Consensus Mining & Seigniorage (CMSG) Q3 2026 earnings summary

Executive summary

• Q3 net income was $7.19M, or $3.31/share, driven mainly by unrealized digital-asset appreciation; nine-month net income was $6.19M versus a $2.12M loss.

• Mining revenue declined 58% YoY to $485K, while Bitcoin accumulation and Zcash mining continued.

Financial highlights

• Q3 revenue was $485K versus $1.17M YoY; nine-month revenue was $1.45M versus $3.61M.

• Q3 non-operating income was $9.95M, including $9.42M of unrealized digital-asset appreciation; Q3 operating loss was $369K.

• Cash was $57.6M and total assets were $90.3M at September 30; cash declined sequentially primarily due to share repurchases.

• Interest income was $0.5M; hosting costs were under $0.4M, G&A was $140K and mining depreciation was ~$0.3M.

Outlook and guidance

• Hosting-provider transitions were largely completed in Q3; improved results are expected, subject to market conditions.

• Z15 Pro Zcash miners had an estimated 10–11-month capital payback versus ~25 months for an S21 XP Bitcoin rig.

• Further Zcash capacity additions will be measured and depend on network hash rate, spot price, equipment cost and availability.

• Strategic discussions with potential counterparties are ongoing; any transaction would target at least book value and could be submitted to shareholders for a proxy vote.