LM Funding America Q4 Revenue Climbs 19.2%, Net Loss Totals $17.9M
LM Funding America posted Q4 revenue of $2.4 million, up 8.7% sequentially and 19.2% year-over-year, mining 22.0 Bitcoin at an average price of $99,700. Net loss reached $17.9 million due to $7.8 million in non-cash fair-value losses and $5.4 million in equipment impairments as energized hashrate hit 782 PH/s.
1. Fourth Quarter Financial Results
LM Funding America reported $2.4 million in fourth quarter revenue, up 8.7% sequentially and 19.2% year-over-year, mining 22.0 Bitcoin at an average price of $99,700. Mining margin declined to 25% from 49% in Q3 as net loss widened to $17.9 million due to $7.8 million in fair-value losses and $5.4 million in equipment impairments.
2. Operational Capacity Expansion
The company energized its first BC40 Elite immersion-cooled unit in Oklahoma in December 2025 and a second unit in January 2026, boosting total energized hashrate to 782 PH/s. Integration of the Mississippi facility increased uptime, contributing to a 25% sequential rise in Bitcoin production and expanding operational capacity to 26 MW across two sites.
3. Balance Sheet and Bitcoin Treasury
As of December 31, 2025, cash stood at $1.4 million and total Bitcoin holdings reached 356.4 BTC (including 145 BTC receivable), valued at $31.2 million. By February 28, 2026, holdings were 354.7 BTC with 174 BTC under receivable, valued at $23.8 million, while share repurchases under the Galaxy Digital facility reduced dilution.