 725 PH/s. The Company is focused on expanding its portfolio of hash rate through a diversified approach to site selection and operations, utilizing multiple energy sources across various jurisdictions.
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the expected deployment of an additional miners, the intentions and future actions of senior management, the intentions, plans and future actions of the Company, as well as the Company’ ability to successfully mine digital currency; revenue increasing as currently anticipated; the ability to profitably liquidate current and future digital currency inventory; volatility of network difficulty and, digital currency prices and the resulting significant negative impact on the Company’s operations; the construction and operation of expanded blockchain infrastructure as currently planned; and the regulatory environment of cryptocurrency in applicable jurisdictions.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the ability of the Company to achieve its corporate objectives or otherwise advance the progress of the Company; risks related to the international operations; the Company's inability to obtain any necessary permits, consents or authorizations required for its activities; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on capital market conditions, restriction on labor and international travel and supply chains; general market and industry conditions; and those risks set out in the Company’s public documents filed on SEDAR. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.