An emerging leader in Bitcoin mining
Q2 2025 Investor PresentationNasdaq: LMFA
6.4-acres of land
11 MW of power capacity
7.5 MW already operational
$3.9M total or ~$355K/MW
Existing power infrastructure, incl. a 3,000 kVA transformer
Entered a definitive agreement to purchase a Bitcoin mining site in Mississippi for $3.9M from Greenidge Generation Holdings
Expected to close on or before
September 16, 2025
Funded from existing balance sheet
Increased total wholly-owned power capacity to 26 MW in the U.S.
11 MW site in Mississippi 3
Hashrate
0.60 EH/s1
Q2'25
BTC Mined
18.4 BTC
Q2'25
Revenue2
$1.9M
Q2'25 Mining Margin
41.0%
Revenue
$2.4M
$2.0M
$1.9M
$1.3M
Curtailments from summer heat and the relocation of miners from 3rd party hosting site to
wholly-owned site
BTC Holdings3
150.4 BTC
$17.8M
BTC per Share4
$3.46
Q3'24 Q4'24 Q1'25 Q2'25
1 Includes total machines on hand, 0.48 EH/s energized as of 7/31/25
2 Includes $0.1M specialty finance and rental revenue
3 Bitcoin holdings of 150.4 BTC as of 7/31/25 valued at $17.8M as of 7/31/25 at a price of $118,100
4 Calculated using 5,133,412 shares outstanding as of 6/30/25, Bitcoin holdings of 150.4 BTC as of 7/31/25 and Bitcoin price of $118,100as of 7/31/25 4
OverviewOperational Highlights
Q2 2025Mined 18.4 BTC for Q2'25
0.48 EH/s energized
Exited hosting contracts April 2025, full control of all miners
Generated $223,000 in power sales back to the grid, contributing to margins
Recent Highlights2 MW expansion at OK site progressing, on track for energization EOY
11 MW Mississippi site acquisition definitive agreement signed
5
Revenue
Apr '24 Halving
Q2'24
Q1'25
Q2'25
$1.9M
$2.4M
$3.0M
Total revenue of $1.9, down 18.7% sequentially with
$1.8M of Bitcoin mining revenue, down 20.6% sequentially, driven by increased curtailment and lower average operating hashrate
Mining margin of 41.0%, up from 38.5% in Q1'25, driven from curtailment and energy sales of $223,000
Core EBITDA
Apr '24 Halving
$(2.8M)
$(2.3M)
Q2'25
Q1'25
Q2'24
$2.6M
Staff costs, payroll, professional costs, SG&A and other expenses of $2.0M, up 2.5% QoQ, driven by increased staffing costs for OK site
Net income of $0.1M and Core EBITDA of $2.6M both driven by $3.8M non-cash gain for fair market value of Bitcoin held
6
Q2'25 Financials$16.7M1
BTC Holdings
$12.7M
Total Current Assets
$0.6M
Prepaid expenses and other assets
$11.3M Market Cap2
All amounts as of 6/30/25
$0.4M
Cash
$3.4M
Total Current Liabilities
$5.5M
Long Term Liabilities
1 Bitcoin holdings of 155.5 BTC valued at $16.7M as of 6/30/25 at a price of $107,170
2 Market capitalization as of 8/8/25 7
Balance SheetDifferentiated Strategy
Disciplined growth
M&A targeting 5 - 20 MW sites
Vertically integrated
Power monetization strategy
BTC treasury = $17.8M1
1 Bitcoin holdings of 150.4 BTC as of 7/31/25 valued at $17.8M as of 7/31/25 at a price of $118,100
11 MW site in Mississippi
8
An emerging leader in Bitcoin mining & specialty finance
Financials
LMFundingIR@orangegroupadvisors.com
June 30, 2025 (unaudited) | December 31, 2024 | |
Assets | ||
Cash | $ 353,580 | $ 3,378,152 |
Digital assets − current (Note 2) | 11,677,773 | 9,021,927 |
Finance receivables | 26,120 | 21,051 |
Marketable securities (Note 5) | 13,230 | 27,050 |
Receivable from sale of Symbiont assets (Note 5) | − | 200,000 |
Prepaid expenses and other assets | 597,136 | 827,237 |
Income tax receivable | 31,187 | 31,187 |
Current assets | 12,699,026 | 13,506,604 |
Fixed assets, net (Note 3) | 14,517,943 | 18,376,948 |
Intangible assets, net (Note 3) | 5,369,012 | 5,478,958 |
Deposits on mining equipment (Note 4) | 483,592 | 467,172 |
Long−term investments − equity securities (Note 5) | 4,111 | 4,255 |
Investment in Seastar Medical Holding Corporation (Note 5) | 44,060 | 200,790 |
Digital assets − long−term (Note 2) | 5,000,000 | 5,000,000 |
Right of use assets (Note 7) | 842,268 | 938,641 |
Other assets | 73,857 | 73,857 |
Long−term assets | 26,334,843 | 30,540,621 |
Total assets | $ 39,033,869 | $ 44,047,225 |
Liabilities and stockholders' equity | ||
Accounts payable and accrued expenses | 1,530,077 | 989,563 |
Note payable − short−term (Note 6) | 1,643,759 | 386,312 |
Due to related parties (Note 9) | 21,393 | 15,944 |
Current portion of lease liability (Note 7) | 187,139 | 170,967 |
Total current liabilities | 3,382,368 | 1,562,786 |
Note payable − long−term (Note 6) | 4,907,873 | 6,365,345 |
Lease liability − net of current portion (Note 7) | 619,442 | 776,535 |
Long−term liabilities | 5,527,315 | 7,141,880 |
Total liabilities | 8,909,683 | 8,704,666 |
Stockholders' equity (Note 8) | ||
Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 | − | − |
Common stock, par value $.001; 350,000,000 shares authorized; 5,133,412 shares issued and outstanding as of June 30, 2025 and December 31, 2024 | 4,602 | 4,602 |
Additional paid−in capital | 102,814,611 | 102,685,470 |
Accumulated deficit | (70,960,851) | (65,662,731) |
Total LM Funding America stockholders' equity | 31,858,362 | 37,027,341 |
Non−controlling interest | (1,734,176) | (1,684,782) |
Total stockholders' equity | 30,124,186 | 35,342,559 |
Total liabilities and stockholders' equity | $ 39,033,869 | $ 44,047,225 |
10
Balance SheetOther operating costs | 259,012 | 223,112 | 514,960 | 437,617 | |
Total operating costs and expenses | 1,504,809 | 7,324,371 | 8,975,986 | 11,067,671 | |
Operating income (loss) | 423,515 | (4,313,024) | (4,676,325) | (3,308,720) | |
Three months ended June 30, Six months ended June 30,
2025 | 2024 | 2025 | 2024 | |
Revenues: | ||||
Digital mining revenues | $ 1,806,364 | $ 2,893,073 | $ 4,080,304 | $ 7,490,981 |
Specialty finance revenue | 94,945 | 89,036 | 162,334 | 205,664 |
Rental revenue | 27,015 | 29,238 | 57,023 | 62,306 |
Total revenues | 1,928,324 | 3,011,347 | 4,299,661 | 7,758,951 |
Operating costs and expenses: | ||||
Digital mining cost of revenues (exclusive of depreciation and amortization shown below) | 1,288,399 | 2,357,111 | 2,836,694 | 5,012,057 |
Curtailment and energy sales | (223,269) | − | (372,955) | − |
Staff costs and payroll | 1,087,627 | 837,888 | 2,138,104 | 2,080,914 |
Depreciation and amortization | 2,039,343 | 1,875,359 | 4,076,921 | 3,851,555 |
Loss (gain) on fair value of Bitcoin, net | (3,761,139) | 1,265,485 | (1,951,163) | (2,992,030) |
Impairment loss on mining equipment | − | − | − | 1,188,058 |
Professional fees | 308,829 | 484,335 | 673,314 | 994,228 |
Selling, general and administrative | 375,420 | 195,681 | 685,384 | 373,587 |
Real estate management and disposal | 22,420 | 31,097 | 58,734 | 58,286 |
Collection costs | 8,589 | 20,416 | 25,941 | 21,342 |
Settlement costs with associations | − | − | 3,693 | − |
Loss on disposal of assets | 99,578 | 33,887 | 286,359 | 42,057 |
Unrealized gain (loss) on marketable securities | (5,110) | 6,440 | (13,820) | 4,280 |
Unrealized loss on investment and equity securities | (130,890) | (1,856,737) | (156,874) | (505,758) |
Gain (loss) on fair value of purchased Bitcoin, net | − | − | (52,704) | 57,926 |
Other income − coupon sales | − | − | − | 4,490 |
Interest expense | (227,546) | (36,893) | (448,452) | (107,719) |
Interest income | 531 | 17,228 | 1,676 | 26,353 |
Income (loss) before income taxes | 60,500 | (6,182,986) | (5,346,499) | (3,829,148) |
Income tax expense | − | − | − | − |
Net income (loss) | $ 60,500 | $ (6,182,986) | $ (5,346,499) | $ (3,829,148) |
Less: loss attributable to non−controlling interest | 40,054 | 574,474 | 48,379 | 160,253 |
Net income (loss) attributable to LM Funding America Inc. | $ 100,554 | $ (5,608,512) | $ (5,298,120) | $ (3,668,895) |
Basic income (loss) per common share (Note 1) | $ 0.02 | $ (2.26) | $ (1.03) | $ (1.49) |
Diluted income (loss) per common share (Note 1) | $ 0.02 | $ (2.26) | $ (1.03) | $ (1.49) |
Weighted average number of common shares outstanding | ||||
Basic | 5,133,412 | 2,485,822 | 5,133,412 | 2,457,012 |
Diluted | 5,133,412 | 2,485,822 | 5,133,412 | 2,457,012 |
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Income StatementSix months ended June 30,
CASH FLOWS FROM OPERATING ACTIVITIES: | 2025 | 2024 |
Net loss | $ (5,346,499) | $ (3,829,148) |
Adjustments to reconciIe net Ioss to net cash used in operating activities | ||
Depreciation and amortization | 4,076,921 | 3,851,555 |
Noncash lease expense | 96,373 | 52,579 |
Amortization of debt issue costs | 42,528 | − |
Stock compensation | − | 76,322 |
Stock option expense | 135,426 | 221,609 |
Accrued investment income | − | (25,265) |
Accrued interest expense on finance lease | 30,553 | − |
Digital assets other income | − | (4,490) |
Gain on fair value of Bitcoin, net | (1,898,459) | (3,049,956) |
Impairment loss on mining machines | − | 1,188,058 |
Unrealized loss (gain) on marketable securities | 13,820 | (4,280) |
Unrealized loss (gain) on investment and equity securities | 156,874 | 505,758 |
Loss on disposal of fixed assets | 286,359 | 42,057 |
Change in operating assets and IiabiIities: | ||
Prepaid expenses and other assets | 398,424 | 3,218,789 |
Repayments to related party | 5,449 | 30,730 |
Accounts payable and accrued expenses | 540,514 | (718,557) |
Mining of digital assets | (4,080,304) | (7,490,981) |
Lease liability payments | (171,474) | (53,044) |
Net cash used in operating activities | (5,713,495) | (5,988,264) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net collections of finance receivables − original product | (2,434) | (14,443) |
Net collections of finance receivables − special product | (2,635) | (631) |
Capital expenditures | (377,212) | (1,226,602) |
Proceeds from sale of fixed assets | 953,153 | 78,806 |
Investment in notes receivable | − | (2,094,351) |
Collection of note receivable | 200,000 | 1,449,066 |
Investment in digital assets − tether | (30,315) | − |
Proceeds from sale of Bitcoin | 3,323,773 | 4,543,685 |
Proceeds from the sale of tether | 29,460 | − |
Deposits for mining equipment | (986,690) | − |
Distribution to members | (1,015) | (19,616) |
Net cash provided by investing activities | 3,106,085 | 2,715,914 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings | − | 1,500,000 |
Insurance financing repayments | (410,877) | (483,833) |
Issuance costs | (6,285) | − |
Net cash provided by (used in) financing activities | (417,162) | 1,016,167 |
NET DECREASE IN CASH | (3,024,572) | (2,256,183) |
CASH − BEGINNING OF PERIOD | 3,378,152 | 2,401,831 |
CASH - END OF PERIOD | $ 353,580 | $ 145,648 |
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Cash FlowsNon-GAAP Financial Measures
Our reported results are presented in accordance with U.S. generally accepted accounting principles ("GAAP"). We also disclose Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA") and Core Earnings before Interest, Tax, Depreciation and Amortization ("Core EBITDA") which adjusts for unrealized loss (gain) on investment and equity securities, loss on disposal of mining equipment, impairment loss on mining equipment and stock compensation expense and option expense, all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of Bitcoin miners.
The following tables reconcile net loss, which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA:
Three months ended June 30, Six months ended June 30,
2025 | 2024 | 2025 | 2024 | |||
Net income (loss) | $ 60,500 | $(6,182,986) | $(5,346,499) | $(3,829,148) | ||
Income tax expense | − | − | − | − | ||
Interest expense | 227,546 | 36,893 | 448,452 | 107,719 | ||
Depreciation and amortization | 2,039,343 | 1,875,359 | 4,076,921 | 3,851,555 | ||
Income (loss) before interest, taxes & depreciation | $ 2,327,389 | $(4,270,734) | $ (821,126) | $ 130,126 | ||
Unrealized loss on investment and equity securities | 130,890 | 1,856,737 | 156,874 | 505,758 | ||
Loss on disposal of mining equipment | 99,578 | 33,887 | 286,359 | 42,057 | ||
Impairment loss on mining equipment | − | − | − | 1,188,058 | ||
Stock compensation and option expense | 24,621 | 116,080 | 135,426 | 297,931 | ||
Core income (loss) before interest, taxes & depreciation | $ 2,582,478 | $(2,264,030) | $ (242,467) | $ 2,163,930 | ||
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Core EBITDA (Non-GAAP)An emerging leader in Bitcoin mining & specialty finance
Thank You
LMFundingIR@orangegroupadvisors.com
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