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Consensus Mining & Seigniorage (CMSG) investor relations material
Consensus Mining & Seigniorage Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 saw continued Bitcoin accumulation, stable cost structure, and revenue growth driven by higher Scrypt mining activity and Dogecoin prices.
Achieved net income of $2.1 million ($0.95/share) in Q3 2025, reversing a net loss of $0.5 million ($0.23/share) in Q3 2024.
Nine-month net income rose to $6.2 million ($2.75/share) from $4.9 million ($2.17/share) year-over-year.
Book value per share increased to $44.54 at September 30, 2025, up from $41.79 at end of 2024.
The company ended the quarter with 340 Bitcoin ($38.8M) and total digital assets of $40.2M, maintaining strong liquidity with $60.6M in cash.
Financial highlights
Q3 2025 mining revenue was $1.2 million, up from $1.0 million in Q3 2024, mainly due to Scrypt mining and Dogecoin price increases.
Cost of revenue remained flat at $0.7 million year-over-year.
Operating expenses dropped to $0.8 million from $1.5 million, mainly due to lower depreciation.
Non-operating income surged to $3.2 million from $0.9 million, reflecting cryptocurrency appreciation.
Unrealized gains from digital asset appreciation were $2.6M for the quarter and $7M year-to-date.
Outlook and guidance
The company continues to accumulate Bitcoin and expand Scrypt mining, focusing on measured equipment deployment to manage technology risk.
New, more efficient mining equipment is expected in early 2026, likely increasing network hash rates and difficulty.
No plans for share buybacks due to concerns about further reducing market liquidity.
Announced a shareholder call scheduled for October 30, 2025, to discuss results and future plans.
Next Consensus Mining & Seigniorage earnings date
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