Stronghold Digital Mining Stock Tanks 32% On Q4 Results

Shares of Stronghold Digital Mining, Inc. (SDIG) tanked over 32% on Wednesday morning after the bitcoin mining company reported fourth-quarter results,

SDIG is currently trading at $6.95, down $3.30 or 32.22%, on the Nasdaq.

Net loss for the fourth quarter was $17.5 million compared to net income of $0.2 million for the same quarter a year ago. On a per share basis, the company reported loss of $0.52 per share.

Revenues in the fourth quarter increased to $17.0 million compared to $0.9 million in the same quarter a year ago. The increase is primarily attributable to higher energy generation and crypto asset mining revenues.

Analysts polled by Thomson Reuters expected earnings of $0.04 per share and revenues of $17.01 million for the quarter.

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