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American Bitcoin (ABTC) investor relations material
American Bitcoin Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Accumulated 4,090 Bitcoin in reserve as of November 13, 2025, following a major fleet upgrade, strategic miner purchases, and a merger with Gryphon Digital Mining, becoming the 25th largest public Bitcoin accumulator within seven months.
Mission centers on maximizing Bitcoin per share through efficient, asset-light mining and disciplined treasury strategies, leveraging U.S.-based infrastructure.
Launched a $2.1 billion at-the-market equity program, raising $90.0 million by September 30, 2025, and an additional $44.1 million by November 13, 2025.
Completed a reverse acquisition merger with Gryphon Digital Mining on September 3, 2025, resulting in a new equity structure and $151.8 million in goodwill.
Financial highlights
Q3 2025 revenue was $64.2 million, up from $11.6 million in Q3 2024, with cost of revenue rising from $15.3 million to $28.3 million.
Gross margin improved to 56% in Q3 2025, up from 49% in the previous quarter.
Net income for Q3 2025 was $3.5 million, compared to a net loss of $0.6 million in Q3 2024, despite a $5.5 million mark-to-market loss on digital assets.
Adjusted EBITDA for Q3 2025 was $27.7 million, compared to negative $4.3 million in Q3 2024.
Cash balance as of September 30, 2025, was $7.98 million.
Outlook and guidance
Management expects continued growth in Bitcoin reserves and mining capacity, leveraging recent miner purchases, capital raised, and partnerships.
Treasury strategy will continue to balance yield, liquidity, and long-term accumulation to maximize Bitcoin per share.
Liquidity position, supported by capital raises and Bitcoin reserves, is considered sufficient for both short- and long-term needs.
Net unencumbered Bitcoin reserve
Bitcoin acquired by mining vs. purchase
Drivers of Q3 gross margin improvement
How does curtailable load aid power acquisition?
What M&A execution risks does ABTC prioritize?
Explain the Bitcoin pledge for ASIC purchases.
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Next American Bitcoin earnings date
Q4 202527 Feb, 2026
Next American Bitcoin earnings date
Q4 202527 Feb, 2026
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