LM Funding America reported third‑quarter 2025 results on November 14 2025, showing revenue of $2.18 million—up 74% year‑over‑year—and a mining margin that climbed to 49% from 41% in Q2. Core earnings before interest, tax, depreciation and amortization were a loss of $1.4 million, a turnaround from the $2.8 million loss reported in Q2, while the company posted a net loss of $3.7 million.
The revenue increase was driven by a higher average Bitcoin price and the full integration of the 11‑megawatt Mississippi facility, which added a significant portion of the quarter’s earnings. Sequentially, revenue grew 13–15 % from the $1.9 million reported in Q2, reflecting stronger demand for mining services and the contribution of the new capacity.
Mining margin expansion to 49% was achieved by eliminating hosting costs, selling curtailed power, and improving fleet efficiency. These operational gains offset the higher staff and payroll expenses that pushed core EBITDA into a loss. The company’s net loss was largely a result of increased operating costs and the impact of a higher Bitcoin mining difficulty that reduced the number of BTC mined from 18.4 in Q2 to 17.6 in Q3.
The company’s owned capacity grew to 26 MW, delivering roughly 0.71 exahash per second. The Mississippi site contributes 11 MW, and a 2‑MW immersion‑cooled expansion in Oklahoma is slated to energize in December. This expansion supports LM Funding’s strategy of vertical integration and operational control, allowing the firm to capture additional Bitcoin rewards while keeping power costs low.
In August, LM Funding secured a $21.3 million financing to bolster its Bitcoin treasury, which now holds 294.9 BTC valued at approximately $32.2 million as of October 31. The company completed a private share repurchase of more than 3.3 million shares and 7.3 million warrants in October, and authorized a $1.5 million share buyback program, underscoring management’s confidence in the long‑term value of its Bitcoin holdings.
CFO Richard Russell said the quarter demonstrated “strong revenue growth and improved mining margins, while our capital allocation strategy continues to enhance per‑share value.” CEO Bruce Rodgers highlighted the company’s focus on strengthening its Bitcoin treasury, completing the Mississippi facility integration, and simplifying its capital structure through share repurchases.
Following the announcement of the earnings call on November 6, shares experienced a 10.7 % after‑hours surge, driven by investor optimism about the upcoming results. The market reaction was anticipatory rather than a direct response to the financial data released on November 14.
While revenue growth and margin expansion signal operational progress, the continued net loss, core EBITDA loss, and tight liquidity—cash on hand was only about $0.3 million as of September 30—highlight ongoing challenges. The company’s strategy of expanding owned capacity and leveraging its Bitcoin treasury positions it to benefit from rising Bitcoin prices, but it must manage rising difficulty, curtailment, and staff costs to move toward profitability.
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