American Bitcoin (ABTC) investor relations material

Executive summary

• Strategy combines efficient Bitcoin mining, reserve accumulation and planned ecosystem services; the reserve reached 8,427 BTC at September 30.

• Q3 production was 891 BTC, down from 932 in Q2 as selected sites curtailed operations during high summer power prices.

• Satoshis per share rose 5% QoQ to 11,572; net income was $125.987M and Adjusted EBITDA was $220.797M.

Financial highlights

• Revenue was $63.355M, down from $67.015M in Q2; net income was $125.987M versus a $57.151M net loss.

• Adjusted EBITDA was $220.797M versus a $45.032M loss in Q2; operating income was $191.834M versus a $74.081M loss.

• Cost of revenue was $37.5M and gross profit was $25.8M; the gross margin was 41%, versus 49% in Q2.

• 9M revenue was $192.5M versus $106.8M; net loss narrowed to $13.0M from $93.7M.

Outlook and guidance

• Priorities include efficient Bitcoin accumulation, operating flexibility and capital allocation aimed at long-term Bitcoin-per-share growth.

• Expansion decisions weigh hash price, ASIC capex, energy prices, hedges and minimum returns on capital; no numeric operating forecast was stated.

• Bitcoin production, balance-sheet holdings and capital-market funding are expected to support cash requirements; needs include working capital, equipment and infrastructure.

• Planned Layer 3 services aim to broaden Bitcoin access and exposure, drawing on mining scale, brand reach and the reserve.