LM Funding America Earnings Call Transcripts
Fiscal Year 2026
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Record hash rate and Bitcoin production achieved in Q1 2026, but revenue declined 11% year-over-year due to lower Bitcoin prices. Net loss was $10.1 million, largely from non-cash fair value adjustments, while Bitcoin treasury value rebounded post-quarter.
Fiscal Year 2025
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2025 saw a transformation to a multi-site, vertically integrated miner with doubled Bitcoin holdings and a simplified capital structure. Despite higher production and expanded capacity, Q4 losses were driven by Bitcoin price declines and non-cash charges. Equity trades below NAV, with 2026 focused on scaling and efficiency.
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Q3 saw a 74% year-over-year revenue increase, improved mining margins, and a 50% hash rate expansion. Strategic share repurchases and new site integration boosted Bitcoin per share, while cost per mined Bitcoin fell to $66,000.
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Q2 2025 saw revenue of $1.9M and a return to profitability, driven by improved mining margins and strategic energy sales. Expansion in Oklahoma and a new Mississippi acquisition will boost capacity to 26 MW, supporting further growth and Bitcoin treasury accumulation.
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Q1 2025 saw increased Bitcoin production, improved mining margins, and new revenue from power sales. Immersion mining expansion in Oklahoma is underway, with a focus on cost control and long-term Bitcoin accumulation. Bitcoin holdings now exceed market cap by over 50%.
Fiscal Year 2024
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Achieved profitability in 2024 with $11M revenue and $3.9M Core EBITDA, growing Bitcoin holdings to $14M. Vertical integration, cost control, and strategic expansion position the company for continued growth, with a market cap notably below Bitcoin asset value.
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Q3 2024 saw a strategic shift to vertical integration in Bitcoin mining, with revenue down year-over-year due to the halving and miner repositioning. Expansion in Oklahoma and potential Texas growth are key, while the company remains bullish on Bitcoin's future.
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A Bitcoin miner and specialty finance firm is expanding mining capacity with a Texas site acquisition and strategic loans, aiming for 1,000 Bitcoin annual output. Strong cash and Bitcoin reserves, new Florida laws, and a lean team support growth in both mining and condo finance.
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Q2 2024 saw 44.1 bitcoins mined and $3M in revenue, with a net loss of $6.1M due to higher expenses and unrealized losses. Expansion plans include a Texas site targeting 72 MW and a cost-effective Oklahoma partnership, supported by a $5M loan.