Key Highlights
- American Bitcoin recorded an $81.8 million net loss during Q1 2026, compared to a $59.5 million loss in the previous quarter.
- Quarterly revenue declined 20.7% to $62.1 million, pressured by Bitcoin’s 22% price decrease throughout the period.
- Q1 saw the company achieve its best-ever quarterly mining performance with 817 BTC produced.
- Per-Bitcoin mining expenses decreased 23% to $36,200, maintaining gross margins above the 50% threshold.
- Shares of ABTC finished Wednesday’s session at $1.25, gaining 1.63%, with a one-month increase of 40.5%.
American Bitcoin (ABTC) disclosed an $81.8 million net loss for Q1 2026, with the company’s financial performance heavily impacted by Bitcoin’s significant price contraction during the three-month period.
Shares concluded Wednesday’s trading at $1.25, marking a 1.63% intraday gain. While ABTC has surged 40.5% over the trailing 30 days, the stock continues to trade 72.5% below its level from six months ago.
Quarterly revenue registered at $62.1 million, representing a 20.7% sequential decrease from the $78.3 million reported in Q4 2025. The substantial decline stemmed primarily from a $117.2 million impairment on digital asset holdings, reflecting Bitcoin’s 22% price collapse during the quarter — sliding from approximately $87,500 to $68,200.
Total operating expenses reached $150.7 million for the three-month period.
However, CEO Mike Ho challenged the negative interpretation of the results. He emphasized that when excluding the non-cash mark-to-market adjustments mandated by FASB accounting standards, the core business generated positive returns. Notably, the company maintained its hodl strategy and sold zero Bitcoin throughout the quarter.
Mining Operations Hit All-Time High
From an operational standpoint, Q1 represented a landmark period for the mining company. American Bitcoin extracted 817 BTC — establishing a new quarterly production record. Additionally, the firm acquired 803 BTC for its corporate treasury through open market purchases.
The combined accumulation of 1,620 BTC elevated total holdings to 7,021 BTC by March 31. This expansion drove the company’s Satoshi-per-share metric upward by 20%.
Production costs per Bitcoin dropped to $36,200 in Q1, representing a 23% improvement from the $46,900 recorded in Q4 2025. Management attributed this efficiency gain to increased mining volume distributed across a relatively fixed operational cost structure, combined with more favorable energy contracts.
Mining gross margin remained comfortably above 50% — specifically at 52% — even as Bitcoin prices faced headwinds. The quarter generated $32.5 million in mining gross profit.
Infrastructure Build-Out Continues
During early March, American Bitcoin acquired 11,298 mining machines from Bitmain, expanding capacity by 3.05 EH/s. The company concluded Q1 operating 89,242 miners delivering a total hash rate of 28.1 EH/s.
Eric Trump, serving as Chief Strategy Officer, characterized the quarterly performance as validation of the company’s fundamental business thesis. “We extracted 817 Bitcoin at a 47% discount relative to market price, accumulated over 1,600 Bitcoin for our strategic holdings, and achieved this with healthy profit margins,” he stated.
He noted that within just over eight months of operating as a publicly-traded entity, American Bitcoin has ascended to become the world’s 16th largest institutional Bitcoin holder.
Management indicated plans to maintain its dual-pronged accumulation approach — mining Bitcoin at a structural cost advantage while leveraging ATM equity programs to fund additional treasury purchases. The recent activation of the company’s Drumheller facility is anticipated to deliver further operational efficiencies in upcoming quarters.
Following the earnings announcement, ABTC shares advanced 0.81% to $1.24 in premarket activity.
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