TAMPA, Fla., May 15, 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 months ended March 31, 2026.
Q1'26 Financial Highlights
Total revenue for the quarter was $2.1 million, down 10.9% sequentially and 11.1% year-over-year. The sequential decrease reflects lower average Bitcoin prices.
The Company mined 26.1 Bitcoin during the first quarter at an average price of approximately $75,700, compared to 22.0 Bitcoin in Q4 2025 at an average Bitcoin value of approximately $99,700 and 24.3 Bitcoin in Q1 2025 at an average Bitcoin value of approximately $93,600. The increase in Bitcoin mined was due to higher energized hashrate in Q1 2026 as compared to prior periods.
Mining margin for the current quarter was 24.1% compared to a margin of 38.5% in Q1 2025. The Company generated approximately $368,000 in curtailment and energy sales for the 2026 quarter as compared to $150,000 in Q1 2025. Mining margin is calculated as digital mining revenues minus digital mining cost of revenues net of curtailment and energy sales.
The Company incurred a $3.8 million negative fair market value adjustment on mined digital assets due to Bitcoin price at approximately $68,300 on March 31, 2026 as compared to approximately $82,500 on March 31, 2025. The Company also incurred a $3.2 million negative fair market value adjustment on Bitcoin collateral receivable in Q1 2026.
Net loss for the first quarter of 2026 was approximately $10.1 million, and Core EBITDA2 loss was approximately $8.4 million, compared with Q1 2025 net loss of $5.4 million and Core EBITDA loss of $2.8 million with the change being driven primarily by non-cash loss on fair value of Bitcoin.
As of March 31, 2026, cash was approximately $0.8 million, and Bitcoin holdings totaled 338.2 Bitcoin, which includes 174 Bitcoin held by Galaxy Digital in a Digital assets receivable account. The total of the holdings was valued at approximately $23.1 million, based on a Bitcoin price of approximately $68,300 as of March 31, 2026.
As of April 30, 2026, the Company's 334.0 Bitcoin holdings (inclusive of Galaxy holdings) were valued at approximately $25.3 million, based on a Bitcoin price of approximately $75,800 as of April 30, 2026, or $1.18 Bitcoin per share.1
Q1'26 and Recent Operational Highlights
Record energized hashrate: Reached approximately 790 PH/s of energized hashrate in March 2026, the highest level in the Company's history, driven by the late-February deployment of approximately 300 Bitmain S19 XP miners and the January energization of the second BC40 Elite immersion-cooled unit at Oklahoma. March 2026 also represented the highest monthly Bitcoin production in the Company's history at 9.6 Bitcoin.
Management Commentary
"The first quarter reflected strong operating performance in a softer Bitcoin price environment," said Bruce Rodgers, Chairman and Chief Executive Officer of LM Funding. "We increased production, reached record hashrate, and maintained margins from the fourth quarter 2025, while remaining focused on our Bitcoin mining and treasury strategy. Our priority is execution and closing the gap between our public valuation and the underlying value of our Bitcoin holdings and platform."
"The first quarter was the first full period during which our expanded fleet operated at scale across both wholly-owned sites," said Ryan Duran, President of U.S. Digital Mining. "We produced 26.1 Bitcoin across Oklahoma and Mississippi, energized our second BC40 Elite immersion-cooled unit at Oklahoma in January, and deployed approximately 300 Bitmain S19 XP miners at Oklahoma in late February, driving energized hashrate to approximately 790 PH/s in March, the highest in the Company's history. With ASIC efficiency gains compressing across recent generations, we believe our deployed S19 XP, S21, and S21 immersion fleet will retain its competitive position in the network meaningfully longer than equivalent hardware would have in prior cycles."
"First quarter revenue declined approximately 11% year-over-year to $2.1 million, primarily reflecting a lower average realized Bitcoin price, partially offset by a 19% sequential increase in Bitcoin production," said Richard Russell, Chief Financial Officer of LM Funding. "Mining margin held at approximately 24%, in line with the 25% fourth quarter 2025 mining margin, supported by approximately $368,000 of curtailment and energy sales. The reported net loss of $10.1 million and Core EBITDA2 loss of $8.4 million were driven primarily by approximately $7.0 million of non-cash Bitcoin fair value adjustments and ongoing operating costs of the expanded platform. We extended the Galaxy Digital facility maturity to June 26, 2026 during the quarter and ended the period with $41.8 million of total assets, a 338.2 Bitcoin treasury, and $22.7 million of total liabilities, a balance sheet that we believe is positioned to support continued operating execution and selective accretive growth."
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: May 15, 2026
Time: 8:30 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 volatility in the market price of Bitcoin, 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 collect 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 RelationsOG Advisory GroupYujia Zhai[email protected]
LM FUNDING AMERICA, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS
March 31,2026(unaudited)
December 31,2025
Assets
Cash
$
801,201
$
1,424,426
Marketable securities (Note 5)
35,000
37,380
Prepaid expenses and other assets
1,087,163
1,198,486
Finance receivables
14,020
17,533
Digital assets - current (Note 2)
3,514,903
2,563,474
Digital assets - collateral (Note 2)
5,500,000
5,500,000
Digital assets receivable, net (Note 2)
11,880,544
12,678,014
Galaxy loan derivative asset (Note 6)
-
47,673
Income tax receivable
-
31,187
Current assets
22,832,831
23,498,173
Fixed assets, net (Note 3)
9,362,777
9,917,350
Intangible assets, net (Note 3)
6,261,980
6,327,769
Deposits on mining equipment (Note 4)
-
1,597
Investment in Seastar Medical Holding Corporation
39,097
25,073
Digital assets - long-term (Note 2)
-
8,233,035
Digital assets - collateral (Note 2)
2,200,000
2,200,000
Right of use assets (Note 7)
671,434
728,995
Other assets
384,234
384,234
Long-term assets
18,919,522
27,818,053
Total assets
$
41,752,353
$
51,316,226
Liabilities and stockholders' equity
Accounts payable and accrued expenses
1,975,726
1,745,875
Note payable - short-term (Note 6)
6,797,473
7,006,912
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
