Consensus Mining & Seigniorage (CMSG) Q2 2026 earnings summary

Executive summary

• Q2 2026 was marked by continued Bitcoin accumulation, but lower crypto prices led to operating and unrealized losses on digital assets, resulting in a net loss of $2.7 million ($1.19 per share) compared to net income of $6.7 million ($2.99 per share) in Q2 2025.

• Digital asset mining revenue declined to $0.5 million from $1.1 million year-over-year, with a revenue mix of 52% Bitcoin, 44% Scrypt mining (Dogecoin/Litecoin), and 3% new Zcash mining.

• Share repurchase program initiated, with $2.1M spent on 67,636 shares at an average price of $30.69; $2.9M capacity remains under the $5M authorization.

• Strategic review underway to explore options for unlocking shareholder value due to persistent discount to book value.

• Cryptocurrency holdings at quarter-end were valued at $21.3 million, with 354 BTC and 13,724 LTC.

Financial highlights

• Bitcoin spot price fell 13% in Q2 to $58,524, causing $3.6M in unrealized losses.

• Book value per share at $37.35, down from $41.28 at year-end and $43.59 year-over-year.

• Cash position strong at $58.5M.

• Cost of revenue decreased to $0.4 million from $0.7 million year-over-year due to lower equipment volume; operating expenses fell to $0.5 million from $0.8 million, mainly due to lower depreciation.

• Hosting costs declined 58% year-over-year to under $0.5M; G&A costs at $0.2M; depreciation at $0.3M.

Outlook and guidance

• Expect partial revenue recovery and lower hosting rates as operational transitions complete in Q3.

• Continued focus on measured hash rate growth using efficient equipment.

• Share repurchases to continue opportunistically, subject to market and regulatory conditions.

• Announced a shareholder call scheduled for August 10, 2026.