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Consensus Mining & Seigniorage (CMSG) investor relations material
Consensus Mining & Seigniorage Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 saw continued accumulation of Bitcoin, stable cost structure, and net income of $2.1 million ($0.95/share), reversing a net loss of $0.5 million in Q3 2024.
Revenues rose due to higher Dogecoin prices and scrypt mining activity, while Bitcoin mining revenue declined year-over-year due to lower reward volume.
The company ended the quarter with 340 Bitcoin valued at $38.8M and total digital assets of $40.2M.
Book value per share increased to $44.54 at September 30, 2025, up from $41.79 at year-end 2024.
Maintains a debt-free balance sheet and strong liquidity with $60.6M in cash.
Financial highlights
Q3 2025 mining revenue was $1.2 million, up from $1.0 million in Q3 2024, driven by higher scrypt mining and Dogecoin prices.
Cost of revenue remained flat at $0.7 million year-over-year.
Operating expenses dropped to $0.8 million from $1.5 million, mainly due to lower depreciation.
Non-operating income surged to $3.2 million from $0.9 million, reflecting cryptocurrency appreciation.
Year-to-date, 17.5 Bitcoin were mined (valued at $1.8M), down from 48 Bitcoin ($2.8M) in the prior year.
Outlook and guidance
Focus remains on measured expansion of hash rate and use of efficient mining equipment.
No plans to buy back shares currently due to concerns about further reducing market liquidity.
Announced a shareholder call scheduled for October 30, 2025, to discuss results and future plans.
Strategy is to grow cryptocurrency holdings per share while maintaining positive cash flow and capital reserves.
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