Northern Data, a German Bitcoin mining company’s CEO, Aroosh Thillainathan, shared a letter to shareholders on December 21st that included a positive and strategic update on the company as 2022 approaches to end.
The CEO stated that the company anticipates revenue of €190-194 million ($201.4 million to $205.64 million) for the year 2022. He explained that the Bitcoin miner company strived hard to meet its market-adjusted target in 2022.
But unfortunately, it was difficult – not just because of the volatile crypto markets that were affected by issues, fluctuations, and low confidence levels – but also because of unmatched macroeconomic circumstances.
Aroosh asserts that in 2022, despite having many tough rivals, they substantially increased their market share in mining. They have made significant investments in the growth and development of their financial department.
Additionally, he claims that to stabilize and enhance their financial situation in 2022, they put a lot of effort into strengthening their management and streamlining their three business divisions to make them more cost-effective.
In the near future, he will invest in order to take advantage of both the medium- and long-term prospects presented by High-Performance Computing (HPC) megatrends.
He further said that they would deliberately play to their strengths and take advantage of any openings presented by this crisis and any others that may arise in the future.
According to the letter’s statement:
Northern Data has forged new and strong partnerships in H2 2022. These partnerships will allow us to identify and capitalize on the opportunities of the future in HPC, at pace.
Bitcoin Miner’s Operating Performance 2022
They continue to stick to their earnings projection of EUR 40-75 million in adjusted EBITDA despite the challenging market, which shows how intensely they are focused on cost containment and profitability.
The company’s CEO noted that since the price of Bitcoin has dropped by almost 60% since the start of the year, it is a fair outcome for 2022. In spite of the environment being concurrently affected by dropping Bitcoin values, sharp rises in power bills, and hash-rate highs (YTD: +46%), they have successfully developed their Bitcoin mining operation in 2022.
As a result of this and the prioritization of our cash position, our revenue growth in 2022 has been adjusted and is expected to be in the range of EUR 190-194 million for the full year.
Moreover, through their Cloud and Data Center Infrastructure Solutions businesses, he assures that they will keep improving the revenue from crypto mining and adding structure and capacity to high-performance computing.
He believes “this will enable sustainable, profitable growth in the long term.” Additionally, they are confident that revenue will increase in 2023 due to opportunities like their agreement with NVIDIA and other changing client connections in their cloud sector.
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