Full Breakdown
American Bitcoin Corp’s Q1 2026 Losses Highlight Operational Gains Amid Bitcoin Price Drop
5/7/2026, 6:52:21 AM
Financial Results
American Bitcoin Corp. (ABTC) reported a net loss of $81.8 million for Q1 2026 – $82 million in a TradingKey summary. Mining revenue fell to $62.1 million, while operating expenses were $150.7 million, including a $117.2 million non-cash impairment as bitcoin dropped 22 %.
Operational Performance
ABTC mined a record 817 BTC in Q1, while mining cost fell to $36,200 per coin, a 23 % drop, keeping gross margin above 50 %. In March the firm added 11,298 Bitmain miners, raising hashrate to 28.1 EH/s, and bought 803 BTC, bringing holdings to 7,021 BTC.
Executive Remarks
CEO Mike Ho said the business was profitable after stripping the required non-cash mark-to-market adjustment and that ABTC sold no bitcoin. Co-founder Eric Trump noted the firm became the 16th-largest bitcoin holder globally and said “the compounding is accelerating.”
Market Reaction
ABTC shares closed at $1.25, up 1.63 % on the day, though down 72.5 % six months. The stock briefly fell below $1.20 after earnings before stabilizing at $1.23. Analysts cite low-cost production and expanding hash rate as reasons for buying.
Conflicting Reports & Gaps
The net-loss is reported as $81.8 million in the SEC filing and $82 million in a TradingKey article, a minor discrepancy. Neither source details the $33.5 million operating costs beyond the impairment, leaving a gap in expense breakdown.
Verbatim Quotes
- “Strip out the non-cash mark-to-market adjustment on our Bitcoin required by FASB, and the underlying business was profitable — and we did not sell a single coin.” — Mike Ho, CEO, American Bitcoin Corp.
- “In just over eight months as a public company, we have become the 16th largest bitcoin holder globally and scaled to more than 28 exahash of capacity. The compounding is accelerating.” — Eric Trump, Co-founder, American Bitcoin Corp.
- “Clearly, the reason the market is buying in is that they see American Bitcoin not just as a "loss-making miner," but as a hash rate giant "producing Bitcoin at extremely low costs with rapidly growing holdings.” — TradingKey analysis
Outlook
ABTC’s near-term outlook hinges on bitcoin staying above $80,000; analysts project the stock could exceed $1.40 at that level and target $2 if bitcoin reaches $100,000. The firm plans to keep expanding hash rate and treasury holdings through 2026.
