American Bitcoin Corp Q3 revenue falls sequentially
ABTC•ABTC•ABTC•ABTC•American Bitcoin Corp's third-quarter revenue was $63.36 million, below the $74.35 million analyst estimate, while net income was $125.99 million. The company increased its Bitcoin reserve and Satoshis Per Share by about 5%.
American Bitcoin Corp reported third-quarter revenue of $63.36 million, below the $74.35 million consensus estimate from four analysts. Net income was $125.99 million, compared with analysts' estimate of a $4.53 million loss, and income from operations was $191.83 million, versus an expected $4 million loss.
The company increased its Bitcoin holdings and Satoshis Per Share by about 5% during the quarter without purchasing Bitcoin or issuing shares. It sold some Bitcoin production to cover operating costs and said higher seasonal power costs raised mining costs and pressured gross margins. The company provided no specific financial guidance for future quarters or the full year.
