10-Q · May 6, 2026
American Bitcoin's Q1 2026 financial performance marked a significant growth in revenue driven by enhanced mining operations and increased Bitcoin accumulation. The company reported a revenue of $62.1 million, a…
Earnings analysis · 10-Q
ABTC earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
American Bitcoin delivered Q2 revenue of $67.015 million, up from $30.285 million a year ago and from $62 million in Q1 2026, supported by expanded Vega and Drumheller mining capacity. Gross margin remained near 49.3%,…
Read full summary
American Bitcoin delivered Q2 revenue of $67.015 million, up from $30.285 million a year ago and from $62 million in Q1 2026, supported by expanded Vega and Drumheller mining capacity. Gross margin remained near 49.3%, but operating margin deteriorated to negative 110.5% as depreciation, G&A, and a $71.178 million digital-asset loss drove a $57.151 million net loss versus $3.431 million of prior-year net income. Liquidity is materially reliant on equity financing: first-half operating cash use was $63.795 million and ATM proceeds were $144.088 million. No quantitative guidance was included in the 10-Q.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Segment
- Bitcoin mining revenue: $67.015 million
What stood out
-
Revenue growth driven by fleet expansion
Q2 revenue rose 121.3% year over year to $67.015 million from $30.285 million, driven by Bitcoin production of approximately 932 BTC versus approximately 308 BTC. Sequentially, revenue increased from $62 million in Q1 2026.
-
Mining fleet capacity expanded
Vega added approximately 14.86 EH/s and Drumheller added approximately 3.05 EH/s. Drumheller deployment increased operating fleet capacity from 21.9 EH/s to 25.0 EH/s, while total fleet capacity reached 28.1 EH/s.
-
Bitcoin reserve scaled to 8,002 BTC
The company held 8,002 Bitcoin worth approximately $478.9 million at June 30, 2026, including 3,090 Bitcoin pledged for miner purchases.
-
Gross margin held roughly flat year over year
Gross margin was approximately 49.3% in Q2, essentially stable versus approximately 49.4% a year earlier, as revenue of $67.015 million exceeded $34.009 million of cost of revenue.
What to watch
-
Large GAAP loss and operating-margin reversal
GAAP net loss was $57.151 million, compared with net income of $3.431 million a year earlier. Operating loss was $74.081 million, producing an operating margin of approximately negative 110.5%.
-
Bitcoin mark-to-market volatility
Bitcoin's price fell from approximately $68,222 at March 31 to $59,847 at June 30, producing a $71.178 million loss on digital assets during Q2. The $478.9 million Bitcoin reserve remains directly exposed to further price declines.
-
Cash burn funded by equity issuance
Operating cash outflow was $63.795 million in the first six months, versus $44.003 million a year earlier, while unfavorable working-capital changes were $6.5 million. Financing supplied $144.088 million, primarily from ATM equity issuance.
-
Lower realized revenue per Bitcoin
Average revenue per Bitcoin mined fell to approximately $71,932 from approximately $98,425 a year earlier, partly offsetting the increase in production to approximately 932 Bitcoin.
-
Pledged Bitcoin creates counterparty exposure
The company states that Item 1A had no material changes from the Annual Report risk factors. Nonetheless, 3,090 of its 8,002 Bitcoin were pledged for miner purchases at June 30, increasing collateral and counterparty exposure.
Management's outlook
The 10-Q contains no quantitative revenue or EPS outlook. Management states that Bitcoin production, Bitcoin on the balance sheet, and capital raised are expected to meet anticipated short- and long-term cash requirements.
Earlier filings 4
10-K · March 27, 2026
American Bitcoin positions itself as a capital-efficient Bitcoin accumulation platform built on three layers: (1) mining ownership to produce Bitcoin below-market cost, (2) scaling a Bitcoin reserve via capital markets,…
10-Q · November 14, 2025
American Bitcoin (ABTC) reported Q3 revenue of $64,220 (as presented in the filing) versus $11,610 in Q3 2024, driven by the Transactions and Business Combination activity and scaling of mining operations. The company…
10-Q · November 13, 2024
Gryphon Digital Mining reported Q3 revenue of $3,689,000, down 32.6% from $5,477,000 in Q3 2023; gross profit collapsed to $77,000 (≈2.1% margin) from $1,495,000 (≈27.3%). Operating loss narrowed to $(5,445,000) from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.