- Fourth quarter revenue of $2.4 million, up 8.7% sequentially and 19.2% year-over-year
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, 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 $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 Bitcoin 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 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."
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:
-- 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
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 Year ended
December 31, 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 Year ended
December 31, 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
=========== ========= =========== ==========
(END) Dow Jones Newswires
March 27, 2026 07:30 ET (11:30 GMT)
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