LM Funding America, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • 2025 marked a transformational shift from an early-stage miner to a multisite, vertically integrated Bitcoin mining platform.
  • Owned capacity grew from a single Oklahoma site to two wholly-owned sites totaling 26 megawatts.
  • Bitcoin treasury more than doubled during 2025, rising from ~150 BTC to ~356 BTC.
  • Company continues to trade at a significant discount to the value of its Bitcoin holdings and infrastructure.

Operational Performance

  • Total energized hash rate increased from ~560 PH at the start of 2025 to ~750 PH by year-end and ~782 PH by February 2026.
  • Mississippi acquisition added ~7.5 MW and ~220 PH; produced a 27% jump in BTC production from September to October (5.9 to 7.5 BTC).
  • Immersion program launched in December with first BC40 Elite immersion unit powering 160 S21 miners (~35 PH). A second immersion container added another 35 PH in January 2026.
  • Q4 production reached 22 BTC, up 25% versus Q3 (17.6 BTC).
  • Curtailment revenue fell to $135,000 in Q4 from $150,000 in Q3, reflecting cooler conditions and more immersion machines—also improving uptime.

Financial Results

Q4 2025
  • Total revenue: $2.4 million, up 8.7% from Q3 and up 19% year-over-year.

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Operator: Good day, and thank you for standing by. Welcome to the LM Funding America Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Cody Fletcher with Investor Relations. Please go ahead. Cody Fletcher: Thank you, operator, and thank you all for joining LM Funding America's Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining us today are Chairman and CEO, Bruce Rodgers; CFO, Richard Russell; and President of U.S. Digital Mining, Ryan Duran. For today's call, we have uploaded an accompanying supplemental investor presentation, which can be found under the Events section of our Investor Relations website. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. We will also reference certain non-GAAP financial measures today. Please refer to our 10-K filing for a full reconciliation of these non-GAAP performance measures to the most comparable GAAP measures. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC and at the Investors section of our website at lmfunding.com/investors. And with that, I'll now turn the call over to our CEO, Bruce Rodgers. Bruce? Bruce Rodgers: Thanks, Cody. Good morning, everyone, and thank you for

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