American Bitcoin Corp. (ABTC) Q3 2025 Financial Results Summary
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American Bitcoin (ABTC) Q3 2025 Financial Results Summary
MIAMI, FL, November 14, 2025 — American Bitcoin Corp. (Nasdaq: ABTC) announced its financial results for the quarter ended September 30, 2025. Below is a summary of the key highlights from the report.
Key Highlights for Q3 2025
- Bitcoin Accumulation:
- Acquired more than 3,000 Bitcoin through mining and strategic at-market purchases.
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Total Bitcoin holdings increased to 3,418 Bitcoin, resulting in 371 Satoshis Per Share (SPS).
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Topline Performance:
- Revenue exceeded $64.2 million, a 453% increase from $11.6 million in Q3 2024.
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Gross margin improved from 49% to 56%, up 7 percentage points quarter-over-quarter.
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Mining Capacity Expansion:
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Mining capacity scaled by approximately 2.5 times, adding roughly 14.8 EH/s, bringing total capacity to about 25.0 EH/s and achieving an average efficiency of 16.3 J/TH.
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Operational Background:
- Following a stock-for-stock merger with Gryphon Digital Mining, the Company now operates as an independent entity after transitioning from a sub-segment of Hut 8 Corp. on March 31, 2025.
Financial Results Summary
- Revenue:
- Q3 2025: $64.2 million
- Q3 2024: $11.6 million
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Year-over-Year Growth: 453% increase.
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Net Income:
- Q3 2025: $3.5 million
- Q3 2024: Net loss of $0.6 million
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Turnaround: From a loss to a profit, representing a significant improvement.
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Adjusted EBITDA:
- Q3 2025: $27.7 million
- Q3 2024: Adjusted loss of $4.3 million
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Improvement: A $31.9 million swing from loss to positive EBITDA.
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Costs and Expenses:
- Cost of revenue stood at $28.3 million, an increase from $11.1 million in Q3 2024.
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Operating expenses totaled $28.7 million, compared to $10.7 million previously.
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Earnings Per Share:
- Basic and diluted net income per share from continuing operations was $0.00 for Q3 2025 versus a negative $0.00 in Q3 2024.
Additional Notes
- Debt and Other Impacts:
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Loss on digital assets was noted as $5.5 million in Q3 2025, compared to $1.6 million in the prior year.
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Stock Market Activity:
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Company began trading under the ticker symbol “ABTC” on Nasdaq, signaling a new phase in its corporate journey.
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Dividend and Share Repurchase:
- The report does not indicate the declaration of any quarterly dividend or share repurchase programs.
Performance Metrics
- The company’s significant performance metrics reflect:
- Revenue Growth: From $11.6 million to $64.2 million (453% growth).
- Net Income Turnaround: From a loss of $0.6 million to a profit of $3.5 million.
- Adjusted EBITDA Transition: From ($4.3) million to $27.7 million.
American Bitcoin Corp.’s growth demonstrates a robust business model focused on Bitcoin accumulation, showcased by its successful operational strategies and performance metrics in Q3 2025. For further information, the company will host a conference call and provide additional materials via its investor relations platform.
Condensed Combined Statements of Operations and Comprehensive Income (Loss) (in USD thousands, except share and per share data)
| Three Months Ended September 30, | September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $64,220 | $11,610 | $106,843 | $55,880 |
| Cost of revenue (exclusive of depreciation and amortization shown below) | $28,279 | $11,125 | $55,267 | $39,573 |
| Operating (income) expenses: | ||||
| Depreciation and amortization | $15,215 | $4,313 | $31,590 | $17,791 |
| General and administrative expenses | $8,052 | $4,812 | $26,062 | $23,641 |
| Loss on sale of property and equipment | $— | $— | $2,454 | $— |
| Loss (gain) on digital assets | $5,475 | $1,551 | $114,832 | $(201,147) |
| Total operating expenses (income) | $28,742 | $10,676 | $174,938 | $(159,715) |
| Operating income (loss) | $7,199 | $(10,191) | $(123,362) | $176,022 |
| Other income (expense): | ||||
| Interest income (expense) | $— | $372 | $— | $(3,489) |
| (Loss) gain on derivatives | $(1,999) | $2,704 | $18,863 | $19,923 |
| Gain on warrant liability | $26 | $— | $26 | $— |
| Gain on extinguishment of debt | $— | $5,966 | $— | $5,966 |
| Total other (expense) income | $(1,973) | $9,042 | $18,889 | $22,400 |
| Net income (loss) from continuing operations before taxes | $5,226 | $(1,149) | $(104,473) | $198,422 |
| Income tax (provision) benefit | $(1,751) | $573 | $10,756 | $(24,833) |
| Net income (loss) from continuing operations | $3,475 | $(576) | $(93,717) | $173,589 |
| Loss from discontinued operations (net of income tax benefit of nil, nil, nil and $1.6 million, respectively) | $— | $— | $— | $(4,816) |
| Net income (loss) | $3,475 | $(576) | $(93,717) | $168,773 |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustments | $— | $8,786 | $4,467 | $(14,555) |
| Total comprehensive income (loss) | $3,475 | $8,210 | $(89,250) | $154,218 |
| Net income per share of common stock: | ||||
| Basic from continuing operations | $— | $— | $(0.10) | $0.19 |
| Diluted from continuing operations | $— | $— | $(0.10) | $0.19 |
| Weighted average number of shares of common stock outstanding: | ||||
| Basic | 899,354,931 | 891,762,280 | 894,366,300 | 891,762,280 |
| Diluted | 899,489,426 | 891,762,280 | 894,366,300 | 891,762,280 |
Adjusted EBITDA Reconciliation (in USD thousands)
| Three Months Ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | Increase (Decrease) | |
| Net income | $3,475 | $(576) | $4,051 |
| Interest expense | $— | $(372) | $372 |
| Income tax (benefit) provision | $1,751 | $(573) | $2,324 |
| Depreciation and amortization | $15,215 | $4,313 | $10,902 |
| Loss (gain) on derivatives | $1,999 | $(2,704) | $4,703 |
| Gain on warrant liability | $(26) | $— | $(26) |
| Gain on extinguishment of debt | $— | $(5,966) | $5,966 |
| Non-recurring transactions (1) | $5,239 | $355 | $4,884 |
| Stock-based compensation expense | $— | $1,205 | $(1,205) |
| Adjusted EBITDA | $27,653 | $(4,318) | $31,971 |
- Non-recurring transactions for the three months ended September 30, 2025 represent approximately $5.2 million of Merger-related transaction costs. Non-recurring transactions for the three months ended September 30, 2024 represent approximately $0.4 million of restructuring costs.