LM Funding America (LMFA) Q4 2024 earnings summary

Executive summary

• Achieved FY24 revenue of $11.0M and Core EBITDA of $3.9M, with 170.6 BTC mined in FY24 and 16.1 BTC mined in the first two months of 2025.

• Q4 2024 revenue was $2.0M, reversing a $1.6M loss in Q4 2023 to a $2.0M net income, mainly from mark-to-market Bitcoin valuation.

• Transitioned to a vertically integrated Bitcoin mining model, managing a 15-megawatt Oklahoma site for improved margins and operational control.

• Retained a significant portion of mined Bitcoin, growing the HODL balance and aligning with long-term value creation.

• Achieved profitability on a Core EBITDA basis in 2024, despite industry challenges and the April 2024 Bitcoin halving event.

Financial highlights

• Mined 170.6 Bitcoin in 2024 at an average price of ~$61,000, generating $11M in revenue and $3.9M in Core EBITDA.

• Q4 2024 revenue was $2.0M, with staff and SG&A costs down 18.1% year-over-year.

• Net income for Q4 2024 was $2.0M, a 220% improvement from a $1.6M loss in Q4 2023.

• Core EBITDA for Q4 2024 reached $3.3M, nearly 10x the prior year.

• Year-end cash was $3.4M; Bitcoin holdings valued at $14.0M as of 12/31/24 and $14.4M as of 3/26/25.

Outlook and guidance

• Plans to invest in next-generation mining hardware, energy efficiency, and strategic site acquisitions.

• Focused on acquiring greenfield and brownfield power assets in the 5-20 megawatt range to scale operations.

• LuxOS firmware upgrade expected to enhance mining efficiency by 10-15% without additional capex.

• No current plans to diversify into AI data centers; remains focused on Bitcoin mining and power market opportunities.

• Focus on maintaining a strong balance sheet and lean operations to support future growth.