LM Funding America, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results
- 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:
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 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 | ||||||||||||
| 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 December 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 | |||||||
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