American Bitcoin Q2 2026 Earnings Report

American Bitcoin EPS Results

• Actual EPS: -$0.80
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

American Bitcoin Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

American Bitcoin Announcement Details

• Quarter: Q2 2026
• Date: 8/3/2026
• Time: Before Market Opens
• Conference Call Date: Monday, August 3, 2026
• Conference Call Time: 8:30AM ET

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 Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Record production supported revenue growth: American Bitcoin mined 932 Bitcoin in Q2, up 14% sequentially, while revenue rose 8% to approximately $67 million despite a 12% period-end decline in Bitcoin’s price. Gross profit was approximately $33 million, with a 49% gross margin, and the company said its cost to mine remained broadly stable at about $36,500 per Bitcoin.
• Positive Sentiment: Bitcoin reserves and ownership per share increased: The strategic reserve grew from 7,021 to 8,002 Bitcoin, primarily through mining and supplemented by roughly $4 million of at-market purchases; the company did not sell any reserve Bitcoin. Satoshis per share rose approximately 11% as holdings grew faster than shares outstanding.
• Positive Sentiment: The company ended the quarter with nearly 90,000 owned miners and approximately 28.1 exahash per second of capacity, including about 3 exahash added when the Drumheller site reached full scale. Management also pointed to stable or declining network hash rate as other miners shift capacity toward AI data centers, which could support American Bitcoin’s production share.
• Negative Sentiment: Expansion faces increasing infrastructure and market headwinds: Competition for power and suitable sites has intensified because of AI data-center demand, while the next Bitcoin halving will reduce block subsidies and summer conditions may pressure production economics. Management said it will prioritize economic output over simply maximizing uptime and has not provided specific expansion targets for the next 12–24 months.
• Negative Sentiment: President and Interim CFO Matt Prusak will leave after August 4, with Head of Derivatives Paul Sachs becoming interim CFO. The transition is expected to be orderly, but the leadership change adds near-term execution risk.

Presentation

[Operator]

Good morning, welcome to American Bitcoin's Second Quarter 2026 Earnings Call. Following prepared remarks, we will open the line for questions. 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 the risks and uncertainties that could cause actual results and events to differ, please refer to American Bitcoin's filings with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K for the fiscal year ending December 31st, 2025, and its 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.

[Operator]

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, good morning, everyone. Before I get into the results, I want to spend a minute on how we think about this business because it explains the decisions behind the results we will cover today. Our conviction is simple. We believe Bitcoin is a growing capital asset and that its long-term compounding will outperform our cost of capital. At its core, American Bitcoin is an operating business built on this conviction. While Bitcoin is facing headwinds, our response is to do the work today that prepares us for tomorrow. That is why strengthening our operating business is so important. It is what allows us to continue to grow through Bitcoin’s market cycles. At the same time, we are clear-eyed about the environment. Every business navigates macro headwinds and tailwinds. In Bitcoin mining, those forces are structural.

[Mike Ho, CEO at American Bitcoin]

On the cost side, competition for power has intensified as demand from other large-scale use cases grow. On the revenue side, the Bitcoin price declined during the quarter, which compressed mining revenue across the industry, the next halving will reduce block subsidy again. On the schedule, Bitcoin has always followed. We cannot control these forces. What we can control is how we respond to them. We believe the hallmark of an enduring business is the ability to create value across market cycles, we view this stretch as a period of opportunistic growth for this company. Our conviction in Bitcoin’s long-term adoption is unchanged, we are continuing to evaluate opportunities in which we can improve our unit economics and grow our operating business. We will share more as those opportunities take shape. Through this environment, we have centered American Bitcoin on operating excellence and bottom-line economics.

[Mike Ho, CEO at American Bitcoin]

Our goal is to increase shareholder value by running a disciplined, efficient business through the cycle and to earn your confidence the only way it can be earned, through execution quarter after quarter. I will cover the quarter in three parts: the performance of the mining platform and our financial results, the growth of our strategic reserve and what it means per share, and our near-term priorities. With that context, let me turn to our second quarter, which was a quarter of higher production, revenue growth, and continued reserve accumulation. In Q2 2026, we mined 932 Bitcoin compared with 817 Bitcoin in the first quarter, an increase of approximately 14%. This was our highest quarterly production on record. Drumheller was an important contributor. The site was fully energized in April, adding roughly three exahash of next-generation capacity. Q2 was the first quarter in which the site contributed at scale.

[Mike Ho, CEO at American Bitcoin]

Revenue was approximately $67 million in Q2, compared with $62.1 million in Q1, an increase of approximately 8%. That growth came against a declining Bitcoin price, which declined approximately 12% period end over period end from Q1, including a peak-to-trough decline of approximately 28% from May 10th to June 26th. The increase from Q1 was driven by higher production, the first quarter of Drumheller at scale, and a downward adjustment in network difficulty, not by a favorable price environment. Cost of revenue was approximately $34 million, compared with $29.6 million in Q1. Gross profit was approximately $33 million in Q2, compared with $32.5 million in Q1, and gross margin was approximately 49% in Q2, compared with 52% in Q1. The minor margin compression in the quarter resulted from the decline in Bitcoin price, not from a deterioration in the underlying cost structure.

[Mike Ho, CEO at American Bitcoin]

The increase in cost of revenue quarter-over-quarter was primarily driven by marginally higher energy costs at selective sites. General and administrative expense was approximately $7.7 million, compared with $6.9 million in Q1, and remained roughly flat as a percentage of revenue at approximately 11% quarter-over-quarter. On a GAAP basis, net loss for the quarter was approximately $57.2 million, compared with a net loss of $81.8 million in Q1. The result includes a loss on digital assets of $71.2 million, compared with a $117.2 million loss in Q1. That reflects the required fair value measurement of Bitcoin we continue to hold, an accounting mechanism, not a realized trading result. At quarter end, our total owned fleet stood at nearly 90,000 miners, representing approximately 28.1 exahash per second of capacity, of which approximately 25 exahash was operational at an average efficiency of approximately 14 joules per terahash.

[Mike Ho, CEO at American Bitcoin]

Revenue per Bitcoin mined was approximately $71,900, down roughly 5% from approximately $76,000 in Q1. That compares with a Bitcoin price decline of approximately 12% over the same period on a period end basis. In other words, revenue per Bitcoin held up better than the price move, and with record quarterly production on top of it, total revenue still grew approximately 8%. Production, not price, drove our growth this quarter. Cost to mine was approximately $36,500 per Bitcoin, compared with approximately $36,200 in Q1, an increase of less than 1%. Despite a volatile price environment and the energization of new capacity during the quarter, mining Bitcoin at a meaningful discount to its market price remains the engine of this business. Holding our unit cost roughly flat through another volatile quarter reflects the pairing of efficient infrastructure with competitive energy across our sites.

[Mike Ho, CEO at American Bitcoin]

Looking ahead, summer conditions can affect production and power economics, particularly in Texas. We will continue to focus on optimizing for economic output rather than simply maximizing uptime. Next, let me turn to the strategic reserve. We began the quarter with approximately 7,021 Bitcoin and ended it with 8,002 Bitcoin, growth of nearly 1,000 Bitcoin or roughly 14% in a single quarter. That growth reflects how our accumulation model is built. Mine production is the foundation, supplemented by strategic at-market purchases when we believe they are accretive. This quarter, the increase came primarily from mine production, supplemented by approximately $4 million of strategic at-market purchases. We did not sell a single Bitcoin from our balance sheet reserve. Mining and purchases perform different roles. Mining uses our infrastructure to convert power into Bitcoin at a discount.

[Mike Ho, CEO at American Bitcoin]

Purchases are opportunistic. We weigh liquidity, market conditions, and our cost of capital. When those factors do not support per share accretion, we buy less. The economic value of the reserve will move with the Bitcoin price, and fair value accounting will make that movement visible in the income statement each quarter. Our operating policy is not based on that quarterly march. We are managing the reserve as a long-duration strategic asset. One housekeeping note before I turn to per share figures. All per share comparisons today are presented on a consistent basis with prior periods restated to match. A quick reminder on terminology. Satoshis per share and Bitcoin per share measure the same thing. One Bitcoin equals 100 million Satoshis, so the difference is simply one of scale.

[Mike Ho, CEO at American Bitcoin]

At quarter end, Satoshis per share stood at approximately 11,000, compared with approximately 9,950 as of March 31st, growth of approximately 11% in a single quarter. Since our NASDAQ listing on September 3rd, 2025, Satoshis per share has grown approximately 170%. Satoshis per share is one of the measures we use to track our discipline in growing our Bitcoin reserve faster than our share count. Our approach to the ATM program follows that same logic. We ended the quarter with approximately 82% of capacity remaining under the ATM program. We do not view share issuance as an end in itself. It must be evaluated against the value received, the deployment opportunity, liquidity needs, and the effect on Bitcoin ownership per share. When those conditions are not attractive, we can slow or pause issuance. When they are, the ATM gives us flexible capital without a fixed financing calendar.

[Mike Ho, CEO at American Bitcoin]

Before I hand the call over, let me leave you with our near-term priorities. We remain focused on our core business, running an efficient mining platform and growing our Bitcoin ownership per share. We are not stepping back from our thesis. We are doubling down on it, on Bitcoin, and on the infrastructure that supports it. We will be disciplined in how we pursue that growth, and we will keep you updated as we execute. On a more personal note, our President and Interim Chief Financial Officer, Matt Prusak, has decided to take on an exciting new opportunity in his hometown of Austin. For many of us, our relationship with Matt goes back more than 10 years, long before American Bitcoin existed. Through the US Bitcoin Corp days, to our merger with Hut 8, then through ABTC's launch, and everything we have built together since.

[Mike Ho, CEO at American Bitcoin]

Matt has truly been a great partner and a friend. We are a small team here at American Bitcoin, and any team member's success is a feather in all of our caps. He will remain in his role through August 4th to support a smooth transition, Paul Sacks, our Head of Derivatives, will step in as Interim Chief Financial Officer. Matt, thank you. Congratulations, all of us are excited for you as you begin this next chapter.

[Mike Ho, CEO at American Bitcoin]

With that, I will turn the call over to our Chief Strategy Officer, Eric Trump.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

Thank you, Mike, good morning, everybody. I want to step back and talk about what this team has built because it's worth remembering how far this company has come in such an incredibly short period of time. Just over 16 months ago, American Bitcoin did not exist. We launched ABTC on March 31st, 2025, mining with roughly 10 exahash in capacity. Within months, we completed an oversubscribed private raise of approximately $220 million. Just five months later, on September 3rd, 2025, we went public on the NASDAQ. Hard to believe that was exactly 11 months ago from today. On the day of our debut, we held approximately 2,460 Bitcoin and ranked roughly 30th among publicly traded Bitcoin companies on Earth. From there, this team kept building. We scaled the fleet to approximately 25 exahash.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

We ended 2025 with 5,401 Bitcoin and moved into the top 20 publicly traded Bitcoin companies anywhere in the world. We continued to grow. In the first quarter of this year, our reserve topped 7,000 Bitcoin, we continued to increase our compute, energizing our Drumheller site, which was fully online by the second quarter. This resulted in more growth, approximately 28.1 exahash per second, nearly 3x the compute from our launch date. Almost 90,000 mining machines of owned capacity working around the clock. We ended Q2 of this year with 8,002 Bitcoin in our strategic reserve. This number makes us the 16th largest publicly traded Bitcoin company in the world. Every day, we continue to grow. Every day, we continue to build. Today, we sit on approximately 8,300 Bitcoin in our treasury.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

From zero to roughly 8,300 Bitcoin, 28 exahash, almost 90,000 mining machines in a little over 16 months. From a non-existing company to the 16th largest Bitcoin company on Earth in a little over 16 months. On our last call, I told you we are focused on two races, accumulating the most Bitcoin and doing it at the lowest possible cost. This quarter, through an extremely volatile market, a market where the price of Bitcoin is down almost 50% from all-time highs, we kept singular focus on both. By price compression, every quarter since our launch, our gross margin has held at approximately 49% or higher, including this quarter. That's an astonishing statistic. Nearly 50% gross margin despite a period of declining Bitcoin price. That's what makes American Bitcoin, that's what makes what we have built so incredibly unique.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

Bitcoin does not move in a straight line. We've never built this company assuming it would. We understand the headwinds faced by this industry this year. Our conviction is unchanged. Bitcoin's global adoption is happening every single day on every corner of the Earth. We believe continuing to build thoughtfully through challenging markets is exactly what positions us to capture Bitcoin's potential upside on the other side. We are building this company designed to endure decades. This is our singular mission. I want to thank everyone across the American Bitcoin team who has delivered this quarter. This progress belongs to our shareholders as much as it does to our team. Our management and largest holders are invested in this company's success alongside the rest of our shareholders. We intend to keep building, delivering, and earning that trust every quarter.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

To Matt, congratulations, my friend. Matt has really poured himself into this company from the day we launched. Everyone on the American Bitcoin team is excited for him as he begins his new chapter in Austin. He will always be a big part of our incredible story.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

With that, operator, we're happy to take any questions.

[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 to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. Once again, to ask a question at this time, press star then the number one on your telephone keypad. Your first question comes from Greg Lewis with BTIG. Your line is open.

[Greg Lewis, Managing Director at BTIG]

Hey, thank you. Good morning, and thanks for taking my questions. Michael, I was hoping that you could talk a little bit more, now that the facility is up and running, how are we thinking about the future build-outs of self-mining here over the next 12-24 months?

[Mike Ho, CEO at American Bitcoin]

Good morning, Greg, and thanks for the question. I'll be candid. This is very apparent in today's macro environment when it comes to energy, when it comes to site availability. There is roughly 1,000 GW of total generation in the U.S. 800 GW is the peak. There's 200 GW of excess power that companies like us, other developers, are working on front-of-the-meter interconnects and tapping into that allocation. Since the ChatGPT moment, we've seen a flurry of new developers coming in to source the same power. Electrons are fungible. It's the same power that is being used for AI data centers. The market has become increasingly competitive. The value of these sites, the bids, have become a lot more competitive given the economics of the AI data centers.

[Mike Ho, CEO at American Bitcoin]

We continue to source the silver linings of site availability as we've demonstrated in the past when it came to looking for renewables in congested areas. We believe that we can still continue to find competitive sites. We'll update more in the coming quarters.

[Greg Lewis, Managing Director at BTIG]

Okay. Super helpful. I was just hoping, obviously super focused on what's happening from a legislation perspective. I was kind of wondering, as we sit here in early August, how are you thinking about positioning the company into progress around the CLARITY Act?

[Mike Ho, CEO at American Bitcoin]

What we control are our operating metrics. This was a quarter that we mined more Bitcoin than any previous quarter. Our gross profit increased even with a declining Bitcoin price, given our increased production. Bitcoin decreased this quarter by double digits. We still held our gross margin percentage almost around 50%. The CLARITY Act and regulations go beyond our scope and our purview. It's out of our control. We are monitoring the progress. We hope it gets passed soon. It helps Bitcoin. It helps every participant. In the meantime, we're only able to focus on what we could control. That's our operations.

[Greg Lewis, Managing Director at BTIG]

That's super helpful. Thanks very much.

[Operator]

Once again, to ask a question at this time, please press star, then the number one on your telephone keypad. Your next question comes from Matthew Galinko with Maxim Group. Your line is open.

[Matthew Galinko, SVP and Senior Equity Research Analyst at Maxim Group]

Hey, thanks for taking my questions, and congrats to Matt. Firstly, I'm hoping you could maybe talk about your pulse on the network hash rate, how responsive other miners have been, in your view, to this price environment, and what you expect from the other miner behavior as we move into the halving.

[Mike Ho, CEO at American Bitcoin]

That's a great question, Matt. What we've seen is a stable or decreasing overall network hash rate environment. What the numbers show is about a third of the Bitcoin network was primarily driven by U.S. public companies, some of our peers. Our peers have, in the recent quarters, have all pivoted existing Bitcoin mining sites and have signed or are in the process of signing AI data center sites. These are typically long-durated, 10, 15, sometimes longer terms. Once that hash rate comes offline, that rack space no longer is available, even if we see improved hashprice and the economics of Bitcoin mining improve from here.

[Mike Ho, CEO at American Bitcoin]

What that means is this is a more of a permanent environment where those machines are coming off the network and won't make its way back on. We've seen over the last few quarters, hash rate has maintained or decreased, allowing us to increase our production for the same participation of the network.

[Matthew Galinko, SVP and Senior Equity Research Analyst at Maxim Group]

Thank you. Maybe as a follow-up to that question, I know you talked about the difficulty in sourcing additional sites, but do you have a sense for what the pipeline of unique sites that are appropriate for Bitcoin mining and not HPC or inference looks like? What do you think about opportunities for sourcing sites, and what's appropriate given your scale of operations versus where you could find sites that aren't necessarily suitable for AI?

[Mike Ho, CEO at American Bitcoin]

Again, that's a great question, I'll give you the simple answer to that, it really comes down to latency. Latency, Bitcoin mining is location agnostic, as we've seen with recent AI data centers moving away from the Tier 1 AZs like Northern Virginia, Atlanta. AI data centers are also open to new markets, so Bitcoin mining is not unique in that sense. However, latency continues to be a constraint for AI offtake customers. With Bitcoin mining, we're able to install a Starlink. We're able to mine Bitcoin with very low bandwidth. Even if the power is available for AI offtake, they still require fiber, dark fiber in most cases. Fiber takes time to build to bring to these more rural areas. That is the market that we're tapping and we continue to monitor for our new expansion sites.

[Matthew Galinko, SVP and Senior Equity Research Analyst at Maxim Group]

Thanks. If I could sneak one additional question in, then I'll jump back in the queue. We've seen a bit of an evolution, whether from large-scale Bitcoin miners taking on proactive treasury management or, the last quarter, we've seen MicroStrategy take on kind of a different bent towards managing their treasury. Maybe just go back over what your North Star is. Is it Bitcoin per share? Given some of the changes we've seen across the industry, do you see the opportunity of leaning into equity repurchases, perhaps through the sale of Bitcoin to fund that as a potential opportunity for driving economics and returns for the business? Maybe talk about some of the levers you have and how you're evaluating them. Thank you.

[Mike Ho, CEO at American Bitcoin]

Absolutely. This quarter, our shares outstanding grew by about 3%, whereas our Bitcoin holdings grew by about 14%. Going back to our Bitcoin per share metric, that per share ownership rose by roughly 11%, which demonstrates our discipline on focusing on the North Star being increasing Bitcoin per share. Outside of treasury management and being opportunistic and being able to make open market purchases, we have a very profitable operating business that has remained true to our thesis that even in challenged times with headwinds of the Bitcoin price environment, we're able to maintain gross profitability and a lower structural discount to being able to purchase Bitcoin at the spot market.

[Operator]

This concludes the question and answer session. I'd like to turn the call back over to Eric Trump for any closing remarks.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

Guys, thank you. Greg, Matt, thanks a lot for the question. We have a lot of analysts on the call today. Many of them have been so great. Ben, Brian, I see you guys up here on the screen in front of me. Guys, we started this company 16 months ago. We've been public exactly 11 months today. It's kind of hard to believe. Literally as we sit here right now, 11 months ago, we were ringing the bell on the NASDAQ exactly 11 months ago. You look at what we've created. We've created the 16th largest public Bitcoin treasury company in the world. In 11 months, we've gotten to that point.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

We're holding at 50%, almost 50% gross margins. If you look at it, Bitcoin is down 50% from its peak, roughly, and yet we're holding at 50% gross margins. Name another company in the world that can do that. I think, for all of us here, we've done everything right. We have almost 90,000 miners, 28 exahash. We have some of the cheapest power anywhere. Our Bitcoin stack is growing and growing. Obviously, as difficulties come down, that helps. Obviously, we've brought a lot of power onto market. We're doing a phenomenal job, but our average cost right now to mine a Bitcoin is roughly $36,000. Name another industry that wouldn't absolutely die for 49% profit margins.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

I'm incredibly proud of this team. What we've accomplished in this period of time is nothing short of spectacular. I think where I somewhat get annoyed is that we get lumped in the same bucket with DaaS. DaaS are stagnant. DaaS have to go out and buy Bitcoin and other cryptocurrencies, at kind of fair market price. Our advantage is we're not buying at fair market price. Our advantage is that we're mining for roughly $0.50 on the dollar. I think this is a company that is just going to continue to do extremely well. Again, despite your price compression, despite price falling by 50%, we're maintaining the same margin as we have since the day that we founded this business.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

Revenue grew 8% this quarter, Bitcoin was down 12% that quarter. No one else in the crypto space, no one else in the Bitcoin space can tell our story. When I look at this incredibly lean team, we run some of the lowest SG&As in the industry. We maintain incredible cost discipline because we believe in Bitcoin. We want our treasury to grow. This is the asset that we believe in. I'm just incredibly proud. We've kept a lean team. We've executed on our vision impeccably well. We've maintained margin. We've continued to grow our treasury, despite probably the toughest environment or one of the toughest environments crypto has ever seen. I just think we, more than any company out there, are so well-positioned on the other side of this bell curve.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

We are absolute Bitcoin maximalists. You see what's happening around the world every single day. You see what's happening with the largest financial institutions in this country, whether it be the Charles Schwab or whether it be the Fidelity or the BlackRock. You see what's happening all around the world with the adoption of cryptocurrencies, but mainly Bitcoin. I mean, Bitcoin is obviously still leading the way. Cryptocurrency in general, but Bitcoin has such an incredible future. We keep becoming stronger and stronger and stronger. This is truly our life's work and our life's mission. What we've developed in 11 months is something that no other team anywhere on Earth could have pulled together.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

Our future is incredibly bright. This is just the beginning. We're not going to slow down at all. In fact, we're accelerating in a time when so many other companies are slowing down. I think that's a huge strategic advantage that we have as a company versus so many. So many other of these DaaS are just kind of dead in the water. They're just sitting there kind of floating around, not doing a whole lot, have nothing exciting to announce. The cost of being public is eating them alive. We're sitting here operating at 49% gross margins, executing on our plan each and every day.

[Eric Trump, Chief Strategy Officer at American Bitcoin]

To this entire team, we're incredibly proud of you. This has been a hell of a journey. Hard to believe it's exactly 11 months right now we are ringing the bell. I know this is going to be our life's work for many, many years to come. To all the great analysts on here, thanks for the outcry of support. Some of the reviews on our company have been phenomenal. I see Clear Street on there. They've been amazing as I look up at the board. Ben, you've been incredible, and so many others. Guys, we appreciate you. We appreciate the conviction you have, and hopefully these numbers today speak for themselves.

[Operator]

This concludes 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, Chief Strategy Officer

Analysts

• Greg Lewis, Managing Director at BTIG
• Matthew Galinko, SVP and Senior Equity Research Analyst at Maxim Group