LM Funding (NASDAQ: LMFA) grows Bitcoin holdings but posts $17.9M Q4 loss

Rhea-AI Filing Summary

LM Funding America reported fourth quarter and full-year 2025 results, highlighting growth in Bitcoin production but a large accounting loss. Q4 2025 revenue was $2.4 million, up 8.7% sequentially and 19.2% year-over-year, as mined volume rose to 22.0 Bitcoin from 17.6 in Q3 2025. Mining margin fell to 25% from 49% due mainly to a lower average Bitcoin price. The company recorded a Q4 net loss of $17.9 million and Core EBITDA loss of $9.3 million, versus net income of $1.0 million and Core EBITDA of $3.8 million in Q4 2024, driven by non-cash Bitcoin fair value losses, a $5.4 million impairment on mining equipment, depreciation and amortization, and higher operating expenses from integrating its Mississippi facility. As of December 31, 2025, cash was about $1.4 million and Bitcoin holdings totaled 356.4 Bitcoin, valued at roughly $31.2 million. For full-year 2025, revenue was approximately $8.8 million and total assets were about $51.3 million, while management emphasized expanded hashrate, two low-cost sites, and use of a Galaxy Digital loan facility to repurchase more than 3.3 million shares and 7.2 million warrants.

Insights

Equity research analyst

Revenue and Bitcoin holdings grew in 2025, but profitability deteriorated sharply on non-cash charges and lower margins.

LM Funding America showed solid top-line and production momentum, with Q4 2025 revenue at $2.4 million, up 8.7% sequentially and 19.2% year-over-year. Mined Bitcoin increased to 22.0 from 17.6 quarter-over-quarter as energized hashrate and uptime improved, and full-year revenue reached about $8.8 million.

Profitability weakened meaningfully. Mining margin compressed from 49% in Q3 2025 to 25% in Q4 as Bitcoin prices fell while costs were relatively fixed. The $17.9 million Q4 net loss and $9.3 million Core EBITDA loss were driven largely by a combined $7.8 million non-cash Bitcoin fair value impact and a $5.4 million impairment on mining equipment, plus higher depreciation and operating expenses from the Mississippi site.

Balance sheet quality is mixed. Cash was about $1.4 million at year-end, but Bitcoin holdings were significant at 356.4 coins valued near $31.2 million, and total assets were $51.3 million. Management also used its Galaxy Digital loan facility to repurchase more than 3.3 million shares and 7.2 million warrants, which reduces potential dilution but relies on debt financing in a volatile Bitcoin price environment.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 27, 2026

LM FUNDING AMERICA, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-37605	47-3844457
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1200 West Platt Street Suite 100
Tampa, Florida				33606
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 813 222-8996

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock par value $0.001 per share		LMFA		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 27, 2026, LM Funding America, Inc. (the “Company”) issued a press release announcing its financial results for the Three and Twelve Months ended December 31, 2025.

The information furnished in this Item 2.02, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that Section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number		Description
99.1		Financial Results Press Release dated March 27, 2026
104		Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			LM Funding America, Inc.
Date:	March 27, 2026	By:	/s/ Richard Russell
			Richard Russell, CFO

LM Funding America, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results

- Fourth quarter revenue of $2.4 million, up 8.7% sequentially and 19.2% year-over-year

TAMPA, FL, March 27, 2026—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, up 8.7% sequentially from Q3 2025 and 19.2% 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 of 49% 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 $1.0 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 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 Bitcoin per share1.

1 Calculated using 21,455,892 diluted shares outstanding as of February 28, 2026.

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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.

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 19% year over year to $2.4 million, reflecting higher Bitcoin prices from the comparable prior year quarter and improved operational performance,” said Richard Russell, Chief Financial Officer of LM Funding. “Sequentially, Bitcoin production increased 25% to 22.0 Bitcoin as Mississippi operations ramped up and Oklahoma benefited from improved uptime during the fall and winter months. Mining margins declined sequentially, primarily due to a lower average Bitcoin price against a relatively fixed cost structure.

Mr. Russell continued, “For the full year 2025, we generated approximately $8.8 million in revenue and ended the year with total assets of approximately $51.3 million, including Bitcoin holdings valued at approximately $31.2 million. During the year, we actively managed our capital structure and better balance sheet, including utilizing our Galaxy Digital loan facility to repurchase more than 3.3 million shares and 7.2 million warrants, reducing dilution and enhancing per-share value. Looking forward, we believe our balance sheet, strong Bitcoin holdings, and disciplined capital allocation will position the Company to drive long-term value for our shareholder.”

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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:

oLive Webcast: Link

oParticipant Call Registration: Link

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

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LM FUNDING AMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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LM FUNDING AMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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LM FUNDING AMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

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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 loss, which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA:

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FAQ

What did LM Funding America (LMFA) report for Q4 2025 revenue?

LM Funding America reported Q4 2025 revenue of $2.4 million. This was an increase of 8.7% versus Q3 2025 and 19.2% year-over-year, driven mainly by higher Bitcoin production, partially offset by a lower average Bitcoin price during the quarter.

Why did LM Funding America record a $17.9 million net loss in Q4 2025?

The Q4 2025 net loss of $17.9 million was primarily driven by non-cash items. These included a combined $7.8 million Bitcoin fair value loss, a $5.4 million impairment on mining equipment, plus higher depreciation, amortization, and operating expenses from the Mississippi facility.

How much Bitcoin does LM Funding America hold, and what was it worth at year-end 2025?

As of December 31, 2025, LM Funding America held 356.4 Bitcoin, including 145 Bitcoin in a digital assets receivable account at Galaxy Digital. These holdings were valued at approximately $31.2 million based on a Bitcoin price of about $87,500.

What were LM Funding America’s full-year 2025 revenue and total assets?

For full-year 2025, LM Funding America generated approximately $8.8 million in revenue. The company ended the year with total assets of about $51.3 million, including Bitcoin holdings valued at roughly $31.2 million as of December 31, 2025, according to management commentary.

How did LM Funding America’s mining margin change in Q4 2025?

Mining margin declined to 25% in Q4 2025 from 49% in Q3 2025. Management attributed this mainly to a lower average Bitcoin price and reduced curtailment and energy sales, which outweighed benefits from higher uptime at the company’s fully online Mississippi facility.

What capital structure actions did LM Funding America take in 2025?

In 2025, LM Funding America used its Galaxy Digital loan facility to repurchase more than 3.3 million shares and 7.2 million warrants. Management stated these transactions reduced dilution and were part of efforts to improve the company’s balance sheet and per-share value.

What is LM Funding America’s business focus after its 2025 expansion?

LM Funding America operates as a Bitcoin treasury and mining company with two wholly owned, low-cost-power sites in Oklahoma and Mississippi. Management highlighted a shift for 2026 toward scaling production, improving efficiency, and increasing Bitcoin per share after completing major infrastructure expansion in 2025.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 45.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 24.3 KB