Key Highlights

● A one-for-fifteen reverse split took effect on 2 July 2026.

● Second-quarter revenue was $67.0 million, with a net loss of $57.2 million.

● The company mined a record of about 932 bitcoin and held about 8,002.

● Cash was $18.4 million against a miner purchase liability of $371.7 million.

American Bitcoin Corp. (NASDAQ:ABTC) describes itself as a bitcoin accumulation platform that generates bitcoin through scaled mining infrastructure, and it is a majority-owned subsidiary of Hut 8 Corp. Its Class A common stock trades on the Nasdaq Capital Market. A one-for-fifteen reverse stock split took effect at 5:00 p.m. on 2 July 2026, with split-adjusted trading beginning on 6 July. The company said the aim was to raise the share price and maintain compliance with Nasdaq's minimum bid requirement.

The split reduced the total share count from 1,092,295,800 to roughly 73 million, split between about 24 million Class A and 49 million Class B shares, with a new CUSIP of 02462A 203. A reverse split changes the number of shares and the per-share price, not the value of the company itself. The question for holders is whether operating progress can offset losses and balance-sheet pressure.

Second-quarter 2026 results

In results announced on 3 August 2026, the company reported revenue of $67.0 million for the quarter ended 30 June, about 8% higher than the $62.1 million of the first quarter. The net loss was $57.2 million, narrower than $81.8 million in the first quarter, and adjusted EBITDA was a loss of $45.0 million, compared with a loss of $91.3 million. Gross margin was nearly 50%, cost of revenue was $34.0 million and general and administrative expense was $7.7 million, or about 11% of revenue.

Operations and bitcoin holdings

The company mined a record of about 932 bitcoin in the quarter, up from about 817 in the first quarter. It held about 8,002 bitcoin at 30 June, roughly 14% more than the 7,021 held at 31 March, although about 3,090 of those are pledged for miner purchases from Bitmain. The company reported about 10,989 satoshis per share, an increase of about 11% from the previous quarter. Its owned fleet totalled about 28.1 exahashes per second, and following the energisation of its Drumheller site the operating fleet is about 25.0 exahashes per second at roughly 14.1 joules per terahash. Cost to mine was about $36,500 per bitcoin, while revenue per bitcoin mined was about $71,900, down about 5%.

Balance sheet and commitments

The quarterly report on Form 10-Q gives a more cautious picture. Cash was $18.4 million at 30 June 2026, whilst the miner purchase liability was $371.7 million and amounts due to Hut 8 were $42.3 million. Under a 2025 agreement the company can buy up to about $320.0 million of miners, and it has bought 17,280 machines, paying through bitcoin pledges with redemption periods of about 24 months. A 2026 agreement covers about 11,298 miners for about $49.4 million, with 314 bitcoin pledged for the initial 80% payment and the remainder due a year after shipment. Net proceeds from at-the-market share sales were $144.1 million in the six months, and the net loss for that period was $138.9 million. As of 30 July 2026 there were about 24.0 million Class A and 48.8 million Class B shares outstanding.

Better Unit Economics, but Equity, Pledges and Hut 8 Still Matter

The company has improved mining efficiency and unit economics but still relies on equity issuance, pledged bitcoin and its parent. The release lists liquidity constraints, failure to raise capital and dependence on Hut 8 among its risks, and states priorities of strengthening the balance sheet and growing bitcoin per share. These are management aims and not forecasts, and no numerical guidance was given. Results depend heavily on the bitcoin price and network difficulty.