- Acquired 11 MW site in Mississippi with 7.5 MW mining in September and 26 MW total power capacity
- Raised net $21.3 million in August to build Bitcoin Treasury
- Mining margin improved to 49.0% from 41.0% in Q2 2025
- Executed private repurchase in October and authorized share buyback
- As of October 31, 2025 held 294.9 Bitcoin valued at approximately $32.2 million
TAMPA, Fla., Nov. 14, 2025 (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 months ended September 30, 2025.
Q3'25 Financial Highlights
-- Total revenue for the quarter was $2.2 million dollars, up 13.0%
sequentially from Q2 2025 and 73.5% year-over-year. The increase was
driven by higher average Bitcoin prices and contributions from the
Mississippi facility for the second half of September.
-- The Company mined 17.6 Bitcoins during the quarter at an average price of
approximately $114,000, compared to 18.4 Bitcoins in Q2 2025 at an
average price of approximately $98,000. The sequential decline was due to
higher curtailment and increased difficulty rate.
-- Mining margin improved to 49.0%, compared with 41.0% in the second
quarter 2025, driven by eliminating hosting costs, curtailment and energy
sales offsetting mining costs, and higher fleet efficiency. The Company
generated approximately $152,000 in curtailment and energy sales for the
quarter. Mining margin is calculated as digital mining revenues minus
digital mining cost of revenues net of curtailment and energy sales.
-- Operating expenses increased $0.4 million driven by increase in staff
costs related to the Mississippi site acquisition and performance
compensation bonuses offset in part by gain on fair value of Bitcoin
totaling $1.0 million.
-- Net loss for the quarter was $3.7 million and Core EBITDA1 loss was $1.4
million as compared to the prior year quarter Net loss of $4.3 million
and Core EBITDA loss of $1.9 million.
-- Cash was approximately $0.3 million, and Bitcoin holdings totaled 304.5
Bitcoin, valued at $34.7 million based on Bitcoin price of approximately
$114,000, as of September 30, 2025.
-- Net book value of LM Funding stockholders' equity was approximately $50.1
million, or $3.23 per share2, as of September 30, 2025.
-- As of October 31, 2025 the Company held 294.9 Bitcoin, valued at
approximately $32.2 million, based on a Bitcoin price of $109,225 as of
October 31, 2025, or $2.64 Bitcoin per share3.
Q3'25 and Recent Operational Highlights
-- $21.3 Million Treasury Raise: During the third quarter, LM Funding
successfully raised approximately net $21.3 million through a $12.6
million registered direct offering and a $10.4 million private placement
in August 2025, with the net proceeds primarily dedicated to enhancing
the Company's Bitcoin treasury. Proceeds from the financings were
deployed to acquire 164 Bitcoin, increasing the Company's holdings to
approximately 304.5 Bitcoin as of quarter-end, further strengthening LM
Funding's balance sheet and long-term position.
-- Mississippi 11 MW Acquisition: During the third quarter, LM Funding
acquired an 11 MW Bitcoin mining facility in Columbus, Mississippi,
advancing the Company's vertical integration strategy. Approximately 7.5
MW of capacity were energized at closing, enabling immediate contribution
to production. In addition, LM Funding redeployed more efficient miners
to the site to optimize uptime and fleet performance. As a result, the
Company achieved a 27.8% increase in Bitcoin production in October 2025
compared to September 2025.
-- Oklahoma 2 MW Expansion: The Company made meaningful progress on its 2 MW
immersion expansion at its 15 MW site in Oklahoma and secured 320 Bitmain
S21 immersion units to support the upgrade. Containerized immersion
systems are scheduled to be delivered this month, with energization
targeted for December 2025, positioning the site to benefit from improved
thermal performance, higher efficiency, and more consistent uptime
year-round.
-- Share Repurchase and Authorized Buyback Program: The Company recently
completed a privately negotiated repurchase of approximately 3.3 million
shares and warrants to purchase 7.3 million common shares that were
originally issued in its August 2025 private placement, for a total
purchase price of approximately $8.0 million. The transaction was
financed through an $11 million credit facility with Galaxy Digital.
Following the private repurchase, the Company's Board of Directors
authorized a $1.5 million share buyback program. Together, these actions
reflect LM Funding's conviction in its intrinsic value and commitment to
increasing Bitcoin per share and mNAV for shareholders.
Management Commentary
"The third quarter was about execution, integration, and disciplined capital allocation," said Bruce Rodgers, Chairman and CEO of LM Funding. "We strengthened our Bitcoin treasury through a $21.3 million financing, completed the acquisition and integration of a 11-megawatt Mississippi facility, and expanded our owned infrastructure to 26 megawatts across two sites. After quarter-end, we simplified our capital structure with a private repurchase of units and authorized a share buyback program -- tangible actions that demonstrate our belief in the value we're building. We are long on Bitcoin and confident in our strategy to build equity value, and every decision we make is focused on improving per-share intrinsic value over time."
"From closing and integrating the Mississippi facility to optimizing fleet performance and achieving a 28% month-over-month increase in Bitcoin production in October, we saw the benefits of control and scale take hold these last four months," said Ryan Duran, President of US Digital Mining ("USDM"). "We now operate roughly 0.71 EH/s of capacity across 26 megawatts, with the next efficiency leap coming as our 2 MW immersion expansion in Oklahoma is anticipated to energize in December. The foundation continues to be built -- owned power, efficient machines, and operational flexibility -- and our focus from here is improving production, efficiency, and Bitcoin per share."
"Revenue increased 74% year-over-year, mining margins improved to 49%, and our corporate actions are aimed at materially enhancing per-share value," said Richard Russell, CFO of LM Funding. "Following quarter-end, we deployed $8.0 million from our Galaxy loan facility to repurchase more than 3.3 million shares and 7.3 million warrants, removing dilution and reducing share count. With a $1.5 million authorized buyback in place and a balance sheet anchored by Bitcoin, we have the flexibility to fund operations, expand capacity, and increase shareholder value while growing our Bitcoin treasury."
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: November 14, 2025
-- Time: 8:00 AM EST
-- Participant Call Links:
-- Live Webcast: Link
-- Participant 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
Orange Group
Yujia Zhai
lmfundingIR@orangegroupadvisors.com
LM Funding America, Inc. and Subsidiaries Unaudited
Consolidated Balance Sheets
September 30, December 31,
2025
(unaudited) 2024
------------- ---------------
Assets
Cash $ 291,571 $ 3,378,152
Digital assets - current (Note 3) 11,399,701 9,021,927
Finance receivables 28,148 21,051
Marketable securities (Note 6) 23,630 27,050
Receivable from sale of Symbiont
assets (Note 6) - 200,000
Prepaid expenses and other assets 904,079 827,237
Digital assets - collateral (Note 3) 5,500,000 -
Income tax receivable 31,187 31,187
Current assets 18,178,316 13,506,604
Fixed assets, net (Note 4) 15,655,533 18,376,948
Intangible assets, net (Note 4) 6,748,137 5,478,958
Deposits on mining equipment (Note 5) 501,228 467,172
Long-term investments - equity
securities (Note 6) 5,598 4,255
Investment in Seastar Medical Holding
Corporation (Note 6) 58,995 200,790
Digital assets - long-term (Note 3) 16,402,955 -
Digital assets - collateral (Note 3) 1,430,000 5,000,000
Right of use assets (Note 8) 785,918 938,641
Other assets 389,119 73,857
Long-term assets 41,977,483 30,540,621
Total assets $ 60,155,799 $ 44,047,225
=========== ===========
Liabilities and stockholders' equity
Accounts payable and accrued expenses 3,071,168 989,563
Note payable - short-term (Note 7) 6,579,828 386,312
Due to related parties (Note 10) 59,337 15,944
Current portion of lease liability
(Note 8) 190,821 170,967
Total current liabilities 9,901,154 1,562,786
Note payable - long-term (Note 7) 1,243,397 6,365,345
Lease liability - net of current
portion (Note 8) 605,234 776,535
Long-term liabilities 1,848,631 7,141,880
Total liabilities 11,749,785 8,704,666
Stockholders' equity (Note 9)
Preferred stock, par value $.001;
150,000,000 shares authorized; no
shares issued and outstanding as of
September 30, 2025 and December 31,
2024 - -
Common stock, par value $.001;
350,000,000 shares authorized;
15,517,988 and 5,133,412 shares
issued and outstanding as of
September 30, 2025 and December
31, 2024 14,987 4,602
Additional paid-in capital 124,810,596 102,685,470
Accumulated deficit (74,690,296) (65,662,731)
Total LM Funding America
stockholders' equity 50,135,287 37,027,341
Non-controlling interest (1,729,273) (1,684,782)
Total stockholders' equity 48,406,014 35,342,559
Total liabilities and
stockholders' equity $ 60,155,799 $ 44,047,225
=========== ===========
LM Funding America, Inc. and Subsidiaries Unaudited
Consolidated Statements of Operations
Three Months ended
September 30, Nine Months ended September 30,
-------------------------- -------------------------------
2025 2024 2025 2024
------------ ------------ --------------- --------------
Revenues:
Digital mining
revenues $ 2,010,404 $ 1,127,455 $ 6,090,708 $ 8,618,436
Specialty
finance
revenue 141,634 97,558 303,968 303,222
Rental revenue 26,265 30,460 83,288 92,766
Total revenues 2,178,303 1,255,473 6,477,964 9,014,424
---------- ---------- ---------- ----------
Operating costs and
expenses:
Digital mining
cost of
revenues
(exclusive of
depreciation
and
amortization
shown below) 1,177,184 730,716 4,013,878 5,742,773
Curtailment and
energy sales (151,887) - (524,842) -
Staff costs and
payroll 2,537,105 1,567,984 4,675,209 3,648,898
Depreciation
and
amortization 1,972,133 1,935,835 6,049,054 5,787,390
Gain on fair
value of
Bitcoin, net (1,032,374) (104,744) (2,983,537) (3,096,774)
Impairment loss
on mining
equipment - - - 1,188,058
Professional
fees 443,335 628,686 1,116,649 1,622,914
Selling,
general and
administrative 448,487 209,088 1,133,871 582,675
Real estate
management and
disposal 14,687 31,144 73,421 89,430
Collection
costs 1,702 15,054 27,643 36,396
Settlement
costs with
associations - - 3,693 -
Loss on
disposal of
assets - 12,449 286,359 54,506
Other operating
costs 284,929 229,784 799,889 667,401
Total operating
costs and
expenses 5,695,301 5,255,996 14,671,287 16,323,667
---------- ---------- ---------- ----------
Operating loss (3,516,998) (4,000,523) (8,193,323) (7,309,243)
Unrealized gain
(loss) on
marketable
securities 10,400 (3,296) (3,420) 984
Impairment loss
on prepaid
machine
deposits - (12,941) - (12,941)
Unrealized gain
(loss) on
investment and
equity
securities 16,422 (346,866) (140,452) (852,624)
Gain (loss) on
fair value of
purchased
Bitcoin, net - - (52,704) 57,926
Other income -
coupon sales - - - 4,490
Interest
expense (235,282) (124,035) (683,734) (231,754)
Interest income 916 98,343 2,592 124,696
Loss before income
taxes (3,724,542) (4,389,318) (9,071,041) (8,218,466)
Income tax expense - - - -
Net loss $(3,724,542) $(4,389,318) $(9,071,041) $(8,218,466)
Less: loss (gain)
attributable to
non-controlling
interest (4,903) 105,043 43,476 265,296
Net loss attributable
to LM Funding
America Inc. $(3,729,445) $(4,284,275) $(9,027,565) $(7,953,170)
========== ========== ========== ==========
Less: deemed
dividends (Note 9) (347,782) (1,704,305) (347,782) (1,704,305)
Net loss attributable
to common
shareholders $(4,077,227) $(5,988,580) $(9,375,347) $(9,657,475)
========== ========== ========== ==========
Basic loss per common
share (Note 1) $ (0.41) $ (2.25) $ (1.39) $ (3.82)
Diluted loss per
common share (Note
1) $ (0.41) $ (2.25) $ (1.39) $ (3.82)
Weighted average
number of common
shares outstanding
Basic 9,986,433 2,659,974 6,768,862 2,525,160
Diluted 9,986,433 2,659,974 6,768,862 2,525,160
LM Funding America, Inc. and Subsidiaries Unaudited
Consolidated Statements of Cash Flows
Nine Months ended September 30,
-------------------------------------
2025 2024
------------------ -----------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss $ (9,071,041) $ (8,218,466)
Adjustments to reconcile net loss
to net cash used in operating
activities
Depreciation and amortization 6,049,054 5,787,390
Noncash lease expense 152,723 79,629
Amortization of debt issue
costs 66,994 -
Stock issued for services - 100,001
Stock compensation - 76,322
Stock option expense 259,384 332,415
Accrued investment income - (123,076)
Accrued interest expense on
finance lease 42,875 -
Digital assets other income - (4,490)
Gain on fair value of
Bitcoin, net (2,930,833) (3,154,700)
Impairment loss on mining
machines - 1,188,058
Impairment loss on hosting
deposits - 12,941
Unrealized loss (gain) on
marketable securities 3,420 (984)
Unrealized loss on investment
and equity securities 140,452 852,624
Loss on disposal of fixed
assets 286,359 54,506
Change in operating assets and
liabilities:
Prepaid expenses and other
assets 391,857 3,650,696
Repayments to related party 43,393 41,541
Accounts payable and accrued
expenses 2,081,605 (664,681)
Mining of digital assets (6,090,708) (8,618,436)
Lease liability payments (194,322) (81,304)
Net cash used in operating
activities (8,768,788) (8,690,014)
------------- -------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Net collections of finance
receivables - original
product (3,145) (4,618)
Net collections of finance
receivables - special
product (3,952) (1,571)
Capital expenditures (635,691) (1,228,428)
Proceeds from sale of fixed
assets 953,153 78,806
Collection of note receivable 200,000 1,449,066
Acquisition of hosting site (4,230,368) -
Investment in notes
receivable - (2,867,195)
Investment in digital assets
- Bitcoin (18,673,167) -
Investment in digital assets
- Tether (29,572) -
Proceeds from sale of Bitcoin 6,984,091 6,821,185
Proceeds from the sale of
Tether 29,460 3,003
Deposits for mining equipment (1,004,326) -
Distribution to members (1,015) (19,616)
Net cash provided by (used
in) investing activities (16,414,532) 4,230,632
------------- -------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from borrowings, net
of issuance costs 1,240,195 6,344,084
Insurance financing
repayments (588,123) (547,022)
Exercise of options - 25,000
Proceeds from warrant
exercise 95,999 -
Proceeds from the issuance of
common stock, net of
issuance costs 21,348,668 2,148,704
Net cash provided by
financing activities 22,096,739 7,970,766
------------- -------------
NET INCREASE (DECREASE) IN CASH (3,086,581) 3,511,384
CASH - BEGINNING OF PERIOD 3,378,152 2,401,831
CASH - END OF PERIOD $ 291,571 $ 5,913,215
============= =============
SUPPLEMENTAL DISCLOSURES OF
NON-CASH ACTIVITIES
Insurance financing $ 352,501 $ -
Change in accounting principle
(see Note 1) $ - $ 614,106
Issuance of common stock as
retainer for services $ 431,460 $ -
SUPPLEMENTAL DISCLOSURES OF
CASHFLOW INFORMATION
Cash paid for taxes $ - $ -
Cash paid for interest $ 489,083 $ 222,697
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:
Three Months ended Nine Months ended September
September 30, 30,
-------------------------- ----------------------------
2025 2024 2025 2024
------------ ------------ ------------ --------------
Net income (loss) $(3,724,542) $(4,389,318) $(9,071,041) $(8,218,466)
Income tax
expense - - - -
Interest
expense 235,282 124,035 683,734 231,754
Depreciation
and
amortization 1,972,133 1,935,835 6,049,054 5,787,390
------------ ------------ ------------ ------------
Loss before
interest, taxes &
depreciation $(1,517,127) $(2,329,448) $(2,338,253) $(2,199,322)
Unrealized
loss (gain)
on
investment
and equity
securities (16,422) 346,866 140,452 852,624
Loss on
disposal of
mining
equipment - 12,449 286,359 54,506
Impairment
loss on
mining
equipment - - - 1,188,058
Stock
compensation
and option
expense 123,958 110,806 259,384 408,737
Core income (loss)
before interest,
taxes &
depreciation $(1,409,591) $(1,859,327) $(1,652,058) $304,603
============ ============ ============ ============
__________________________
(1) Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net income can be found below.
(2) Calculated using 15,517,988 shares outstanding as of September 30,2025.
(3) Calculated using 12,209,413 shares outstanding as of October 31, 2025.
(END) Dow Jones Newswires
November 14, 2025 07:30 ET (12:30 GMT)
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