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…
Earnings analysis · 10-Q
LMFA earnings analysis
Filed May 15, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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.
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
- Earnings per share
- $-0.47
- Segment
- Bitcoin mining
- Segment
- Specialty finance
- Segment
- Bitcoin treasury operations
What stood out
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Revenue Decline
Revenue for Q1 2026 was $2.1 million, down from $2.4 million year-over-year, driven by decreased mining revenue.
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Increased Operating Loss
Operating loss expanded to $10.1 million compared to $5.4 million in the prior year, largely due to higher expenses.
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Bitcoin Mined Increased
Bitcoin mined increased to 26.1 BTC in Q1 2026 from 24.3 BTC in Q1 2025.
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Enhanced Hashrate Capacity
Total hashrate capacity reached 0.85 EH/s in Q1 2026, up from 0.75 EH/s in Q4 2025.
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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.
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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.
What to watch
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Significant Net Loss
Net loss for the quarter totaled $10.1 million, significantly higher than the prior year's loss of $5.4 million.
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High Operating Costs
Operating expenses rose to $8.5 million, up from $7.5 million year-over-year, leading to increased losses.
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Bitcoin Price Volatility
Revenue heavily relies on Bitcoin prices; average Bitcoin price dropped over the quarter, affecting revenue.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.