LM Funding America : Presentation Q1 2026
LMFA
Published on 05/15/2026 at 07:34 am EDT
An emerging leader in Bitcoin mining
0.56 EH/s
160.2 BTC
$13.2M
0.48 EH/s
155.5 BTC
$16.7M
0.75 EH/s
0.79 EH/s
334.0 BTC
$25.3M
0.79 EH/s
338.2 BTC
$23.1M
356.4 BTC
$31.2M
0.70 EH/s
304.5 BTC
$34.7M
0.56 EH/s energized across Oklahoma (owned) and Kentucky (hosted)
Mined ~24.8 BTC for the quarter
Exited third-party hosted site; hashrate dipped to 0.48 EH/s as ~800 machines repositioned to Oklahoma
Mined ~18.4 BTC; relocation complete by end of quarter
Mississippi acquisition closed September 18; hashrate increase to 0.70 EH/s
164 BTC purchased in August, growing treasury
to 304.5 BTC at quarter-end
Mined ~17.9 BTC (partial quarter contribution from Mississippi)
Mississippi integration completed
22 BTC mined, up 25%
vs Q3
First immersion unit energized
Improved uptime driven by seasonal cooling conditions
Deployed approximately 300 Bitmain S21 XP miners and energized the second BC40 Elite immersion-cooled unit at Oklahoma
Reached the highest
monthly Bitcoin production in the Company's history at
9.6 Bitcoin
Improved daily BTC mined
Efficiency at all time
high
11 MW site in Mississippi
January: Energized second BC40 Elite immersion-cooled unit at Oklahoma
February: Deployed 300 Bitmain S19 XP miners at Oklahoma
March: Reached approximately 790 PH/s of energized hashrate and produced 9.6 Bitcoin in March 2026 - Company records
15 MW site in Oklahoma
Mined 26.1 BTC (+19% QoQ)
Generated $368k in curtailment and energy sales
Improved daily BTC mined with hashrate and efficiency increases
Revenue
Q3'25
Q4'25
Q1'26
Core EBITDA
$(1.4M)
$(9.3M)
$(8.4M)
Q1'26
Q4'25
Q3'25
$2.1M
$2.2M
$2.4M
Q1 2026
Total revenue of $2.1M, down 10.9% sequentially with $2.0M of Bitcoin mining revenue, down 9.8% sequentially, driven by a meaningfully lower realized Bitcoin price, offset by sequential increase in Bitcoin produced
Mining margin of 24.1%, compared with 25.0% in Q4'25, driven by a lower average Bitcoin price, partially offset by higher curtailment-related energy sales
Net loss of $10.1M and Core EBITDA loss of $8.4M, driven by the absence of the $5.4 million mining equipment impairment recorded in Q4 2025, partially offset by deeper Bitcoin fair value adjustments in Q1 2026
Recent Activity
Renegotiated $10.9 million Galaxy Digital Loan by extending maturity date until June 26, 2026, enables Company to take advantage of any upside in Bitcoin price
All amounts as of 3/31/26
$23.1M1
BTC Treasury
$22.8M
Total Current Assets
$0.8M
Cash
BTC Treasury2
334.0 BTC
$25.3M
BTC per Share3
$1.18
All amounts as of 4/30/26
$1.1M
Prepaid Expenses and Other Assets
$20.1M
Total Current Liabilities
$2.5M
Long Term Liabilities
$5.2M
Market Cap4
1 Bitcoin treasury of 338.2 BTC valued at $23.1M as of 3/31/26 at a price of approximately $68,300
2 Bitcoin treasury of 334.0 BTC valued at $25.3M as of 4/30/26 at a price of approximately $75,800
3 Calculated using 21,530,281 diluted shares outstanding which includes 17,352,281 shares outstanding and 4,178,000 warrants with exercise price of $0.0001 per share as of 4/30/26, Bitcoin treasury of 334.0 BTC as of 4/30/26 and Bitcoin price of approximately $75,800 as of 4/30/26
4 Market capitalization as of 4/30/26 with a LMFA share price of approximately $0.24 using 21,530,281 diluted shares outstanding as of 4/30/26 6
Disciplined, per-share focused growth
M&A targeting 5 - 20 MW sites
Bitcoin mining focused
BTC treasury = $25.3M1
1 Bitcoin treasury of 334.0 BTC valued at $25.3M as of 4/30/26 at a price of approximately $75,800
11 MW site in Mississippi
7
An emerging leader in Bitcoin mining & specialty finance
Financials
Liabilities and stockholders' equity
March 31, December 31,
2026
2025
Accounts payable and accrued expenses 1,975,726 1,745,875
Note payable - short-term (Note 6) 6,797,473 7,006,912
(unaudited)
Cash
$
801,201 $
1,424,426
Prepaid expenses and other assets
1,087,163
1,198,486
Digital assets - current (Note 2)
3,514,903
2,563,474
Digital assets receivable, net (Note 2)
11,880,544
12,678,014
Income tax receivable
- 31,187
Intangible assets, net (Note 3)
6,261,980
6,327,769
Investment in Seastar Medical Holding Corporation
39,097
25,073
Digital assets - collateral (Note 2)
2,200,000
2,200,000
Right of use assets (Note 7) 671,434 728,995
Digital assets - long-term (Note 2) - 8,233,035
Deposits on mining equipment (Note 4) - 1,597
Fixed assets, net (Note 3) 9,362,777 9,917,350
Current assets 22,832,831 23,498,173
Galaxy loan derivative asset (Note 6) - 47,673
Digital assets - collateral (Note 2) 5,500,000 5,500,000
Finance receivables 14,020 17,533
Marketable securities (Note 5) 35,000 37,380
Assets
Master digital currency loan (Note 6) 10,891,657 10,920,838
Due to related parties (Note 9) 64,857 48,319
Galaxy loan derivative liability (Note 6) 213,793 -
Current portion of lease liability (Note 7) 198,524 194,618
Total current liabilities 20,142,030 19,916,562
Note payable - long-term (Note 6) 1,942,627 1,932,502
Lease liability - net of current portion (Note 7) 575,123 590,368
Long-term liabilities 2,517,750 2,522,870
Total liabilities 22,659,780 22,439,432
Stockholders' equity (Note 8)
Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025
-
-
Common stock, par value $.001; 350,000,000 shares authorized; 16,157,892 and 14,123,497 shares
issued and outstanding as of March 31, 2026 and December 31, 2025 15,626 13,592
Additional paid-in capital 123,516,208 123,186,921
Accumulated deficit (102,702,142) (92,582,928)
Total LM Funding America stockholders' equity 20,829,692 30,617,585
Non-controlling interest
(1,737,119)
(1,740,791)
Total stockholders' equity
19,092,573
28,876,794
Total liabilities and stockholders' equity
$ 41,752,353
$ 51,316,226
Other assets 384,234 384,234
Long-term assets 18,919,522 27,818,053
Total assets
$ 41,752,353
$ 51,316,226
BTC holdings of 338.2 valued at $23.1 million (as of 3/31/26)
Revenues:
Three Months ended March 31,
2026 2025
Digital mining revenues $ 1,978,180 $ 2,273,940
Specialty finance revenue 107,657 67,389
Rental revenue 23,130 30,008
Total revenues 2,108,967 2,371,337
Operating costs and expenses:
Digital mining cost of revenues (exclusive of depreciation and
amortization shown below)
1,868,344
1,548,295
Curtailment and energy sales
(367,595)
(149,686)
Staff costs and payroll
1,317,275
1,050,477
Depreciation and amortization
829,828
2,037,578
Loss on fair value of Bitcoin, net
3,784,418
1,809,976
Professional fees
345,694
364,485
Selling, general and administrative
376,428
309,964
Real estate management and disposal
13,375
36,314
Collection costs
12,380
17,352
Settlement costs with associations
-
3,693
Loss on disposal of assets
-
186,781
Other operating costs
361,095
255,948
Total operating costs and expenses
8,541,242
7,471,177
Operating loss
(6,432,275)
(5,099,840)
Unrealized loss on marketable securities
(2,380)
(8,710)
Unrealized gain (loss) on investment and equity securities
14,024
(25,984)
Unrealized gain on Galaxy loan derivative
2,894
-
Realized gain on settlement of Galaxy loan derivative
19,480
-
Loss on fair value of purchased Bitcoin, net
-
(52,704)
Loss on fair value of digital assets receivable
(3,178,440)
-
Change in credit loss reserve on digital assets receivable
5,794
-
Interest expense
(545,171)
(220,906)
Interest income
532
1,145
Loss before income taxes
(10,115,542)
(5,406,999)
Income tax expense
-
-
Net loss
$ (10,115,542)
$ (5,406,999)
Less: loss (gain) attributable to non-controlling interest
(3,672)
8,325
Net loss attributable to LM Funding America Inc.
$ (10,119,214)
$ (5,398,674)
Basic loss per common share (Note 1)
$ (0.47)
$ (1.05)
Diluted loss per common share (Note 1)
$ (0.47)
$ (1.05)
Weighted average number of common shares outstanding
Basic
$ 21,455,856
$ 5,133,412
Diluted
21,455,856
5,133,412
Non-GAAP Financial Measures
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 March 31,
2026
2025
Net loss
$
(10,115,542)
$ (5,406,999)
Income tax expense
-
-
Interest expense
545,171
220,906
Depreciation and amortization
829,828
2,037,578
Loss before interest, taxes & depreciation
$ (8,740,543)
$ (3,148,515)
Unrealized loss (gain) on investment and equity
securities
(14,024)
25,984
Loss on disposal of mining equipment
-
186,781
Stock compensation and option expense
331,149
110,805
Core loss before interest, taxes & depreciation
$ (8,423,418)
$ (2,824,945)
Three Months Ended March 31,
Cost of Revenues - Analysis of costs to mine one Bitcoin (per Bitcoin amounts are actual) 2026 2025
Bitcoin Mined
26.1
24.3
Digital mining revenues
$ 1,978,180
$ 2,273,940
Average revenue of each Bitcoin mined (1)
$ 75,792
$ 93,578
Digital mining cost of revenues and curtailment and energy sales
$ 1,500,749
$ 1,398,609
Miner related depreciation (2)
$ 640,336
$ 1,980,092
Direct costs to mine including non-cash depreciation
$ 2,141,085
$ 3,378,701
Direct costs to mine one Bitcoin - Energy/hosting fees only (3)
Direct costs to mine one Bitcoin - including miner related depreciation expense
$ 57,500
$ 82,034
$ 57,556
$ 139,041
Cost of mining one Bitcoin as % of average Bitcoin mining revenue - energy/hosting fees only
76%
62%
Cost of mining one Bitcoin as % of average Bitcoin mining revenue - including miner
related depreciation expense
108%
149%
An emerging leader in Bitcoin mining & specialty finance
Thank You
Disclaimer
LM Funding America Inc. published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 11:33 UTC.