American Bitcoin (ABTC) Q1 2025 earnings summary

Executive summary

• Revenue from bitcoin mining dropped 79% year-over-year to $1.56M due to increased global hashrate and the April 2024 halving event, despite a higher average bitcoin price and more operational miners.

• Net loss improved to $6.28M from $11.74M year-over-year, driven by lower operating costs and the absence of large non-cash expenses seen in the prior year.

• The company completed a reverse merger with Akerna in February 2024, shifting focus entirely to bitcoin mining and exiting SaaS cannabis operations.

• A merger agreement with American Bitcoin Corp. was signed in May 2025, expected to result in significant dilution for current shareholders but aims to create a larger combined entity.

Financial highlights

• Revenue: $1.56M for Q1 2025, down from $7.49M in Q1 2024.

• Net loss: $6.28M for Q1 2025, improved from $11.74M in Q1 2024.

• Adjusted EBITDA: $(4.37)M for Q1 2025, compared to $1.90M in Q1 2024.

• Cash and equivalents: $318K as of March 31, 2025, with $1.26M in restricted cash.

• Accumulated deficit: $74.02M as of March 31, 2025.

Outlook and guidance

• Management expects continued losses and negative cash flows in the near term and will require additional capital to fund operations.

• The company is pursuing strategic acquisitions and the merger with ABTC to improve scale and competitiveness.

• Nasdaq granted an extension until September 2025 to regain compliance with listing standards.