Consensus Mining & Seigniorage (CMSG) Q4 2025 earnings summary

Executive summary

• Reported a net loss of $1.1 million ($0.51 per share) for 2025, compared to net income of $13.0 million ($5.79 per share) in 2024, mainly due to a decline in Bitcoin's fair value, especially in Q4.

• Q4 2025 saw a net loss of $7.3 million ($3.26 per share) versus net income of $8.1 million ($3.61 per share) in Q4 2024.

• Book value per share decreased 1.2% to $41.28, while aggregate Bitcoin holdings grew by 8%.

Financial highlights

• Annual mining revenue declined 18.5% to $4.5 million in 2025, with Bitcoin mining revenue at $2.2 million.

• Scrypt mining revenue increased 17% to $2.3 million, driven by higher Dogecoin prices.

• Cost of revenue decreased 3.4% to $2.7 million for 2025; Q4 cost of revenue down 4.6% to $649,000.

• Operating expenses fell 31% annually and 40% in Q4, mainly due to lower depreciation.

• Interest income declined from $3.0 million to $2.4 million year-over-year.

Outlook and guidance

• Announced a shareholder call scheduled for February 17, 2026.