The latest earnings report from American Bitcoin Company shows that, despite significant year-over-year revenue growth, quarterly losses remain severe. Cryptocurrency mining companies also failed to meet Wall Street’s expectations.
Summary
Quarterly performance fell short of expectations
For the quarter ended March 31, the U.S. Bitcoin report recorded a loss of $81.7 million and revenue of $62.1 million, a 400% increase from the prior year. $12.3 million less than a year ago, but below $78.3 million in Q4 2025.
Additionally, the company's revenue was 17% lower than analyst expectations. The company reported a loss of 8 cents per share for the quarter, while Wall Street had expected a loss of 1 cent per share.
Bitcoin USA began trading on Nasdaq after the company merged with Gryphon Digital Mining in September. It is part of the Trump-affiliated group.Crypto interest through World Liberty Financial and its stablecoin, $1.
Operational conditions have improved, but market pressures still persist.
In the first quarter, the company's Bitcoin loss narrowed by $100.6 million compared to the same period a year ago. However, the company stated that it mined a record amount of Bitcoin—817 Bitcoin in the first quarter, compared to 783 Bitcoin in the fourth quarter of 2025.
The company stated that its cost has fallen to $36,200 per bitcoin from an expected $46,900 per bitcoin in the fourth quarter of 2025. The report attributes this improvement to stable fixed costs alongside higher production and continued discipline in energy pricing.
In March, the United States added 11,298 Bitcoin mining machines to its fleet, increasing capacity by approximately 3.05 exahashes per second (EH/s). The first machine was powered on March 31.
In other words, CEO Mike He stated that the company will continue to prioritize fleet efficiency, cost control, and capital allocation to increase bitcoin earnings per share. He also added that the company will only deploy additional capacity when expected returns are sufficient to support it, while maintaining balance sheet flexibility.
Stocks and industry background
After-hours trading for U.S. Bitcoin Stock (ABTC) closed at $1.23, down 1.6%, erasing its 1.6% gain during regular trading hours Wednesday; the stock is now down nearly 1% and has risen 26.5% year to date.
In addition, this decline reflects the difficult situation faced by miners. Bitcoin has struggled to recover to its beginning-of-year levels. 2026 It has dropped from its January high of $97,000 to approximately $81,000.
The results came out the same day. The Block 8 report showed a net loss of over $253 million for the first quarter, primarily due to a decline in the market value of its Bitcoin holdings. Latest data shows that even with increased production, miners are still under significant pressure.