Toronto, Ontario–(Newsfile Corp. – November 28, 2024) – (Block Height: 872,350) – Cathedra Inc. (TSXV: CBIT) (OTCQB: CBTTF) (“Cathedra,” the “Company,” or “we“), a bitcoin company that develops and operates digital infrastructure assets with the goal of maximizing its per-share bitcoin holdings, today announces its third quarter (“Q3“) financial results for 2024:
Q3 2024 Highlights
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Total (EPA:) revenues for the three months ended September 30, 2024, of C$5.9 million, compared C$4.9 million during the three months ended September 30, 2023, an increase of 20%. (Please refer to the “Management Commentary” section herein for a note regarding the presentation of our results and the historical comparisons included in our financial statements and MD&A.)
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Completed its previously announced business combination with Kungsleden, Inc., (the “Kungsleden Merger“) on July 23, 2024, creating a developer and operator of high-density compute infrastructure and adding 45 megawatts of owned bitcoin mining data center capacity.
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Relocated approximately 1,129 of its machines from a third-party facility to a Cathedra-owned and -operated data center in Tennessee, resulting in a greater than 30% improvement in cash operating margins for the machines.
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Entered into multiple new profit-sharing agreements with institutional hosting clients, with the intent of increasing Cathedra’s exposure to bitcoin in a rising hash price environment. Among these agreements is a new partnership with Compass (“Compass“), whereby Cathedra hosts 10 megawatts of Compass’s bitcoin mining machines at one of its data centers in Kentucky. Under the agreement, Compass pays pass-through power costs plus 50% of net profits (defined as net mining revenue less cost of power) to Cathedra. Cathedra and Compass share the intent of expanding this partnership beyond the initial 10 megawatts to future sites.
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Renegotiated an existing agreement with the owner of one of its leased data centers in Washington to reduce Cathedra’s fixed lease cost. Under the amended terms, the Company pays a rate of US$50.00 per megawatt-hour plus a profit share equal to 35% of the cash operating margin of Cathedra’s machines at the site. The contract expiration date has also been revised to February 28, 2025, subject to renewal at Cathedra’s discretion.
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Enrolled three of its data centers in a new demand-response program in the Tennessee Valley Authority. Under this program, Cathedra will be compensated for curtailing its 30 megawatts…
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