Bitcoin Holdings and Acquisitions - In August 2025, the company raised approximately $21.3 million in net proceeds and purchased 164 Bitcoins, using most of the proceeds for this acquisition[174]. - As of September 30, 2025, Bitcoin represents 100% of the company's treasury holdings, with a total of approximately 225 Bitcoins held by regulated third-party custodians[175][182]. - The company has implemented a formal strategy for acquiring and monetizing Bitcoin holdings, with no specific target for the amount of Bitcoin to hold[175]. - The company maintains theft and fraud insurance covering Bitcoin holdings, with coverage limits of $3 million per occurrence[184]. - The company acquired a Mississippi property for approximately $3.9 million on September 16, 2025, which includes business assets excluding Bitcoin miners[201]. - The company purchased approximately 2,330 Bitcoin miners for an aggregate price of approximately $362,000 on September 16, 2025[202]. - The number of Bitcoins held increased from 150.2 at the beginning of the year to 304.5 by September 30, 2025, reflecting a significant increase in holdings[197]. - The company raised gross proceeds of $24.2 million from equity financing transactions during the nine months ended September 30, 2025, compared to $2.3 million in 2024[248]. - The company purchased $18.7 million in Bitcoin as part of the August 2025 equity raise[246]. Bitcoin Mining Operations - The company's Bitcoin mining operations are conducted through a wholly owned subsidiary, US Digital, which was formed in 2021[176]. - The total projected hashrate at the Oklahoma site increased from 301 PH to 478 PH as of September 30, 2025, with 4,320 installed mining machines[203]. - The company mined 17.6 Bitcoins during the three months ended September 30, 2025, compared to 18.5 Bitcoins for the same period in 2024[195]. - Bitcoin mining revenue for the three months ended September 30, 2025, was driven by 17.6 Bitcoin mined at an average price of approximately $114 thousand, compared to 18.5 Bitcoin at approximately $61 thousand in the same period of 2024[208]. - The average revenue per Bitcoin mined during the three months ended September 30, 2025, was $114,228, compared to $60,944 for the same period in 2024, representing an increase of 87.5%[195]. - Bitcoin mining costs rose by $0.5 million to $1.2 million for the three months ended September 30, 2025, with mining costs as a percentage of digital mining revenue decreasing to 58.6% from 64.8%[210]. - Compensation from curtailment and energy sales was $0.2 million for the three months ended September 30, 2025, compared to nil in the same period of 2024[212]. Financial Performance - The company reported a net loss of $3.7 million for the three months ended September 30, 2025, compared to a net loss of $4.4 million for the same period in 2024, indicating an improvement in financial performance[206]. - Total revenues for the three months ended September 30, 2025, increased by $0.9 million to $2.2 million from $1.3 million for the same period in 2024[207]. - Operating expenses increased by $0.4 million to $5.7 million for the three months ended September 30, 2025, primarily due to fair market adjustments on mined digital assets, which resulted in a gain of $1.0 million[209]. - Net loss for the three months ended September 30, 2025, was $3.7 million, an improvement from a net loss of $4.4 million in the same period of 2024[221]. - Total revenues for the nine months ended September 30, 2025, decreased by $2.5 million to $6.5 million from $9.0 million in the same period of 2024[225]. - Net loss attributable to common shareholders for the nine months ended September 30, 2025, was $9.4 million, compared to $9.7 million in the same period of 2024[241]. - The company reported a net loss of $9.1 million for the nine months ended September 30, 2025, compared to a net loss of $8.2 million in 2024[261]. - The company has a total debt of $7.8 million as of September 30, 2025, compared to $6.8 million at the end of 2024[258]. - The company reported a Core EBITDA loss of $1.65 million for the nine months ended September 30, 2025, compared to a Core EBITDA profit of $0.3 million in 2024[261]. Market and Operational Context - The company's operations are heavily dependent on the price of Bitcoin, which has historically experienced substantial volatility[188]. - The next Bitcoin halving event is anticipated to occur around April 2028, which historically has been associated with significant price movements[189][190]. - As of September 30, 2025, there were approximately 19,930,000 Bitcoins in circulation, with a market capitalization of $2.27 trillion[180]. - The cost of mining one Bitcoin, including miner-related depreciation, was approximately $165,432 for the three months ended September 30, 2025, compared to $144,019 for the same period in 2024[199]. - Net cash used in operations was $8.8 million for the nine months ended September 30, 2025, compared to $8.7 million for the same period in 2024[245]. - Net cash used in investing activities was $16.4 million for the nine months ended September 30, 2025, compared to net cash provided of $4.2 million in 2024[246]. - Net cash provided by financing activities was $22.1 million for the nine months ended September 30, 2025, up from $8.0 million in 2024[247]. - The exercise price of certain warrants was reduced from $2.41 to $1.10, increasing the number of shares issuable upon exercise to 20,931,827[251].

Core Insights - LM Funding America, Inc. reported a quarterly loss of $0.49 per share, consistent with the Zacks Consensus Estimate, compared to a loss of $1.54 per share a year ago [1] - The company posted revenues of $2.18 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 5.3%, but showing an increase from $1.25 million year-over-year [2] - The stock has underperformed, losing approximately 49.3% since the beginning of the year, while the S&P 500 gained 14.6% [3] Financial Performance - The company has surpassed consensus EPS estimates two times over the last four quarters [1] - Revenue estimates for the upcoming quarter are projected at $2 million, with a consensus EPS estimate of -$0.60, and for the current fiscal year, the estimate is -$1.84 on revenues of $8.4 million [7] Market Outlook - The current Zacks Rank for LM Funding America is 3 (Hold), indicating expected performance in line with the market in the near future [6] - The outlook for the Financial - Miscellaneous Services industry is positive, ranking in the top 31% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.2 million, reflecting a 13% sequential increase and a 74% year-over-year increase, driven by stronger average Bitcoin pricing and contributions from the newly operational Mississippi facility [11] - Mining margins improved to 49%, attributed to a shift from hosting fees to self-mining and higher fleet efficiency [11] - The company reported a net loss of $3.7 million and a core EBITDA loss of $1.4 million, primarily due to increased staff costs [11][12] - As of quarter-end, the company held cash and cash equivalents of $300,000 and 304 Bitcoin valued at $34.7 million, nearly double its market cap [12] Business Line Data and Key Metrics Changes - The acquisition of the Mississippi facility added approximately 7.5 MW of energized capacity and 230 petahash of installed hash rate, contributing to a 28% increase in Bitcoin production from September to October [5][9] - The company operates approximately 6,700 machines across its fleet, with additional units staged for deployment [9] Market Data and Key Metrics Changes - By the end of September, the company had approximately 304.5 Bitcoin in treasury, valued at nearly $35 million, compared to a market capitalization of roughly half that amount [5] - The average Bitcoin price during the quarter was $114,000, impacting revenue positively [11] Company Strategy and Development Direction - The company aims to increase Bitcoin per share and grow intrinsic value over time, focusing on disciplined capital allocation and operational control [4][14] - Future strategies include balancing Bitcoin accumulation, strategic investments, and opportunistic share repurchases to enhance per-share value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of Bitcoin and the company's strategy to leverage its operational control and cost efficiency [15] - The Mississippi acquisition is expected to yield further growth, and the company is exploring additional site acquisitions based on energy tariffs [19][22] Other Important Information - The company executed a substantial balance sheet enhancement initiative, completing an $8 million private repurchase of shares and warrants, which improved per-share economics [12] - The current mining cost per Bitcoin was reported at $66,000, down from $70,000 in the previous quarter, indicating improved efficiency [28] Q&A Session Summary Question: Thoughts on the path for Bitcoin mining infrastructure in 2026 - Management highlighted the successful integration of the Mississippi facility and the potential for further growth, with plans for the Oklahoma site to become a long-term mining location due to favorable energy pricing [19] Question: Are there plans for additional site acquisitions? - Management confirmed ongoing exploration for site acquisitions based on energy tariffs, but no immediate plans were in place [22] Question: How to allocate between mining business and acquiring additional Bitcoin? - Management emphasized a long-term strategy, balancing mining growth with treasury strategy, considering future Bitcoin prices rather than current circumstances [23] Question: Management of old machines in storage - Management indicated that old machines are being kept in reserve for quick deployment as power becomes available, aligning with their strategy of upgrading the fleet [26] Question: Current cost of mining one Bitcoin - The current mining cost per Bitcoin was reported at $66,000, reflecting a reduction from the previous quarter [28]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.2 million, reflecting a 13% sequential increase and a 74% year-over-year increase, driven by stronger average Bitcoin pricing of $114,000 and contributions from the newly operational Mississippi facility [11] - Mining margins improved to 49%, attributed to a shift from hosting fees to self-mining and higher fleet efficiency [11] - The company reported a net loss of $3.7 million and a core EBITDA loss of $1.4 million, primarily due to increased staff costs and payroll expenses [11] - As of October 31, the Bitcoin treasury stood at approximately 295 Bitcoin, valued at roughly $31.9 million, or $2.62 per share, compared to a stock price near $1.07 [12] Business Line Data and Key Metrics Changes - Bitcoin production increased by 28% from September to October, rising from 5.9 Bitcoin to 7.6 Bitcoin, reflecting expanded capacity and operational improvements [6][9] - The company moved from a single-site facility with approximately 0.48 exahash in June to roughly 0.71 exahash by the end of October, representing a 50% hash rate expansion [8] Market Data and Key Metrics Changes - The company exited September with approximately 304.5 Bitcoin in treasury, valued at nearly $35 million, highlighting a disconnect between treasury value and market capitalization [5] Company Strategy and Development Direction - The company aims to increase Bitcoin per share and grow intrinsic value over time, focusing on disciplined capital allocation and operational control [4][14] - The acquisition of the Mississippi facility has been successful, and the company plans to expand its capacity there by an additional 4 megawatts [19][20] - The strategy includes balancing Bitcoin accumulation, strategic investments, and opportunistic share repurchases to enhance per-share value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of Bitcoin and the company's ability to endure volatility while scaling into the next cycle [15] - The focus remains on increasing production, efficiency, and Bitcoin per share, with upcoming enhancements from new immersion-cooled machines expected to improve operational efficiency [10][14] Other Important Information - The company executed an $8 million private repurchase of around 3.3 million shares and 7.3 million warrants, which reduced dilution and improved per-share economics [11][12] - The current mining cost per Bitcoin was reported at $66,000, down from $70,000 in the previous quarter, indicating improved cost efficiency [26] Q&A Session Summary Question: Thoughts on the path for Bitcoin mining infrastructure in 2026 - Management noted that the Mississippi acquisition has worked well and there is potential for further growth, with Oklahoma also set to become a long-term mining site due to favorable energy pricing [19] Question: Are there plans for additional site acquisitions? - Management stated that they are always exploring site acquisitions based on energy tariffs and property availability, but nothing appealing is currently in progress [21] Question: How to allocate between mining business and acquiring additional Bitcoin? - Management emphasized a long-term strategy, balancing mining growth with treasury strategy, and making decisions based on future Bitcoin pricing rather than current circumstances [22] Question: Management of old machines in storage - Management indicated that old machines are being kept in reserve for quick deployment as power becomes available, aligning with their strategy of upgrading the fleet [25] Question: Current cost of mining one Bitcoin - The current mining cost per Bitcoin was reported at $66,000, reflecting a reduction from the previous quarter [26]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.2 million, reflecting a 13% sequential increase and a 74% year-over-year increase, driven by stronger average Bitcoin pricing of $114,000 and contributions from the newly operational Mississippi facility [11] - Mining margins improved to 49%, attributed to a shift from hosting fees to self-mining and higher fleet efficiency [11] - The company reported a net loss of $3.7 million and a core EBITDA loss of $1.4 million, primarily due to increased staff costs and payroll expenses [11] - As of quarter-end, the company held cash and cash equivalents of $300,000 and 304 Bitcoin valued at $34.7 million, nearly double its market cap [12] Business Line Data and Key Metrics Changes - The acquisition of the Mississippi facility added approximately 7.5 megawatts of energized capacity and around 230 petahash of installed hash rate, contributing to a 28% increase in Bitcoin production from September to October [5][9] - The company exited October with approximately 0.71 exahash energized, representing a 50% hash rate expansion in one build cycle [8] Market Data and Key Metrics Changes - By the end of September, the company had approximately 304.5 Bitcoin in treasury, valued at nearly $35 million, highlighting a disconnect between treasury value and equity valuation [5] - The Bitcoin production increased from 5.9 Bitcoin in September to 7.6 Bitcoin in October, reflecting operational improvements and increased capacity [6][9] Company Strategy and Development Direction - The company aims to increase Bitcoin per share and grow intrinsic value over time, focusing on disciplined capital allocation and operational control [4][14] - Future strategies include balancing Bitcoin accumulation, strategic investments, and opportunistic share repurchases to enhance per-share value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of Bitcoin and the company's strategy to leverage its operational control and cost efficiency [15] - The company is entering a phase where scale, efficiency, and productivity converge, with plans to enhance production and efficiency [14] Other Important Information - The company executed a substantial balance sheet enhancement initiative, completing an $8 million private repurchase of around 3.3 million shares and 7.3 million warrants [11] - The company has secured Bitmain's S21 immersion-cooled machines, expected to come online in December, which will significantly improve efficiency [10] Q&A Session Summary Question: Thoughts on the path for Bitcoin mining infrastructure in 2026 - Management noted that the Mississippi acquisition has been successful and there is potential for further growth, with plans to add immersion machines in Oklahoma [19] Question: Are there plans for additional site acquisitions? - Management confirmed ongoing exploration for site acquisitions based on energy tariffs but indicated no immediate plans for new acquisitions [21] Question: How to allocate between mining business and acquiring additional Bitcoin? - Management emphasized a long-term strategy, balancing mining growth with treasury strategy based on future Bitcoin pricing [23] Question: Management of old machines in storage - Management stated that old machines are kept in reserve for quick deployment when power becomes available, aligning with their strategy [26] Question: Current cost of mining one Bitcoin - The current mining cost per Bitcoin was reported at $66,000, down from $70,000 in the previous quarter, indicating improved efficiency [27]

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Financial Performance - Total revenue for Q3 2025 was $2.2 million, a 13% sequential increase[14, 15] - Bitcoin mining revenue contributed $2.0 million to the total revenue, up 11.3% sequentially[15] - Mining margin improved to 49% in Q3 2025, up from 41% in Q2 2025[11, 15] - The company experienced a net loss of $3.7 million and a Core EBITDA loss of $1.4 million in Q3 2025[15] Operational Highlights - Bitcoin holdings as of October 31, 2025, were 294.9 BTC, valued at $32.2 million[7, 17, 18, 20, 24, 25] - The company's energized hashrate reached 0.70 EH/s exiting Q3 2025[11] - The 11 MW Mississippi site was fully integrated, with 7.5 MW actively mining, resulting in a 28% increase in BTC production for October[11] Strategic Initiatives - The company completed an $8 million private repurchase of 3.3 million shares and 7.2 million warrants[7, 15] - A $1.5 million public share buyback program was authorized[7, 15] - The company secured S21 immersion miners for Oklahoma, with energization expected in December 2025[7, 11]

Core Insights - LM Funding America, Inc. reported a total revenue of $2.2 million for Q3 2025, reflecting a 13.0% sequential increase from Q2 2025 and a 73.5% year-over-year growth, driven by higher Bitcoin prices and contributions from the newly acquired Mississippi facility [4][6] - The company improved its mining margin to 49.0% from 41.0% in Q2 2025, attributed to reduced hosting costs and increased operational efficiency [4][6] - As of October 31, 2025, LM Funding held 294.9 Bitcoin valued at approximately $32.2 million, down from 304.5 Bitcoin valued at $34.7 million as of September 30, 2025 [4][6] Financial Highlights - The net loss for Q3 2025 was $3.7 million, with a Core EBITDA loss of $1.4 million, showing improvement compared to a net loss of $4.3 million and Core EBITDA loss of $1.9 million in the prior year [4][6] - Operating expenses increased by $0.4 million due to higher staff costs related to the Mississippi site acquisition, partially offset by a $1.0 million gain on the fair value of Bitcoin [4][6] - The company raised a net $21.3 million in August 2025 through a registered direct offering and private placement, primarily to enhance its Bitcoin treasury [4][6] Operational Highlights - LM Funding acquired an 11 MW Bitcoin mining facility in Mississippi, with 7.5 MW operational at closing, contributing to production immediately [4][6] - The company achieved a 27.8% increase in Bitcoin production in October 2025 compared to September 2025, following the integration of the Mississippi facility [4][6] - Progress was made on a 2 MW immersion expansion at the Oklahoma site, with new equipment scheduled for delivery and energization targeted for December 2025 [4][6] Shareholder Actions - The company executed a private repurchase of approximately 3.3 million shares and authorized a $1.5 million share buyback program, reflecting confidence in its intrinsic value [4][6] - The total stockholders' equity was approximately $50.1 million, or $3.23 per share, as of September 30, 2025 [4][6]

Earnings Reports Overview - The earnings season is slowing down, but several retail-favorite companies are set to report this week [1] - Key companies reporting include Barrick Mining Corp., Plug Power Inc., Oklo Inc., Cisco Systems Inc., Walt Disney Co., and Applied Materials Inc. [2][3][5][10][11] Company-Specific Insights - Barrick Mining Corp. reported its third-quarter results before the market opened on November 10 [2] - Plug Power Inc. is expected to report losses of 12 cents per share and revenue of $179.54 million, having missed earnings expectations for the last 18 quarters [3] - Oklo Inc. is anticipated to report losses of 13 cents per share and revenue of $17.01 billion, with stock volatility noted ahead of the report [5] - Cisco Systems Inc. is expected to be a focal point for investors, particularly regarding management's guidance and updates on AI and cybersecurity business momentum [10] - Walt Disney Co. and JD.com Inc. will release earnings reports before the market opens on November 13 [11] - Applied Materials Inc. is set to release its Q4 results after the market closes on November 13 [11] Additional Companies Reporting - Other companies reporting this week include Workhorse Group Inc., Beyond Meat Inc., Microvision Inc., and Virgin Galactic Holdings Inc. [4][6][12]

Core Points - LM Funding America, Inc. has scheduled its third quarter 2025 earnings conference call for November 14, 2025, at 8:00 AM EST [1] - The company will release its third quarter 2025 results and an investor presentation on the morning of the same day [2] - LM Funding operates as a Bitcoin treasury and mining company, founded in 2008 and based in Tampa, Florida [3] Company Overview - LM Funding America, Inc. is involved in Bitcoin treasury and mining operations [3] - The company also has a technology-enabled specialty finance business that provides funding to nonprofit community associations primarily in Florida [3]