American Bitcoin Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 26 February 2026: press release. The quarter’s numbers.

Key takeaways

Fourth-quarter revenue rose about 22%: Fourth-quarter revenue was $78.3 million, up from $64.2 million in the third quarter of 2025. Source
Net loss reflects Bitcoin fair-value accounting: Full-year net loss was $153.2 million and Adjusted EBITDA $(157.3) million. Management attributed the net loss primarily to a non-cash Bitcoin mark-to-market charge under FASB-required accounting. Source
Mining output accumulated since Q2 2025: Cumulative mined Bitcoin reached 1,654 from the start of Q2 2025 through year-end, including 783 in the fourth quarter. Source
Reserve grew from zero to 5,401: Holdings were 5,401 Bitcoin at year-end and, per the most recent announcement, more than 6,000. Source
Fourth-quarter gross margin fell to 53%: Management attributed the fourth-quarter gross margin to Bitcoin repricing during the period. Source
Mined Bitcoin valued below spot prices: Management said the company accumulated Bitcoin at a 53% discount to spot over the period, reflecting its gross margin. Source
$150.5 million raised through ATM program: Management linked at-the-market purchases to the reserve build alongside mining output. Source

“By year-end, we held 5,401 Bitcoin on the balance sheet, and that figure has since grown to more than 6,000 Bitcoin.”
Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin

What changed from last quarter

New: Adjusted EBITDA definition now also removes loss on sale of property and equipment and loss from discontinued operations, net of taxes. Source
New: The fourth-quarter release reports $150.5 million of gross proceeds from the at-the-market program. The third-quarter release gave no proceeds figure. Source

Results and growth drivers

Full-year revenue reached $185.2 million: Management attributed the increase to higher Bitcoin production after fleet expansion and optimization. Periods before March 31, 2025 reflect Hut 8 Corp.’s Bitcoin mining sub-segment and are not directly comparable, per the company. Source
Fourth-quarter revenue rose about 22%: Fourth-quarter revenue was $78.3 million, up from $64.2 million in the third quarter of 2025. Source
Net loss reflects Bitcoin fair-value accounting: Full-year net loss was $153.2 million and Adjusted EBITDA $(157.3) million. Management attributed the net loss primarily to a non-cash Bitcoin mark-to-market charge under FASB-required accounting. Source
Digital asset loss drove the Q4 net loss: Fourth-quarter loss on digital assets was $112.2 million, against $5.5 million in the third quarter. The quarterly net loss was $59.5 million. Source

Mining platform and fleet

Installed capacity held near 25 EH/s: About 21.9 EH/s was operational at year-end, and average fleet efficiency was approximately 16.3 J/TH. Source
Hut 8 partnership supplies ASIC infrastructure: Management said access to high-density infrastructure through the partnership supports scaled, asset-light operations. Source
Mining output accumulated since Q2 2025: Cumulative mined Bitcoin reached 1,654 from the start of Q2 2025 through year-end, including 783 in the fourth quarter. Source

“2025 marked our first year operating as a standalone public company, and our results reflect disciplined execution against a clear capital and operating strategy.”
Mike Ho, CEO of American Bitcoin

Strategic Bitcoin reserve

Reserve grew from zero to 5,401: Holdings were 5,401 Bitcoin at year-end and, per the most recent announcement, more than 6,000. Source
Satoshis per share up 49%: Satoshis per share rose from 371 at September 30, 2025 to 554 at December 31, 2025. Source
Part of reserve is collateralized: 2,776 Bitcoin were pledged or otherwise collateralized, up from 2,385 in the third-quarter release. Source

Costs, margins and pricing

Fourth-quarter gross margin fell to 53%: Management attributed the fourth-quarter gross margin to Bitcoin repricing during the period. Source
Third-quarter margin was 56%: The third-quarter release reported this margin, which compares with the 53% in the fourth quarter.
Full-year gross margin about 50%: Cost of revenue for 2025 was $92.0 million, excluding depreciation and amortization. Source
Mined Bitcoin valued below spot prices: Management said the company accumulated Bitcoin at a 53% discount to spot over the period, reflecting its gross margin. Source
G&A share of revenue fell: General and administrative expenses were 9% of revenue in Q4 versus 13% in Q3, with dollars of $7.3 million against $8.1 million. Source

“Q4 demonstrated the engine is working. We produced Bitcoin at a 53% gross margin and have since grown our reserve to over 6,000 Bitcoin.”
Matthew Prusak, President of American Bitcoin

Capital and at-the-market proceeds

$150.5 million raised through ATM program: Management linked at-the-market purchases to the reserve build alongside mining output. Source
Balance sheet strengthening stated across cycles: Management said the company is building to expand its Bitcoin position while strengthening the balance sheet across market cycles. Source
Non-mined holdings came from transactions: Management said the remainder of year-end holdings came from strategic transactions and at-the-market purchases. Source

Adjusted EBITDA and reporting basis

Adjusted EBITDA compared with 2024: 2024 Adjusted EBITDA was $517.6 million, a period the company says reflects Hut 8 Corp.’s Bitcoin mining sub-segment. Source
Fourth-quarter Adjusted EBITDA was negative: Fourth-quarter Adjusted EBITDA was $(77.6) million against $27.7 million in the third quarter, with $0.4 million of merger costs. Source
Stock compensation expense declined: Stock-based compensation expense was $2.1 million for 2025, against $9.2 million for 2024. Source

Strategy and operating model

Model rests on three activities: Management described the model as holding Bitcoin from mining, accumulating it in a treasury strategy, and promoting ecosystem adoption. Source
Capital priorities centred on accretion: Management said priorities are fleet efficiency, cost discipline, and capital allocation accretive to Bitcoin on balance sheet. Source
Fleet expansion tied to returns: Management said it will keep optimizing the fleet, add capacity when returns justify it, and compound the reserve while preserving balance sheet flexibility. Source

Leadership and corporate context

Nasdaq listing six months after launch: Eric Trump said the company was trading on Nasdaq six months after its March 2025 launch. Source
First year as a standalone company: Mike Ho described 2025 as the first year operating independently, with disciplined execution against a clear capital and operating strategy. Source
Majority-owned by Hut 8: The company describes itself as a majority-owned subsidiary of Hut 8 Corp. and a Bitcoin accumulation platform. Source

Coming up, as management said on 26 February 2026

Supplemental materials expected online: Materials on Bitcoin holdings and related performance metrics are expected on the website and official social media channels. Source

Figures management reported

Figure	Reported
Bitcoin holdings at year-end 2025 Source	5,401 Bitcoin
Bitcoin mined in Q4 2025 Source	783 Bitcoin
Installed capacity Source	approximately 25.0 EH/s
ASICs in fleet Source	approximately 78,000
Average fleet efficiency Source	approximately 16.3 J/TH
Operational hashrate Source	~21.9 EH/s
Satoshis per share Source	554

Risks management discussed

Financial: Reported results are affected by fair-value changes in Bitcoin holdings, which produced a $227.1 million non-cash loss in 2025. Source

Earlier plans management reported on

Not stated: Management said it continues to maintain a structural discount to spot prices while prioritizing fleet efficiency. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

American Bitcoin Reports Fourth Quarter and Full Year 2025 Results

Mined Bitcoin at a 53% Discount to Purchasing at the Market Spot Price in Q4 2025, Reinforcing Structural Cost Advantage

MIAMI, FL, February 26, 2026 (PR NEWSWIRE) - American Bitcoin Corp. (Nasdaq: ABTC) (“American Bitcoin” or the “Company”), a Bitcoin accumulation platform focused on building America’s Bitcoin infrastructure platform, today reported its financial results for the fourth quarter and full year of 2025.

Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin, said: “We launched American Bitcoin in March 2025 with a clear mandate to accumulate Bitcoin at scale. Six months later, we were trading on the Nasdaq. By year-end, we held 5,401 Bitcoin on the balance sheet, and that figure has since grown to more than 6,000 Bitcoin. That kind of progress does not happen by accident. It reflects decisive execution and a team operating with conviction. Our model combines scaled mining production with at-the-market purchases for rapid accumulation of our strategic reserve. We are building this business to steadily expand our Bitcoin position and strengthen our balance sheet across market cycles.”

Mike Ho, CEO of American Bitcoin, said: “2025 marked our first year operating as a standalone public company, and our results reflect disciplined execution against a clear capital and operating strategy. We expanded our mining platform and grew our Bitcoin reserve through a combination of increased production and at-the-market purchases. We continue to prioritize fleet efficiency, cost discipline, and capital allocation accretive to Bitcoin on balance sheet, while maintaining a structural discount to spot prices. Looking ahead, we will continue optimizing our fleet, deploying incremental capacity when returns justify it, and focus on compounding our Bitcoin reserve while preserving balance sheet flexibility.”

Matthew Prusak, President of American Bitcoin, said: “Our model is simple: secure Bitcoin through mining, accumulate it through our treasury strategy, and accelerate adoption through the ecosystem. Q4 demonstrated the engine is working. We produced Bitcoin at a 53% gross margin and have since grown our reserve to over 6,000 Bitcoin. We are building a category leader designed to compound across cycles.

Strategic Reserve Growth

Scaled Bitcoin holdings from zero at the beginning of Q2 2025 to 5,401¹ at year-end, and to more than 6,000¹ as of our most recent announcement.

Increased Satoshis per share by 49%, from 371 as of September 30, 2025 to 554 as of December 31, 2025.

Mined 1,654 Bitcoin from the beginning of Q2 2025 through year-end, including 783 Bitcoin mined in the fourth quarter.

Approximately one-third of year-end Bitcoin holdings were generated through mining production, and the remainder were acquired through strategic transactions and at-the-market purchases.

Mining Platform Performance

Revenue for the year ended December 31, 2025 was $185.2 million³, reflecting increased Bitcoin production following fleet expansion and optimization during the year. Q4 2025 revenue was $78.3 million, up from $64.2 million in Q3 2025, representing approximately 22% quarter-over-quarter growth.

Gross margin for the year ended December 31, 2025 was approximately 50%³. Q4 2025 gross margin was 53%, reflecting Bitcoin repricing during the period. At this margin, the Company accumulated Bitcoin at a 53% discount relative to spot prices over the period.

Maintained installed capacity of approximately 25.0 exahash per second (EH/s) across approximately 78,000 ASICs with average fleet efficiency of approximately 16.3 joules per terahash (J/TH) as of December 31, 2025, leveraging access to high-density ASIC infrastructure through the Hut 8 Corp. (“Hut 8”) partnership to support scaled, asset-light mining operations.

Cost Discipline and Strategic Capital Execution

Strengthened operational efficiency with general and administrative expenses decreasing from 13% as a percentage of revenue in Q3 2025 to 9% as a percentage of revenue in Q4 2025.

Net loss and Adjusted EBITDA for the year ended December 31, 2025 were $153.2 million³ and $(157.3) million³, respectively, primarily driven by a $227.1 million non-cash mark-to-market loss on Bitcoin resulting from the FASB-required fair value accounting adjustment.

Generated $150.5 million of gross proceeds from the at-the-market program in Q4 2025.

1. Includes 2,776 Bitcoin pledged or otherwise collateralized.

2. Represents the amount of Bitcoin attributable to each outstanding share of the Company’s common stock. SPS is calculated by multiplying the Company’s total Bitcoin holdings by the Satoshi conversion ratio (1 Bitcoin equals 100,000,000 Satoshis), then dividing that total by the number of shares of the Company’s common stock outstanding as of the measurement date.

3. The Company’s financial results for periods prior to March 31, 2025 reflect the “Bitcoin mining” sub-segment of Hut 8 Corp.’s “Compute” segment and are not directly comparable to standalone periods.

4. Of total hashrate, ~21.9 EH/s was operational as of December 31, 2025.

Conference Call

Our Full-Year 2025 Earnings Conference Call will be held today, Thursday, February 26, 2026, at 8:00 a.m. ET. Investors can join the live webcast at https://app.webinar.net/OPeL3AQ3J1G.

Supplemental Materials and Upcoming Communications

The Company expects to make available on its website and/or official social media channels certain materials and updates designed to accompany the discussion of its results, along with certain supplemental financial information and other data, including regarding its Bitcoin holdings and related performance metrics. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, abtc.com/investors, and its social media accounts, including on X, Instagram, and

LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

About American Bitcoin

American Bitcoin Corp., a majority-owned subsidiary of Hut 8 Corp., is a Bitcoin accumulation platform focused on building America’s Bitcoin infrastructure platform. The Company delivers institutional-grade exposure to Bitcoin through an industry-first business model that integrates scaled self-mining operations with disciplined accumulation strategies. For more information, visit abtc.com and follow the Company on X at @ABTC.

Cautionary Note Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements, include, but are not limited to, statements relating to the Company’s ability to accumulate Bitcoin rapidly and at scale, strengthen and preserve balance sheet flexibility across market cycles, prioritize and optimize fleet efficiency, cost discipline, and capital allocation accretive to Bitcoin on balance sheet, maintain a structural discount to spot prices, and deploy incremental capacity when returns justify it, as well as the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally.

Forward-looking statements notice

Forward-looking statements are not statements of historical fact, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by the Company as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: the price of Bitcoin and concentration of Bitcoin holdings; failure to grow hashrate; the purchase of miners; competition from other methods of investing in Bitcoin; uncertainty in the development and acceptance of the Bitcoin network; reliance on third-party mining pool service providers; hedging transactions; Bitcoin halving events; failure to realize the anticipated benefits of the merger transactions; dependence on Hut 8; liquidity constraints and failure to raise additional capital; failure of critical systems; competition from current and future competitors; changes in leasing arrangements; hazards and operational risks; electrical power requirements; geopolitical, social, economic, and other events and circumstances; cybersecurity threats and breaches; Internet-related disruptions; dependence on key personnel; having a limited operating history; rapidly changing technology; predicting facility requirements; acquisitions, strategic alliances or joint ventures; operating and expanding internationally; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; stock price volatility; the Company's multi-class capital structure and status as a controlled company; and other factors that may affect the future business, results, financial position and prospects of the Company. Additional factors that could cause results to differ materially from those described above can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the proxy statement/prospectus filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on July 31, 2025, in the Company’s Current Report on Form 8-K filed with the SEC on September 3, 2025 and in other documents filed by the Company from time to time with the SEC.

Adjusted EBITDA

In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income or loss, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, loss on sale of property and equipment, gain on derivatives, gain on warrant liability, gain on debt extinguishment, the removal of non-recurring transactions, loss from discontinued operations, net of taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board and management team consider them appropriate for supplemental analysis.

The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.

Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

American Bitcoin Corp.

Combined Statements of Operations and Comprehensive (Loss) Income

(in USD thousands, except share and per share data)

	Years Ended December 31,
	2025	2024
Revenue	$185,164	$71,537
Cost of revenue (exclusive of depreciation and amortization shown below)	92,001	39,509
Operating expenses (income):
Depreciation and amortization	58,239	22,744
General and administrative expenses	33,394	34,486
Loss on sale of property and equipment	2,454	-
Loss (gain) on digital assets	227,064	(509,303)
Total operating expenses (income)	321,151	(452,073)
Operating (loss) income	(227,988)	484,101
Other income (expense):
Interest expense	-	(3,489)
Gain on derivatives	56,318	6,780
Gain on warrant liability	384	-
Gain on debt extinguishment	-	5,966
Total other income	56,702	9,257
(Loss) income from continuing operations before taxes	(171,286)	493,358
Income tax benefit (provision)	18,115	(59,607)
Net (loss) income from continuing operations	(153,171)	433,751
Loss from discontinued operations (net of income tax benefit of nil and $1.6 million, respectively)	-	(4,816)
Net (loss) income	$(153,171)	$428,935
Other comprehensive income (loss):
Foreign currency translation adjustments	4,467	(59,344)
Total comprehensive (loss) income	$(148,704)	$369,591

Adjusted EBITDA Reconciliation

	Years Ended December 31,
	2025	2024
Net (loss) income	$(153,171)	$428,935
Interest expense	-	3,489
Income tax (benefit) provision	(18,115)	59,607
Depreciation and amortization	58,239	22,744
Loss on sale of property and equipment	2,454	-
Gain on derivatives	(56,318)	(6,780)
Gain on warrant liability	(384)	-
Gain on debt extinguishment	-	(5,966)
Non-recurring transactions	7,838	1,590
Loss from discontinued operations (net of income tax benefit of nil and $1.6 million, respectively)	-	4,816
Stock-based compensation expense	2,145	9,173
Adjusted EBITDA	$(157,312)	$517,608

Non-recurring transactions for the year ended December 31, 2025 represented approximately $7.8 million of merger related transaction costs. Non-recurring transactions for the year ended December 31, 2024 represented approximately $1.6 million of restructuring costs.

	Three Months Ended
	December 31, 2025	September 30, 2025
Revenue	$78,321	$64,220
Cost of revenue (exclusive of depreciation and amortization shown below)	36,735	28,279
Operating expenses (income):
Depreciation and amortization	26,649	15,215
General and administrative expenses	7,331	8,052
Loss on digital assets	112,232	5,475
Total operating expenses	146,212	28,742
Operating (loss) income	(104,626)	7,199
Other income (expense):
Gain (loss) on derivatives	37,455	(1,999)
Gain on warrant liability	358	26
Total other income (expense)	37,813	(1,973)
(Loss) income from continuing operations before taxes	(66,813)	5,226
Income tax benefit (provision)	7,359	(1,751)
Net (loss) income	$(59,454)	$3,475

Adjusted EBITDA Reconciliation

	Three Months Ended
	December 31, 2025	September 30, 2025
Net (loss) income	$(59,454)	$3,475
Income tax (benefit) provision	(7,359)	1,751
Depreciation and amortization	26,649	15,215
(Gain) loss on derivatives	(37,455)	1,999
Gain on warrant liability	(358)	(26)
Non-recurring transactions	360	5,239
Adjusted EBITDA	$(77,617)	$27,653

Non-recurring transactions for the three months ended December 31, 2025 represent approximately $0.4 million of merger-related transaction costs. Non-recurring transactions for the three months ended September 30, 2025 represent approximately $5.2 million of merger-related transaction costs.

Contacts
American Bitcoin Investor Relations ir@abtc.com
American Bitcoin Public Relations media@abtc.com