American Bitcoin Q1 revenue falls as Bitcoin price drops

American Bitcoin

06/05/2026 21:29

Overview

US Bitcoin miner's Q1 revenue fell sequentially as Bitcoin price declined

Company grew Bitcoin holdings by ~30% quarter-over-quarter to over 7,000 Bitcoin

Gross margin stayed above 50% despite a 22% drop in Bitcoin price

Outlook

Company says it will deploy incremental capacity when expected returns justify it

American Bitcoin plans to focus on compounding its Bitcoin reserve and preserving balance sheet flexibility

Company continues to prioritize fleet efficiency, cost discipline, and capital allocation

Result Drivers

BITCOIN PRICE DECLINE - Co said a ~22% quarter-over-quarter drop in Bitcoin price drove lower revenue and significant non-cash losses

COST IMPROVEMENTS - Co said cost to mine fell to ~$36,200 per Bitcoin from ~$46,900 in Q4 2025, reflecting higher production volume and energy pricing discipline

FLEET EXPANSION - Co increased operational mining capacity by acquiring and deploying new miners, including at the Drumheller site

Company press release: ID:nPnbfcRz7a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
$62.12 mln
$74.85 mln (2 Analysts)
Q1 Net Income
Miss
-$81.79 mln
$832,000 (2 Analysts)
Q1 Adjusted EBITDA
Miss
-$91.28 mln
$35.50 mln (1 Analyst)
Q1 Income From Operations
Miss
-$118.20 mln
$382,000 (2 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

Wall Street's median 12-month price target for American Bitcoin Corp is $4.00, about 225.2% above its May 5 closing price of $1.23

The stock recently traded at 74 times the next 12-month earnings vs. a P/E of 38 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)