American Bitcoin Reports Third Quarter 2026 Results

Bitcoin reserves grew without at-the-market share issuance or Bitcoin purchases, while higher seasonal power costs pressured mining margins.

Rhea-AI Summary

American Bitcoin (Nasdaq: ABTC) reported third-quarter 2026 net income of $125.987 million, reversing a loss in the previous quarter. Revenue fell to $63.355 million from $67.015 million in Q2, while net income compared with a $57.151 million loss. Non-GAAP adjusted EBITDA reached $220.797 million versus a $45.032 million loss.

Bitcoin holdings rose approximately 5% to approximately 8,427, and satoshis per share, a measure of Bitcoin held per outstanding share, increased approximately 5% to approximately 11,572. No shares were issued through the at-the-market program and no Bitcoin was purchased during the quarter. Mining output fell to approximately 891 Bitcoin from approximately 932. Gross margin declined to approximately 41% from approximately 49%, while cost per Bitcoin mined rose to approximately $42,100 from approximately $36,500, primarily reflecting higher seasonal power costs. Holdings included approximately 3,090 Bitcoin pledged for miner purchases.

8 points · 3 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 10 points

How the balance works

Positive

• Major pointQ3 net income of $125.987 million reversed Q2's $57.151 million net loss.
• Major pointQ3 adjusted EBITDA of $220.797 million, a non-GAAP measure, compared with a $45.032 million Q2 loss.
• Major pointQ3 digital-asset gain of $197.340 million compared with a $71.178 million Q2 loss.
• Moderate pointBitcoin holdings increased approximately 5%, from approximately 8,002 at June 30 to approximately 8,427 at September 30.
• Moderate pointQ3 general and administrative expenses fell to $2.758 million from $7.672 million in Q2.

3 minor points

• Minor pointSatoshis per share increased approximately 5%, from approximately 10,989 at June 30 to approximately 11,572 at September 30.
• Minor pointNo at-the-market shares were issued and no Bitcoin was purchased during Q3 reserve growth.
• Minor pointQ3 stock-based compensation expense fell to $384,000 from $812,000 in Q2.

Negative

• Major pointQ3 derivatives loss of $64.276 million compared with an $18.315 million Q2 gain. 14% of market cap
• Moderate pointQ3 revenue declined to $63.355 million from $67.015 million in Q2.
• Moderate pointQ3 gross profit fell to approximately $25.8 million; margin declined to approximately 41% from approximately 49%.
• Moderate pointQ3 mining output fell to approximately 891 Bitcoin from approximately 932 in Q2.
• Moderate pointQ3 cost per Bitcoin mined rose to approximately $42,100 from approximately $36,500, primarily reflecting higher seasonal power costs.
• Moderate pointApproximately 3,090 Bitcoin were pledged for miner purchases under agreements with BITMAIN.

4 minor points

• Minor pointQ3 revenue per Bitcoin mined fell to approximately $71,100 from approximately $71,900 in Q2.
• Minor pointQ3 depreciation and amortization rose to $28.579 million from $28.237 million in Q2.
• Minor pointQ3 income tax provision increased to $1.577 million from $1.407 million in Q2.
• Minor pointQ3 warrant-liability gain declined to $6,000 from $22,000 in Q2.

News Explained

The Q3 income statement reports net income of $125,987 thousand, including a $197,340 thousand gain on digital assets and a $64,276 thousand derivative loss, while revenue was $63,355 thousand; reported profit therefore also reflects gains and losses separate from revenue.

Key Figures

Net income: $125,987 thousand Adjusted EBITDA: $220,797 thousand Bitcoin holdings: ~8,427 Bitcoin +5 more

Net income

$125,987 thousand

Q3 2026; compared with a net loss of $57,151 thousand in Q2 2026

Adjusted EBITDA

$220,797 thousand

Q3 2026; compared with an Adjusted EBITDA loss of $45,032 thousand in Q2 2026

Bitcoin holdings

~8,427 Bitcoin

At September 30, 2026; increased by ~425 Bitcoin, or ~5%, from June 30, 2026

Satoshis per share

~11,572

At September 30, 2026, up ~5% from ~10,989 at June 30, 2026

Mining revenue

~$63.4 million

Q3 2026; compared with ~$67.0 million in Q2 2026

Gross margin

~41%

Q3 2026; compared with ~49% in Q2 2026

Cost to mine

~$42,100 per Bitcoin

Q3 2026; compared with ~$36,500 per Bitcoin in Q2 2026

Bitcoin mined

~891 Bitcoin

Q3 2026; compared with ~932 Bitcoin in Q2 2026

Previous Crypto,earnings Reports

1 past event · Latest: Aug 03

Same Type 1 event

1. Aug 03

   Q2 earnings report

   24h Move

   +6.0%

   Q2 established 932 BTC production and $36,500 mining cost, comparable with Q3 results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

atm program, reverse stock split, non-gaap financial measure, gaap

4 terms

atm program financial

"without issuing shares through our ATM program"

An at-the-market (ATM) program is an arrangement that lets a publicly traded company sell newly issued shares gradually into the open market at prevailing prices, through a designated broker-dealer, instead of raising money in one large offering. It gives the company flexible, lower-cost fundraising; for existing shareholders it matters because each sale adds to the share count, which can dilute their ownership stake.

reverse stock split financial

"reflect a 1-for-15 reverse stock split effected on July 2, 2026"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

non-gaap financial measure financial

"Adjusted EBITDA is a non-GAAP financial measure."

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

gaap financial

"In addition to our results determined in accordance with GAAP"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

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Grows Bitcoin Reserve Through Mining Operations, Increases Satoshis Per Share by Approximately 5%

MIAMI, Nov. 4, 2026 /PRNewswire/ -- American Bitcoin Corp. (Nasdaq: ABTC) ("American Bitcoin" or the "Company"), a Bitcoin accumulation platform focused on building America's Bitcoin infrastructure backbone, today reported its financial results for the third quarter of 2026.

Mike Ho, Chief Executive Officer of American Bitcoin, said: "Our third-quarter results demonstrate our commitment to building a disciplined, Bitcoin-denominated operating business. Despite seasonal power cost pressures, we continued mining Bitcoin at a structural discount to spot, grew our strategic reserve, and increased Satoshis Per Share by approximately 5%, all without issuing shares through our ATM program or purchasing Bitcoin during the quarter. That is an important distinction in today's market. Our focus remains on efficiently accumulating Bitcoin, maintaining flexibility in our operations, and allocating capital in ways that support long-term Bitcoin-per-share growth. We believe that discipline positions American Bitcoin to create lasting value for shareholders across market cycles.

Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin, said: "We're building American Bitcoin with the conviction that Bitcoin and American energy will play an increasingly important role in the future of our economy. This quarter, we delivered approximately $126 million in net income and $221 million in Adjusted EBITDA, while growing our Bitcoin reserve and increasing Bitcoin per share. These are significant results, particularly in a challenging digital asset market, and they reflect the discipline and long-term conviction behind this business. But our opportunity extends beyond any single quarter. As demand for energy and critical infrastructure accelerates across America, I believe we're particularly well-positioned at the intersection of two industries that will help define the future of our economy. We're building American Bitcoin for the long term, and I'm excited about what lies ahead."

Strategic Reserve Growth

• Increased Satoshis Per Share (SPS) by ~5%, from ~10,989¹ as of June 30, 2026 to ~11,572¹ as of September 30, 2026.
• Grew Bitcoin holdings from ~8,002² as of June 30, 2026 to ~8,427² as of September 30, 2026, an increase of ~425 Bitcoin, or ~5%, in a single quarter.

Mining Platform Performance

• Mining revenue for Q3 2026 was ~$63.4 million, compared with approximately $67.0 million in Q2 2026. Revenue per Bitcoin mined was ~$71,100 in Q3 2026 compared with approximately $71,900 in Q2 2026.
• Mined ~891 Bitcoin in Q3 2026, compared with ~932 Bitcoin mined in Q2 2026. Q3 2026 production represented ~21% of the Company's total Bitcoin mined since its March 31, 2025 launch.
• Gross profit was ~$25.8 million, representing a gross margin of ~41%, compared with ~$33.0 million and ~49% in Q2 2026. Higher seasonal power costs at our sites contributed to quarter-over-quarter margin pressure.
• Sold a portion of Bitcoin production to cover operating costs while continuing to build the Company's strategic Bitcoin reserve.
• Cost to mine was ~$42,100 per Bitcoin in Q3 2026, compared with ~$36,500 per Bitcoin in Q2 2026, primarily reflecting higher seasonal power costs across our sites.
• Net income of ~$126 million in Q3 2026, compared with a net loss of ~$57.2 million in Q2 2026, and Adjusted EBITDA of ~$221 million in Q3 2026, compared with an Adjusted EBITDA loss of ~$45.0 million in Q2 2026.
• Total owned fleet consisted of ~89,242 Bitcoin miners with ~28.1 EH/s of capacity as of quarter-end.

1. Represents the amount of Bitcoin attributable to each outstanding share of the Company's common stock. SPS is calculated by multiplying the Company's total Bitcoin holdings by the Satoshi conversion ratio (1 Bitcoin equals 100,000,000 Satoshis), then dividing that total by the number of shares of the Company's common stock outstanding as of the measurement date. Number of common shares issued and outstanding reflect a 1-for-15 reverse stock split effected on July 2, 2026.

2. Includes ~3,090 Bitcoin pledged for miner purchases under agreements with BITMAIN.

Conference Call

The Company's Third Quarter 2026 Earnings Conference Call will be held today, Wednesday, November 4, 2026, at 4:30 p.m. ET. Investors can join the live webcast at https://app.webinar.net/pymQJ5mJ37e. To join by telephone, dial 1 (888) 880-3330 ten minutes prior to the start time to allow time for registration. International callers may dial 1 (646) 357-8766.

Supplemental Materials and Upcoming Communications

The Company expects to make available on its website and/or official social media channels certain materials and updates designed to accompany the discussion of its results, along with certain supplemental financial information and other data, including regarding its Bitcoin holdings and related performance metrics. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, abtc.com/investors, and its social media accounts, including on X, Instagram, and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

About American Bitcoin

American Bitcoin Corp., a majority-owned subsidiary of Hut 8 Corp., is a Bitcoin accumulation platform focused on building America's Bitcoin infrastructure. The Company delivers institutional-grade exposure to Bitcoin through an industry-first business model that integrates scaled self-mining operations with disciplined accumulation strategies. For more information, visit abtc.com and follow the Company on X at @ABTC.

Cautionary Note Regarding Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements relating to the Company's ability to efficiently accumulate Bitcoin and continue to grow its strategic Bitcoin reserve; the Company's ability to mine Bitcoin at a discount to the prevailing Bitcoin price; the Company's ability to grow its Bitcoin holdings and Satoshis Per Share over time; the Company's ability to maintain flexibility in its operations; the Company's ability to allocate capital in a manner that supports long-term Bitcoin-per-share growth; the Company's ability to create lasting value for shareholders across market cycles; the effect of seasonal power costs on the Company's margins and cost to mine; the expected role of Bitcoin and energy infrastructure in the future of the economy and the Company's positioning in its industry; and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally.

Forward-looking statements are not statements of historical fact, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by the Company as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: the price of Bitcoin and concentration of Bitcoin holdings; failure to grow hashrate; the purchase of miners; competition from other methods of investing in Bitcoin; uncertainty in the development and acceptance of the Bitcoin network; reliance on third-party mining pool service providers; hedging transactions; Bitcoin halving events; failure to realize the anticipated benefits of the merger transactions; dependence on Hut 8; liquidity constraints and failure to raise additional capital; failure of critical systems; competition from current and future competitors; changes in leasing arrangements; hazards and operational risks; electrical power requirements; geopolitical, social, economic, and other events and circumstances; cybersecurity threats and breaches; Internet-related disruptions; dependence on key personnel; having a limited operating history; rapidly changing technology; predicting facility requirements; acquisitions, strategic alliances or joint ventures; operating and expanding internationally; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; stock price volatility; the Company's multi-class capital structure and status as a controlled company; and other factors that may affect the future business, results, financial position and prospects of the Company. Additional factors that could cause results to differ materially from those described above can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in other documents filed by the Company from time to time with the SEC.

Adjusted EBITDA

In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss), adjusted for impacts of income tax provision, depreciation and amortization, loss (gain) on derivatives, gain on warrant liability, the removal of non-recurring transactions, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons that our Board and management team consider them appropriate for supplemental analysis.

Our Board and management team use Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions) that impact the comparability of financial results from period to period.

Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in such presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in our industry, its definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

American Bitcoin Corp.
Unaudited Condensed Consolidated and Combined Statements of Operations
(in USD thousands)
		Three Months Ended
		September 30, 2026			June 30, 2026
Revenue		$	63,355		$	67,015
Cost of revenue (exclusive of depreciation and amortization shown below)			37,524			34,009
Operating expenses (income):
Depreciation and amortization			28,579			28,237
General and administrative expenses			2,758			7,672
(Gain) loss on digital assets			(197,340)			71,178
Total operating (income) expenses			(166,003)			107,087
Operating income (loss)			191,834			(74,081)
Other (expense) income:
(Loss) gain on derivatives			(64,276)			18,315
Gain on warrant liability			6			22
Other (expense) income			(64,270)			18,337
Income (loss) before income taxes			127,564			(55,744)
Income tax provision			(1,577)			(1,407)
Net income (loss)		$	125,987		$	(57,151)

 

Adjusted EBITDA Reconciliation
		Three Months Ended
		September 30, 2026		June 30, 2026
Net income (loss)		$                125,987		$                (57,151)
Income tax provision		1,577		1,407
Depreciation and amortization		28,579		28,237
Loss (gain) on derivatives		64,276		(18,315)
Gain on warrant liability		(6)		(22)
Non-recurring transactions (1)		—		—
Stock-based compensation expense		384		812
Adjusted EBITDA		$                220,797		$                (45,032)

(1) There were no non-recurring transactions for the three months ended September 30, 2026 and June 30, 2026.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/american-bitcoin-reports-third-quarter-2026-results-302929390.html

SOURCE American Bitcoin Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were American Bitcoin's Q3 2026 earnings?

American Bitcoin reported $125.987 million in net income for Q3 2026, compared with a $57.151 million loss in Q2. Revenue was $63.355 million, down from $67.015 million. Adjusted EBITDA, a non-GAAP earnings measure, was $220.797 million versus a $45.032 million loss.

How much Bitcoin did American Bitcoin hold at September 30, 2026?

American Bitcoin held approximately 8,427 Bitcoin at September 30, 2026, compared with approximately 8,002 at June 30. Holdings increased approximately 5%, while satoshis per share rose approximately 5% to approximately 11,572. The holdings included approximately 3,090 Bitcoin pledged for miner purchases under agreements with BITMAIN.

Did American Bitcoin sell mined Bitcoin during Q3 2026?

American Bitcoin sold a portion of its Bitcoin production to cover operating costs during Q3 2026 while continuing to build its strategic Bitcoin reserve.