- 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.
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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
[email protected]
CONSOLIDATED BALANCE SHEETS December 31, December 31, 2025 2024Assets 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
CONSOLIDATED STATEMENTS OF OPERATIONS Three Months ended
December 31, Year ended
December 31, 2025 2024 2025 2024 Revenues: Digital mining revenues $2,192,715 $1,814,169 $8,283,423 $10,432,605 Specialty finance revenue 148,508 140,377 452,476 443,599 Rental revenue 25,546 30,678 108,834 123,444 Total revenues 2,366,769 1,985,224 8,844,733 10,999,648 Operating costs and expenses: Digital mining cost of revenues (exclusive of depreciation and amortization shown below) 1,778,555 1,248,083 5,792,433 6,990,856 Curtailment and energy sales (133,206) - (658,048) - Staff costs and payroll 1,535,595 907,883 6,210,804 4,556,781 Depreciation and amortization 2,122,516 1,986,771 8,171,570 7,774,161 Loss (gain) on fair value of Bitcoin, net 4,791,711 (4,254,031) 1,808,174 (7,350,805)Impairment loss on mining equipment 5,391,857 191,317 5,391,857 1,379,375 Professional fees 523,920 434,251 1,640,569 2,057,165 Selling, general and administrative 448,696 234,368 1,582,568 817,041 Real estate management and disposal 41,619 70,483 115,040 159,913 Collection costs 14,200 4,647 41,843 41,043 Settlement costs with associations - - 3,693 - Loss on disposal of assets 215,441 81,594 501,800 136,100 Other operating costs 327,428 232,166 1,127,317 899,569 Total operating costs and expenses 17,058,332 1,137,532 31,729,620 17,461,199 Operating income (loss) (14,691,563) 847,692 (22,884,887) (6,461,551)Unrealized gain on marketable securities 13,750 8,206 10,330 9,190 Impairment loss on prepaid machine deposits (4,885) - (4,885) (12,941)Unrealized loss on investment and equity securities (39,520) (244,809) (179,972) (1,097,433)Unrealized gain on Galaxy loan derivative 285,160 285,160 - Gain (loss) on fair value of purchased Bitcoin, net - (18,729) (52,704) 39,197 Loss on fair value of digital assets receivable (3,017,485) - (3,017,485) - Credit loss on digital assets receivable (9,187) - -9,187 - Other income - coupon sales - - - 4,490 Interest expense (440,951) (211,946) (1,124,685) (443,700)Interest income 532 182,620 3,124 307,316 Income (loss) before income taxes (17,904,149) 563,034 (26,975,191) (7,655,432)Income tax expense - - - - Net income (loss) $(17,904,149) $563,034 $(26,975,191) $(7,655,432)Less: loss attributable to non-controlling interest 11,518 74,760 54,994 340,056 Net income (loss) attributable to LM Funding America Inc. $(17,892,631) $637,794 $(26,920,197) $(7,315,376)Less: deemed dividends (Note 9) (1,231,238) (5,090,619) (1,579,020) (6,794,924)Net loss attributable to common shareholders $(19,123,869) $(4,452,825) $(28,499,217) $(14,110,300) Basic loss per common share (Note 1) $(1.33) $(1.22) $(3.28) $(5.02)Diluted loss per common share (Note 1) $(1.33) $(1.22) $(3.28) $(5.02) Weighted average number of common shares outstanding Basic 14,431,938 3,650,624 8,700,377 2,808,064 Diluted 14,431,938 3,650,624 8,700,377 2,808,064
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 endedDecember 31, Year ended
December 31, 2025 2024 2025 2024 Net income (loss) $(17,904,149) $563,034 $(26,975,191) $(7,655,432)Income tax expense - - - - Interest expense 440,951 211,946 1,124,685 443,700 Depreciation and amortization 2,122,516 1,986,771 8,171,570 7,774,161 Income (loss) before interest, taxes & depreciation $(15,340,682) $2,761,751 $(17,678,936) $562,429 Unrealized loss on investment and equity securities 39,520 244,809 179,972 1,097,433 Loss on disposal of mining equipment 215,441 81,594 501,800 136,100 Impairment loss on mining equipment 5,391,857 191,317 5,391,857 1,379,375 Impairment loss on prepaid machine deposits 4,885 12,941 4,885 12,941 Costs associated with At-the-Market Equity program - 119,050 - 119,050 Contract termination costs - 250,001 - 250,001 Stock compensation and option expense 428,364 110,805 687,748 519,542 Core income (loss) before interest, taxes & depreciation $(9,260,615) $3,772,268 $(10,912,674) $4,076,871