Mined 44.1 Bitcoins in Q2 2024 Valued at Approximately $2.9 Million at an Average Market Revenue Value of Approximately $66,000 per Bitcoin Held 160.4 Bitcoin at June 30, 2024, Valued at Approximately $10.0 Million Based on Bitcoin Price of $62,500 Reports Working Capital of Approximately $8.4 Million as of June 30, 2024 Conference Call to Be Held Today at 11:00 am ET TAMPA, Fla., Aug. 14, 2024 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ:LMFA) ("LM Funding" or the "Company"), a cryptocurrency mining and technology-based specialty finance company, today provided a business update and reported financial results for the three and six months ended June 30, 2024. Operational Highlights Bitcoin Mining: Mined 44.1 Bitcoins in Q2 2024, generating approximately $2.9 million in revenue at an average Bitcoin price of $65,600. Bitcoin Holdings: As of June 30, 2024, the Company held 160.4 Bitcoins valued at approximately $10.0 million. Revenue Impact: Total revenue for the second quarter of 2024 was approximately $3.0 million, a decrease of $184 thousand from the same period last year, primarily due to the anticipated effects of the April 2024 Bitcoin halving event. Net Loss: The net loss for the second quarter was $6.6 million compared to a net loss of $5.6 million for the comparable quarter in 2023. Bruce Rodgers, Chairman and CEO of LM Funding, remarked, "The industry experienced a Bitcoin halving event in April, which resulted in a 50% reduction of the rewards that miners receive. Despite this transition, we successfully mined 44.1 Bitcoins valued at roughly $2.9 million. Fortunately, several unfavorable hosting contracts have now expired, and we are currently in the process of relocating our machines to cost effective mining sites including a potential 72 MW site in Texas that we have under LOI." Strategic Developments Hosting Facility Expansion: In collaboration with Arthur Mining Inc., LM Funding expanded a new 15 MW hosting facility near Oklahoma City, relocating about 3,000 Antminer S19j Pro machines. These machines are hosted at cost for ten months, significantly reducing operating expenses. Future Growth with Texas Site: A Letter of Intent to acquire a hosting site in Texas with 12 MW of power and potential expansion of 60 MW to further optimize mining operations. Expansion Funding: Completed a $5 million secured non-convertible loan facility, effective August 6, 2024. The proceeds from this facility will be dedicated to acquiring additional miners, further bolstering the Company's mining capabilities. Richard Russell, CFO of LM Funding, stated, "We closed the quarter with approximately $10.2 million in cash and Bitcoin, and our working capital stood robust at $8.4 million. We are currently optimistic about the financial prospects of Bitcoin and our business outlook." Financial Highlights Revenue: Digital mining revenue decreased to $2.9 million in Q2 2024 from $3.0 million in Q2 2023, despite an increase in Bitcoin prices, due to reduced mined volume arising from the halving event and the repositioning of miners during the month of June. Operating Expenses: Operating expenses rose to $7.8 million from $6.4 million year-on-year, due primarily to a $1.3 million loss in Bitcoin fair value and an increase in depreciation and amortization costs. Net Loss: LM Funding reported a net loss attributable to shareholders of approximately $6.1 million, factoring in a $1.9 million unrealized loss on securities, compared to a $4.5 million loss in the prior year. Core EBITDA: Core EBITDA loss widened to $2.2 million in Q2 2024 from $0.1 million in Q2 2023, although positive Core EBITDA for the first half of 2024 increased to $2.2 million due to expanded Bitcoin operations (Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net loss can be found below). Investor Conference Call LM Funding will host a conference call today, August 15, 2024, at 11:00 A.M. Eastern Time to discuss the Company's financial results for the quarter ended June 30, 2024, as well as the Company's corporate progress and other developments. The conference call will be available via telephone by dialing toll-free +1 877-545-0523 for U.S. callers or +1 973-528-0016 for international callers and entering access code 747242. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2917/51031 or on the investor relations section of the company's website, https://www.lmfunding.com/investors/news-events/ir-calendar. A webcast replay will be available on the investor relations section of the company's website at https://www.lmfunding.com/investors/news-events/ir-calendar through August 15, 2025. A telephone replay of the call will be available approximately one hour following the call, through August 29, 2024, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 51031. About LM Funding America LM Funding America, Inc., (NASDAQ:LMFA) and its subsidiaries are a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado, and Illinois, by funding a certain portion of the Associations' rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments. Forward-Looking Statements This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company's most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance our planned cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collect sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, negative press regarding the debt collection industry, and the risk of pandemics such as the COVID-10 pandemic. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations. Contact:Crescendo Communications, LLCTel: (212) 671-1020Email: (tables follow) LM Funding America, Inc. and Subsidiaries Consolidated Balance Sheets                                             June 30,   December 31,     2024 (Unaudited)     2023             Assets         Cash   $ 145,648     $ 2,401,831   Digital assets     10,032,104       3,416,256   Finance receivables     34,295       19,221   Marketable securities     22,140       17,860   Receivable from sale of Symbiont assets     200,000       200,000   Current portion of notes receivable from Tech Infrastructure JV I LLC     174,529       -   Prepaid expenses and other assets     848,423       4,067,212   Income tax receivable     31,187       31,187   Current assets     11,488,326       10,153,567             Fixed assets, net     19,671,511       24,519,610   Deposits on mining equipment     20,847       20,837   Notes receivable from Seastar Medical Holding Corporation     -       1,440,498   Notes receivable from Tech Infrastructure JV I LLC - net of current portion     1,936,519       -   Long-term investments - equity securities     11,155       156,992   Investment in Seastar Medical Holding Corporation     785,565       1,145,486   Operating lease - right of use assets     136,430       189,009   Other assets     86,798       86,798   Long-term assets     22,648,825       27,559,230   Total assets   $ 34,137,151     $ 37,712,797             Liabilities and stockholders' equity         Accounts payable and accrued expenses     1,346,352       2,064,909   Note payable - short-term     1,583,753       567,586   Due to related parties     53,575       22,845   Current portion of lease liability     117,153       110,384   Total current liabilities     3,100,833       2,765,724             Lease liability - net of current portion     25,962       85,775   Long-term liabilities     25,962       85,775   Total liabilities     3,126,795       2,851,499             Stockholders' equity         Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023     -       -   Common stock, par value $.001; 350,000,000 shares authorized; 2,492,964 shares issued and outstanding as of June 30, 2024 and 2,492,964 as of December 31, 2023     2,493       2,493   Additional paid-in capital     95,443,307       95,145,376   Accumulated deficit     (62,930,465 )     (58,961,461 ) Total LM Funding America stockholders' equity     32,515,335       36,186,408      Non-controlling interest     (1,504,979 )     (1,325,110 ) Total stockholders' equity     31,010,356       34,861,298   Total liabilities and stockholders' equity   $ 34,137,151     $ 37,712,797             LM Funding America, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited)   Three Months Ended June 30,   Six Months Ended June 30,     2024       2023       2024       2023   Revenues:           Digital mining revenues $ 2,893,073     $ 2,968,322     $ 7,490,981     $ 5,059,173   Specialty finance revenue   89,036       190,173       205,664       373,009   Rental revenue   29,238       37,155       62,306       76,986   Total revenues   3,011,347       3,195,650       7,758,951