WHITE PLAINS, NY / ACCESS Newswire / August 7, 2025 / Financial Results Summary (unaudited)
Consensus Mining & Seigniorage Corporation ("CMSG" or "the Company") announced net income for the quarter ended June 30, 2025 (the "Period") of $6.7 million, or $2.99 per share, as compared to a net loss of $1.7 million, or $0.76 per share, for the prior comparable quarter of 2024.
The Company also reported net income of $4.0 million, or $1.80 per share, for the six months ended June 30, 2025 as compared to net income of $5.4 million, or $2.40 per share, for the prior comparable year-to-date period.
Book value per share increased to $43.59 at June 30, 2025 as compared to $41.79 at the end 2024.
The Company generated $1.1 million in mining revenue for the Period, compared to $1.4 million for the quarter ended June 30, 2024. The decrease was primarily the result of lower Bitcoin rewards subsequent to the April 2024 halving, which was partially offset by higher scrypt mining revenue resulting from higher average prices of Dogecoin.
The Company has Bitcoin mining operations of 156 petahash and scrypt mining operations for Litecoin/Dogecoin of 5,998 gigahash as of June 30, 2025. The Company acquired 46 Antminer L9 machines used for scrypt mining during the second quarter of 2025 and 82 for the year to date period. These second quarter acquisitions added 736 gigahash to the Company's scrypt mining hashrate. Our cost per megahash for this acquired equipment dropped from $0.70 per megahash to $0.58 per megahash.
During Q2 2025, the Company mined 5.8 Bitcoin (BTC) and 665 Litecoin (LTC), all of which were retained. In addition, as a result of the scrypt mining process, the Company mined approximately 2.5 million Dogecoin (DOGE), which were sold for approximately $0.5 million. A portion of the DOGE mining rewards was used to acquire 0.9 BTC, bringing the total amount of Bitcoin added for the quarter to 6.7 Bitcoin.
The Company's quarter-end cryptocurrency holdings were primarily 334 BTC and 11,474 LTC, which were valued at $35.8 million and $1.0 million respectively. The Period-end value of all cryptocurrency holdings was $36.9 million.
The cost of revenue, a figure that largely consists of hosting costs, was $0.7 million for the second quarter of 2025, consistent with $0.7 million for the prior comparable quarter.
Operating expenses-which include depreciation of mining equipment as well as general administrative expenses-declined from $0.9 million in the second quarter of 2024 to $0.8 million in the second quarter of 2025. This was primarily due to lower depreciation expenses for certain equipment becoming fully depreciated or disposed of during the second half of 2024.
For the Period, the Company reported an operating loss of $0.4 million, compared to an operating loss of $0.2 million for the comparable period of 2024.
Non-operating income for the Period, including changes in the fair value of our cryptocurrency holdings-coupled with interest income-was income of $8.8 million, as compared to a loss of $2.0 million in the second quarter of 2024. The increase was primarily a result of higher fair value of our cryptocurrency holdings.
Upcoming Shareholder Call
The Company has also announced an upcoming shareholder call with Chief Strategy Officer, Murray Stahl, on August 14, 2025. This call marks the successful conclusion of its application process with OTC and FINRA; its common stock is now quoted on the OTCQX under the ticker CMSG. The Company has 2,250,009 shares outstanding, out of 5,000,000 shares authorized.
Thursday, August 14, 2025 3pm EST
Online Webinar: REGISTER HERE
Phone Access: +1 (562) 247-8422 Access Code: 578-432-742
Only online participants can submit questions during the webinar.
Formally founded in 2021, CMSG is a dedicated cryptocurrency mining company, formed from the merger of two predecessor mining entities-Horizon Kinetics Cryptocurrency Mining LLC I and II. Across eight years of combined operating history, the firm that is now CMSG has delivered positive operating cash flows even throughout prolonged "crypto winters."
The Company's long-term mission is to steadily accumulate Bitcoin and other fixed-supply cryptocurrencies via self-sustaining, cash-flow positive cryptocurrency mining operations. Mirroring its measured capital deployment strategy, CMSG operates under a conservative capital structure with ample liquidity. It likewise maintains minimal overhead and a lean cost structure to enhance profitability and sustainable return on equity.
This press release shall constitute neither an offer to sell-nor the solicitation of an offer to buy-any securities. Nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Consensus Mining & Seigniorage Corporation
Balance Sheets
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| June 30, |
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| December 31, |
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|
| 2025 |
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| 2024 |
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|
| (unaudited) |
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|
|
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Assets |
|
|
|
|
|
| ||
Current assets |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 60,792,160 |
|
| $ | 61,251,236 |
|
Federal tax receivable |
|
| 171,715 |
|
|
| 223,100 |
|
Prepaid expenses |
|
| 185,042 |
|
|
| 567,851 |
|
Other receivables |
|
| 80,268 |
|
|
| 163,736 |
|
Total current assets |
|
| 61,229,185 |
|
|
| 62,205,923 |
|
|
|
|
|
|
|
|
| |
Non-current assets |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| 4,201,357 |
|
|
| 4,201,154 |
|
Digital assets, net |
|
| 36,890,729 |
|
|
| 30,942,301 |
|
Loans receivable - related party |
|
| 352,008 |
|
|
| 335,045 |
|
Total non-current assets |
|
| 41,444,094 |
|
|
| 35,478,500 |
|
Total Assets |
| $ | 102,673,279 |
|
| $ | 97,684,423 |
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Liabilities and Stockholders' Equity |
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|
|
|
|
|
|
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Current liabilities |
|
|
|
|
|
|
|
|
Accrued taxes |
| $ | 5,201 |
|
| $ | 35,314 |
|
Accrued accounting fees |
|
| 70,640 |
|
|
| 115,012 |
|
Other accrued expenses |
|
| 43,281 |
|
|
| 11,439 |
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Total current liabilities |
|
| 119,122 |
|
|
| 161,765 |
|
Non-current liabilities |
|
|
|
|
|
|
|
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Deferred tax liabilities, net |
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| 4,471,926 |
|
|
| 3,488,926 |
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Total Liabilities |
|
| 4,591,048 |
|
|
| 3,650,691 |
|
Commitments and contingencies (Note 5) |
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|
|
|
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Stockholders' Equity |
|
|
|
|
|
|
|
|
Common stock ($0.01 par value, 5,000,000 shares authorized, 2,250,009 issued and outstanding) |
|
| 22,500 |
|
|
| 22,500 |
|
Additional paid-in capital |
|
| 86,286,813 |
|
|
| 86,286,813 |
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Accumulated deficit |
|
| 11,772,918 |
|
|
| 7,724,419 |
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Total Stockholders' Equity |
|
| 98,082,231 |
|
|
| 94,033,732 |
|
Total Liabilities and Stockholders' Equity |
| $ | 102,673,279 |
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| $ | 97,684,423 |
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Consensus Mining & Seigniorage Corporation
Statements of Operations
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| Three Months Ended June 30, |
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| Six Months Ended June 30, |
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|
| 2025 |
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| 2024 |
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| 2025 |
|
| 2024 |
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|
| (unaudited) |
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Revenue: |
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|
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Digital asset mining |
| $ | 1,091,075 |
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| $ | 1,400,494 |
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| $ | 2,441,390 |
|
| $ | 2,948,239 |
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Total revenue |
|
| 1,091,075 |
|
|
| 1,400,494 |
|
|
| 2,441,390 |
|
|
| 2,948,239 |
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|
|
|
|
|
|
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|
|
|
|
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Cost of revenues |
|
|
|
|
|
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|
|
|
|
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Hosting fees |
|
| 692,417 |
|
|
| 716,517 |
|
|
| 1,362,963 |
|
|
| 1,381,456 |
|
Total cost of revenues |
|
| 692,417 |
|
|
| 716,517 |
|
|
| 1,362,963 |
|
|
| 1,381,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense |
|
| 567,354 |
|
|
| 810,791 |
|
|
| 1,169,996 |
|
|
| 1,558,131 |
|
Loss on disposal of property and equipment |
|
| 61,256 |
|
|
| - |
|
|
| 110,467 |
|
|
| - |
|
General and administrative expenses |
|
| 179,695 |
|
|
| 113,636 |
|
|
| 306,642 |
|
|
| 235,849 |
|
Total operating expenses |
|
| 808,305 |
|
|
| 924,427 |
|
|
| 1,587,105 |
|
|
| 1,793,980 |
|
Operating loss |
|
| (409,647 | ) |
|
| (240,450 | ) |
|
| (508,678 | ) |
|
| (227,197 | ) |
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|
|
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|
|
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Non-operating income (expense): |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net change in unrealized appreciation on digital assets |
|
| 8,186,510 |
|
|
| (2,769,808 | ) |
|
| 4,399,851 |
|
|
| 5,522,831 |
|
Interest income |
|
| 616,948 |
|
|
| 783,451 |
|
|
| 1,231,629 |
|
|
| 1,574,232 |
|
Realized gain (loss) on sale of digital assets |
|
| (1,837 | ) |
|
| (15,975 | ) |
|
| (9,773 | ) |
|
| 10,926 |
|
Other income |
|
| - |
|
|
| 935 |
|
|
| - |
|
|
| 935 |
|
Total non-operating income |
|
| 8,801,621 |
|
|
| (2,001,397 | ) |
|
| 5,621,707 |
|
|
| 7,108,924 |
|
Income (loss) before income taxes |
|
| 8,391,974 |
|
|
| (2,241,847 | ) |
|
| 5,113,029 |
|
|
| 6,881,727 |
|
Provision for income taxes |
|
| 1,660,030 |
|
|
| (527,016 | ) |
|
| 1,064,530 |
|
|
| 1,476,609 |
|
Net income (loss) |
| $ | 6,731,944 |
|
| $ | (1,714,831 | ) |
| $ | 4,048,499 |
|
| $ | 5,405,118 |
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|
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|
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|
|
| |
Basic and diluted net income (loss) per share |
| $ | 2.99 |
|
| $ | (0.76 | ) |
| $ | 1.80 |
|
| $ | 2.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares (basic and diluted) |
|
| 2,250,009 |
|
|
| 2,250,009 |
|
|
| 2,250,009 |
|
|
| 2,250,009 |
|
About CMSG
Consensus Mining & Seigniorage Corporation (OTCQX:CMSG) is a cryptocurrency mining company created with strategic partnerships in hosting, repair, and management. This enables CMSG to operate with minimal overhead and enhanced profitability, and with a conservative capital structure that allows for flexible and patient capital allocation. For more information, please visit www.consensusmining.com.
Investor Relations Contact:
IR@consensusmining.com
SOURCE: Consensus Mining & Seigniorage Corporation
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/blockchain-and-cryptocurrency/consensus-mining-and-seigniorage-corporation-otcqx-cmsg-announces-2q2-1057796
