Abits (US:ABTS) Globenewswireยท2025-05-29 12:15Core Insights - Abits Group Inc reported a decline in revenue and mining output for the first quarter of fiscal year 2025, primarily due to the halving of mining rewards [1][3]. Financial Performance - Revenue from operations decreased to $1.78 million in Q1 2025 from $2.15 million in Q1 2024, reflecting a drop of 17.2% [2]. - Costs of revenue increased by 11.6%, rising from $0.86 million in Q1 2024 to $0.96 million in Q1 2025 [2]. - Gross profit from operations was $0.82 million, with a gross margin of 46.1%, attributed to higher average market prices of bitcoin despite lower output [2][3]. Mining Operations - The total output from mining operations was 18.86 coins, a significant decrease of 50.4% compared to the previous year, due to the halving of mining rewards that occurred in late April 2024 [3]. - The company has secured a $3 million loan to acquire 2850 units of Antminer S19XP, which are expected to enhance revenue from a new hosting facility in Memphis starting in the second quarter [4].