LM Funding America Sees Hash Rate Jump to 790 PH/s While Q1 Loss Widens to $10.1M
LM Funding America hit a record hash rate of 790 petahash and mined 26.1 Bitcoin in Q1, earning $305,000 in energy revenue during a winter storm. Q1 revenue fell to $2.1 million and net loss widened to $10.1 million, hurt by lower Bitcoin prices and a $7M fair value adjustment.
1. Record Operational Performance
LM Funding America hit a record hash rate of 790 PH/s and mined 26.1 Bitcoin in Q1, generating $305,000 in energy and curtailment revenue during a winter storm, while improving fleet efficiency and uptime metrics.
2. Q1 Financial Results
Total revenue declined to $2.1 million from $2.4 million year-over-year, and mining margin edged down to 24.1%. The company reported a net loss of $10.1 million driven by lower Bitcoin prices and a $7 million negative fair value adjustment, despite a rebound in its Bitcoin treasury value.
3. Strategic Commentary and Capital Allocation
Management highlighted that future hash rate expansions will depend on electricity tariffs and payback periods, favoring cost-effective second-generation ASICs when prices align. The acquisition pipeline remains robust, though site pricing and capacity due diligence are moderating acquisition velocity.