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.
  
  
  
  

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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: 
  • Live Webcast: Link
  • Participant Call Registration: Link
    
    
    
    

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

[email protected]

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