Overview

• US Bitcoin miner's Q1 revenue fell sequentially as Bitcoin price declined

• Company grew Bitcoin holdings by ~30% quarter-over-quarter to over 7,000 Bitcoin

• Gross margin stayed above 50% despite a 22% drop in Bitcoin price

Outlook

• Company says it will deploy incremental capacity when expected returns justify it

• American Bitcoin plans to focus on compounding its Bitcoin reserve and preserving balance sheet flexibility

• Company continues to prioritize fleet efficiency, cost discipline, and capital allocation

Result Drivers

• BITCOIN PRICE DECLINE - Co said a ~22% quarter-over-quarter drop in Bitcoin price drove lower revenue and significant non-cash losses

• COST IMPROVEMENTS - Co said cost to mine fell to ~$36,200 per Bitcoin from ~$46,900 in Q4 2025, reflecting higher production volume and energy pricing discipline

• FLEET EXPANSION - Co increased operational mining capacity by acquiring and deploying new miners, including at the Drumheller site

Company press release: ID:nPnbfcRz7a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$62.12 mln	$74.85 mln (2 Analysts)
Q1 Net Income	Miss	-$81.79 mln	$832,000 (2 Analysts)
Q1 Adjusted EBITDA	Miss	-$91.28 mln	$35.50 mln (1 Analyst)
Q1 Income From Operations	Miss	-$118.20 mln	$382,000 (2 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for American Bitcoin Corp is $4.00, about 225.2% above its May 5 closing price of $1.23

• The stock recently traded at 74 times the next 12-month earnings vs. a P/E of 38 three months ago

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