American Bitcoin Q2 net loss widens on price decline
ABTC•Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Miss | $67.02 mln | $70.65 mln (2 Analysts) |
| Q2 Net Loss | Miss | $57.15 mln | $550,000 (2 Analysts) |
| Q2 Adjusted EBITDA | Miss | -$45.03 mln | $27 mln (1 Analyst) |
| Q2 Income From Operations | Miss | -$74.08 mln | -$150,000 (2 Analysts) |
Result drivers
- Record bitcoin production - The company mined 932 Bitcoin in Q2, its highest quarterly output, helping grow holdings by 14%.
- Capacity expansion - It completed energization of over 11,000 next-generation miners, increasing the operational fleet and efficiency.
- Bitcoin price decline - Revenue per Bitcoin mined fell 5% as Bitcoin price dropped about 12% quarter over quarter, though gross margin held near 50%.
Quarterly results
- Bitcoin mining platform's Q2 revenue rose 8% sequentially to $67 million.
- The company posted a Q2 net loss of $57 million, wider than the prior quarter.
- Bitcoin holdings grew to over , with a record mined in Q2.
