By Chris Wack

Stronghold Digital Mining Inc. shares were down 31%, to $7.11, in premarket trading Wednesday after the company reported a fourth-quarter loss, and revenue that was below what analysts were expecting.

The company had a quarterly loss of $8.2 million, or 52 cents a share, compared with a loss of $11.2 million, or $2.03 a share, in the same quarter a year ago. Analysts polled by FactSet were looking for a loss of $400,000, or flat on a per-share basis.

Revenue for the quarter came in at $17 million, compared with last year's $934,000 and the $21.9 million analysts were expecting.

Stronghold said that as of Dec. 31, it had received about 14.700 cryptocurrency miners. The company's hash rate has been negatively affected by delays in miner deliveries, delays in data-center buildout, and operational challenges at its Scrubgrass power plant.

As of Dec. 31, Stronghold had about 182 bitcoin on its balance sheet.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

March 30, 2022 07:43 ET (11:43 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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