TAMPA, Fla., Nov. 14, 2025 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ:LMFA) ("LM Funding" or the "Company"), a Bitcoin treasury and mining company, today reported financial results for the three months ended September 30, 2025.
Q3'25 Financial Highlights
Total revenue for the quarter was $2.2 million dollars, up 13.0% sequentially from Q2 2025 and 73.5% year-over-year. The increase was driven by higher average Bitcoin prices and contributions from the Mississippi facility for the second half of September.
The Company mined 17.6 Bitcoins during the quarter at an average price of approximately $114,000, compared to 18.4 Bitcoins in Q2 2025 at an average price of approximately $98,000. The sequential decline was due to higher curtailment and increased difficulty rate.
Mining margin improved to 49.0%, compared with 41.0% in the second quarter 2025, driven by eliminating hosting costs, curtailment and energy sales offsetting mining costs, and higher fleet efficiency. The Company generated approximately $152,000 in curtailment and energy sales for the quarter. Mining margin is calculated as digital mining revenues minus digital mining cost of revenues net of curtailment and energy sales.
Operating expenses increased $0.4 million driven by increase in staff costs related to the Mississippi site acquisition and performance compensation bonuses offset in part by gain on fair value of Bitcoin totaling $1.0 million.
Net loss for the quarter was $3.7 million and Core EBITDA1 loss was $1.4 million as compared to the prior year quarter Net loss of $4.3 million and Core EBITDA loss of $1.9 million.
Cash was approximately $0.3 million, and Bitcoin holdings totaled 304.5 Bitcoin, valued at $34.7 million based on Bitcoin price of approximately $114,000, as of September 30, 2025.
Net book value of LM Funding stockholders' equity was approximately $50.1 million, or $3.23 per share2, as of September 30, 2025.
As of October 31, 2025 the Company held 294.9 Bitcoin, valued at approximately $32.2 million, based on a Bitcoin price of $109,225 as of October 31, 2025, or $2.64 Bitcoin per share3.
Q3'25 and Recent Operational Highlights
$21.3 Million Treasury Raise: During the third quarter, LM Funding successfully raised approximately net $21.3 million through a $12.6 million registered direct offering and a $10.4 million private placement in August 2025, with the net proceeds primarily dedicated to enhancing the Company's Bitcoin treasury. Proceeds from the financings were deployed to acquire 164 Bitcoin, increasing the Company's holdings to approximately 304.5 Bitcoin as of quarter-end, further strengthening LM Funding's balance sheet and long-term position.
Mississippi 11 MW Acquisition: During the third quarter, LM Funding acquired an 11 MW Bitcoin mining facility in Columbus, Mississippi, advancing the Company's vertical integration strategy. Approximately 7.5 MW of capacity were energized at closing, enabling immediate contribution to production. In addition, LM Funding redeployed more efficient miners to the site to optimize uptime and fleet performance. As a result, the Company achieved a 27.8% increase in Bitcoin production in October 2025 compared to September 2025.
Oklahoma 2 MW Expansion: The Company made meaningful progress on its 2 MW immersion expansion at its 15 MW site in Oklahoma and secured 320 Bitmain S21 immersion units to support the upgrade. Containerized immersion systems are scheduled to be delivered this month, with energization targeted for December 2025, positioning the site to benefit from improved thermal performance, higher efficiency, and more consistent uptime year-round.
Share Repurchase and Authorized Buyback Program: The Company recently completed a privately negotiated repurchase of approximately 3.3 million shares and warrants to purchase 7.3 million common shares that were originally issued in its August 2025 private placement, for a total purchase price of approximately $8.0 million. The transaction was financed through an $11 million credit facility with Galaxy Digital. Following the private repurchase, the Company's Board of Directors authorized a $1.5 million share buyback program. Together, these actions reflect LM Funding's conviction in its intrinsic value and commitment to increasing Bitcoin per share and mNAV for shareholders.
Management Commentary
"The third quarter was about execution, integration, and disciplined capital allocation," said Bruce Rodgers, Chairman and CEO of LM Funding. "We strengthened our Bitcoin treasury through a $21.3 million financing, completed the acquisition and integration of a 11-megawatt Mississippi facility, and expanded our owned infrastructure to 26 megawatts across two sites. After quarter-end, we simplified our capital structure with a private repurchase of units and authorized a share buyback program, tangible actions that demonstrate our belief in the value we're building. We are long on Bitcoin and confident in our strategy to build equity value, and every decision we make is focused on improving per-share intrinsic value over time."
"From closing and integrating the Mississippi facility to optimizing fleet performance and achieving a 28% month-over-month increase in Bitcoin production in October, we saw the benefits of control and scale take hold these last four months," said Ryan Duran, President of US Digital Mining ("USDM"). "We now operate roughly 0.71 EH/s of capacity across 26 megawatts, with the next efficiency leap coming as our 2 MW immersion expansion in Oklahoma is anticipated to energize in December. The foundation continues to be built, owned power, efficient machines, and operational flexibility, and our focus from here is improving production, efficiency, and Bitcoin per share."
"Revenue increased 74% year-over-year, mining margins improved to 49%, and our corporate actions are aimed at materially enhancing per-share value," said Richard Russell, CFO of LM Funding. "Following quarter-end, we deployed $8.0 million from our Galaxy loan facility to repurchase more than 3.3 million shares and 7.3 million warrants, removing dilution and reducing share count. With a $1.5 million authorized buyback in place and a balance sheet anchored by Bitcoin, we have the flexibility to fund operations, expand capacity, and increase shareholder value while growing our Bitcoin treasury."
Investor Conference Call
LM Funding America, Inc. (NASDAQ:LMFA) operates as a Bitcoin treasury and mining company. The Company was founded in 2008 and is based in Tampa, Florida. The Company also operates a technology-enabled specialty finance business that provides funding to nonprofit community associations primarily in the State of Florida. For more information, please visit https://www.lmfunding.com.
Conference Call Details
Date: November 14, 2025
Time: 8:00 AM EST
Participant Call Links:
Live Webcast: Link
Participant Call Registration: Link
Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company's most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, the risks of operating in the cryptocurrency mining business, our limited operating history in the cryptocurrency mining business and our ability to grow that business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, our ability to identify and acquire additional mining sites, the ability to finance our site acquisitions and cryptocurrency mining operations, the risks associated with growing our Bitcoin treasury operations and strategy, our ability to acquire new accounts in our specialty finance business at appropriate prices, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.
For investor and media inquiries, please contact:
Investor RelationsOrange GroupYujia
LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets
September 30,
December 31,
2025(unaudited)
2024
Assets
Cash
$
291,571
$
3,378,152
Digital assets - current (Note 3)
11,399,701
9,021,927
Finance receivables
28,148
21,051
Marketable securities (Note 6)
23,630
27,050
Receivable from sale of Symbiont assets (Note 6)
-
200,000
Prepaid expenses and other assets
904,079
827,237
Digital assets - collateral (Note 3)
5,500,000
-
Income tax receivable
31,187
31,187
Current assets
18,178,316
13,506,604
Fixed assets, net (Note 4)
15,655,533
18,376,948
Intangible assets, net (Note 4)
6,748,137
5,478,958
Deposits on mining equipment (Note 5)
501,228
467,172
Long-term investments - equity securities (Note 6)
5,598
4,255
Investment in Seastar Medical Holding Corporation (Note 6)
58,995
200,790
Digital assets - long-term (Note 3)
16,402,955
-
Digital assets - collateral (Note 3)
1,430,000
5,000,000
Right of use assets (Note 8)
785,918
938,641
Other assets
389,119
73,857
Long-term assets
41,977,483
30,540,621
Total assets
$
60,155,799
$
44,047,225
Liabilities and stockholders' equity
Accounts payable and accrued expenses
3,071,168
989,563
Note payable - short-term (Note 7)
6,579,828
386,312
Due to related parties (Note 10)
59,337
15,944
Current portion of lease liability (Note 8)
190,821
170,967
Total current liabilities
9,901,154
1,562,786
Note payable - long-term (Note 7)
1,243,397
6,365,345
Lease liability - net of current portion (Note 8)
605,234
776,535
Long-term liabilities
1,848,631
7,141,880
Total liabilities
11,749,785
8,704,666
Stockholders' equity (Note 9)
Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of September 30, 2025 and December 31, 2024
-
-
Common stock, par value $.001; 350,000,000 shares authorized; 15,517,988 and 5,133,412 shares issued and outstanding as of September 30, 2025 and December 31, 2024
14,987
4,602
Additional paid-in capital
124,810,596
102,685,470
Accumulated deficit
(74,690,296
)
(65,662,731
)
Total LM Funding America stockholders' equity
50,135,287
37,027,341
Non-controlling interest
(1,729,273
)
(1,684,782
)
Total stockholders' equity
48,406,014
35,342,559
Total liabilities and stockholders' equity
$
60,155,799
$
44,047,225
LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations
Three Months ended September 30,
Nine Months ended September 30,
2025
2024
2025
2024
Revenues:
Digital mining revenues
$
2,010,404
$
1,127,455
$
6,090,708
$
8,618,436
Specialty finance revenue
141,634
97,558
303,968
303,222
Rental revenue
26,265
30,460
83,288
