LM Funding America (LMFA) investor relations material

Executive summary

• Achieved record energized hash rate of 790 PH/s and highest monthly Bitcoin production of 9.6 BTC in March 2026, with 26.1 BTC mined in Q1 2026, up 19% sequentially from Q4 2025.

• Revenue declined 10.9% sequentially and 11% year-over-year to $2.1 million in Q1 2026, primarily due to lower Bitcoin prices despite increased production.

• Net loss widened to $10.1 million from $5.4 million in Q1 2025, mainly due to non-cash fair value adjustments on digital assets.

• First full quarter operating at scale across both sites, following 2025 integrations and ongoing fleet upgrades.

• Market capitalization remains at a significant discount to the value of Bitcoin holdings and operating platform.

Financial highlights

• Q1 2026 revenue was $2.1 million, with $2.0 million from Bitcoin mining, $108K from specialty finance, and $23K from rental revenue.

• Mining margin was 24.1% in Q1 2026, slightly down from 25% in Q4 2025.

• Net loss for Q1 2026 was $10.1 million, with a core EBITDA loss of $8.4 million.

• Bitcoin treasury valued at $23.1 million (338.2 BTC) on March 31, 2026, and $25.3 million (334 BTC) as of April 30, 2026.

• Cash balance was $0.8 million as of March 31, 2026.

Outlook and guidance

• Focus remains on growing Bitcoin production, improving fleet efficiency, increasing Bitcoin per share, and evaluating accretive acquisitions in the 5 MW-20 MW range.

• Management expects current mining fleet, including S19 XP, S21, and S21 immersion units, to remain competitive longer than previous hardware cycles.

• Seasonal headwinds expected in Q2 due to warmer temperatures impacting mining efficiency.

• Continued evaluation of selective expansion opportunities, particularly in Mississippi.

• Strategy is to continue acquiring and holding Bitcoin, using excess cash flows and potential capital raises for further purchases.