Revenue growth and expanding Bitcoin treasury are positive, but deteriorating margins and large non-cash losses signal vulnerability to Bitcoin price volatility. Monitor 2026 production efficiency and Bitcoin price trends as key drivers for recovery in profitability.
Price Chart
Executive Summary
LM Funding (LMFA) reported Q4 2025 revenue of $2.4 million, up 19.2% year-over-year and 8.7% sequentially, driven by higher Bitcoin production from expanded operations. However, net loss widened to $17.9 million due to a $7.8 million non-cash Bitcoin fair value loss and a $5.4 million impairment on mining equipment, resulting in sharply lower Core EBITDA despite revenue growth.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $2.4 million, up 19.2% YoY and 8.7% QoQ.
- Mined 22.0 Bitcoin in Q4 2025 (vs. 17.6 in Q3 2025) at an average price of ~$99,700.
- Net loss was $17.9 million in Q4 2025 vs. net income of $0.6 million in Q4 2024.
- Core EBITDA loss was $9.3 million in Q4 2025 vs. $3.8 million profit in Q4 2024.
- Mining margin declined to 25% from 49% in Q3 2025 due to lower Bitcoin prices and reduced curtailment revenue.
- Bitcoin holdings totaled 356.4 BTC at year-end, more than double from start of 2025.
Financial Impact
Revenue up 19.2% YoY to $2.4M, but net loss increased by $18.5M due to non-cash impairments and Bitcoin mark-to-market losses
Risk Factors
- High sensitivity to Bitcoin price fluctuations impacting asset valuations and impairments
- Rising operating costs from full integration of Mississippi facility
- Fixed cost structure with declining Bitcoin prices pressuring mining margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3263694 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | DEF 14A | — | awaiting T+20 | — | — |
Oct 8, 2026 19d ago | 8-K | — | awaiting T+20 | — | — |
Jul 10, 2026 15w ago | 8-K | $0.1321 | awaiting T+20 | — | — |
Jul 8, 2026 15w ago | 8-K | $0.1495 | awaiting T+20 | — | — |
May 27, 2026 21w ago | 8-K | $0.2520 $0.1490 | ▼ −40.87% | ▼ −37.73% | — |
May 15, 2026 23w ago | 8-K | $0.2310 $0.2070 | ▲ +10.39% | ▲ +12.51% | — |
May 15, 2026 23w ago | Press Release | $0.2310 $0.2070 | ▲ +10.39% | ▲ +12.51% | — |
May 11, 2026 24w ago | 8-K | $0.2300 $0.2180 | ▲ +5.22% | ▲ +4.91% | — |
Apr 13, 2026 28w ago | 8-K | $0.2780 $0.2300 | ▲ +17.27% | ▲ +24.99% | — |
Apr 13, 2026 28w ago | Press Release | $0.2780 $0.2300 | ▲ +17.27% | ▲ +24.99% | — |
US Market Status
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