Blockchain Press Releases
Converge Technology Solutions Reports Second Quarter 2023 Financial Results
TORONTO and GATINEAU, QC, Aug. 9, 2023 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or “the Company“) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to provide its financial results for the three and six months period ended June 30, 2023 (“Q2-23”). All figures are in Canadian dollars unless otherwise stated.
Financial Summary
|
In $000s except per share amounts |
Q2 2023  |
Q2 2022 |
H1 2023 |
H1 2022 |
||
|
Gross Sales1 |
957,219 |
729,678 |
1,922,477 |
1,403,607 |
||
|
Revenue |
665,813 |
515,196 |
1,344,011 |
1,009,236 |
||
|
Gross profit (GP) |
175,672 |
133,152 |
347,260 |
242,196 |
||
|
Gross profit (GP) % |
26.4 % |
25.8 % |
25.8 % |
24.0 % |
||
|
Adjusted EBITDA1 |
41,527 |
39,187 |
82,735 |
68,836 |
||
|
Adjusted EBITDA1 as a % of GP |
23.6 % |
29.4 % |
23.8 % |
28.4 % |
||
|
Adjusted EBITDA1 as a % of Revenue |
6.2 % |
7.6 % |
6.2 % |
6.8 % |
||
|
Net (loss) income |
(4,495) |
11,678 |
(7,856) |
9,270 |
||
|
Adjusted net income1 |
$25,124 |
29,900 |
$49,565 |
52,410 |
||
|
Adjusted EPS1 |
$0.12 |
$0.14 |
$0.24 |
$0.24 |
Q2-23 Financial Highlights:
- Gross sales1 of $957.2 million compared to $729.7 million in Q2-22; an increase of $227.5 million or 31%
- Gross services sales1 of $317.2 million increased by 33% year-over-year
- Gross Profit of $175.7 million compared to $133.1 million in Q2-22; an increase of $42.5 million or 32%
- Organic gross profit growth for Q2-23 was 2.5% driven by 14.4% increase in services organic gross profit
- Adjusted EBITDA1 of $41.5 million, increasing from $39.2 million in Q2-22 by 6%
- Revenue for Q2-23 of $665.8 million, an increase of 29% over Q2-22
- Product Bookings backlog2 at the end of Q2-23 was $447.6 million
- Achieved 112 net new logos3 in Q2-23, securing 215 net new logos in H1-23
|
___________________________________ |
|
1 This is a Non-IFRS measure (including non-IFRS ratio) and not a recognized, defined or a standardized measure under IFRS. See the Non-IFRS Financial Measures section of this news release for definitions, uses and a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures. |
|
2 Bookings backlog is calculated as purchase orders received from customers not yet delivered at the end of the fiscal period for North America Region. |
|
3 Statistic based on North American Region. |
Q2-23 Business Highlights & Subsequent to Quarter
- Board of Directors authorize second quarter dividend of $0.01 per common share to be paid on September 22nd, 2023 to shareholders of record at the close of business on September 8th, 2023
- Converge concluded its previously announced NCIB program after purchasing 4.28 million shares throughout Q2-23
- The Company announced that the Toronto Stock Exchange approved the Company’s Notice of Intention to make a Normal Course Issuer Bid. Pursuant to the NCIB, the Company may purchase for cancellation up to an aggregate of 19,427,276 common shares. All common shares acquired by the Company under the NCIB will be cancelled
“Converge continued to execute on its cross-sell strategy throughout the second quarter and drove high value solutions with clients by leveraging our advisory, implementation, and managed services across all practice areas. Today 60% of Converge sales representatives in North America are now driving more than 4 solution areas with their clients,” said Greg Berard, Converge Global CEO. “In today’s IT environment, Converge continues to shape and transform innovation, revolutionizing client-technology interactions. A distinguishing reason clients continue to partner with Converge is our ability to provide end-to-end solutions for cloud, hardware, and software, all while leveraging the technical expertise required for effective professional and managed services. Converge has built a unique set of skills supported by foundational partnerships across Analytics, AI, Cloud, and Cybersecurity and will continue to develop leading solutions to adapt with our clients’ growing needs. I am extremely proud of our team’s performance which has resulted in record gross profit in Q2-23.”
Conference Call Details:
Date: Wednesday, Aug 9th, 2023
Time: 8:00 AM Eastern Time
Participant Webcast Link:
Webcast Link – https://app.webinar.net/gkXqYQ1YE8v
Participant Dial-in Details with Operator Assistance:
Conference ID: 70789128
Toronto: 416-764-8609
North American Toll Free: 888-390-0605
International Toll-Free Numbers:
Germany: 08007240293
Ireland: 1800939111
Spain: 900834776
Switzerland: 0800312635
United Kingdom: 08006522435
You may register and enter your phone number to receive an instant automated call back via
https://emportal.ink/3OgdiaZ
Recording Playback:
Webcast Link – https://app.webinar.net/gkXqYQ1YE8v
Toronto: 416-764-8677
North American Toll Free: 1-888-390-0541
Replay Code: 789128 #
Expiry Date: August 16th, 2023
Please connect at least 15 minutes prior to the conference call to ensure time for any software download that may be required to access the webcast. A live audio webcast accompanied by presentation slides and archive of the conference call and webcast will be available by visiting the Company’s website at https://convergetp.com/investor-relations/.
About Converge
Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
Summary of Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars)
|
June 30, 2023 |
December 31, 2022 |
|||||
|
Assets |
||||||
|
Current |
||||||
|
Cash |
$ 78,443 |
$ 159,890 |
||||
|
Restricted cash |
2,611 |
5,230 |
||||
|
Trade and other receivables |
781,330 |
781,683 |
||||
|
Inventories |
160,411 |
158,430 |
||||
|
Prepaid expenses and other assets |
23,337 |
23,046 |
||||
|
1,046,132 |
1,128,279 |
|||||
|
Non-current |
||||||
|
Other assets |
17,943 |
4,646 |
||||
|
Property, equipment, and right-of-use assets, net |
73,659 |
88,352 |
||||
|
Intangible assets, net |
419,403 |
463,751 |
||||
|
Goodwill |
561,283 |
563,848 |
||||
|
Total assets |
$ 2,118,420 |
$ 2,248,876 |
||||
|
Liabilities |
||||||
|
Current |
||||||
|
Trade and other payables |
$ 814,855 |
$ 824,924 |
||||
|
Other financial liabilities |
63,082 |
123,932 |
||||
|
Deferred revenue |
47,475 |
60,210 |
||||
|
Borrowings |
398 |
421,728 |
||||
|
Income taxes payable |
7,816 |
7,112 |
||||
|
933,626 |
1,437,906 |
|||||
|
Non-current |
||||||
|
Other financial liabilities |
51,701 |
77,183 |
||||
|
Borrowings |
429,909 |
– |
||||
|
Deferred tax liabilities |
88,278 |
102,977 |
||||
|
Total liabilities |
$ 1,503,514 |
$ 1,618,066 |
||||
|
Shareholders’ equity |
||||||
|
Common shares |
604,144 |
595,019 |
||||
|
Contributed surplus |
9,243 |
7,919 |
||||
|
Exchange rights |
– |
1,705 |
||||
|
Accumulated other comprehensive income |
156 |
13,708 |
||||
|
Deficit |
(27,186) |
(18,441) |
||||
|
Total equity attributable to shareholders of Converge |
586,357 |
599,910 |
||||
|
Non-controlling interest |
28,549 |
30,900 |
||||
|
614,906 |
630,810 |
|||||
|
Total liabilities and shareholders’ equity |
$ 2,118,420 |
$ 2,248,876 |
||||
Summary of Consolidated Statements of Loss and Comprehensive Loss
(expressed in thousands of Canadian dollars)
|
Three months ended |
Six months ended |
|||||||||
|
2023 |
2022 |
2023 |
2022 |
|||||||
|
Revenues |
||||||||||
|
Product |
$ |
511,597 |
$ |
410,361 |
$ |
1,048,286 |
$ |
807,753 |
||
|
Service |
154,216 |
104,835 |
295,725 |
201,483 |
||||||
|
Total revenue |
665,813 |
515,196 |
1,344,011 |
1,009,236 |
||||||
|
Cost of sales |
490,141 |
382,044 |
996,751 |
767,040 |
||||||
|
Gross profit |
175,672 |
133,152 |
347,260 |
242,196 |
||||||
|
Selling, general and administrative expenses |
136,699 |
95,823 |
268,732 |
176,235 |
||||||
|
Income before the following |
38,973 |
37,329 |
78,528 |
65,961 |
||||||
|
Depreciation and amortization |
26,893 |
17,178 |
52,783 |
31,657 |
||||||
|
Finance expense, net |
10,652 |
3,094 |
20,002 |
4,912 |
||||||
|
Special charges |
13,292 |
5,559 |
17,576 |
11,280 |
||||||
|
Share-based compensation |
1,117 |
1,685 |
1,965 |
2,897 |
||||||
|
Other (income) expenses |
(6,529) |
(3,265) |
(4,060) |
3,138 |
||||||
|
Income before income taxes |
(6,452) |
13,078 |
(9,738) |
12,077 |
||||||
|
Income tax (recovery) expense |
(1,957) |
1,400 |
(1,882) |
2,807 |
||||||
|
Net (loss) income |
$ |
(4,495) |
$ |
11,678 |
$ |
(7,856) |
$ |
9,270 |
||
|
Net (loss) income attributable to: |
||||||||||
|
Shareholders of Converge |
(3,548) |
12,017 |
(5,505) |
10,223 |
||||||
|
Non-controlling interest |
(947) |
(339) |
(2,351) |
(953) |
||||||
|
$ |
(4,495) |
$ |
11,678 |
$ |
(7,856) |
$ |
9,270 |
|||
|
Other comprehensive (loss) income |
||||||||||
|
Item that may be reclassified subsequently to income: |
||||||||||
|
Exchange differences on translation of foreign operations |
(15,725) |
5,554 |
(13,552) |
(1,034) |
||||||
|
(15,725) |
5,554 |
(13,552) |
(1,034) |
|||||||
|
Comprehensive (loss) income |
$ |
(20,220) |
$ |
17,232 |
$ |
(21,408) |
$ |
8,236 |
||
|
Comprehensive (loss) income attributable to: |
||||||||||
|
Shareholders of Converge |
(19,273) |
17,571 |
(19,057) |
9,189 |
||||||
|
Non-controlling interest |
(947) |
(339) |
(2,351) |
(953) |
||||||
|
(20,220) |
17,232 |
(21,408) |
8,236 |
|||||||
|
Adjusted EBITDA |
41,527 |
39,187 |
82,735 |
68,836 |
||||||
|
Adjusted EBITDA as a % of Gross Profit |
23.6 % |
29.4 % |
23.8 % |
28.4 % |
||||||
|
Adjusted EBITDA as a % of Revenue |
6.2 % |
7.6 % |
6.2 % |
6.8 % |
||||||
Summary of Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars)
|
For the three months |
For the six months ended June 30, |
||||||||
|
2023 |
2022 |
2023 |
2022 |
||||||
|
Cash flows (used in) from operating activities |
|||||||||
|
Net (loss) income |
$ |
(4,495) |
$ |
11,678 |
$ |
(7,856) |
$ |
9,270 |
|
|
Adjustments to reconcile net (loss) income to net |
|||||||||
|
Depreciation and amortization |
29,235 |
18,739 |
56,785 |
33,969 |
|||||
|
Unrealized foreign exchange (gains) losses |
(5,281) |
(2,968) |
(2,818) |
3,701 |
|||||
|
Share-based compensation expense |
1,117 |
1,685 |
1,965 |
2,897 |
|||||
|
Finance expense, net |
10,652 |
3,094 |
20,002 |
4,912 |
|||||
|
Gain on sale of property and equipment |
(598) |
– |
(598) |
– |
|||||
|
Change in fair value of contingent consideration |
6,551 |
– |
6,551 |
– |
|||||
|
Income tax (recovery) expense |
(1,957) |
1,400 |
(1,882) |
2,807 |
|||||
|
35,224 |
33,628 |
72,149 |
57,556 |
||||||
|
Changes in non-cash working capital items |
(40,349) |
9,214 |
(41,585) |
(44,290) |
|||||
|
(5,125) |
42,842 |
30,564 |
13,266 |
||||||
|
Income taxes paid |
(4,520) |
(16,272) |
(11,446) |
(17,025) |
|||||
|
Cash (used in) from operating activities |
(9,645) |
26,570 |
19,118 |
(3,759) |
|||||
|
Cash flows used in investing activities |
|||||||||
|
Purchase of property and equipment |
(2,091) |
(3,123) |
(7,197) |
(14,479) |
|||||
|
Proceeds on disposal of property and equipment |
3,681 |
– |
3,749 |
178 |
|||||
|
Payment of contingent consideration |
(975) |
– |
(9,935) |
(10,168) |
|||||
|
Payment of deferred consideration |
(4,066) |
(5,208) |
(29,720) |
(6,948) |
|||||
|
Payment of NCI liability |
– |
– |
(29,994) |
– |
|||||
|
Business combinations, net of cash acquired |
– |
(131,545) |
– |
(199,471) |
|||||
|
Cash used in investing activities |
(3,451) |
(139,876) |
(73,097) |
(230,888) |
|||||
|
Cash flows (used in) from financing activities |
|||||||||
|
Transfers from (to) restricted cash |
2,371 |
58,980 |
2,587 |
(4,513) |
|||||
|
Interest paid |
(7,365) |
(2,102) |
(15,242) |
(3,058) |
|||||
|
Dividend paid |
(2,067) |
(1,100) |
(2,067) |
(1,100) |
|||||
|
Payments of lease liabilities |
(5,089) |
(2,304) |
(10,224) |
(5,032) |
|||||
|
Repurchase of common shares |
(14,230) |
– |
(14,230) |
– |
|||||
|
Repayment of notes payable |
(40) |
(38) |
(80) |
(159) |
|||||
|
Net (repayment) proceeds from borrowings |
(22,815) |
22,351 |
11,384 |
184,819 |
|||||
|
Cash (used in) from financing activities |
(49,235) |
75,787 |
(27,872) |
170,957 |
|||||
|
Net change in cash during the period |
(62,331) |
(37,519) |
(81,851) |
(63,690) |
|||||
|
Effect of foreign exchange on cash |
1,746 |
4,526 |
404 |
(328) |
|||||
|
Cash, beginning of period |
139,028 |
217,168 |
159,890 |
248,193 |
|||||
|
Cash, end of period |
$ |
78,443 |
$ |
184,175 |
$ |
78,443 |
$ |
184,175 |
|
Non-IFRS Financial Measures
This release refers to certain performance indicators including Adjusted EBITDA that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Management believes that these measures are useful to most shareholders, creditors, and other stakeholders in analyzing the Company’s results. These non-IFRS financial measures should not be considered as an alternative to the consolidated income (loss) or any other measure of performance under IFRS.
Adjusted EBITDA
Adjusted EBITDA represents net income or loss adjusted to exclude amortization, depreciation, interest expense and finance costs, foreign exchange gains and losses, share-based compensation expense, income tax expense, and special charges. Special charges consist primarily of restructuring related expenses for employee terminations, lease terminations, and restructuring of acquired companies, as well as certain legal fees or provisions related to acquired companies. From time to time, it may also include adjustments in the fair value of contingent consideration, and other such non-recurring costs related to restructuring, financing, and acquisitions.
The Company uses Adjusted EBITDA to provide investors with a supplemental measure of its operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the ability to meet capital expenditure and working capital requirements.
Adjusted EBITDA is not a recognized, defined or standardized measure under IFRS. The Company’s definition of Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review the Company’s financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures.
The Company has reconciled Adjusted EBITDA to the most comparable IFRS financial measure as follows:
|
For the three months ended June 30, |
For the six months ended June 30, |
||||
|
2023 |
2022 |
2023 |
2022 |
||
|
Net income (loss) before taxes |
$ (6,452) |
$ 13,078 |
$ (9,738) |
$ 12,077 |
|
|
Finance expense |
10,652 |
3,094 |
20,002 |
4,912 |
|
|
Share-based compensation expense |
1,117 |
1,685 |
1,965 |
2,897 |
|
|
Depreciation and amortization |
26,893 |
17,178 |
52,783 |
31,657 |
|
|
Depreciation included in cost of sales |
2,342 |
1,561 |
4,002 |
2,312 |
|
|
Foreign exchange loss (gain) |
(6,317) |
(2,968) |
(3,855) |
3,701 |
|
|
Special charges |
13,292 |
5,559 |
17,576 |
11,280 |
|
|
Adjusted EBITDA |
$ 41,527 |
$ 39,187 |
$ 82,735 |
$ 68,836 |
|
Adjusted EBITDA as a % of Gross Profit
The Company believes that Adjusted EBITDA as a % of Gross Profit is a useful measure of the Company’s operating efficiency and profitability. This is calculated by dividing Adjusted EBITDA by gross profit.
Adjusted Net Income (Loss) and Adjusted Earnings per Share (“EPS”)
Adjusted Net Income (Loss) represents net income (loss) adjusted to exclude special charges, amortization of acquired intangible assets, and share-based compensation. The Company believes that Adjusted Net Income (Loss) is a more useful measure than net income (loss) as it excludes the impact of one-time, non-cash and/or non-recurring items that are not reflective of Converge’s underlying business performance. Adjusted EPS is calculated by dividing Adjusted Net Income (Loss) by the total weighted average shares outstanding on a basic and diluted basis.
The Company has provided a reconciliation to the most comparable IFRS financial measure as follows:
|
For the three months |
For the six months |
|||
|
ended June 30, |
ended June 30, |
|||
|
2023 |
2022 |
2023 |
2022 |
|
|
Net (loss) income |
$ (4,495) |
$ 11,678 |
$ (7,856) |
$ 9,270 |
|
Special charges |
13,292 |
5,559 |
17,576 |
11,280 |
|
Amortization of acquired intangible assets |
21,527 |
13,946 |
41,735 |
25,262 |
|
Foreign exchange loss |
(6,317) |
(2,968) |
(3,855) |
3,701 |
|
Share-based compensation |
1,117 |
1,685 |
1,965 |
2,897 |
|
Adjusted Net Income: |
$ 25,124 |
$ 29,900 |
$ 49,565 |
$ 52,410 |
|
Basic |
0.12 |
0.14 |
0.24 |
0.24 |
Gross sales and gross sales for organic growth
Gross sales, which is a non-IFRS measurement, reflects the gross amount billed to customers, adjusted for amounts deferred or accrued. The Company believes gross sales is a useful alternative financial metric to net revenue, the IFRS measure, as it better reflects volume fluctuations as compared to net revenue. Under the applicable IFRS 15 ‘principal vs agent’ guidance, the principal records revenue on a gross basis and the agent records commission on a net basis. In transactions where Converge is acting as an agent between the customer and the vendor, net revenue is calculated by reducing gross sales by the cost of sale amount.
The Company has provided a reconciliation of gross sales to net revenue, which is the most comparable IFRS financial measure, as follows:
|
For the three months |
For the six months |
||||
|
ended June 30, |
ended June 30, |
||||
|
2023 |
2022 |
2023 |
2022 |
||
|
Product |
$ 639,996 |
$ 491,821 |
$ 1,305,306 |
$ 945,210 |
|
|
Managed services |
45,182 |
32,268 |
85,818 |
66,251 |
|
|
Third party and professional services |
272,041 |
205,589 |
531,353 |
392,146 |
|
|
Gross sales |
$ 957,219 |
$ 729,678 |
$ 1,922,477 |
$ 1,403,607 |
|
|
Adjustment for sales transacted as agent |
(291,406) |
(214,482) |
(578,466) |
(394,371) |
|
|
Net Revenue |
$ 665,813 |
$ 515,196 |
$ 1,344,011 |
$ 1,009,236 |
|
Organic Growth
The Company measures organic growth at the gross sales and gross profit levels, and includes the contributions under Converge ownership in the current and comparative period(s). In calculating organic growth, the Company therefore deducts gross sales and gross profit generated from companies that were acquired in the current reporting period.
Gross sales organic growth is calculated by deducting prior period gross sales, as reported in the Company’s public filings, from current period gross sales for the same portfolio of companies. Gross sales organic growth percentage is calculated by dividing organic growth by prior period reported gross sales.
The following table calculates gross sales organic growth for three and six months ended June 30, 2023:
|
For the three months |
For the six months |
|||||
|
ended June 30, |
ended June 30, |
|||||
|
2023 |
2022 |
2023 |
2022 |
|||
|
Gross sales |
$ 957,219 |
$ 729,678 |
$ 1,922,477 |
$ 1,403,607 |
||
|
Less: gross sales from companies not |
214,227 |
215,748 |
459,857 |
404,433 |
||
|
Gross sales of companies owned in |
$ 742,992 |
$ 513,930 |
$ 1,462,620 |
$ 999,174 |
||
|
Prior period gross sales |
729,678 |
452,120 |
1,403,607 |
860,220 |
||
|
Organic Growth – $ |
$ 13,314 |
$ 61,810 |
$ 59,013 |
$ 138,954 |
||
|
Organic Growth – % |
1.8 % |
13.7 % |
4.2 % |
16.2 % |
||
Gross profit organic growth is calculated by deducting prior period gross profit, as reported in the Companies public filings, from current period gross profit for the same portfolio of companies. Gross profit organic growth percentage is calculated by dividing organic growth by prior period reported gross profit.
|
For the three months |
For the six months |
||||
|
ended June 30, |
ended June 30, |
||||
|
2023 |
2022 |
2023 |
2022 |
||
|
Gross profit |
$ 175,672 |
$ 133,152 |
$ 347,260 |
$ 242,196 |
|
|
Less: gross profit from companies not |
39,239 |
40,737 |
83,836 |
72,545 |
|
|
Gross profit of companies owned in |
$ 136,433 |
$ 92,415 |
$ 263,424 |
$ 169,651 |
|
|
Prior period gross profit |
133,152 |
78,244 |
242,197 |
146,041 |
|
|
Organic Growth – $ |
$ 3,281 |
$ 14,171 |
$ 21,227 |
$ 23,610 |
|
|
Organic Growth – % |
2.5 % |
18.1 % |
8.8 % |
16.2 % |
|
Forward-Looking Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Converge assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. The reader is cautioned not to place undue reliance on forward-looking statements.
For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s filings statement available on SEDAR under the Company’s profile at www.sedar.com including its most recent Annual Information Form, its Management Discussion and Analysis and its Annual and Quarterly Financial Statements.
CONTACT : Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495
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Blockchain Press Releases
Compass Mining Scales Texas Operations with 25 MW Bitcoin Mining Facility, Plans Further Expansion
Energizes Over 50 MW in 2024 Across Six States, with 35 MW Coming Online by January 2025
WILMINGTON, Del., Dec. 20, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and operational solutions, proudly announces the addition of a new 25 megawatts (MW) Bitcoin mining facility in Texas to its growing network of North American operations. The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025. Compass also plans to expand the facility’s capacity to 60 MW by Q3 2025.
The new Texas facility will house a mix of relocated machines from Compass’s existing sites, as well as newly deployed units, ensuring continuity for current customers while offering new clients a seamless and turnkey Bitcoin mining experience. By January 2025, new customers purchasing machines through Compass’s platform will have the option to deploy them at the “Texas 6″ site.
“Our new Texas facility represents another milestone in our mission to make bitcoin mining more accessible for everyone,” said Paul Gosker, CEO of Compass Mining. “We bring a wealth of experience from successfully operating at multiple locations across Texas, navigating the unique grid dynamics and leveraging local resources. For this site, we will provide our support and expertise, including assisting our site partner in hiring expert technicians who meet Compass’s high standards. This ensures high uptime and reliability, delivering the quality our customers expect.”
Compass’s strategy combines vertical integration through proprietary facilities, such as the new Iowa 4 site, with partnerships at third-party facilities renowned for high uptime and reliability. This dual approach allows the company to maintain operational flexibility while delivering reliable hosting solutions. The company has energized a total of approximately 50 MW of power capacity across mining facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024, with plans to add another 35 MW by January 2025.
About Compass Mining
Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.
Media Contact
BlocksBridge Consulting
[email protected]
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DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be extending the festive fun with lavish virtual gifts for Bybit Card holders. From Dec. 20, 2024 to Jan. 31, 2025, with every swipe of their Bybit Card, users may get a chance to unwrap mystery gift boxes, including 1,000 in USDT and other exciting airdrops from DOGE to BTC—all rewards, no catches.
For each 100 USDT spent in eligible purchases with the Bybit Card, users will receive a lucky draw ticket to redeem a gift box on Bybit. Each gift box promises a crypto reward—from Christmas baubles in DOGE, SOL, ETH, XRP and BTC airdrops, all the way up to the grand prize of 1,000 in USDT. Registration is required and the special Holiday Giveaway ends at the end of Jan. 2025.
For users looking for a convenient way to utilize their crypto assets for daily spendings and debit payments, it is not too late to apply for the Bybit Card. The application and verification process takes minutes, and a virtual card will be issued as soon as the card is approved, enabling seamless digital payment on Apple and Android devices in applicable regions.
“The Bybit Card takes the hassle out of crypto off-ramp for regular users and weaves rewards and benefits into daily spendings. On top of regular cashbacks, we are introducing extra perks as our token of thanks to wrap up an eventful year in crypto,” said Joan Han, Sales and Marketing Director at Bybit.
The Bybit Card made expansive global footprints 2024 as crypto adoption continues to rise in the past year. Trusted and frictionless crypto payment solutions are in demand in various parts of the world, and Bybit is one of the natural habitats of crypto native consumers. Spanning from Buenos Aires to Amsterdam, the Bybit Card community is growing and so are the perks:
- Up to 10% cashback in USDT, BTC and ETH on eligible purchases
- Zero fees for instant virtual card issuance
- Zero annual or hidden fees
- Up to 8% APY
Enjoy this festive season in all its splendor. Eligible Bybit Card holders from all regions are welcome; terms and conditions apply: Bybit Card Holiday Giveaway: Swipe, Spend & Sparkle!
#Bybit / #TheCryptoArk #theBybitCard
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Blockchain Press Releases
Bybit P2P Unlocks 20,000 USDT Prize Pools for Select Users in South Asia and Africa
DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be concluding 2024 with lucky spins all around for eligible users on Bybit P2P. With a chance at two grand bonus pools of 10,000 USDT each, select users in parts of South Asia and Africa stand to make the most of their P2P trades at Bybit.
From now to Dec. 31, 2024, eligible users may create their own P2P trading bonus at Bybit and unlock 100% chance of winning:
- South Asia: Eligible users in South Asia may sign up for the Grand Spin Extravaganza
- Africa: Eligible users may register to enter the P2P Prize Spinner
Successful participants may complete one or more referral, deposit, or trading tasks to earn up to 10 Lucky Draw Tickets. Tasks start at beginner level including a first-time deposit of 10 USDT. With a Ticket, users get to spin the wheel of fortune for a guaranteed airdrop from the 10,000 USDT Prize Pool.
As communities in the Global South start to build and diversify their wealth, millions are in dire need of modernized and inclusive financial infrastructures. The digital asset class offers an alternative for grassroot investors in emerging markets, demonstrating transformative power to shape the future of growth.
Bybit’s peer-to-peer trading platform provides user-friendly and trusted tools for P2P merchants and buyers. Users can compare and execute trades at an optimal price agreed upon by both parties, carried out on Bybit’s ultra smooth trading platform at zero fees. Supporting over 60 fiat currencies and over 300 payment methods, Bybit P2P contributes to democratizing access to the digital economy.
Users who have completed Bybit Identity Verification Level 1 may log in to confirm their eligibility. Terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Photo – https://mma.prnewswire.com/media/2586033/Bybit_P2P_Unlocks_20_000_USDT_Prize_Pools_Select_Users.jpg
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-p2p-unlocks-20-000-usdt-prize-pools-for-select-users-in-south-asia-and-africa-302337255.html
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