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Gryphon Digital Mining Inc (GRYP-11.19%). has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Gryphon's operations, noting that the company operates approximately 9,660 bitcoin ASIC mining computers at third-party hosted data centers in New York and Pennsylvania. The company generated $20.5 million in mining revenues for the year, a slight decrease from the previous year.
Gryphon reported a net loss of $21.3 million for the year, compared to a net loss of $28.6 million in the prior year. The decrease in net loss is attributed to a reduction in depreciation expense and the absence of impairment charges that were recorded in the previous year.
The company's cost of revenues increased to $15.8 million, primarily due to higher energy costs and an increase in the deployment of miners. General and administrative expenses also rose significantly to $11.3 million, driven by higher professional fees and investor relations expenses.
Gryphon's liquidity position is noted as a concern, with cash and cash equivalents totaling $735,000 as of December 31, 2024. The company acknowledges the need for additional capital resources to fund operations and potential strategic growth initiatives.
The filing highlights Gryphon's strategic focus on expanding its operations and exploring opportunities in AI and high-performance computing data center infrastructure. The company is pursuing acquisitions, including the Captus Acquisition, which aims to develop energy assets for AI and HPC data centers.
Gryphon's filing includes a discussion of various risks, including regulatory uncertainties in the cryptocurrency industry, potential technological obsolescence, and the impact of geopolitical and economic events on the value of Bitcoin.
The company also disclosed ongoing legal proceedings, including litigation with Sphere 3D and a review by the SBA regarding a previously forgiven PPP loan.
Gryphon's management identified material weaknesses in internal controls over financial reporting, specifically related to the timely recording and communication of financial information. The company is in the process of implementing remediation measures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gryphon Digital Mining Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.