LM Funding America, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
LM Funding America (NASDAQ: LMFA) reported Q4 2025 revenue of $2.4 million, up 19.2% YoY and 8.7% sequentially, driven by higher Bitcoin production (22.0 BTC).
Q4 net loss was $17.9 million and Core EBITDA loss $9.3 million, led by mark-to-market Bitcoin losses, a $5.4M impairment, higher depreciation, and Mississippi integration costs. Cash was about $1.4M and Bitcoin holdings totaled 356.4 BTC (including collateral with Galaxy Digital).
Positive
- Revenue +19.2% year-over-year to $2.4M
- Bitcoin production +25% sequential to 22.0 BTC
- Bitcoin holdings grew to 356.4 BTC at year-end
Negative
- Net loss of $17.9M in Q4 2025
- Mining margin fell from 49% to 25% sequentially
- Cash balance low at approximately $1.4M
News Market Reaction – LMFA
On the day this news was published, LMFA declined 8.31%, reflecting a notable negative market reaction. Argus tracked a trough of -7.6% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $419K from the company's valuation, bringing the market cap to $4.63M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Sector peers show mixed moves: PT up 16.19%, SNTG, DXF, FOA modestly positive, and PMTS down 0.57%. Only one peer (CPSS) appeared on the momentum scanner, up just over 1%, providing limited evidence of a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 24 | Earnings call notice | Neutral | -5.7% | Announced timing and access details for Q4 and full-year 2025 earnings call. |
| Nov 14 | Q3 2025 earnings | Positive | -13.1% | Reported strong Q3 revenue growth, higher mining margin, capital raise, and Mississippi acquisition. |
| Nov 06 | Q3 call notice | Neutral | -5.4% | Scheduled Q3 2025 earnings conference call and noted upcoming results release. |
| Aug 14 | Q2 2025 earnings | Neutral | +1.3% | Shared Q2 2025 results, Mississippi site agreement, improved margins, and Bitcoin holdings update. |
| Aug 04 | Q2 call notice | Neutral | -8.3% | Announced Q2 2025 earnings call date and availability of results and presentation. |
Earnings-related headlines have often been followed by negative price reactions, with an average move of about -6.23%, including selloffs even after operationally positive quarters.
Recent history shows LMFA using 2025 earnings and operations updates to highlight scaling of Bitcoin mining and treasury growth. Q2 and Q3 2025 results detailed rising revenue, higher mining margins, and expansion to a Mississippi site, yet shares often traded lower afterward (e.g., -13.06% after Q3 results). Multiple earnings call announcements in Aug 2025 and Nov 2025 also coincided with negative next-day moves. Today’s full-year 2025 release fits into this pattern of frequent earnings communications around a growing Bitcoin-focused platform.
Historical Comparison
In the past year, LMFA’s earnings-related headlines averaged next-day moves of about -6.23%, showing a tendency for cautious or negative reactions around earnings events.
Across 2025 earnings updates, LMFA moved from $1.9M Q2 revenue to $2.18M in Q3 and now $2.4M in Q4, while expanding Bitcoin holdings and mining capacity. The new release extends this progression with full-year $8.8M revenue and larger Bitcoin treasury metrics, framing 2025 as a scale-up year in both operations and balance sheet exposure to Bitcoin.
Regulatory & Risk Context
An amended Form S-3/A filed on Oct 10, 2025 registers shares for resale by existing holders under a shelf process. The company states it will not receive proceeds from these resales. The shelf is not yet effective and has seen at least one related 424B5 usage on Oct 29, 2025.
Market Pulse Summary
The stock moved -8.3% in the session following this news. A negative reaction despite growing Q4 revenue to $2.4 million and expanding Bitcoin holdings to 356.4 BTC would have fit prior earnings patterns, where headlines around results averaged moves of about -6.23%. The reported Q4 net loss of $17.9 million, weaker 25% mining margin, and non-cash impairments tied to lower Bitcoin prices could have reinforced concerns about profitability and balance-sheet sensitivity to Bitcoin volatility.
Key Terms
core ebitda financial
mining margin financial
mark-to-market financial
digital assets receivable financial
hashrate technical
immersion-cooled technical
curtailment technical
bitcoin treasury financial
AI-generated analysis. Not financial advice.
- Fourth quarter revenue of
TAMPA, Fla., March 27, 2026 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a Bitcoin treasury and mining company, today reported financial results for the three and twelve months ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights
- Total revenue for the fourth quarter ended December 31, 2025 was
$2.4 million dollars, up8.7% sequentially from Q3 2025 and19.2% for the quarter year-over-year. The sequential increase reflects higher Bitcoin production but partial offset by a lower average Bitcoin price. - The Company mined 22.0 Bitcoin during the fourth quarter 2025 at an average price of approximately
$99,700 , compared to 17.6 Bitcoin in Q3 2025 at an average Bitcoin value of approximately$114,000 . The sequential increase in mined Bitcoin was due to higher energized hashrate in Q4 2025. - Mining margin for the fourth quarter ended December 31, 2025 was
25% , compared to a margin of49% in Q3 2025. The sequential decline was driven primarily by a lower average Bitcoin price, followed by lower curtailment and energy sales (approximately$133,000 in Q4 2025 compared to$150,000 in Q3 2025). These factors were partially offset by higher mining uptime as a result of the Company’s Mississippi facility being fully online beginning in October 2025. - Net loss for the fourth quarter ended December 31, 2025 was
$17.9 million and Core EBITDA loss was$9.3 million , compared to net income of$0.6 million and Core EBITDA of$3.8 million in Q4 2024. The Q4 2025 net loss was driven by four primary factors: (i) a combined$7.8 million non-cash Bitcoin fair value impact, comprising of a$4.8 million mark-to-market loss on the Company's Bitcoin holdings within operating expenses and a$3.0 million fair value loss on the digital assets receivable held as collateral under the Galaxy Digital loan facility — reflecting a decline in Bitcoin price from approximately$114,000 at September 30, 2025 to approximately$88,000 at December 31, 2025; (ii) a$5.4 million non-cash impairment loss on mining equipment driven by the lower Bitcoin price environment; (iii) depreciation and amortization associated with the Company's expanded asset base; and (iv) higher operating expenses related to the full-quarter integration of the Mississippi facility acquired in Q3 2025. Mining margin consists of revenues minus digital mining costs and curtailment and energy sales. - As of December 31, 2025, cash was approximately
$1.4 million , and Bitcoin holdings totaled 356.4 Bitcoin which includes 145 Bitcoin held by Galaxy Digital in a Digital assets receivable account, valued at approximately$31.2 million based on Bitcoin price of approximately$87,500 , as of December 31, 2025. - As of February 28, 2026, the Company held 354.7 Bitcoin which includes 174 Bitcoin held by Galaxy Digital in a Digital assets receivable account, valued at approximately
$23.8 million , based on a Bitcoin price of approximately$67,000 as of February 28, 2026, or$1.11 B itcoin per share1.
Q4’25 and Recent Operational Highlights
- Oklahoma immersion-cooled expansion: Energized first BC40 Elite immersion-cooled unit at Oklahoma in December 2025, powering 160 Bitmain S21 immersion miners, which added approximately 35 PH/s to our energized hashrate. In January 2026, the company energized its second unit, bringing total energized hashrate to approximately 782 PH/s as of February 2026.
- Bitcoin holdings growth: Bitcoin holdings grew from approximately 150 Bitcoin to 356.4 Bitcoin during 2025, more than doubling, including 164 Bitcoin acquired in August 2025 and 47 Bitcoin in December 2025.
________________________________
1 Calculated using 21,455,892 diluted shares outstanding as of February 28, 2026.
Management Commentary
“2025 was a transformational year for the Company. We entered the year with a fragmented mining business and a modest Bitcoin treasury. We exited the year with two wholly-owned, low-cost-power sites, a vertically integrated platform, a streamlined capital structure, and a substantially larger Bitcoin treasury,” said Bruce Rodgers, Chairman and CEO of LM Funding. “Over the course of the year, we expanded operational capacity to 26 MW across Oklahoma and Mississippi and increased our Bitcoin holdings to more than 356 Bitcoin at year end, more than double where we started. As we enter 2026, our focus is shifting from building the foundation to scaling production, improving efficiency, and increasing Bitcoin per share.”
“We started the year operating a single site in Oklahoma and ended it with two wholly owned sites totaling 22.5 MW energized and approximately 750 PH/s at year-end, with further expansion continuing into early 2026,” said Ryan Duran, President of the Company’s US Digital Mining subsidiary. “Operationally, we relocated machines from third-party hosting to our own infrastructure, upgraded portions of the fleet with more efficient hardware, and successfully integrated the Mississippi acquisition, adding low-cost power and meaningful production capacity. Our immersion program is now underway, and early 2026 production levels reflect the highest energized hashrate and Bitcoin production in the Company’s history.”
“Fourth quarter revenue increased
Mr. Russell continued, “For the full year 2025, we generated approximately
Investor Conference Call
LM Funding America, Inc. (Nasdaq: LMFA) operates as a Bitcoin treasury and mining company. The Company was founded in 2008 and is based in Tampa, Florida. The Company also operates a technology-enabled specialty finance business that provides funding to nonprofit community associations primarily in the State of Florida. For more information, please visit https://www.lmfunding.com.
Conference Call Details
- Date: March 27, 2026
- Time: 8:00 AM EST
- Participant Call Links:
Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company's most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, the risks of operating in the cryptocurrency mining business, our limited operating history in the cryptocurrency mining business and our ability to grow that business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, our ability to identify and acquire additional mining sites, the ability to finance our site acquisitions and cryptocurrency mining operations, the risks associated with growing our Bitcoin treasury operations and strategy, our ability to acquire new accounts in our specialty finance business at appropriate prices, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.
For investor and media inquiries, please contact:
Investor Relations
OG Advisory Group
Yujia Zhai
lmfundingIR@orangegroupadvisors.com
| LM FUNDING AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Cash | $ | 1,424,426 | $ | 3,378,152 | ||||
| Digital assets - current (Note 4) | 2,563,474 | 9,021,927 | ||||||
| Finance receivables | 17,533 | 21,051 | ||||||
| Marketable securities (Note 7) | 37,380 | 27,050 | ||||||
| Receivable from sale of Symbiont assets (Note 7) | - | 200,000 | ||||||
| Prepaid expenses and other assets | 1,198,486 | 827,237 | ||||||
| Digital assets - collateral (Note 4) | 5,500,000 | - | ||||||
| Digital assets receivable, net (Note 4) | 12,678,014 | - | ||||||
| Galaxy loan derivative (Note 8) | 47,673 | - | ||||||
| Income tax receivable | 31,187 | 31,187 | ||||||
| Current assets | 23,498,173 | 13,506,604 | ||||||
| Fixed assets, net (Note 5) | 9,917,350 | 18,376,948 | ||||||
| Intangible assets, net (Note 5) | 6,327,769 | 5,478,958 | ||||||
| Deposits on mining equipment (Note 6) | 1,597 | 467,172 | ||||||
| Long-term investments - equity securities (Note 7) | 233 | 4,255 | ||||||
| Investment in Seastar Medical Holding Corporation (Note 7) | 24,840 | 200,790 | ||||||
| Digital assets - long-term (Note 4) | 8,233,035 | - | ||||||
| Digital assets - collateral (Note 4) | 2,200,000 | 5,000,000 | ||||||
| Right of use assets (Note 9) | 728,995 | 938,641 | ||||||
| Other assets | 384,234 | 73,857 | ||||||
| Long-term assets | 27,818,053 | 30,540,621 | ||||||
| Total assets | $ | 51,316,226 | $ | 44,047,225 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Accounts payable and accrued expenses | 1,745,875 | 989,563 | ||||||
| Note payable - short-term (Note 8) | 7,006,912 | 386,312 | ||||||
| Master digital currency loan (Note 8) | 10,920,838 | - | ||||||
| Due to related parties (Note 11) | 48,319 | 15,944 | ||||||
| Current portion of lease liability (Note 9) | 194,618 | 170,967 | ||||||
| Total current liabilities | 19,916,562 | 1,562,786 | ||||||
| Note payable - long-term (Note 8) | 1,932,502 | 6,365,345 | ||||||
| Lease liability - net of current portion (Note 9) | 590,368 | 776,535 | ||||||
| Long-term liabilities | 2,522,870 | 7,141,880 | ||||||
| Total liabilities | 22,439,432 | 8,704,666 | ||||||
| Stockholders' equity (Note 12) | ||||||||
| Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024 | - | - | ||||||
| Common stock, par value $.001; 350,000,000 shares authorized; 14,123,497 and 5,133,412 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | 13,592 | 4,602 | ||||||
| Additional paid-in capital | 123,186,921 | 102,685,470 | ||||||
| Accumulated deficit | (92,582,928 | ) | (65,662,731 | ) | ||||
| Total LM Funding America stockholders' equity | 30,617,585 | 37,027,341 | ||||||
| Non-controlling interest | (1,740,791 | ) | (1,684,782 | ) | ||||
| Total stockholders' equity | 28,876,794 | 35,342,559 | ||||||
| Total liabilities and stockholders’ equity | $ | 51,316,226 | $ | 44,047,225 | ||||
| LM FUNDING AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Three Months ended December 31, | Year ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Digital mining revenues | $ | 2,192,715 | $ | 1,814,169 | $ | 8,283,423 | $ | 10,432,605 | ||||||||
| Specialty finance revenue | 148,508 | 140,377 | 452,476 | 443,599 | ||||||||||||
| Rental revenue | 25,546 | 30,678 | 108,834 | 123,444 | ||||||||||||
| Total revenues | 2,366,769 | 1,985,224 | 8,844,733 | 10,999,648 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Digital mining cost of revenues (exclusive of depreciation and amortization shown below) | 1,778,555 | 1,248,083 | 5,792,433 | 6,990,856 | ||||||||||||
| Curtailment and energy sales | (133,206 | ) | - | (658,048 | ) | - | ||||||||||
| Staff costs and payroll | 1,535,595 | 907,883 | 6,210,804 | 4,556,781 | ||||||||||||
| Depreciation and amortization | 2,122,516 | 1,986,771 | 8,171,570 | 7,774,161 | ||||||||||||
| Loss (gain) on fair value of Bitcoin, net | 4,791,711 | (4,254,031 | ) | 1,808,174 | (7,350,805 | ) | ||||||||||
| Impairment loss on mining equipment | 5,391,857 | 191,317 | 5,391,857 | 1,379,375 | ||||||||||||
| Professional fees | 523,920 | 434,251 | 1,640,569 | 2,057,165 | ||||||||||||
| Selling, general and administrative | 448,696 | 234,368 | 1,582,568 | 817,041 | ||||||||||||
| Real estate management and disposal | 41,619 | 70,483 | 115,040 | 159,913 | ||||||||||||
| Collection costs | 14,200 | 4,647 | 41,843 | 41,043 | ||||||||||||
| Settlement costs with associations | - | - | 3,693 | - | ||||||||||||
| Loss on disposal of assets | 215,441 | 81,594 | 501,800 | 136,100 | ||||||||||||
| Other operating costs | 327,428 | 232,166 | 1,127,317 | 899,569 | ||||||||||||
| Total operating costs and expenses | 17,058,332 | 1,137,532 | 31,729,620 | 17,461,199 | ||||||||||||
| Operating income (loss) | (14,691,563 | ) | 847,692 | (22,884,887 | ) | (6,461,551 | ) | |||||||||
| Unrealized gain on marketable securities | 13,750 | 8,206 | 10,330 | 9,190 | ||||||||||||
| Impairment loss on prepaid machine deposits | (4,885 | ) | - | (4,885 | ) | (12,941 | ) | |||||||||
| Unrealized loss on investment and equity securities | (39,520 | ) | (244,809 | ) | (179,972 | ) | (1,097,433 | ) | ||||||||
| Unrealized gain on Galaxy loan derivative | 285,160 | 285,160 | - | |||||||||||||
| Gain (loss) on fair value of purchased Bitcoin, net | - | (18,729 | ) | (52,704 | ) | 39,197 | ||||||||||
| Loss on fair value of digital assets receivable | (3,017,485 | ) | - | (3,017,485 | ) | - | ||||||||||
| Credit loss on digital assets receivable | (9,187 | ) | - | -9,187 | - | |||||||||||
| Other income - coupon sales | - | - | - | 4,490 | ||||||||||||
| Interest expense | (440,951 | ) | (211,946 | ) | (1,124,685 | ) | (443,700 | ) | ||||||||
| Interest income | 532 | 182,620 | 3,124 | 307,316 | ||||||||||||
| Income (loss) before income taxes | (17,904,149 | ) | 563,034 | (26,975,191 | ) | (7,655,432 | ) | |||||||||
| Income tax expense | - | - | - | - | ||||||||||||
| Net income (loss) | $ | (17,904,149 | ) | $ | 563,034 | $ | (26,975,191 | ) | $ | (7,655,432 | ) | |||||
| Less: loss attributable to non-controlling interest | 11,518 | 74,760 | 54,994 | 340,056 | ||||||||||||
| Net income (loss) attributable to LM Funding America Inc. | $ | (17,892,631 | ) | $ | 637,794 | $ | (26,920,197 | ) | $ | (7,315,376 | ) | |||||
| Less: deemed dividends (Note 9) | (1,231,238 | ) | (5,090,619 | ) | (1,579,020 | ) | (6,794,924 | ) | ||||||||
| Net loss attributable to common shareholders | $ | (19,123,869 | ) | $ | (4,452,825 | ) | $ | (28,499,217 | ) | $ | (14,110,300 | ) | ||||
| Basic loss per common share (Note 1) | $ | (1.33 | ) | $ | (1.22 | ) | $ | (3.28 | ) | $ | (5.02 | ) | ||||
| Diluted loss per common share (Note 1) | $ | (1.33 | ) | $ | (1.22 | ) | $ | (3.28 | ) | $ | (5.02 | ) | ||||
| Weighted average number of common shares outstanding | ||||||||||||||||
| Basic | 14,431,938 | 3,650,624 | 8,700,377 | 2,808,064 | ||||||||||||
| Diluted | 14,431,938 | 3,650,624 | 8,700,377 | 2,808,064 | ||||||||||||
| LM FUNDING AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| Year ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (26,975,191 | ) | $ | (7,655,432 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Depreciation and amortization | 8,171,570 | 7,774,161 | ||||||
| Noncash lease expense | 224,356 | 109,842 | ||||||
| Amortization of debt issue costs and debt discount | 255,968 | 35,435 | ||||||
| Stock compensation | - | 76,322 | ||||||
| Stock option expense | 687,748 | 443,220 | ||||||
| Professional fees paid in common shares | 177,660 | 100,001 | ||||||
| Accrued investment income | - | (197,104 | ) | |||||
| Accrued interest expense on finance lease | 55,510 | - | ||||||
| Digital assets other income | - | (4,490 | ) | |||||
| Loss (gain) on fair value of Bitcoin, net | 1,860,878 | (7,390,002 | ) | |||||
| Loss on fair value of digital assets receivable | 3,017,485 | - | ||||||
| Impairment loss on mining machines | 5,391,857 | 1,379,375 | ||||||
| Impairment loss on mining machine deposits | 4,885 | 12,941 | ||||||
| Unrealized gain on marketable securities | (10,330 | ) | (9,190 | ) | ||||
| Unrealized gain on Galaxy loan derivative | (285,160 | ) | - | |||||
| Credit loss on digital assets receivable | 9,187 | - | ||||||
| Unrealized loss on investment and equity securities | 179,972 | 1,097,433 | ||||||
| Loss on disposal of fixed assets | 501,800 | 136,100 | ||||||
| Change in operating assets and liabilities: | ||||||||
| Prepaid expenses and other assets | 472,090 | 3,781,133 | ||||||
| Hosting deposits | - | (12,941 | ) | |||||
| Advances (repayments) to related party | 32,375 | (6,901 | ) | |||||
| Accounts payable and accrued expenses | 756,312 | (1,075,346 | ) | |||||
| Mining of digital assets | (8,283,423 | ) | (10,432,605 | ) | ||||
| Lease liability payments | (232,736 | ) | (108,131 | ) | ||||
| Net cash used in operating activities | (13,987,187 | ) | (11,946,179 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Net collections of finance receivables - original product | (6,235 | ) | 1,059 | |||||
| Net collections of finance receivables - special product | 9,753 | (2,889 | ) | |||||
| Capital expenditures | (2,206,954 | ) | (1,732,472 | ) | ||||
| Proceeds from sale of fixed assets | - | 78,806 | ||||||
| Collection of note receivable | 200,000 | 1,449,066 | ||||||
| Acquisition of hosting site | (4,230,369 | ) | (3,642,870 | ) | ||||
| Investment in notes receivable | - | (3,587,195 | ) | |||||
| Investment in digital assets - Bitcoin | (22,788,057 | ) | (485,500 | ) | ||||
| Investment in digital assets - Tether | (33,143 | ) | - | |||||
| Proceeds from sale of Bitcoin | 9,030,783 | 8,309,104 | ||||||
| Proceeds from the sale of Tether | 33,694 | 11,928 | ||||||
| Change in deposits for mining equipment | 448,458 | - | ||||||
| Distribution to members | (1,015 | ) | (19,616 | ) | ||||
| Net cash provided by (used in) investing activities | (19,543,085 | ) | 379,421 | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from borrowings, net of issuance costs | 12,919,915 | 6,329,910 | ||||||
| Insurance financing repayments | (734,030 | ) | (709,491 | ) | ||||
| Exercise of options | - | 25,000 | ||||||
| Proceeds from warrant exercise | 95,999 | 4,748,971 | ||||||
| Proceeds from the issuance of common stock, net of issuance costs | 27,268,900 | 2,148,689 | ||||||
| Repurchase of common stock | (7,973,666 | ) | - | |||||
| Net cash provided by financing activities | 31,577,118 | 12,543,079 | ||||||
| NET INCREASE (DECREASE) IN CASH | (1,953,726 | ) | 976,321 | |||||
| CASH - BEGINNING OF PERIOD | 3,378,152 | 2,401,831 | ||||||
| CASH - END OF PERIOD | $ | 1,424,426 | 3,378,152 | |||||
NON-GAAP CORE EBITDA RECONCILIATION
Our reported results are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We also disclose Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA") and Core Earnings before Interest, Tax, Depreciation and Amortization ("Core EBITDA") which adjusts for unrealized loss (gain) on investment and equity securities, loss on disposal of mining equipment, impairment loss on mining equipment and stock compensation expense and option expense, all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of Bitcoin miners.
The following tables reconcile net income (loss), which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA:
| Three Months ended December 31, | Year ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Net income (loss) | $ | (17,904,149 | ) | $ | 563,034 | $ | (26,975,191 | ) | $ | (7,655,432 | ) | ||||||
| Income tax expense | - | - | - | - | |||||||||||||
| Interest expense | 440,951 | 211,946 | 1,124,685 | 443,700 | |||||||||||||
| Depreciation and amortization | 2,122,516 | 1,986,771 | 8,171,570 | 7,774,161 | |||||||||||||
| Income (loss) before interest, taxes & depreciation | $ | (15,340,682 | ) | $ | 2,761,751 | $ | (17,678,936 | ) | $ | 562,429 | |||||||
| Unrealized loss on investment and equity securities | 39,520 | 244,809 | 179,972 | 1,097,433 | |||||||||||||
| Loss on disposal of mining equipment | 215,441 | 81,594 | 501,800 | 136,100 | |||||||||||||
| Impairment loss on mining equipment | 5,391,857 | 191,317 | 5,391,857 | 1,379,375 | |||||||||||||
| Impairment loss on prepaid machine deposits | 4,885 | 12,941 | 4,885 | 12,941 | |||||||||||||
| Costs associated with At-the-Market Equity program | - | 119,050 | - | 119,050 | |||||||||||||
| Contract termination costs | - | 250,001 | - | 250,001 | |||||||||||||
| Stock compensation and option expense | 428,364 | 110,805 | 687,748 | 519,542 | |||||||||||||
| Core income (loss) before interest, taxes & depreciation | $ | (9,260,615 | ) | $ | 3,772,268 | $ | (10,912,674 | ) | $ | 4,076,871 | |||||||
FAQ
What were LMFA Q4 2025 revenue and net income figures?
How many bitcoins did LMFA mine in Q4 2025 and how did production change?
What caused LMFA's large Q4 2025 net loss of $17.9 million?
How many bitcoins did LMFA hold at year-end and what was the cash position?
What operational capacity and hashrate did LMFA report entering 2026?
How did mining margins change for LMFA in Q4 2025 and why?
