Q4 2025 LM Funding America Inc Earnings Call

March 27, 2026

Operator: Good day, and thank you for standing by. Welcome to the LM Funding America Q4 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Cody Fletcher, Investor Relations. Please go ahead.

Speaker #2: Good day, and thank you for standing by. Welcome to the LM Funding America fourth quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session.

Speaker #2: To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising.

Speaker #1: In your hand is raised to withdraw your question , please press star one one again . Please be advised that today's conference is being recorded .

Speaker #1: I would now like to hand the conference over to your speaker today, Cody Fletcher with Investor Relations. Please go ahead.

Cody Fletcher: Thank you, operator, and thank you all for joining LM Funding America's Q4 and full year 2025 earnings conference call. Joining us today are Chairman and CEO Bruce Rodgers, CFO Richard Russell, and President of US Digital Mining Ryan Duran. For today's call, we have uploaded an accompanying supplemental investor presentation, which can be found under the Events section of our investor relations website. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. We will also reference certain non-GAAP financial measures today. Please refer to our 10-K filing for a full reconciliation of these non-GAAP performance measures to the most comparable GAAP measures.

Speaker #2: Thank you, operator, and thank you all for joining LM Funding America, Inc. fourth quarter and full year 2025 earnings conference call. Joining us today are Chairman and CEO Bruce Rodgers, CFO Richard Russell, and President of U.S.

Speaker #2: Digital Mining Ryan Duran . For today's call , we have uploaded an accompanying supplemental investor presentation , which can be found under the events section of our Investor Relations website Before we get started , please note that our remarks today may include forward looking statements .

Speaker #2: These statements are subject to risks and uncertainties, and actual results may differ materially. We will also reference certain non-GAAP financial measures today.

Speaker #2: Please refer to our 10-K filing for a full reconciliation of these non-GAAP performance measures to the most comparable GAAP measures. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC and the investors section of our website at LM Funding America, Inc.

Cody Fletcher: For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC and at the investors section of our website at lmfunding.com/investors. With that, I'll now turn the call over to our CEO, Bruce Rodgers. Bruce?

Speaker #2: Backslash, investors. And with that, I'll now turn the call over to our CEO, Bruce Rodgers. Bruce.

Bruce Rodgers: Thanks, Cody. Good morning, everyone, and thank you for joining us. 2025 was a transformational year for LM Funding. We entered the year as an early-stage, vertically integrated miner with a single-owned site and a modest Bitcoin treasury. We exited as a multi-site, vertically integrated platform with a significantly larger treasury and a simplified capital structure, and the operational foundation to support the next phase of our growth. Let me walk you through what we accomplished across the year before turning to the specifics of Q4. On the infrastructure side, we started the year completing the ramp-up of our Oklahoma site, our first wholly owned facility. Over the course of 2025, we completed the acquisition of our 11-megawatt site in Columbus, Mississippi, bringing our total owned capacity to 26 megawatts across two facilities.

Bruce Rodgers: Thanks, Cody. Good morning, everyone, and thank you for joining us. 2025 was a transformational year for LM Funding. We entered the year as an early-stage, vertically integrated miner with a single-owned site and a modest Bitcoin treasury. We exited as a multi-site, vertically integrated platform with a significantly larger treasury and a simplified capital structure, and the operational foundation to support the next phase of our growth. Let me walk you through what we accomplished across the year before turning to the specifics of Q4. On the infrastructure side, we started the year completing the ramp-up of our Oklahoma site, our first wholly owned facility. Over the course of 2025, we completed the acquisition of our 11 MW site in Columbus, Mississippi, bringing our total owned capacity to 26 megawatts across two facilities.

Speaker #3: Thanks , Cody . Good morning , everyone , and thank you for joining us 2025 was a transformational year for LM funding . We entered the year as an early stage , vertically integrated , miner with a single owned site and a modest Bitcoin treasury We exited as a multi-site , vertically integrated platform with a significantly larger treasury and a simplified capital structure , and the operational foundation to support the next phase of our growth Let me walk you through what we accomplished across the year before turning to the specifics of Q4 on the infrastructure side , we started the year completing the ramp up of our Oklahoma site .

Speaker #3: Our first wholly owned facility. Over the course of 2025, we completed the acquisition of our 11-megawatt site in Columbus, Mississippi, bringing our total owned capacity to 26 MW across two facilities.

Bruce Rodgers: On the treasury side, we grew our Bitcoin holdings from approximately 150 Bitcoin at the end of last year to just over 356 Bitcoin at 31 December, more than doubling our holdings. That growth came through a combination of mining production and disciplined strategic accumulation. Turning to Q4 specifically, the quarter was about building momentum heading into 2026. We mined 22 Bitcoin during the quarter, up from 17.6 in Q3, as our Mississippi facility continued to ramp up and our Oklahoma site benefited from cooler operating conditions and improved uptime in the fall months. At 31 December, our Bitcoin holdings were valued at approximately $31.2 million based on year-end Bitcoin prices, including the Bitcoin held by Galaxy, compared to a market capitalization well below that level.

Speaker #3: On the Treasury side, we grew our Bitcoin holdings from approximately 150 Bitcoin at the end of last year to just over 356 Bitcoin at December 31st.

Speaker #3: More than doubling our holdings . That growth came through a combination of mining , production and disciplined strategic accumulation Turning to Q4 , specifically , the quarter was about building momentum heading into 2026 .

Speaker #3: We mined 22 Bitcoin during the quarter, up from 17.6 in Q3, as our Mississippi facility continued to ramp up and our Oklahoma site benefited from cooler operating conditions and improved uptime in the fall months.

Speaker #3: At December 31st , our Bitcoin holdings were valued at approximately $31.2 million . Based on year end Bitcoin prices , including the bitcoin held by Galaxy compared to a market capitalization well below that level .

Bruce Rodgers: The net result, we exit 2025 with a stronger operational platform, larger Bitcoin holdings, and a more aligned capital structure. At the same time, our equity continues to trade at a material discount to the value of our Bitcoin treasury and productive infrastructure. A disconnect that we remain focused on addressing, and addressing through continued operational execution. As we enter 2026, our focus shifts from foundation building to scaling. With our immersion expansion progressing in Oklahoma and our Mississippi site continuing to operate at a steady state, we have the platform to grow production, improve efficiency, and increase Bitcoin per share. With that, let me turn it over to Ryan to walk through the operational details for the quarter and the year. Ryan?

Speaker #3: The net result we exit 2025 with a stronger operational platform , larger Bitcoin holdings , and a more aligned capital structure . At the same time , our equity continues to trade at a material discount to the value of our Bitcoin treasury and productive infrastructure , a disconnect that we remain focused on addressing and addressing through continued operational execution As we enter 2026 , our focus shifts from foundation building to scaling .

Speaker #3: And with our immersion expansion progressing in Oklahoma, and our Mississippi site continuing to operate at a steady state, we have the platform to grow production, improve efficiency, and increase Bitcoin per share.

Speaker #3: With that, let me turn it over to Ryan to walk through the operational details for the quarter and the year. Ryan?

Ryan Duran: Thanks, Bruce. 2025 was the year we built and scaled our mining platform. We started with a single site in Oklahoma at approximately 560 petahash energized, and we exit with two wholly owned sites, Oklahoma and Mississippi, totaling 26MW of capacity and approximately 750 petahash energized across 22.5MW at the end of the year, with further expansion continuing into Q1. Let me give you some additional context of how this played out operationally. In H1 of the year, we focused on completely exiting from a third-party hosting site and consolidating our entire fleet at our wholly owned site in Oklahoma. That relocation, which moved roughly 800 machines to our own vertically integrated site, replaced older S19j Pro miners with more efficient S21 and XP hardware.

Speaker #4: Thanks , Bruce . 2025 was the year we built and scaled our mining platform . We started with a single site in Oklahoma at approximately 560 Petahash energized , and we exit with two wholly owned sites , Oklahoma and Mississippi , totaling 26MW of capacity and approximately 750 Petahash energized across 22.5MW .

Speaker #4: At the end of the year , with further expansion continuing into Q1 , let me give you some additional context of how this played out operationally in the first half of the year , we focused on completely exiting from a third party hosting site and consolidating our entire fleet at our wholly owned site in Oklahoma .

Speaker #4: That relocation, which moved roughly 800 machines to our own vertically integrated site, replaced older S19 Pro miners with more efficient S21 and XP hardware.

Ryan Duran: Our Oklahoma site also benefited from significantly lower power costs compared to what we had previously been paying at the hosted site, which drove significant power cost savings and margin expansion. In Q3, we closed on the acquisition of an 11MW Bitcoin mining facility in Columbus, Mississippi. The acquisition immediately added approximately 7.5MW of energized capacity and approximately 220 petahash of operational hash rate. This site comes with favorable power pricing of approximately 3.6 cents per kWh, one of the most cost-effective power rates in our portfolio. October marked the first full month of production with our newly integrated Mississippi site online, driving a 27% increase in Bitcoin production from 5.9 BTC in September to 7.5 BTC in October. In Q4, we shifted focus to the next efficiency layer, immersion.

Speaker #4: Our Oklahoma site also benefited from significantly lower power costs compared to what we had previously been paying at the hosted site, which drove significant power cost savings and margin expansion in Q3.

Speaker #4: We closed on the acquisition of an 11-megawatt Bitcoin mining facility in Columbus, Mississippi. The acquisition immediately added approximately 7.5 MW of energized capacity and approximately 220 petahash of operational hash rate. This site comes with favorable power pricing of approximately 3.6 cents per kilowatt-hour.

Speaker #4: One of the most cost-effective power rates in our portfolio, October marked the first full month of production with our newly integrated Mississippi site online, driving a 27% increase in Bitcoin production from 5.9 BTC in September to 7.5 BTC in October.

Speaker #4: In Q4 , we shifted focus to the next efficiency layer immersion . In December , we successfully energized our first Bcx 40 elite immersion cooled unit in Oklahoma , powering 160 Bitmain S21 immersion miners , which added approximately 35 petahash to our energized hash rate .

Ryan Duran: In December, we successfully energized our first BC40 Elite immersion cooled unit in Oklahoma, powering 160 Bitmain S21 immersion miners, which added approximately 35 petahash to our energized hash rate. This marked the beginning of our immersion program. On fleet performance, in Q4 we operated approximately 6,850 machines across our two sites. The cooler fall and winter conditions in Oklahoma contributed to improved uptime and higher production relative to the curtailment heavy Q2 and Q3 periods. Curtailment and energy sales totaled approximately $135,000 in the quarter, down from $150,000 in Q3, which was expected as a result of cooler temperatures in Q4 and a higher mix of immersion machines, which requires lower curtailment. More recently, in January 2026, we energized a second immersion container, adding another 35 petahash.

Speaker #4: This marked the beginning of our immersion program on fleet performance in Q4 , we operated approximately 6850 machines across our two sites . The cooler fall and winter conditions in Oklahoma contributed to improved uptime and higher production relative to the curtailment , heavy Q2 and Q3 periods , curtailment and energy sales totaled approximately $135,000 , and in the quarter , down from $150,000 in Q3 , which was expected as a result of cooler temperatures in Q4 and a higher mix of immersion machines , which requires lower curtailment , more recently , in January 2026 , we energized a second immersion container , adding another 35 petahash in late February , we deployed approximately 300 Bitmain S21 XP miners at Oklahoma , replacing older machines in reallocating higher terahash units to Mississippi , bringing our total energized hash rate to approximately 782 Petahash , the highest in company history Looking ahead into 2026 , we are now operating at record highs and energized hash rate Bitcoin production , and overall fleet efficiency driven by our two vertically integrated sites with structurally low cost power .

Ryan Duran: In late February, we deployed approximately 300 Bitmain S21 XP miners at Oklahoma, replacing older machines and reallocating higher terahash units to Mississippi, bringing our total energized hash rate to approximately 782 petahash, the highest in company history. Looking ahead into 2026, we are now operating at record highs in energized hash rate, Bitcoin production, and overall fleet efficiency, driven by our two vertically integrated sites with structurally low cost power. As the Bitcoin market recovers, we believe our strengthened platform and enhanced economies of scale will deliver strong value to our shareholders. With that, I'll turn it over to Rick to walk through the financials. Rick?

Speaker #4: As the Bitcoin market recovers, we believe our strengthened platform and enhanced economies of scale will deliver strong value to our shareholders. With that, I'll turn it to Rick to walk through the financials.

Richard Russell: Thanks, Ryan. For Q4 2025, total revenue was $2.4 million, up 8.7% sequentially from Q3 and up 19% year over year. The sequential increase reflects higher Bitcoin production of 22 Bitcoin in Q4 versus 17.6 Bitcoin in Q3, a 25% improvement, partially offset by a lower average Bitcoin price of approximately $99,700 in Q4 versus $114,000 in Q3. Mining margin for the quarter was 25% compared to 49% in Q3 2025. The sequential decline was driven primarily by a lower average Bitcoin price, which compressed revenue per coin against a relative fixed cost base. Lower curtailment in energy sales were a secondary factor at approximately $135,000 versus $150,000 in Q3.

Speaker #4: Rick .

Speaker #5: Thanks , Ryan . For the fourth quarter 2025 , total revenue was $2.4 million , up 8.7% sequentially from Q3 . And up 19% year over year .

Speaker #5: The sequential increase reflects higher Bitcoin production of 22 Bitcoin in Q4 versus 17.6 Bitcoin in Q3, a 25% improvement partially offset by a lower average Bitcoin price of approximately $99,700 in Q4 versus $114,000 in Q3. Mining margin for the quarter was 25%, compared to 49% in Q3 2025.

Speaker #5: The sequential decline was driven primarily by a lower average Bitcoin price, which compressed revenue per coin against a relatively fixed cost base. Lower curtailment and energy sales were a secondary factor at approximately $135,000 versus $150,000 in Q3.

Richard Russell: The reduction netted directly against our cost of revenues and put additional pressure on reported margins. It's worth noting that lower curtailment also reflects more mining uptime. Q4 production of 22 Bitcoin was up 25% sequentially from Q3, which partially offset the price-driven revenue compression. Taken together, price and reduced energy sales account for the margin compression in the quarter, while the uptime improvement demonstrates the underlying operational progress. We reported a net loss of $18.2 million and a core EBITDA loss of $9.4 million for Q4 2025. The Q4 net loss reflects four primary factors. First, mark-to-market movements in our Bitcoin treasury as Bitcoin price declined from approximately $114,000 at 30 September 2025 to approximately $88,000 at 31 December 2025, producing an unrealized fair value adjustment of $7.8 million.

Speaker #5: The reduction netted directly against our cost of revenues and put additional pressure on reported margins. It's worth noting that lower curtailment also reflects more mining uptime. Q4 production of 22 Bitcoin was up 25% sequentially from Q3, which partially offset the price-driven revenue compression.

Speaker #5: Taken together, price and reduced energy sales accounted for the margin compression in the quarter, while the uptime improvement demonstrates the underlying operational progress. We reported a net loss of $18.2 million and a core EBITDA loss of $9.4 million for Q4 2025.

Speaker #5: The Q4 net loss reflects four primary factors . First mark to market movements in our Bitcoin Treasury . As Bitcoin price declined from approximately 114,000 at September 30th to approximately 88,000 at December 31st , producing an unrealized fair value adjustment of 7.8 million .

Richard Russell: Second, a non-cash $5.4 million impairment loss on mining equipment as a result of the reduced Bitcoin pricing environment. Third, depreciation and amortization associated with our expanded asset base. Fourth, increased operating expenses related to the full quarter integration of the Mississippi facility. These are the expected costs of building and integrating new infrastructure, and they should be evaluated against the strategic and operational progress they enable. For the full year 2025, total revenue was approximately $8.8 million, and we mined approximately 82.3 Bitcoin during the year. Curtailment in energy sales totaled approximately $658,000, showcasing our ability to capitalize on our assets year-round. Net loss for the year was approximately $27 million and a core EBITDA loss of $10.9 million.

Speaker #5: Second, a non-cash $5.4 million impairment loss on mining equipment as a result of the reduced Bitcoin pricing environment. Third, depreciation and amortization associated with our expanded asset base.

Speaker #5: And fourth , increased operating expenses related to the full quarter integration of the Mississippi facility These are the expected costs of building and integrating new infrastructure , and it should be evaluated against the strategic and operational progress they enabled for the full year 2025 total revenue was approximately 8.8 million , and we mine approximately 82.3 Bitcoin during the year .

Speaker #5: Curtailment and energy sales totaled approximately 658,000, showcasing our ability to capitalize on our assets year round. Net loss for the year was approximately $27 million, and core EBITDA loss was $10.9 million.

Richard Russell: More importantly, we grew our Bitcoin holdings from approximately 150 Bitcoin at the start of 2025 to approximately 356 Bitcoin at 31 December 2025, which includes 145 Bitcoin reported as a receivable for the Galaxy Digital loan. This is more than doubling our prior year position. That growth came from both mining and strategic purchases, including the 164 Bitcoin acquired in August 2025 and the 47 Bitcoin acquired in December 2025. Turning to the balance sheet. As of 31 December 2025, total assets were $51.3 million, with Bitcoin holdings of approximately $31.2 million spread across current, long-term, and cloud classifications, anchoring the asset base. On the liability side, total liabilities are $22.4 million, the primary components being our $11 million Galaxy Digital Master Digital Currency Loan and $7 million short-term note payable.

Speaker #5: More importantly, we grew our Bitcoin holdings from approximately 150 Bitcoin at the start of 2025 to approximately 356 Bitcoin at December 31, which includes 145 Bitcoin recorded as a receivable for the Galaxy loan.

Speaker #5: This is more than doubling our prior year position. That growth came from both mining and strategic purchases, including the 164 Bitcoin acquired in August 2025 and the 47 Bitcoin acquired in December 2025.

Speaker #5: Turning to the balance sheet as of December 31st , total assets were 51.3 million , with Bitcoin holdings of approximately 31.2 million spread across current long term and cloud classifications , anchoring the asset base On the liability side , total liabilities of 22.4 million .

Speaker #5: The primary component being our $11 million Galaxy Digital Master digital currency loan and a $7 million short-term note payable. These are manageable relative to our asset base, and more importantly, we put our Galaxy facility to active use in 2025.

Richard Russell: These are manageable relative to our asset base, and more importantly, we put our Galaxy facility to active use in 2025, deploying $8 million in October to retire more than 3.3 million shares and 7.2 million warrants in a single transaction. That was a deliberate choice to improve per share economics and simplify our capital structure, and we believe it was the right use of that capital at the time. In February 2026, we also renegotiated the Galaxy facility, extending the maturity date to 24 April 2026, giving us flexibility to evaluate settlement options on our own timeline. As of 28 February 2026, we held 354.7 Bitcoin valued at approximately $23.8 million. Based on a Bitcoin price of approximately $67,000 or approximately $1.11 per share.

Speaker #5: Deploying $8 million in October to retire more than 3.3 million shares and 7.2 million warrants in a single transaction—that was a deliberate choice to improve per share economics and simplify our capital structure, and we believe it was the right use of that capital at the time.

Speaker #5: In February 2026 , we also renegotiated the Galaxy facility , extending the maturity date to April 24th , 2026 , giving us flexibility to evaluate settlement options on our own timeline .

Speaker #5: As of February 28th , 2026 , we held 354.7 Bitcoin valued at approximately $23.8 million . Based on a Bitcoin price of approximately $67,000 , or approximately $1.11 per share .

Richard Russell: Even after executing the share repurchase, funding two capital raises, and completing the Mississippi acquisition entirely from our balance sheet, we enter 2026 with a $51 million asset base, growing Bitcoin holdings, and equity that remains well in excess of our current market capitalization. Closing that gap is the work we are doing every quarter. With that, I'll turn it back to Bruce for closing remarks.

Speaker #5: Even after executing the share repurchase funding , two capital raises and completing the Mississippi acquisition entirely . From our balance sheet , we entered 2026 with a 51 million asset base , growing Bitcoin holdings in equity that remains well in excess of our current market capitalization .

Speaker #5: Closing that gap is the work we are doing every quarter. With that, I'll turn it back to Bruce for closing remarks.

Bruce Rodgers: Thanks, Rick. Let me leave you with where we stand and where we're going. In 2025, we transitioned from building to scaling. Two owned sites, 26MW of wholly controlled capacity, Bitcoin holdings that more than doubled. A capital structure we actively managed to reduce dilution and improve per share economics, and an immersion program that is now live and scaling. As we move through 2026, our priorities are straightforward: grow production, improve efficiency, and increase Bitcoin per share. We are already tracking toward record monthly production in early 2026, with February being our highest production month in company history. Our second immersion unit came online in January 2026, and we continue to evaluate accretive M&A opportunities in the 5 to 20MW range. The same disciplined approach that led us to our Mississippi acquisition at roughly $355,000 per MW.

Speaker #3: Thanks, Rick. Let me leave you with where we stand and where we're going in 2025. We transitioned from building to scaling two owned sites, 26 MW of wholly controlled capacity, Bitcoin holdings that more than doubled, and a capital structure.

Speaker #3: We actively managed to reduce dilution and improve per share economics, and an immersion program that is now live and scaling. As we move through 2026, our priorities are straightforward: grow production, improve efficiency, and increase Bitcoin per share.

Speaker #3: We're already tracking toward record monthly production in early 2026, with February being our highest production month in company history. Our second immersion unit came online in January 2026, and we continue to evaluate accretive M&A opportunities in the 5 to 20 megawatt range.

Speaker #3: The same disciplined approach that led us to our Mississippi acquisition at roughly $355,000 per megawatt. We have active, invested management, owned infrastructure, and low-cost power.

Bruce Rodgers: We have active invested management, owned infrastructure, and low-cost power. Our Bitcoin treasury has grown meaningfully. Our operational footprint has expanded, and our per share intrinsic value has improved. Yet our equity continues to trade at a material discount to NAV. We remain focused on continuing to close that gap through disciplined execution and transparent communication with our shareholders. We like the path we're on and the structure we've built. Thank you for your continued support. We'll now open the line for questions.

Speaker #3: Our Bitcoin treasury has grown meaningfully. Our operational footprint has expanded, and our per share intrinsic value has improved. And yet, our equity continues to trade at a material discount to NAV. We remain focused on continuing to close that gap through disciplined execution and transparent communication with our shareholders.

Speaker #3: We like the path we're on and the structure we've built. Thank you for your continued support. We'll now open the line for questions.

Richard Russell: This is Richard Russell. I just want to clarify that we reported a net loss of $17.9 million and a core EBITDA loss of $9.3 million for Q4 2025. We'll take the first question now.

Speaker #5: If this is Richard Russell, I just want to clarify that we reported a net loss of $17.9 million and a core EBITDA loss of $9.3 million for Q4 2025.

Speaker #5: We'll take the first question now.

Speaker #1: Thank you. As a reminder, to ask a question at this time, please press star one on your telephone and wait for your name to be announced.

Operator: Our first question comes from the line of Matthew Galinko with Maxim Group. Your line is now open.

Speaker #1: To withdraw your question, please press star one one again. Our first question comes from the line of Matthew Gulenko with Maxim Group.

Matthew Galinko: Hey, good morning, guys. Thanks for taking my questions. Maybe firstly, will it take time to optimize production from the immersion-cooled units, or are you kind of just right out of the gate where you want to be?

Speaker #1: Your line is now open

Speaker #6: Hey , good morning guys . Thanks for taking my questions . Maybe . Firstly , will it take time to optimize production from the immersion cooled units , or are you kind of just right out of the gate where you want to be ?

Bruce Rodgers: Ryan, you want to take that?

Speaker #5: Ryan, do you want to take that?

Ryan Duran: Good morning, Matt. Yeah, so we right out of the gate, we're maxed out our two Fog Hashing containers with S21 immersion miners that are the best we could get. I guess in that context, yes, we are maxed out at roughly that 35 petahash per container as of right now and what's available on the market. Yeah, I hope that answers your question.

Speaker #4: Good morning Matt . Yeah . So we right out of the gate . We're maxed out our our two fog hash containers with s 21 immersion minors that are the best we could get .

Speaker #4: So I guess in that context, yes, we are. Maxed out at roughly that 35 petahash per container as of right now.

Speaker #4: And what's available on the market, and yeah, I hope that answers your question.

Matthew Galinko: All right, great. As far as your pipeline for new site acquisition versus existing site expansion, can you maybe just go through how those two buckets look?

Speaker #6: All right. Great. And then, as far as your pipeline for new site acquisition versus existing site expansion, can you maybe just go through how those two buckets look?

Ryan Duran: Yeah. We're always on the hunt. We're always looking, keeping our finger on the pulse of what's out there. We are looking, as we've always maintained, in that less than 20MW range at ideally a power price in that 3.5 to 4.5 cent range. That's what we target, whether it be existing sites or greenfields. We also do our main focus, as of right now, I'd say that the easiest thing to point to is the additional little over 3MW that we have available at our current Mississippi site to continue building out. That's already in our hands.

Speaker #4: Yeah . So we're , we're always on the hunt . We're always looking , keeping our finger on the pulse of what's out there .

Speaker #4: We are looking, as we've always maintained, in that less than 20-megawatt range at, ideally, a power price in that three and a half to four and a half cent range.

Speaker #4: And that's what we target , whether it be existing sites or greenfields And also we have we also do our main focus as of right now , I say that the easiest thing to point to is the additional little over three megawatts that we have available at our current Mississippi site to continue building out .

Speaker #4: So, that's already in our hands.

Matthew Galinko: Got it. Maybe just, you know, final question on maybe just reiterate how, you know, you think about funding new site acquisition and miner acquisition and, you know, how your current discount to NAV might influence how you think about, you know, capital spending, site acquisition, and hash rate expansion. Thank you.

Speaker #6: Got it . And maybe just , you know , final question on maybe just reiterate how you think about funding new site acquisition and minor acquisition and how your current discount to Nav might influence how you think about , you know , capital spending and site acquisition and , you know , hash rate expansion .

Bruce Rodgers: That's a good question, Matt. It's got the same answer, but a moving target. You have to look at a dollar, and then we look at projecting out as to where we want to be in terms of acquiring Bitcoin and holding Bitcoin when Bitcoin realizes price. We put targets based on projections of where Bitcoin will be, and then we sort of back into it. We're currently trading Bitcoin outside of the range where our forecasts were, so it makes some of our thinking more in the moment than using the long-range discipline. It really boils down to you spend a dollar today, how much will it increase our Bitcoin holdings five years from now or three years from now?

Speaker #6: Thanks .

Speaker #3: That's a good question . That it's not the same answer , but a moving target . We have to look at a dollar and then we look at projecting out as to where we want to be in terms of acquiring Bitcoin and holding Bitcoin .

Speaker #3: When Bitcoin realizes the price . So we put targets based on projections of where Bitcoin will be . And then we sort of back into it , we're currently trading Bitcoin outside of the where our forecasts were .

Speaker #3: So it makes some of our thinking more in the moment than using the long range discipline . But it really boils down to you spend a dollar a is it going to how much will it increase our Bitcoin holdings ?

Speaker #3: Five years from now or three years from now? And that leans heavily towards both increasing the Treasury and increasing the miners when it's this—at this price point.

Bruce Rodgers: That leans heavily towards both increasing the treasury and increasing the miners when it's at this price point. Some of the mining opportunities are just timing based. You have to take the opportunity when it's there and make it fit towards your future growth developments. It's always a challenge, and there's really no formula to it.

Speaker #3: And then some of the mining opportunities are just timing-based. So you have to take the opportunity when it's there and make it fit towards your future growth developments.

Speaker #3: It's always a challenge, and there's really no formula to it.

Matthew Galinko: Great. Thank you. I'll turn back in the queue.

Speaker #6: Great. Thank you. I'm back in the queue.

Speaker #1: Thank you . As a reminder to ask a question at this time , please press star one one on your touch tone . Telephone Since there are no further questions , I would like to thank everyone for joining us on Lm Funding America, Inc. fourth quarter and full year 2025 earnings call .

Operator: Since there are no further questions, I would like to thank everyone for joining us on LM Funding America, Inc.'s Q4 and full year 2025 earnings call. You may now disconnect.

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