Key Takeaways
- Q1 2026 saw American Bitcoin record an $81.8 million net loss, compared to a $59.5 million loss in the previous quarter.
- Quarterly revenue declined 20.7% to $62.1 million, primarily due to Bitcoin’s 22% price fall throughout the period.
- The mining operation produced 817 BTC during Q1 — marking the company’s highest quarterly output ever.
- Per-Bitcoin mining costs decreased 23% to $36,200, maintaining gross margins above the 50% threshold.
- Shares of ABTC finished Wednesday’s session at $1.25, gaining 1.63%, with a 40.5% increase over the trailing month.
American Bitcoin (ABTC) disclosed an $81.8 million net loss for Q1 2026, with the company’s financial results heavily impacted by Bitcoin’s significant price deterioration throughout the quarter.
Shares ended Wednesday’s trading at $1.25, posting a 1.63% daily gain. ABTC has surged 40.5% over the past 30 days, although the stock remains 72.5% below its level from six months ago.
Quarterly revenue reached $62.1 million, representing a 20.7% drop from the $78.3 million recorded in Q4 2025. The company absorbed a $117.2 million digital asset impairment loss, attributable to Bitcoin’s 22% price contraction during the quarter — falling from approximately $87,500 to $68,200.
Total operating expenses for the three-month period amounted to $150.7 million.
Despite reporting substantial losses, CEO Mike Ho challenged the surface-level interpretation of the results. He emphasized that excluding the non-cash mark-to-market adjustments mandated by FASB accounting standards, the core operations remained profitable. Notably, the company retained all mined Bitcoin without selling any during the quarter.
Mining Operations Reach New Heights
From an operational standpoint, Q1 represented a breakthrough period for the mining company. American Bitcoin generated 817 BTC — establishing a new company record for quarterly production. Additionally, the firm acquired 803 BTC for its corporate treasury.
The combined acquisition of 1,620 BTC elevated total holdings to 7,021 BTC by quarter-end on March 31. This activity drove a 20% increase in the company’s Satoshi-per-share metric.
The cost to produce each Bitcoin dropped to $36,200 in Q1, representing a 23% reduction from the $46,900 cost basis in Q4 2025. Management attributed the improvement to increased production volumes distributed across consistent fixed costs, combined with more favorable energy contracts.
Mining gross margin remained robust at 52%, exceeding the 50% benchmark even amid unfavorable Bitcoin price conditions. The quarter generated $32.5 million in mining gross profit.
Mining Infrastructure Growth
In early March, American Bitcoin acquired 11,298 mining units from Bitmain, expanding capacity by 3.05 EH/s. By the conclusion of Q1, the company’s fleet consisted of 89,242 miners delivering a total hash rate of 28.1 EH/s.
Eric Trump, Chief Strategy Officer, characterized the quarterly performance as validation of the business strategy. “We mined 817 Bitcoin at a 47% discount to spot, added more than 1,600 Bitcoin to our strategic reserve, and did so with strong margins,” he stated.
He noted that within just over eight months of public trading, American Bitcoin has positioned itself as the 16th largest Bitcoin holder worldwide.
Management indicated plans to maintain its dual-track accumulation approach — mining Bitcoin at structurally advantageous costs while leveraging ATM equity offerings to fund treasury purchases. The recently activated Drumheller facility is anticipated to deliver enhanced operational performance in upcoming quarters.
Following the earnings announcement, ABTC stock edged up 0.81% to $1.24 in premarket activity.
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