LMFA earnings analysis
What we found in LMFA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
LM Funding America reported Q1 2026 results with revenues of $2.1 million, a decline from $2.4 million in Q1 2025, and a diluted EPS loss of $0.47 compared to a loss of $1.05 in Q1 2025. Operating losses increased to $10.1 million due to higher operational expenses and fair market loss adjustments on mined digital assets. The company continues to develop its bitcoin mining operations but faces challenges from bitcoin price volatility.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Revenue for Q1 2026 was $2.1 million, down from $2.4 million year-over-year, driven by decreased mining revenue.
- Increased Operating Loss
- Operating loss expanded to $10.1 million compared to $5.4 million in the prior year, largely due to higher expenses.
- Bitcoin Mined Increased
- Bitcoin mined increased to 26.1 BTC in Q1 2026 from 24.3 BTC in Q1 2025.
- Enhanced Hashrate Capacity
- Total hashrate capacity reached 0.85 EH/s in Q1 2026, up from 0.75 EH/s in Q4 2025.
- Increased Bitcoin Holdings
- Bitcoin holdings decreased to 164 BTC at fair value of approximately $11.2 million, down from 211 BTC valued at $18.5 million in Q4 2025.
- Positive Free Cash Flow in Investing
- Net cash provided by investing activities was $2.9 million in Q1 2026, compared to $0.7 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Loss
- Net loss for the quarter totaled $10.1 million, significantly higher than the prior year's loss of $5.4 million.
- High Operating Costs
- Operating expenses rose to $8.5 million, up from $7.5 million year-over-year, leading to increased losses.
- Bitcoin Price Volatility
- Revenue heavily relies on Bitcoin prices; average Bitcoin price dropped over the quarter, affecting revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.47
- Segment
- Bitcoin mining
- Segment
- Specialty finance
- Segment
- Bitcoin treasury operations
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · March 31, 2026
- LM Funding America (LMFA) is repositioning as a Bitcoin-focused operator: it acquired 211.4 Bitcoins by December 31, 2025 and operates a Bitcoin mining business (7,200 machines, ~0.75 EH/s) while retaining a legacy…
- 10-Q · August 14, 2025
- LM Funding America reported Q2 2025 revenue of $1,928,324 and GAAP diluted EPS of $0.02, returning to a small quarterly profit versus a $6,182,986 loss in Q2 2024. Operating income was positive at $423,515 for the…
- 10-K · March 31, 2025
- The 10-K describes LM Funding America as a dual business: Bitcoin mining (via wholly owned US Digital) and a specialty finance business focused on Florida community associations. The company materially consolidated…
- 10-Q · November 13, 2024
- LM Funding America reported Q3 revenue of $1,255,473 (three months ended Sept. 30, 2024), down sharply from $3,419,508 year-ago, producing an operating loss of $4,414,322 and basic loss per share of $2.41. The decline…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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