Stronghold Digital Mining, Inc. Announces Q1 2023 Net Loss of $46.7 Million Amid Revenue Decrease
he cryptocurrency mining company reports Q1 2023 revenue of $17.3 million, showcasing a reduction in revenue compared to the same period last year.
By USInMinutes
Published - Aug 10, 2023, 02:15 PM ET
Last Updated - Aug 10, 2023, 02:15 PM EDT
Stronghold Digital Mining, Inc(SDIG). has released its unaudited financial results for the first quarter of 2023, revealing a net loss of $46.7 million in a challenging market environment. Despite the company's revenue declining to $17.3 million during the quarter, it continues to navigate the evolving landscape of digital currencies and mining operations.
Condensed Consolidated Balance Sheets
The company's financial position as of March 31, 2023, indicates total assets of $189.1 million, compared to $217 million at the end of 2022. The decrease can be attributed to changes in cash and cash equivalents, digital currencies, accounts receivable, and other current assets.
