LM Funding revenue climbs down 11% on weak realized Bitcoin pricing

LM Funding America (NASDAQ:LMFA) reported lower first-quarter revenues for 2026, navigating compressed market values for digital assets despite achieving substantial expansion in its underlying hardware computing power.

The Tampa, Florida-based Bitcoin mining and treasury operator generated total consolidated revenue of $2.1 million for the three months ended March 31, 2026.

The top-line result marks a 10.9% decline sequentially from the final quarter of fiscal 2025 and an 11.1% drop year-over-year against the $2.4 million recorded in the first quarter of 2025.

Management attributed the revenue reduction primarily to lower realized prices for Bitcoin sold during the period, which offset an increase in gross mining output.

The lower pricing environment, combined with non-cash fair value adjustments on digital holdings, weighed heavily on the company's bottom line.

LM Funding posted a net loss of $10.1 million for the quarter, alongside a non-GAAP Core EBITDA loss of $8.4 million.

The operations retained a narrowing mining margin of 24.1%, down from 38.5% in the prior year's quarter, though profitability was partially supported by generating $368,000 in regional energy sales and power curtailment credits at its primary site.

On the operational front, the company expanded its physical processing infrastructure through the systematic deployment of approximately 300 Bitmain S19 XP systems and the full energization of a second BC40 Elite immersion-cooled unit.

Driven by these deployments, LM Funding mined 26.1 Bitcoin during the quarter, up from 22 BTC in the fourth quarter of 2025.

The operational fleet reached a record energized hashrate of approximately 790 PH/s (0.79 EH/s) by the close of March, culminating in its highest monthly output on record at 9.6 BTC.

The firm concluded the opening quarter with $0.8 million in cash and total assets of $41.75 million against total liabilities of $22.66 million.

The core of its capital stack remains anchored by its digital asset treasury; the company held 338.2 Bitcoin at quarter-end, carrying an estimated market value of $23.1 million.

Turnkey custody of the asset base included 174 BTC utilized within a specialized digital assets receivable facility managed via Galaxy Digital.