Consensus Mining & Seigniorage (CMSG) Q3 2025 earnings summary

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.