Bitcoin miner LM Funding (NASDAQ: LMFA) details Q1 2026 revenue, losses and BTC
Rhea-AI Filing Summary
LM Funding America, Inc. reported first quarter 2026 results reflecting higher Bitcoin production but wider losses. Total revenue was about $2.1 million, down roughly 11% year-over-year as lower Bitcoin prices offset increased mining activity. The company mined 26.1 Bitcoin at an average price of about $75,700, and mining margin was 24.1%, lower than 38.5% a year earlier but similar to the prior quarter.
Net loss widened to about $10.1 million, driven largely by approximately $3.8 million of negative fair value adjustments on mined Bitcoin and $3.2 million on Bitcoin collateral receivable. As of March 31, 2026, LM Funding held 338.2 Bitcoin valued at roughly $23.1 million and had cash of about $0.8 million, with total assets of $41.8 million and total liabilities of $22.7 million.
Positive
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Insights
Higher Bitcoin output but larger non-cash losses and thin cash.
LM Funding increased operating scale in Q1 2026, reaching a record energized hashrate of about 790 PH/s in March and producing 26.1 Bitcoin versus 24.3 a year earlier. However, lower average realized Bitcoin prices reduced total revenue to around $2.1 million, down roughly 11% year-over-year.
Profitability was pressured by non-cash revaluations. Loss on fair value of Bitcoin was about $3.8 million, and loss on fair value of digital assets receivable was about $3.2 million, together heavily contributing to the net loss of roughly $10.1 million and Core EBITDA loss of about $8.4 million. Mining margin of 24.1% also declined from 38.5% in Q1 2025.
On the balance sheet, total assets fell to about $41.8 million from $51.3 million at year-end, while total liabilities were about $22.7 million. Cash declined to roughly $0.8 million, but Bitcoin holdings totaled 338.2 BTC valued at about $23.1 million, forming a large part of reported assets. Overall, the filing shows a more leveraged exposure to Bitcoin prices with modest liquidity.
8-K Event Classification
Key Figures
Key Terms
energized hashrate financial
Core EBITDA financial
digital assets receivable financial
Galaxy loan derivative financial
curtailment and energy sales financial
Earnings Snapshot
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
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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:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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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 May 15, 2026, LM Funding America, Inc. (the “Company”) issued a press release announcing its financial results for the Three Months ended March 31, 2026.
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 |
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Description |
99.1 |
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Financial Results Press Release dated May 15, 2026 |
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104 |
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Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL)
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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.
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LM Funding America, Inc. |
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Date: |
May 15, 2026 |
By: |
/s/ Richard Russell |
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Richard Russell, CFO |
LM Funding America, Inc. Reports First Quarter 2026 Financial Results
- Highest energized hashrate in Company history of approximately 790 PH/s reached in March 2026
- Highest monthly Bitcoin production in Company history of 9.6 BTC produced in March 2026
TAMPA, FL, May 15, 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 months ended March 31, 2026.
Q1’26 Financial Highlights
1 Bitcoin per share calculated using 21,530,281 diluted shares outstanding as of April 30, 2026 which includes 17,352,281 shares outstanding and 4,178,000 warrants with an exercise price of $0.001 per share as of April 30, 2026.
2 Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net income can be found below.
Q1’26 and Recent Operational Highlights
Management Commentary
"The first quarter reflected strong operating performance in a softer Bitcoin price environment," said Bruce Rodgers, Chairman and Chief Executive Officer of LM Funding. "We increased production, reached record hashrate, and maintained margins from the fourth quarter 2025, while remaining focused on our Bitcoin mining and treasury strategy. Our priority is execution and closing the gap between our public valuation and the underlying value of our Bitcoin holdings and platform.”
"The first quarter was the first full period during which our expanded fleet operated at scale across both wholly-owned sites," said Ryan Duran, President of U.S. Digital Mining. "We produced 26.1 Bitcoin across Oklahoma and Mississippi, energized our second BC40 Elite immersion-cooled unit at Oklahoma in January, and deployed approximately 300 Bitmain S19 XP miners at Oklahoma in late February — driving energized hashrate to approximately 790 PH/s in March, the highest in the Company's history. With ASIC efficiency gains compressing across recent generations, we believe our deployed S19 XP, S21, and S21 immersion fleet will retain its competitive position in the network meaningfully longer than equivalent hardware would have in prior cycles."
"First quarter revenue declined approximately 11% year-over-year to $2.1 million, primarily reflecting a lower average realized Bitcoin price, partially offset by a 19% sequential increase in Bitcoin production," said Richard Russell, Chief Financial Officer of LM Funding. "Mining margin held at approximately 24%, in line with the 25% fourth quarter 2025 mining margin, supported by approximately $368,000 of curtailment and energy sales. The reported net loss of $10.1 million and Core EBITDA2 loss of $8.4 million were driven primarily by approximately $7.0 million of non-cash Bitcoin fair value adjustments and ongoing operating costs of the expanded platform. We extended the Galaxy Digital facility maturity to June 26, 2026 during the quarter and ended the period with $41.8 million of total assets, a 338.2 Bitcoin treasury, and $22.7 million of total liabilities — a balance sheet that we believe is positioned to support continued operating execution and selective accretive growth."
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
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 volatility in the market price of Bitcoin, 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 collect 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
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March 31, |
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December 31, |
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2026 |
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2025 |
Assets |
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Cash |
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$ 801,201 |
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$ 1,424,426 |
Marketable securities (Note 5) |
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35,000 |
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37,380 |
Prepaid expenses and other assets |
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1,087,163 |
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1,198,486 |
Finance receivables |
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14,020 |
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17,533 |
Digital assets - current (Note 2) |
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3,514,903 |
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2,563,474 |
Digital assets - collateral (Note 2) |
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5,500,000 |
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5,500,000 |
Digital assets receivable, net (Note 2) |
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11,880,544 |
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12,678,014 |
Galaxy loan derivative asset (Note 6) |
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- |
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47,673 |
Income tax receivable |
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- |
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31,187 |
Current assets |
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22,832,831 |
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23,498,173 |
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Fixed assets, net (Note 3) |
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9,362,777 |
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9,917,350 |
Intangible assets, net (Note 3) |
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6,261,980 |
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6,327,769 |
Deposits on mining equipment (Note 4) |
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- |
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1,597 |
Investment in Seastar Medical Holding Corporation |
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39,097 |
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25,073 |
Digital assets - long-term (Note 2) |
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- |
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8,233,035 |
Digital assets - collateral (Note 2) |
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2,200,000 |
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2,200,000 |
Right of use assets (Note 7) |
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671,434 |
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728,995 |
Other assets |
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384,234 |
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384,234 |
Long-term assets |
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18,919,522 |
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27,818,053 |
Total assets |
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$ 41,752,353 |
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$ 51,316,226 |
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Liabilities and stockholders’ equity |
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Accounts payable and accrued expenses |
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1,975,726 |
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1,745,875 |
Note payable - short-term (Note 6) |
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6,797,473 |
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7,006,912 |
Master digital currency loan (Note 6) |
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10,891,657 |
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10,920,838 |
Due to related parties (Note 9) |
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64,857 |
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48,319 |
Galaxy loan derivative liability (Note 6) |
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213,793 |
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- |
Current portion of lease liability (Note 7) |
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198,524 |
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194,618 |
Total current liabilities |
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20,142,030 |
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19,916,562 |
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Note payable - long-term (Note 6) |
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1,942,627 |
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1,932,502 |
Lease liability - net of current portion (Note 7) |
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575,123 |
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590,368 |
Long-term liabilities |
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2,517,750 |
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2,522,870 |
Total liabilities |
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22,659,780 |
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22,439,432 |
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Stockholders’ equity (Note 8) |
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Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025 |
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- |
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Common stock, par value $.001; 350,000,000 shares authorized; 16,157,892 and 14,123,497 shares issued and outstanding as of March 31, 2026 and December 31, 2025 |
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15,626 |
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13,592 |
Additional paid-in capital |
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123,516,208 |
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123,186,921 |
Accumulated deficit |
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(102,702,142) |
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(92,582,928) |
Total LM Funding America stockholders’ equity |
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20,829,692 |
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30,617,585 |
Non-controlling interest |
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(1,737,119) |
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(1,740,791) |
Total stockholders’ equity |
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19,092,573 |
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28,876,794 |
Total liabilities and stockholders’ equity |
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$ 41,752,353 |
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$ 51,316,226 |
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LM FUNDING AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
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Three Months ended March 31, |
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2026 |
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2025 |
Revenues: |
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Digital mining revenues |
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$ 1,978,180 |
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$ 2,273,940 |
Specialty finance revenue |
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107,657 |
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67,389 |
Rental revenue |
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23,130 |
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30,008 |
Total revenues |
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2,108,967 |
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2,371,337 |
Operating costs and expenses: |
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Digital mining cost of revenues (exclusive of depreciation and amortization shown below) |
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1,868,344 |
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1,548,295 |
Curtailment and energy sales |
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(367,595) |
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(149,686) |
Staff costs and payroll |
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1,317,275 |
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1,050,477 |
Depreciation and amortization |
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829,828 |
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2,037,578 |
Loss on fair value of Bitcoin, net |
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3,784,418 |
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1,809,976 |
Professional fees |
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345,694 |
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364,485 |
Selling, general and administrative |
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376,428 |
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309,964 |
Real estate management and disposal |
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13,375 |
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36,314 |
Collection costs |
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12,380 |
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17,352 |
Settlement costs with associations |
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- |
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3,693 |
Loss on disposal of assets |
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- |
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186,781 |
Other operating costs |
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361,095 |
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255,948 |
Total operating costs and expenses |
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8,541,242 |
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7,471,177 |
Operating loss |
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(6,432,275) |
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(5,099,840) |
Unrealized loss on marketable securities |
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(2,380) |
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(8,710) |
Unrealized gain (loss) on investment and equity securities |
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14,024 |
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(25,984) |
Gain on Galaxy loan derivative |
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22,374 |
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- |
Loss on fair value of purchased Bitcoin, net |
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- |
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(52,704) |
Loss on fair value of digital assets receivable |
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(3,178,440) |
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- |
Change in credit loss reserve on digital assets receivable |
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5,794 |
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- |
Interest expense |
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(545,171) |
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(220,906) |
Interest income |
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532 |
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1,145 |
Loss before income taxes |
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(10,115,542) |
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(5,406,999) |
Income tax expense |
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- |
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- |
Net loss |
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$ (10,115,542) |
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$ (5,406,999) |
Less: loss (gain) attributable to non-controlling interest |
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(3,672) |
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8,325 |
Net loss attributable to LM Funding America Inc. |
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$ (10,119,214) |
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$ (5,398,674) |
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Basic loss per common share (Note 1) |
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$ (0.47) |
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$ (1.05) |
Diluted loss per common share (Note 1) |
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$ (0.47) |
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$ (1.05) |
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Weighted average number of common shares outstanding |
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Basic |
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$ 21,455,856 |
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$ 5,133,412 |
Diluted |
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21,455,856 |
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5,133,412 |
LM FUNDING AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
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Three Months ended March 31, |
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2026 |
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2025 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net loss |
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$ (10,115,542) |
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$ (5,406,999) |
Adjustments to reconcile net loss to net cash used in operating activities |
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Depreciation and amortization |
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829,828 |
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2,037,578 |
Noncash lease expense |
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57,561 |
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50,592 |
Amortization of debt issue costs and debt discount |
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286,045 |
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21,264 |
Stock option expense |
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331,149 |
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110,805 |
Accrued interest expense on finance lease |
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12,957 |
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14,710 |
Loss on fair value of Bitcoin, net |
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3,784,418 |
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1,862,680 |
Loss on fair value of digital assets receivable |
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3,178,440 |
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- |
Unrealized loss on marketable securities |
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2,380 |
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8,710 |
Gain on Galaxy loan derivative |
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(22,374) |
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- |
Change in credit loss reserve on digital assets receivable |
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(5,794) |
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- |
Unrealized loss (gain) on investment and equity securities |
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(14,024) |
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25,984 |
Loss on disposal of fixed assets |
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- |
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186,781 |
Write-off of income tax receivable |
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31,187 |
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- |
Change in operating assets and liabilities: |
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Prepaid expenses and other assets |
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111,323 |
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96,526 |
Advances to related party |
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16,538 |
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21,368 |
Accounts payable and accrued expenses |
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229,851 |
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370,328 |
Mining of digital assets |
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(1,978,180) |
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(2,273,940) |
Lease liability payments |
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(24,296) |
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(25,395) |
Net cash used in operating activities |
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(3,288,533) |
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(2,899,008) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
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Net collections of finance receivables - original product |
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4,602 |
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458 |
Net investment in finance receivables - special product |
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(1,089) |
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(1,317) |
Capital expenditures |
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(207,869) |
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(170,073) |
Collection of note receivable |
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- |
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200,000 |
Investment in digital assets - Tether |
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(3,198) |
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(31,420) |
Proceeds from sale of Bitcoin |
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3,100,216 |
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1,204,680 |
Proceeds from the sale of Tether |
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3,174 |
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27,964 |
Change in deposits for mining equipment |
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- |
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(480,176) |
Distribution to members |
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- |
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(1,015) |
Net cash provided by investing activities |
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2,895,836 |
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749,101 |
CASH FLOWS FROM FINANCING ACTIVITIES: |
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Insurance financing repayments |
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(230,700) |
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(193,090) |
Proceeds from warrant exercise, net of issuance costs |
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172 |
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- |
Issuance costs |
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- |
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(6,285) |
Net cash used in financing activities |
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(230,528) |
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(199,375) |
NET DECREASE IN CASH |
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(623,225) |
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(2,349,282) |
CASH - BEGINNING OF PERIOD |
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1,424,426 |
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3,378,152 |
CASH - END OF PERIOD |
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$ 801,201 |
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$ 1,028,870 |
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SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES |
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Insurance financing |
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$ - |
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$ 168,324 |
Recognition of Galaxy loan derivative |
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$ 237,487 |
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$ - |
Digital assets transferred to digital assets receivable, net |
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$ 2,375,176 |
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$ - |
SUPPLEMENTAL DISCLOSURES OF CASHFLOW INFORMATION |
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Cash paid for taxes |
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$ - |
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$ - |
Cash paid for interest |
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$ 210,029 |
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$ 184,932 |
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:
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Three Months ended March 31, |
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2026 |
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2025 |
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Net loss |
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$ (10,115,542) |
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$ (5,406,999) |
Income tax expense |
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- |
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- |
Interest expense |
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545,171 |
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220,906 |
Depreciation and amortization |
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829,828 |
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2,037,578 |
Loss before interest, taxes & depreciation |
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$ (8,740,543) |
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$ (3,148,515) |
Unrealized loss (gain) on investment and equity securities |
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(14,024) |
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25,984 |
Loss on disposal of mining equipment |
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- |
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186,781 |
Stock compensation and option expense |
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331,149 |
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110,805 |
Core loss before interest, taxes & depreciation |
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$ (8,423,418) |
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$ (2,824,945) |
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