LM Funding America, Inc. Reports Second Quarter 2025 Financial Results
- Definitive asset purchase agreement for 11 MW Bitcoin mining site in Mississippi- Direct mining margin improved to 41.0% from 38.5% in Q1 2025- $0.1 million GAAP net income and $2.6M Core EBITDA, up from sequential $5.4 million net loss and $2.8 million negative Core EBITDA in Q1 2025, respectively- Held 150.4 Bitcoin on July 31, 2025 valued at approximately $18.0 million, as of August 11, 2025
TAMPA, Fla., Aug. 14, 2025 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ:LMFA) ("LM Funding" or the "Company"), a Bitcoin mining and technology-based specialty finance company, today reported financial results for the three months ended June 30, 2025.
Q2'25 Financial Highlights
Total revenue for the quarter was $1.9 million dollars, down 18.7% sequentially from Q1 2025 and down 36.0% year-over-year. The Company mined 18.4 Bitcoins during the quarter, down 24.3% sequentially, at an average price of approximately $98,100. The sequential decline was due to higher curtailment as a result of peak summer months and downtime due to the relocation of approximately 800 miners from a third party hosting site to the Company's wholly-owned site in Oklahoma.
The Company generated approximately $223,000 in curtailment and energy sales for the quarter, up 49.2% sequentially.
Mining margin improved to 41.0%, compared with 38.5% in the first quarter 2025, driven by the power sales offsetting digital mining cost of revenues and increased operational efficiency from the Company's vertical integration strategy.
Operating expenses, including staff costs & payroll, professional fees, SG&A and other operating costs, increased by 16.6% year-over-year and 2.5% sequentially to $2.0 million driven by increased legal and consulting costs tied to expansion initiatives and staffing costs for Oklahoma site.
Net income for the quarter was $0.1 million and Core EBITDA1 was $2.6 million, both driven by a $3.8 million gain on fair value of Bitcoin held on the balance sheet as of June 30, 2025.
Cash was approximately $0.4 million and Bitcoin holdings totaled 155.5 Bitcoin, valued at $16.7 million based on Bitcoin price of approximately $107,170, as of June 30, 2025.
Net book value of LM Funding stockholders' equity was approximately $31.9 million, or $6.21 per share2, as of June 30, 2025.
As of July 31, 2025 the Company held 150.4 Bitcoin, valued at approximately $18.0 million, based on a Bitcoin price of $120,000 as of August 11, 2025.
Q2'25 and Recent Operational Highlights
Mississippi 11 MW acquisition: On August 1, 2025 LM Funding announced it entered into a definitive asset purchase agreement to acquire a 6.4-acre Bitcoin mining site in Mississippi with an anticipated 11 MW interconnect from Greenidge Generation Holdings Inc. ("Greenidge") for $3.9 million in cash. The purchase includes the real property and onsite power infrastructure—including a 3,000 kVA transformer relocated to the parcel, with 7.5 MW operational. Closing is targeted on or before September 16, 2025, subject to customary due diligence and other conditions.
Oklahoma 2 MW expansion: The project remains on track to be energized later this year, with immersion containers expected to be delivered in Q3 2025. This expansion positions the Company to add 2 MW of capacity and benefit from immersion cooling's improved thermal performance and operational stability in high-heat conditions.
Power grid integration strategy: In the second quarter, the Company generated $223,000 in curtailment and energy sales by selling power back to the grid during peak demand periods. This amount was applied as a reduction to digital mining cost of revenue, contributing in part to the improvement in mining margins from 38.5% in the first quarter 2025 to 41.0% in the second quarter 2025. The initiative continued to gain momentum, with July 2025 curtailment and energy sales reaching approximately $66,000. This approach continues to allow the Company to maximize the value of its power sites and create a partial hedge against Bitcoin price volatility.
Management Commentary
"We continue to advance our vertical integration and disciplined growth strategy," commented Bruce Rodgers, Chairman and CEO of LM Funding. "In the second quarter, we relocated approximately 800 hosted, next-generation miners, completing the final step of our hosting exit. In addition, our 2 MW immersion mining expansion at our Oklahoma site is on track for energization later this year. Further, on August 1st, we signed a definitive purchase agreement to acquire an 11 MW Bitcoin mining site in Mississippi from Greenidge for $3.9 million or about $355,000 per MW—giving us a clear path to as much as 26 MW of owned capacity. This purchase will be fully funded by our balance sheet."
"Our Q2 results highlight the operational upgrades we've implemented and the benefits of our vertically integrated strategy," commented Richard Russell, CFO of LM Funding. "Even though Bitcoin production decreased sequentially due to peak-summer-related curtailments and the relocation of our remaining hosted miners, our increased mining efficiency and power sales strategy improved our direct mining margins sequentially to 41.0% from 38.5%. Further, we recorded $0.1 million of GAAP net income and $2.6 million of Core EBITDA for the quarter. Given our disciplined cost structure and targeted growth initiatives, we are confident in our ability to steadily grow our asset base, specifically our Bitcoin Treasury, over time, creating long-term value for our shareholders."
Investor Conference Call
LM Funding will host a conference call today, August 14, 2025, at 8:00 A.M. Eastern Time to discuss the Company's financial results for the quarter ended June 30, 2025, as well as the Company's corporate progress and other developments. A copy of this earnings release and investor presentation are available on the Company's Investor Relations website at https://www.lmfunding.com/investors.
Conference Call Details
Date: August 14, 2025
Time: 8:00 AM EST
Participant Call Links:
Live Webcast: Link
Participant Call Registration: Link
About LM Funding America
LM Funding America, Inc. (NASDAQ:LMFA), operates as a Bitcoin mining and specialty finance company. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.
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, 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
June 30,
December 31,
2025(unaudited)
2024
Assets
Cash
$
353,580
$
3,378,152
Digital assets - current (Note 2)
11,677,773
9,021,927
Finance receivables
26,120
21,051
Marketable securities (Note 5)
13,230
27,050
Receivable from sale of Symbiont assets (Note 5)
-
200,000
Prepaid expenses and other assets
597,136
827,237
Income tax receivable
31,187
31,187
Current assets
12,699,026
13,506,604
Fixed assets, net (Note 3)
14,517,943
18,376,948
Intangible assets, net (Note 3)
5,369,012
5,478,958
Deposits on mining equipment (Note 4)
483,592
467,172
Long-term investments - equity securities (Note 5)
4,111
4,255
Investment in Seastar Medical Holding Corporation (Note 5)
44,060
200,790
Digital assets - long-term (Note 2)
5,000,000
5,000,000
Right of use assets (Note 7)
842,268
938,641
Other assets
73,857
73,857
Long-term assets
26,334,843
30,540,621
Total assets
$
39,033,869
$
44,047,225
Liabilities and stockholders' equity
Accounts payable and accrued expenses
1,530,077
989,563
Note payable - short-term (Note 6)
1,643,759
386,312
Due to related parties (Note 9)
21,393
15,944
Current portion of lease liability (Note 7)
187,139
170,967
Total current liabilities
3,382,368
1,562,786
Note payable - long-term (Note 6)
4,907,873
6,365,345
Lease liability - net of current portion (Note 7)
619,442
776,535
Long-term liabilities
5,527,315
7,141,880
Total liabilities
8,909,683
8,704,666
Stockholders' equity (Note 8)
Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024
-
-
Common stock, par value $.001; 350,000,000 shares authorized; 5,133,412 shares issued and outstanding as of June 30, 2025 and December 31, 2024
4,602
4,602
Additional paid-in capital
102,814,611
102,685,470
Accumulated deficit
(70,960,851
)
(65,662,731
)
Total LM Funding America stockholders' equity
31,858,362
37,027,341
Non-controlling interest
(1,734,176
)
(1,684,782
)
Total stockholders' equity
30,124,186
35,342,559
Total liabilities and stockholders' equity
$
39,033,869
$
44,047,225
LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations
Three months ended June 30,
Six months ended June 30,
2025
