American Bitcoin Q3 2026 Earnings Results & Report

American Bitcoin EPS Results

• Actual EPS: $1.73
• Consensus EPS: $2.86
• Beat/Miss: Missed by -$1.13
• One Year Ago EPS: N/A
• EPS Beat Rate: 2 of last 5 quarters

American Bitcoin Revenue Results

• Actual Revenue: $63.35 million
• Expected Revenue: $72.70 million
• Beat/Miss: Missed by -$9.35 million
• YoY Revenue Growth: N/A

Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER.

American Bitcoin Q3 2026 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: Mining economics weakened quarter over quarter: American Bitcoin mined 891 BTC versus 932 in Q2, while revenue fell about 5% and gross margin declined to 41% from 49%. The company attributed higher costs per Bitcoin primarily to seasonal energy prices.
• Neutral Sentiment: Reported earnings were boosted by Bitcoin’s price appreciation: Net income was about $126 million, but results included $197.3 million in non-cash digital-asset gains; management cautioned that mark-to-market changes can drive significant swings in reported earnings.
• Positive Sentiment: The Bitcoin reserve and Bitcoin per share grew: The company ended September with 8,427 BTC and reported a 5% quarterly increase in Satoshis Per Share. It said the reserve additions came from mining, with no ATM share issuance or open-market Bitcoin purchases during the quarter.
• Neutral Sentiment: Energy and capital decisions remain key constraints: The company sold about 465 BTC to cover operating costs and said fleet expansion depends on mining returns, equipment costs, and power-market conditions. Executives also noted that AI and data-center demand is competing for electricity and that some peers are shifting mining capacity toward those uses.

Presentation

[Operator]

Good afternoon, and Welcome to American Bitcoin's Third Quarter 2026 earnings call. Following prepared remarks, we will open the line for questions. Joining us on the call today are American Bitcoin's Chief Executive Officer, Mike Ho, and Co-founder and Chief Strategy Officer, Eric Trump. As a reminder, this call is being recorded, and a transcript will be made available on abtc.com. Before we begin, please note that during this call, forward-looking statements will be made within the meaning of the federal securities laws. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially. For a detailed discussion of those risks, please refer to American Bitcoin's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K for the fiscal year ended December 31st, 2025, and subsequent quarterly reports on Form 10-Q.

[Operator]

American Bitcoin undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances after the date of this call, except as required by law. During this call, the company may also discuss certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included in the company's earnings release, which is available on the Investor Relations section of our website and was furnished with the Form 8-K filed with the SEC. I would now like to turn the call over to American Bitcoin's Chief Executive Officer, Mike Ho.

[Mike Ho, CEO at American Bitcoin]

Thank you and good afternoon. This quarter, American Bitcoin remained focused on mining Bitcoin efficiently and accumulating it at a structural discount to spot. We have long-term conviction in Bitcoin, and our mining model allows us to pursue that objective through disciplined decisions around power costs, fleet operations, and capital allocation. Summer power demand was especially strong in markets like Texas. ERCOT set an all-time peak of approximately 91.1 GW on July 22. That's 6% above the previous 2023 record. Against that backdrop, we prioritize economic output over maximum uptime, making thoughtful decisions about how and when we operate. Our objective isn't simply to maximize production at any cost. It's to operate efficiently while maintaining the flexibility to respond as power conditions change. That approach helped us grow our strategic Bitcoin reserve and increase Bitcoin per share, reinforcing our focus on long-term Bitcoin per share growth.

[Mike Ho, CEO at American Bitcoin]

Looking beyond this quarter, electricity demand is increasing across the economy, driven in part by artificial intelligence, data centers, and advanced manufacturing. According to the International Energy Agency, data centers alone are projected to account for nearly half of U.S. electricity demand growth through 2030. This longer-term demand is also putting pressure on the cost of securing power capacity. For American Bitcoin, power is more than an operating expense. It's fundamental to our mining economics and how we evaluate opportunities for the future. Our experience operating at the intersection of Bitcoin and energy gives us a practical understanding of reliable power, efficient infrastructure, and long-term operating economics. With that as a backdrop, let me walk you through our third quarter results. In the third quarter, we mined approximately 891 Bitcoin compared with 932 in Q2. Revenue was approximately $63.4 million, down about 5% from $67 million in Q2.

[Mike Ho, CEO at American Bitcoin]

That's a reflection of lower Bitcoin production and a modest decrease in revenue per Bitcoin mined of approximately $71,000 this quarter. That compares with $71,900 in Q2. Cost of revenue was approximately $37.5 million, up from approximately $34 million in the second quarter. Gross profit was approximately $25.8 million, representing about a 41% margin compared to $33 million and 49% in Q2. The cost to mine was about $42,100 per Bitcoin, up from about $36,500 in Q2. The main driver behind these increases was energy, as seasonal power costs were higher across our sites. We reported net income of approximately $126 million compared with a net loss of about $57.2 million in Q2. Adjusted EBITDA was approximately $221 million compared with a loss of $45 million in Q2.

[Mike Ho, CEO at American Bitcoin]

This includes about $197.3 million in non-cash gains on digital assets compared to an approximate $71.2 million loss last quarter. The value of our Bitcoin reserves increased with Bitcoin's price appreciation of 39% during the quarter. Our financial results reflect both the performance of our operating business and the appreciation in the value of our Bitcoin reserve. While mark-to-market adjustments can create significant quarter-to-quarter swings in reported earnings, they reflect the value of the Bitcoin we hold at a point in time. Our approach does not change with the quarterly mark.

[Mike Ho, CEO at American Bitcoin]

We manage the reserve as a long-term asset. We stay focused on our North Star, growing Bitcoin per share. During the quarter, we sold a portion of our Bitcoin production to cover operating costs. However, in the same quarter, we did not issue shares through our ATM program or complete any at-the-market Bitcoin purchases. We remain thoughtful about how we manage our balance sheet, evaluating capital allocation decisions based on the needs of the business and our long-term objective of increasing Bitcoin per share. With that, I'll turn it over to Eric.

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

Thanks, Mike. Start with the number that matters most to us, Bitcoin per share. Everything American Bitcoin does is designed to make that number go up. This quarter, as Mike alluded to, net income of $126 million, adjusted EBITDA of $220.8 million, a gross margin of approximately 41%. Now, the reserve that those numbers come from. We finished September with 8,427 Bitcoin, approximately $35 million added at quarter-end prices. Today, we're past 8,500 BTC, which means more than 500 Bitcoin added since June 30th, placing us as the 15th largest publicly traded Bitcoin treasury anywhere on Earth. Bitcoin itself rose approximately 39% over the quarter, from about $59,800 to $83,400. Thus, we saw incredible growth while witnessing the exponential increase of the value of our treasury, both at the same time. But the size of a reserve is only half the story.

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

The other half is how much of it each shareholder actually owns. As of September 30th, our Satoshis Per Share stood at approximately 11,600, up 5% from about 11,000 at June 30th. In roughly 13 months from our Nasdaq debut through the end of the third quarter, and honestly, through a very difficult time in the digital asset market, Bitcoin per share is up approximately 184%.

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

Year-over-year, it has more than doubled, up approximately 106%, while Bitcoin's own price fell approximately 27% over the same period. That is the business. That is what separates us from every other DAT and virtually every other business in our space. Tremendous growth, tremendous margin, and incredible results, even in the face of digital asset headwinds. Through it all, we have built one of the largest and most successful publicly traded corporate Bitcoin treasuries anywhere in the world. Here is the part I am proudest of.

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

We did not buy a single coin this quarter. Nothing purchased on the open market, not one share issued through our ATM program. Every Bitcoin added to that reserve came out of our own machines, nearly 90,000 miners with tens of thousands of operating machines working around the clock, 24 hours a day, seven days a week, to secure our network. Anyone with capital can buy Bitcoin at par.

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

Very few can build a company that produces it at a fraction of market price, grows a reserve out of that production, and increases Bitcoin per share quarter after quarter. That is a different business, and that compounds differently. The same discipline that holds on cost. We run one of the world's largest mining platforms on a lean corporate structure, with selling, general and administrative expenses at roughly 4% of revenue, an efficiency number that is the singular priority of the ABTC team.

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

I urge you to look across our comp set. We set the standard. As to that 41% gross margin that we are incredibly proud of, that was earned in one of the most expensive power periods of the entire year. Quarter one 2026 represented gross margins of 52%. Quarter two of this year, gross margin of 49%. Cost control isn't a footnote for us. It is what separates us from all others. Our edge is not a forecast about where Bitcoin trades next. It is controlling infrastructure, owning the economics, and making disciplined decisions that let a reserve compound in the way in which we designed. Which brings me to energy. Among the most important conversations in this country right now, the demand for reliable, affordable electricity is central to our economy, our GDP, and our future, and that isn't changing anytime soon.

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

Artificial intelligence, data centers, advanced manufacturing, every one of them is a bet on power. At American Bitcoin, we live that relationship every hour of every day. Energy isn't a line on a spreadsheet. It is the input, the cost, and our core advantage. The companies that understand energy, the infrastructure that delivers it, and the economics that govern it will be the ones standing when the cycle turns. I believe the intersection of digital assets, American energy, and critical infrastructure is one of the greatest opportunities in this country over the next decade. These industries are converging, and ABTC is standing at the point where they all meet.

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

We are proud of what we built over such a short period of time, 14 months of being public, a company that is far less than two years old since inception, $126 million of net income this quarter, $220.8 million of adjusted EBITDA this quarter, 41% gross margins, a mere 4% in SG&A. This is what we set out to create. Thank you to our ABTC team, our partners, and our incredible shareholders. We are just getting started.

[Operator]

Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press star then the number one on your telephone keypad. Your first question comes from Mike Colonnese with H.C. Wainwright. Your line is open.

[Mike Colonnese, Head of Crypto and Digital Infrastructure Equity Research at H.C. Wainwright]

Hi, good afternoon. Thank you for taking my questions. First one from me, it would be helpful if you guys could speak to any internal thresholds at American Bitcoin that we would need to see trigger in the market before you consider expanding the mining fleet from here, and/or acquire additional coins in the open market via share sales.

[Mike Ho, CEO at American Bitcoin]

Hey, Mike. Thanks for the question. It is a dynamic list of considerations, but some of the items that are top of mind, obviously it comes down to hash price. What are the returns from operating ASICs against what is the cost of the CapEx? CapEx for both the new silicon, the new ASICs that we would put in service, as well as what are the energy markets? What are the forward hedges? What are the power prices? And ultimately, there is a minimum return of capital that we underwrite to.

[Mike Colonnese, Head of Crypto and Digital Infrastructure Equity Research at H.C. Wainwright]

Thanks for that color, Mike. Just as a follow-up, if we were to see a sustained inflection in hash prices as Bitcoin prices presumably continue to recover from cycle lows here, how quickly can you feasibly bring incremental capacity online when you look at both data center infrastructure capacity and also procuring new ASICs from the manufacturers here?

[Mike Ho, CEO at American Bitcoin]

As of current, the manufacturers have available inventory. If you look at the manufacturers' latest generations of their ASICs, which are roughly 10 joules a terahash, we could look at adding capacity on our existing sites just by replacing older generation machines.

[Mike Colonnese, Head of Crypto and Digital Infrastructure Equity Research at H.C. Wainwright]

In terms of that duration, right, from actually procuring from a supply chain standpoint, getting those new orders in place, and beyond existing excess capacity, really what that lead time could look like if you guys meaningfully wanted to expand hashrate, let's say, over the near term.

[Mike Ho, CEO at American Bitcoin]

Mike, you've been following us for some time now, and you know we've been doing this for a very long time. I think we've time and time again proved to the market that we're able to turn things around very quickly. In terms of the things that we can control, once we receive the ASICs, getting them installed, fine-tuned, and hashing is a very quick process. What we don't control will be on the manufacturer side, what their inventory levels are, and what logistics could look like.

[Mike Colonnese, Head of Crypto and Digital Infrastructure Equity Research at H.C. Wainwright]

All right. Well, thanks for the color, Mike. Appreciate you taking my questions.

[Mike Ho, CEO at American Bitcoin]

Thanks, Mike.

[Operator]

Your next question comes from Kevin Dede with JonesTrading. Your line is open.

[Sky Moore, Equity Research Associate at JonesTrading]

Hi, guys. Thanks for taking my call. This is Sky Moore calling in for Kevin Dede. My first question is, with the next halving about a year and a half out, how are you guys positioning the business for it across the fleet, across power costs, and the balance sheet? What are your guys' next steps to drive power costs lower, and how much room is left before the halving?

[Mike Ho, CEO at American Bitcoin]

Hi, Sky. You are absolutely right that the halving is coming up. However, this is not the first halving that we have lived through. The halving is cyclical every four years, and we have been an operator for much longer, over many cycles, and we have always been able to manage through the dynamic fluctuations in hash price. What we can control, again, is our efficiency, how we operate. We only mine when it is profitable, and we have always been able to outperform the average market, where our costs, our inputs, and our energy costs have beat the market. So even when margins compress, we have been able to mine more Bitcoin, even at a lower hash price.

[Sky Moore, Equity Research Associate at JonesTrading]

Great. Thanks for that. A follow-up to that is you guys mentioned selling some of your Bitcoin production to cover operating costs this quarter. How much did you guys sell? Is that a go-forward policy? Any color on how you guys are approaching that going forward?

[Mike Ho, CEO at American Bitcoin]

Yeah, we sold roughly 465 Bitcoin, and that is just a systematic sale of being able to cover our operating costs. As a Bitcoin miner, our biggest line item is energy, and this is off of the gross Bitcoins that we mine. It is almost immediately sold to cover the OpEx.

[Sky Moore, Equity Research Associate at JonesTrading]

Great. Thanks for taking my questions.

[Mike Ho, CEO at American Bitcoin]

Thanks.

[Operator]

Your next question comes from Matthew Galinko with Maxim Group. Your line is open.

[Matthew Galinko, SVP and Analyst at Maxim Group]

Hey, thanks for taking my questions. Maybe could we start with just a follow-up to your last answer. I think you mentioned it's more programmatic selling at this point, but is there an opportunity to maybe mix in derivatives to take a more proactive treasury management, I guess, position when it comes to maybe generating premium from selling some of the production?

[Mike Ho, CEO at American Bitcoin]

Great question, and we monitor the derivatives markets very closely. In times with heightened volatility, you are absolutely right, we could look at selling in-the-money calls or selling near-dated calls as well to be able to generate a slight premium. Based on the current levels of implied vol, we are not seeing a significant premium over just spot selling. With derivatives, it is not a free lunch. You are collecting premium, but you are trading that off of taking market volatility.

[Matthew Galinko, SVP and Analyst at Maxim Group]

Thank you. Maybe as a follow-up, you covered pretty extensively power costs, their effect on third quarter costs, and how you approach operations in that environment. Can you maybe expand on, particularly following a lot of the pushback we have seen on new HPC builds in recent months, kind of near term and medium term, do you see opportunities to push into kind of new territories and kind of new data centers to build out Bitcoin mining in lower-cost jurisdictions, or do you expect that pushback to kind of extend to Bitcoin mining? Maybe fill in some of the pipeline you are thinking about and how that evolves in the coming months and years.

[Mike Ho, CEO at American Bitcoin]

Yeah, absolutely. Like our name suggests, we are American Bitcoin, and we are in the business of mining Bitcoin. Energy is integral to how we operate our business. It is the largest line item. We canvas the energy markets globally to look for opportunities. You are absolutely right that HPC has been a competitor for the same electrons, although we will continue to monitor the right opportunities to drive the best returns and value for our shareholders.

[Matthew Galinko, SVP and Analyst at Maxim Group]

Sorry, maybe just to follow up on that. Are you seeing HPC competitors for those electrons moving more into sites that would traditionally have been thought of as Bitcoin mining only, particularly on the smaller end? Thanks.

[Mike Ho, CEO at American Bitcoin]

Yeah. I think as recent announcements have shown, a lot of our peers have been shifting from Bitcoin mining and looking to either do powered land leases or develop data centers for AI use cases.

[Matthew Galinko, SVP and Analyst at Maxim Group]

Okay. Thank you.

[Operator]

As a reminder, press star then the number one on your telephone keypad to ask a question. Your next question comes from Brian Vieten with Siebert. Your line is open.

[Brian Vieten, Analyst at Siebert]

Siebert. Thanks, guys. Hey, Mike, can you just give us some perspective on the competitive environment? There is some hashrate coming back online. Do you have a good sense of what is driving that?

[Mike Ho, CEO at American Bitcoin]

The hashrate that comes online is mostly international. We are seeing new capacity come online in Asia, in parts of Europe, and in the MENA region.

[Brian Vieten, Analyst at Siebert]

Okay, great. Eric and Mike, what should we be most keyed into as far as policy developments on the horizon? Is there any meaningful difference for Bitcoin here with the election out of the way? I guess, how do you envision the pace of Bitcoin adoption changing as GENIUS Act approaches early next year?

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

Well, I can hop in, at least at the We try to run a very agnostic business, kind of separate from obviously politics, but it was interesting that you did see a big kind of jump in BTC price this morning and kind of throughout the day. I am not looking at it right this second, but it is up a couple percent this morning. I think factoring in that, maybe with split government, with House and Senate obviously different from the executive branch, it is actually almost like a flight to security, right?

[Eric Trump, Co-founder and Chief Strategy Officer at American Bitcoin]

I think we saw that this morning, and I think traditionally we have seen that out of kind of BTC. It is generally interesting. It was a big pop this morning. I think it went from, what was it, guys? 77, somewhere in there, to about a little over 80. Obviously, government and obviously politics weighs in in this in some way, shape, or form, and obviously we saw it this morning.

[Brian Vieten, Analyst at Siebert]

Awesome. Thanks, guys.

[Operator]

Your next question comes from Ben Sommers with BTIG. Your line is open.

[Ben Sommers, Equity Research Associate at BTIG]

Hey, good afternoon, and thank you for taking my questions. Mike, a little bit on the comments before about the data center market evolving with more companies shifting towards HPC. Can you just talk a little bit about your partnership with Hut 8 and how that maybe, if you wanted to expand power capacity, that gets your hands on potentially sites that you maybe otherwise wouldn't have had the opportunity to acquire, and kind of how you guys maybe help Hut 8 with speed to market, just given the fact that you could potentially energize the Bitcoin mine loads earlier than HPC?

[Mike Ho, CEO at American Bitcoin]

I think there are a lot of complementary factors when it comes to Bitcoin mining to be able to secure a site where power is available before a data center can be built, as well as the ancillary components that need to come with an AI data center, such as fiber and connectivity. With Bitcoin mining, our bandwidth consumption is quite low. We can operate off of Starlinks. It's a little different for AI use cases that require fiber. In cases where power is available and something such as fiber takes time, it is a great fit to be able to utilize Bitcoin mining that is an agnostic energy consumer to be able to secure the sites.

[Ben Sommers, Equity Research Associate at BTIG]

Super helpful. Then kind of on the hashrate topic, just kind of curious how you're seeing hashrate respond maybe post-summer seasonality with power prices being down in key markets, and then kind of as the response to Bitcoin prices being relatively higher over the past couple months?

[Mike Ho, CEO at American Bitcoin]

Yeah, that's right. Hashrate has come up in this recent quarter. However, hashrate is not progressing on the same exponential curve as we've seen in the recent years. If you zoom out, hashrate may have It may appear that hashrate has come up, although it looks relatively flat on a longer time horizon. That still reflects what's happening in the markets with a lot of our peers shutting off their machines, pivoting their energy supply for AI use cases. As you've seen with some of these leases, they're very long-durated. They're 15 years, 18 years, or beyond. These are machines that, once they come off the racks, are not easily able to find their way back onto the network.

[Ben Sommers, Equity Research Associate at BTIG]

Super helpful. Thank you for taking my questions.

[Operator]

This concludes the question and answer session and today's call. Thank you for joining. You may now disconnect and have a wonderful rest of your day.

Participants

Executives

• Mike Ho, CEO
• Eric Trump, Co-founder and Chief Strategy Officer

Analysts

• Mike Colonnese, Head of Crypto and Digital Infrastructure Equity Research at H.C. Wainwright
• Sky Moore, Equity Research Associate at JonesTrading
• Matthew Galinko, SVP and Analyst at Maxim Group
• Brian Vieten, Analyst at Siebert
• Ben Sommers, Equity Research Associate at BTIG