American Bitcoin (ABTC) Q4 2024 earnings summary

Executive summary

• Transitioned from pure bitcoin mining to acquiring energy assets for AI and HPC data centers, with major acquisitions and hosting agreements in 2024–2025.

• Completed a reverse merger with Akerna in February 2024, resulting in a public listing and a strategic shift.

• Ongoing expansion of mining operations, with 9,660 ASIC miners deployed and new hosting contracts in New York and Pennsylvania.

Financial highlights

• 2024 mining revenues: $20.5M, down 2.4% from $21.1M in 2023, due to bitcoin halving and increased network hashrate.

• Net loss for 2024: $21.3M, improved from $28.8M in 2023.

• Adjusted EBITDA for 2024: $(5.5)M, compared to $94K in 2023.

• Cost of revenues increased 17.5% to $15.8M, driven by higher energy costs and miner deployment.

• Cash and equivalents at year-end: $735K; accumulated deficit: $67.7M.

• Average cost to mine one bitcoin in 2024: $47,359, up from $18,217 in 2023.

Outlook and guidance

• Management expects continued need for additional capital to fund operations and expansion, with current cash insufficient for the next 12 months.

• Focus on scaling AI/HPC data center infrastructure, with Captus site targeted for up to 4GW power capacity.

• Plans to expand miner fleet and pursue further acquisitions in energy and computing assets.