American Bitcoin (ABTC) Q3 2025 earnings summary

Executive summary

• Accumulated 4,090 Bitcoin in reserve as of November 13, 2025, following a major fleet upgrade, strategic miner purchases, and a merger with Gryphon Digital Mining, becoming the 25th largest public Bitcoin accumulator within seven months.

• Mission centers on maximizing Bitcoin per share through efficient, asset-light mining and disciplined treasury strategies, leveraging U.S.-based infrastructure.

• Launched a $2.1 billion at-the-market equity program, raising $90.0 million by September 30, 2025, and an additional $44.1 million by November 13, 2025.

• Completed a reverse acquisition merger with Gryphon Digital Mining on September 3, 2025, resulting in a new equity structure and $151.8 million in goodwill.

Financial highlights

• Q3 2025 revenue was $64.2 million, up from $11.6 million in Q3 2024, with cost of revenue rising from $15.3 million to $28.3 million.

• Gross margin improved to 56% in Q3 2025, up from 49% in the previous quarter.

• Net income for Q3 2025 was $3.5 million, compared to a net loss of $0.6 million in Q3 2024, despite a $5.5 million mark-to-market loss on digital assets.

• Adjusted EBITDA for Q3 2025 was $27.7 million, compared to negative $4.3 million in Q3 2024.

• Cash balance as of September 30, 2025, was $7.98 million.

Outlook and guidance

• Management expects continued growth in Bitcoin reserves and mining capacity, leveraging recent miner purchases, capital raised, and partnerships.

• Treasury strategy will continue to balance yield, liquidity, and long-term accumulation to maximize Bitcoin per share.

• Liquidity position, supported by capital raises and Bitcoin reserves, is considered sufficient for both short- and long-term needs.