Operational ChallengesLMFA reported 3Q24 revenue of $1.3M, down from $3.0M in 2Q24, largely due to a temporary slowdown in bitcoin mining production during the relocation of equipment to lower-cost sites.
Revenue DeclineRevenue declined 51% from $4.1M y/y due to the bitcoin halving, which reduced the effective mining output.
Stock ValuationThe 12-month price target is lowered to $4.50 from $6.00, due to LMFA's smaller scale and limited cash position.