American Bitcoin (ABTC) Q4 2025 earnings summary

Executive summary

• Achieved rapid growth since launch in March 2025, scaling Bitcoin holdings from zero at the start of Q2 2025 to over 6,000 by February 2026, becoming the 17th largest public Bitcoin accumulator.

• Executed a dual accumulation strategy: mining Bitcoin at a structural discount and making strategic at-market purchases, resulting in a 58% increase in Bitcoin holdings this quarter.

• Achieved Nasdaq listing within six months and completed a reverse merger with Gryphon Digital Mining in September 2025, becoming the accounting acquirer.

• Focused on expanding mining capacity, optimizing fleet efficiency, and maintaining a disciplined cost structure and strong brand momentum.

Financial highlights

• Fourth quarter 2025 revenue was $78.3 million, up 22% sequentially from $64.2 million in Q3; full-year revenue reached $185.2 million.

• Gross margin for Q4 2025 was 53%, down from 56% in Q3, and full-year gross margin was approximately 50%.

• Net loss for 2025 was $153.2 million, primarily due to non-cash mark-to-market losses on Bitcoin holdings; Q4 net loss was $59.5 million.

• Adjusted EBITDA was negative $77.6 million for Q4 and negative $157.3 million for the year, both impacted by non-cash and merger-related adjustments.

• SG&A declined to $7.3 million in Q4 (9% of revenue), down from $8.1 million (13% of revenue) in Q3.

Outlook and guidance

• Prioritizing optimization of fleet efficiency and disciplined capacity expansion, with access to next-generation ASICs and additional capacity.

• Will deploy capital only when returns in Bitcoin terms are accretive; focus remains on compounding reserves through mining and strategic purchases.

• Exploring yield generation through conservative, asset-light strategies and partnerships, while maintaining strict control over Bitcoin custody.

• Management emphasizes disciplined capital allocation and cost control to maintain a structural discount to spot prices.