LM Funding America Reports Q4 and Full Year 2025 Results

Mined 22 Bitcoin in Q4, up 25% sequentially, but lower average price impacts margins

Mar. 27, 2026 at 12:39pm

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LM Funding America, a Bitcoin treasury and mining company, reported Q4 2025 revenue of $2.4 million, up 19.2% year-over-year, driven by higher Bitcoin production. However, a lower average Bitcoin price in Q4 led to a decline in mining margins to 25% from 49% in Q3. The company ended 2025 with 356.4 Bitcoin in its treasury, more than double its starting position.

Why it matters

LM Funding's results highlight the challenges Bitcoin miners face in a lower price environment, with lower margins despite increased production. The company's growing Bitcoin treasury and expanded mining operations position it to benefit if Bitcoin prices recover, but the near-term impact of price volatility remains a concern.

The details

LM Funding mined 22.0 Bitcoin in Q4 2025 at an average price of $99,700, up from 17.6 Bitcoin in Q3 at $114,000 per Bitcoin. However, the lower average price in Q4 led to a decline in mining margins to 25% from 49% in the prior quarter. The company also recorded a $7.8 million non-cash impact from Bitcoin fair value changes and a $5.4 million impairment on mining equipment due to the lower price environment.

  • LM Funding mined 22.0 Bitcoin in Q4 2025 at an average price of approximately $99,700.
  • In Q3 2025, the company mined 17.6 Bitcoin at an average price of approximately $114,000.

The players

LM Funding America, Inc.

A Bitcoin treasury and mining company based in Tampa, Florida.

Bruce Rodgers

Chairman and CEO of LM Funding.

Ryan Duran

President of the Company's US Digital Mining subsidiary.

Richard Russell

Chief Financial Officer of LM Funding.

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What they’re saying

“2025 was a transformational year for the Company. We entered the year with a fragmented mining business and a modest Bitcoin treasury. We exited the year with two wholly-owned, low-cost-power sites, a vertically integrated platform, a streamlined capital structure, and a substantially larger Bitcoin treasury.”

— Bruce Rodgers, Chairman and CEO of LM Funding

“We started the year operating a single site in Oklahoma and ended it with two wholly owned sites totaling 22.5 MW energized and approximately 750 PH/s at year-end, with further expansion continuing into early 2026.”

— Ryan Duran, President of the Company's US Digital Mining subsidiary

“Fourth quarter revenue increased 19% year over year to $2.4 million, reflecting higher Bitcoin prices from the comparable prior year quarter and improved operational performance.”

— Richard Russell, Chief Financial Officer of LM Funding

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

LM Funding's results highlight the challenges Bitcoin miners face in a lower price environment, with lower margins despite increased production. However, the company's growing Bitcoin treasury and expanded mining operations position it to benefit if Bitcoin prices recover, though near-term price volatility remains a concern.