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The latest bitcoin mining results from American Bitcoin showed a steep quarterly loss, even as revenue rose sharply year over year. The crypto mining company also faced a miss against Wall Street expectations.
Quarterly results fall short
For the quarter ended March 31, American Bitcoin reported an $81.7 million loss and revenue of $62.1 million. That was up 400% from $12.3 million a year earlier, but down from $78.3 million in the fourth quarter of 2025.
Moreover, the revenue figure came in 17% below analyst estimates. The company also posted a quarterly loss of 8 cents per share, compared with Wall Street’s estimate of 1 cent per share.
American Bitcoin began trading on the Nasdaq in September after merging with Gryphon Digital Mining. It is part of a broader group of Trump-related crypto interests, alongside World Liberty Financial and its stablecoin, USD1.
Operations improve, but market pressure remains
American Bitcoin’s first-quarter loss narrowed from $100.6 million a year earlier. However, the company said it mined a record 817 Bitcoin in the first quarter, up from 783 Bitcoin in the fourth quarter of 2025.
The company said its cost of mining fell to $36,200 per Bitcoin from $46,900 per Bitcoin in the fourth quarter of 2025. It linked the improvement to higher production volume across a stable fixed-cost base and continued energy pricing discipline.
In March, American Bitcoin added 11,298 mining machines to its fleet, lifting capacity to about 3.05 exahashes per second (EH/s). The first machine was energized on March 31.
That said, CEO Mike Ho said the company will keep prioritizing fleet efficiency, cost discipline, and capital allocation aimed at increasing Bitcoin per share. He added that it will deploy incremental capacity only when expected returns justify it, while keeping balance-sheet flexibility.
Stock and sector backdrop
Shares of American Bitcoin (ABTC) finished after-hours trading down 1.6% on Wednesday at $1.23, after erasing a 1.6% gain from the regular session. The stock has fallen nearly 26.5% so far this year.
Moreover, the decline reflects a difficult backdrop for miners. Bitcoin has struggled to recover levels seen earlier in 2026, slipping from a January high of $97,000 to around $81,000.
The results landed the same day Hut 8 reported a first-quarter net loss of more than $253 million, largely because of a reduction in the market value of its Bitcoin holdings. The latest numbers underscore the strain on miners even as production improves.