Consensus Mining & Seigniorage Corporation Annual Report - December 31, 2025

Rhea-AI Summary

Consensus Mining & Seigniorage Corporation (OTCQX:CMSG) reported a 2025 net loss of $1.1M ($0.51/share) vs. 2024 net income $13.0M ($5.79/share). Digital asset holdings totaled $31.3M at year-end, with 346 BTC and 12,730 LTC. Full-year mining revenue fell 18.5% to $4.5M; Bitcoin rewards and unrealized bitcoin fair-value declines drove most of the loss.

The company added $1.7M of mining equipment in 2025, operated 830 Bitcoin miners and 555 Litecoin/Dogecoin miners, and will host a shareholder call on Feb 17, 2026.

Positive

• Aggregate Bitcoin holdings grew by 8%
• Digital asset holdings valued at $31.3M at year-end
• Added $1.7M of mining equipment in 2025

Negative

• Net income swung to a $1.1M loss from $13.0M profit in 2024
• Mining revenue declined 18.5% year-over-year to $4.5M
• Unrealized digital asset losses of $2.5M in 2025 (Q4: $9.4M loss)
• Interest income declined from $3.0M to $2.4M

Financial Results Summary

NEW YORK, NY / ACCESS Newswire / February 11, 2026 / Consensus Mining & Seigniorage Corporation ("CMSG" or "the Company") announced net loss for the year ended December 31, 2025 of $1.1 million, or $0.51 per share, as compared to a net income of $13.0 million, or $5.79 per share, for 2024. The decline in the Company's net income was related to the decline in the fair value of Bitcoin during 2025, which occurred principally within the fourth quarter.

The Company also reported a net loss of $7.3 million, or $3.26 per share, for the three months ended December 31, 2025 as compared to net income of $8.1 million, or $3.61 per share, for the prior comparable period.

While book value per share decreased 1.2% from $41.79 to $41.28 during the year ended December 31, 2025, the Company has grown its aggregate Bitcoin by 8%. The Company's aggregate quarter-end cryptocurrency holdings were primarily 346 BTC and 12,730 LTC, which were valued at $30.2 million and $1.0 million respectively. The value of all cryptocurrency holdings was $31.3 million at December 31, 2025.

The Company generated $4.5 million of mining revenue for the 2025 annual period as compared to $5.5 million in 2024. The 18.5% revenue decline resulted in $2.2 million of Bitcoin mining revenue. The decline was the result of a 61% decrease in Bitcoin rewards, dropping from 57 to 22 for the annual period. The volume decline was partially offset by higher average prices throughout the year of approximately $102,000. The Bitcoin decline was also partially offset by 17% higher revenue from scrypt mining during 2025. The Company generated $2.3 million of scypt mining revenue during 2025 resulting from higher average Dogecoin prices during the year. The Company typically uses a portion of the Dogecoin mining rewards to acquire Bitcoin. During the 2025 annual period, the Company purchased 4.0 Bitcoin using these Dogecoin proceeds.

For the fourth quarter, the Company generated $0.9 million of mining revenue as compared to $1.6 million during the prior comparable quarter of 2024. The 43% revenue decline resulted in $452,000 of Bitcoin mining revenue. The decline was driven by a 50% decrease in Bitcoin rewards, dropping from 9.0 to 4.5 for the quarterly period. This volume decline was partially offset by higher average prices during the period of approximately $99,800. The Company experienced a similar 39% decline in revenue from scrypt mining during the fourth quarter, resulting from lower average Dogecoin prices during the fourth quarter.

The Company has continued to purchase scrypt mining equipment throughout 2025 adding $1.7 millon of mining equipment. As of December 31, 2025, CMSG owned and operated 830 miners for Bitcoin, and 555 miners for Litecoin and Dogecoin. The Company's Bitcoin hashrate was approximately 143 PetaHash (PH). The Company's Litecoin hashrate was approximately 6,890 GH.

The cost of revenue, a figure that largely consists of hosting costs, was $2.7 million for the year ended December 31, 2025, down 3.4% from the $2.8 million for the year ended December 31, 2024. During the fourth quarter of 2025, cost of revenues decreased to $649,000 from $681,000 in prior comparable quarter, a decrease of 4.6%.

Operating expenses-which include depreciation of mining equipment as well as general administrative expenses-declined 31% for the annual period and 40% for the fourth quarter. These declines were primarily due to lower depreciation expenses for certain equipment becoming fully depreciated or disposed of during earlier periods.

The Company reported an operating loss of $0.5 million for the fourth quarter of 2025, as compared to an operating loss of $0.4 million for the fourth quarter of 2024.

Non-operating income for the fourth quarter of 2025 includes changes in the fair value of our cryptocurrency holdings as well as interest income from our cash equivalents. Our interest income declined for the year from $3.0 million to $2.4 million. The changes in fair value of digital assets resulted in an unrealized loss of $2.5 million during the year ended December 31, 2025 as compared to unrealized gains of $15.5 million for the year ended December 31, 2024. The declines in fair value of our digital assets was most pronounced in the fourth quarter which included an unrealized loss of $9.4 million as compared to unrealized gains of $9.8 million in the fourth quarter of 2024.

Upcoming Shareholder Call

The Company has also announced an upcoming shareholder call on Tuesday, February 17, 2026.

Tuesday, February 17, 2026 4:15 pm ET

Online Webinar: REGISTER HERE

Phone Access: +1 (631) 992-3221 Access Code: 252-333-875

Only online participants can submit questions during the webinar.

Consensus Mining & Seigniorage Corporation (OTCQX:CMSG) is a cryptocurrency mining company created with strategic partnerships in hosting, repair, and management. This enables CMSG to operate with minimal overhead and enhanced profitability, and with a conservative capital structure that allows for flexible and patient capital allocation. For more information, please visit www.consensusmining.com.

Investor Relations Contact: IR@consensusmining.com

Consensus Mining & Seigniorage Corporation
Balance Sheets

		December 31, 2025				December 31, 2024
Assets
Current assets
Cash and cash equivalents		$	60,533,066			$	61,251,236
Federal tax receivable			344,777				223,100
Prepaid expenses			198,441				567,851
Other receivables			80,498				163,736
Loans receivable - related party			370,130				-
Total current assets			61,526,912				62,205,923
Non-current assets
Property and equipment, net			3,395,958				4,201,154
Digital assets, net			31,332,392				30,942,301
Loans receivable - related party			-				335,045
Total non-current assets			34,728,350				35,478,500
Total Assets		$	96,255,262			$	97,684,423
Liabilities and Stockholders' Equity
Current liabilities
Accrued taxes		$	18,577			$	35,314
Accrued accounting fees			83,647				115,012
Accrued hosting fees			9,809				-
Other accrued expenses			43,803				11,439
Total current liabilities			155,836				161,765
Non-current liabilities
Deferred tax liabilities, net			3,210,612				3,488,926
Total Liabilities			3,366,448				3,650,691
Commitments and contingencies (Note 5)
Stockholders' Equity
Common stock ($0.01 par value, 5,000,000 shares authorized, 2,250,009 issued and outstanding)			22,500				22,500
Additional paid-in capital			86,286,813				86,286,813
Retained Earnings			6,579,501				7,724,419
Total Stockholders' Equity			92,888,814				94,033,732
Total Liabilities and Stockholders' Equity		$	96,255,262			$	97,684,423

The accompanying notes are an integral part of these financial statements.

Consensus Mining & Seigniorage Corporation
Statements of Operations

		Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Revenue:
Digital asset mining		$	894,610			$	1,574,178			$	4,503,808			$	5,528,219
Total revenue			894,610				1,574,178				4,503,808				5,528,219
Cost of revenues
Hosting fees			649,129				680,781				2,700,534				2,796,363
Total cost of revenues			649,129				680,781				2,700,534				2,796,363
Operating expenses:
Depreciation expense			568,762				819,858				2,318,732				3,689,862
Losses on disposals, net			(5,776	)			336,478				164,615				336,478
General and administrative expenses			206,988				136,466				694,054				559,076
Total operating expenses			769,974				1,292,802				3,177,401				4,585,416
Operating loss			(524,493	)			(399,405	)			(1,374,127	)			(1,853,560	)
Non-operating income (expense):
Net change in unrealized appreciation (depreciation) on digital assets			(9,443,826	)			9,791,501				(2,493,464	)			15,450,503
Interest income			570,669				684,015				2,422,715				3,033,390
Realized gain (loss) on sale of digital assets			(369	)			3,539				(8,965	)			24,989
Other income (expense)			(14	)			889				(14	)			1,824
Total non-operating income			(8,873,539	)			10,479,944				(79,728	)			18,510,706
Income (loss) before income taxes			(9,398,032	)			10,080,539				(1,453,855	)			16,657,146
Provision for (benefit from) income taxes			(2,062,833	)			1,948,482				(308,937	)			3,639,705
Net income (loss)		$	(7,335,199	)		$	8,132,057			$	(1,144,918	)		$	13,017,441
Basic and diluted net income (loss) per share		$	(3.26	)		$	3.61			$	(0.51	)		$	5.79
Weighted average shares (basic and diluted)			2,250,009				2,250,009				2,250,009				2,250,009

The accompanying notes are an integral part of these financial statements.

About CMSG

Consensus Mining & Seigniorage Corporation (OTCQX:CMSG) is a cryptocurrency mining company created with strategic partnerships in hosting, repair, and management. This enables CMSG to operate with minimal overhead and enhanced profitability, and with a conservative capital structure that allows for flexible and patient capital allocation. For more information, please visit www.consensusmining.com.

Investor Relations Contact:

IR@consensusmining.com

SOURCE: Consensus Mining & Seigniorage Corporation

View the original press release on ACCESS Newswire

FAQ

Why did CMSG (OTCQX:CMSG) report a net loss for 2025?

The primary cause was a decline in digital asset fair value, producing unrealized losses that overwhelmed operations. According to the company, lower Bitcoin rewards and large fourth-quarter unrealized losses were the main drivers of the 2025 net loss.

How much bitcoin and litecoin did CMSG hold at December 31, 2025 (CMSG)?

CMSG held 346 BTC and 12,730 LTC valued at $31.3M at year-end. According to the company, those balances represented the aggregate cryptocurrency holdings reported on the balance sheet.

What were CMSG's 2025 mining revenues and how did they change year-over-year?

CMSG generated $4.5M in mining revenue for 2025, down 18.5% versus 2024. According to the company, lower Bitcoin rewards reduced revenue, partially offset by higher average Bitcoin prices and stronger scrypt revenue.

How many mining rigs and what hashrates did CMSG report at year-end 2025?

CMSG operated 830 Bitcoin miners and 555 Litecoin/Dogecoin miners with ~143 PH Bitcoin hashrate and ~6,890 GH Litecoin hashrate. According to the company, these figures reflect equipment in service as of December 31, 2025.

Did CMSG make capital investments in mining equipment during 2025?

Yes. CMSG added $1.7M of mining equipment during 2025 to expand capacity and replace units. According to the company, ongoing equipment purchases support future mining throughput despite short-term revenue declines.

When is the CMSG shareholder call discussing the 2025 results?

The shareholder call is scheduled for Tuesday, February 17, 2026 at 4:15 pm ET and will be an online webinar. According to the company, only online participants can submit questions during the live session.