DMG Blockchain Solutions Reports First Quarter 2026 Financial Results

Executive Summary

• DMG Blockchain Solutions reported Q1 2026 revenue of C$11.2 M (‑2% YoY) and mined 69 BTC, with a net loss of C$2.2 M ($0.01 per share).
• Hashrate increased 10% to 1.76 EH/s while cash, short‑term investments and digital assets fell to C$58.6 M (‑10%).
• Management highlighted conversion of the Christina Lake facility to an AI data center and expansion of Digital Asset Financial Services via Systemic Trust.

Key Details

• Revenue: C$11.2 M (‑2% vs Q4 2025, ‑4% vs Q1 2025).
• Bitcoin mined: 69 BTC (down from 72 BTC in Q4 2025 and 97 BTC in Q1 2025).
• Hashrate: 1.76 EH/s, up 10% QoQ; fleet efficiency 22.0 J/T.
• Cash & equivalents: C$58.6 M at quarter end (‑10% YoY).
• Total assets: C$122.0 M (‑8% YoY).
• Net loss: C$2.2 M, or $0.01 per share (loss narrowed by C$0.9 M vs Q1 2025).
• Operating & maintenance expenses: C$6.7 M (flat YoY).
• General & administrative costs: C$1.9 M (≈ same as prior year).
• Depreciation: C$3.5 M (down from C$4.3 M YoY due to change in depreciation method).
• Unrealized valuation impact: Loss of C$14.3 M vs gain of C$15.3 M in Q1 2025, driving comprehensive loss swing of C$28.7 M.
• Digital asset valuation decline: –C$6.0 M; fixed‑asset depreciation reduction: –C$3.1 M.
• Management commentary (CEO Sheldon Bennett): Focus on AI data‑center conversion at Christina Lake (target ≥50 MW) and growth of Systemic Trust as revenue driver; pursuing AI off‑takers and government partnerships.
• Conference call: Scheduled for 2026‑02‑26, 4:30 PM ET; registration link provided.

Notable Quotes

“In Q1 2026, we continued to execute on our two strategic pillars… We are highly focused on converting our Christina Lake facility into an AI data center capable of providing at least 50 megawatts of critical IT load… Simultaneously, we are building out our Digital Asset Financial Services, with Systemic Trust serving as the cornerstone for future revenue growth.” – Sheldon Bennett, CEO & Director.