Key Highlights
- Q1 2026 net loss for American Bitcoin reached $81.8 million, compared to $59.5 million in the previous quarter.
- Quarterly revenue fell 20.7% to $62.1 million as Bitcoin’s value declined 22% during the period.
- Record quarterly Bitcoin production of 817 BTC was achieved by the mining operation.
- Per-Bitcoin mining costs decreased 23% to $36,200, maintaining gross margins above 50%.
- Shares of ABTC finished Wednesday at $1.25, gaining 1.63%, and have surged 40.5% in the last 30 days.
American Bitcoin (ABTC) disclosed an $81.8 million net loss for Q1 2026, with the substantial deficit primarily attributed to Bitcoin’s significant price deterioration throughout the quarter.
Shares ended Wednesday’s session at $1.25, posting a 1.63% intraday gain. The stock has rallied 40.5% over the trailing month, although it continues to trade 72.5% below levels from six months ago.
Quarterly revenue totaled $62.1 million, marking a 20.7% sequential decrease from the $78.3 million recorded in Q4 2025. A major headwind came from a $117.2 million unrealized loss on digital asset holdings, reflecting Bitcoin’s 22% price contraction during the three-month period — falling from approximately $87,500 to $68,200.
Total operating expenses for the quarter reached $150.7 million.
Despite the substantial reported loss, CEO Mike Ho emphasized context around the figures. He highlighted that without the non-cash mark-to-market adjustments mandated by FASB accounting standards, operational performance was actually positive. Notably, the company maintained a zero-sale policy on Bitcoin throughout the quarter.
Mining Operations Hit New Highs
Operationally, Q1 represented a breakthrough period for the Bitcoin miner. American Bitcoin extracted 817 BTC — establishing a new company record for quarterly production. Additionally, the firm acquired 803 BTC through direct purchases for treasury purposes.
The combined 1,620 BTC accumulation pushed total holdings to 7,021 BTC at quarter-end on March 31. This drove the company’s Satoshi-per-share metric upward by 20%.
Production costs per Bitcoin improved to $36,200 in Q1, representing a 23% reduction from the $46,900 cost basis in Q4 2025. Management attributed this efficiency gain to increased production volumes leveraging fixed infrastructure costs, combined with favorable energy pricing.
Mining gross margin remained robust at 52% despite headwinds from Bitcoin’s price weakness. Total mining gross profit for the period came in at $32.5 million.
Infrastructure Build-Out Continues
Early in March, American Bitcoin acquired 11,298 mining machines from Bitmain, contributing 3.05 EH/s of additional capacity. As of Q1’s conclusion, the company operated 89,242 miners delivering a combined hash rate of 28.1 EH/s.
Eric Trump, serving as Chief Strategy Officer, characterized the quarterly performance as validation of the business strategy. “We produced 817 Bitcoin at a 47% discount to market price, expanded our strategic reserve by more than 1,600 Bitcoin, and maintained healthy margins throughout,” he stated.
He noted that within just over eight months since going public, American Bitcoin has achieved the position of 16th largest Bitcoin holder worldwide.
Management indicated plans to maintain its dual-track accumulation approach — extracting Bitcoin at structurally lower costs through mining while strategically deploying ATM proceeds for direct purchases. The recent activation of the Drumheller facility is anticipated to drive further operational improvements.
In premarket activity following the earnings announcement, ABTC shares advanced 0.81% to $1.24.
