American Bitcoin (ABTC) investor relations material

Executive summary

• Achieved record Bitcoin production in Q1 2026, mining 817 BTC, and expanded operational capacity to over 28 exahash, ranking among the largest public Bitcoin holders globally.

• Strategic Bitcoin reserve grew to 7,021 BTC at quarter end, up over 30% from year-end, with 3,090 BTC pledged for miner purchases.

• Pursued a layered strategy integrating mining, treasury, and ecosystem services, leveraging partnerships for rapid deployment and scalability.

• Transitioned to a standalone entity after March 31, 2025, following mergers and miner contributions.

• Maintained focus on accumulating Bitcoin at the lowest cost, with no BTC sold during the quarter.

Financial highlights

• Q1 2026 revenue was $62.1 million, up from $12.3 million in Q1 2025 but down from $78.3 million in Q4 2025 due to a 22% decline in Bitcoin price.

• Cost to mine per Bitcoin dropped to $36,200, a 23% improvement from $46,900 in Q4.

• Gross margin held above 50% (52–52.3%) despite lower BTC prices.

• Net loss for Q1 2026 was $81.8 million, compared to $100.6 million in Q1 2025, driven by a $117.2 million non-cash mark-to-market loss on held Bitcoin.

• General and administrative expenses were $6.9 million, down 6% sequentially; SG&A as a percentage of revenue was ~11%.

Outlook and guidance

• Plans to accelerate Bitcoin accumulation through public market capital raises, including an ATM offering, and continued mining fleet expansion.

• Focused on fleet deployment, operational efficiency, and compounding Bitcoin reserves per share.

• Management believes cash flows from capital raised and Bitcoin reserves will meet anticipated cash requirements.