Key Highlights

  • PWCM mined 23.9 Bitcoin in Q3, up 35.8% from Q3 2025.
  • Revenue was US$1.9 million, and Mining Margin was 50.7% versus 29.0% in Q2.
  • Net income attributable to common shareholders was approximately US$0.4 million, or US$0.20 per share.
  • The company repaid its Bitcoin-backed Credit Facility on September 24, 2026.

PWCM, formerly LM Funding America, reported results for the three and nine months ended September 30, 2026, on November 13, 2026. The company mined 23.9 Bitcoin in the third quarter, up 35.8% from the third quarter of 2025. Revenue was US$1.9 million, versus US$2.1 million in the second quarter and US$2.2 million a year earlier. The average value of each Bitcoin mined was approximately US$71,400, versus approximately US$114,200.

Mining margin was 50.7%, versus 29.0% in the second quarter of 2026 and 49.0% in the third quarter of 2025. Energy cost to mine one Bitcoin, net of curtailment and energy sales, was approximately US$35,000 versus approximately US$58,000, and blended net power cost was approximately 2.4 cents per kilowatt-hour. Curtailment and energy sales generated approximately US$304,000 versus approximately US$152,000, primarily from summer heat-related curtailment at the Oklahoma site.

Operating Costs, Fair-Value Items and Net Income

Total operating costs and expenses were approximately US$2.8 million versus US$5.7 million, which the company tied primarily to a US$1.5 million decrease in staff costs and a US$1.2 million decrease in Depreciation and amortization. Operating loss was approximately US$0.9 million versus US$3.5 million.

Results include a US$6.7 million gain on the Fair Value of Digital Assets Receivable for Bitcoins held under the Arch loan, a US$4.4 million loss on the related Loan derivative, and US$1.0 million of interest expense, of which approximately US$0.7 million was non-cash. The company said Bitcoin rose from approximately US$58,400 at June 30 to approximately US$83,800 at September 30. Net Income attributable to common shareholders was approximately US$0.4 million, or US$0.20 per share, versus a net loss of US$4.1 million. Core EBITDA was approximately US$2.3 million, versus losses of US$1.4 million a year earlier and US$2.8 million in the second quarter.

Debt Repayment, Liquidity and Mining Fleet

On September 24, 2026, the company repaid and terminated its Bitcoin-backed credit facility, reducing secured Debt from approximately US$19.4 million at June 30 to US$1.25 million, with no Bitcoin pledged. About 39.6 Bitcoin, valued at approximately US$3.3 million, were returned. The remaining secured debt is a US$1.25 million note with Brown Family Enterprises, LLC, with Maturity extended to December 31, 2027, and annual interest on it is approximately US$138,000.

Total liquidity was approximately US$6.0 million at September 30, comprising 63.8 Bitcoin valued at approximately US$5.3 million, cash of approximately US$0.7 million and marketable securities. Total liabilities were approximately US$3.7 million versus US$21.6 million at June 30. At October 31, the company held 65.7 Bitcoin, valued at approximately US$5.1 million at a Bitcoin price of approximately US$77,000.

In November 2026, the company paid approximately US$1.0 million in cash for 600 Bitmain Antminer S21++ miners, with deployment expected by mid-December at the Columbus, Mississippi site, replacing existing units without added power capacity. The company expects a net hashrate increase of approximately 80 to 85 PH/s, about 10%. Active hashrate was approximately 718 PH/s at September 30, versus approximately 771 PH/s at June 30, and approximately 800 PH/s at October 31.

Power Contracts, HPC Testing and Quarter in Review

The company said it secured 11 megawatts at Columbus under the Tennessee Valley Authority's new Data Center rate without a capacity commitment charge, moving the site to Columbus Light and Water's Large Data Service Rate effective October 1, 2026, and raising contracted Demand from 8.5 to 11 megawatts. It owns 26 megawatts of interconnected power and operates a GPU at its Oklahoma site to evaluate high-performance computing workloads.

PWCM's third quarter combined higher Bitcoin production, a 50.7% mining margin, net income of approximately US$0.4 million, repayment of the Arch facility and a cash purchase of 600 miners.