American Bitcoin (ABTC) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly Bitcoin production of 932 BTC in Q2 2026, up 14% sequentially, driven by full energization of the Drumheller site and expanded mining capacity, growing strategic reserves to over 8,000 BTC and ranking among the top 16 public Bitcoin treasuries.

• Revenue grew 8% sequentially to $67 million despite a 12% decline in Bitcoin price, with growth attributed to higher production and network difficulty adjustments.

• Satoshis per share rose by 11% quarter-over-quarter, reflecting increased Bitcoin holdings and a 3% rise in shares outstanding.

• Leadership transition announced: President and Interim CFO Matt Prusak to depart, with Paul Sacks stepping in as Interim CFO.

• Completed a 1-for-15 reverse stock split effective July 2, 2026, to enhance share price and capital structure.

Financial highlights

• Q2 2026 revenue was $67.0 million, up 8% from $62.1 million in Q1, with gross margin at 49% despite a 12% Bitcoin price drop.

• Cost to mine per Bitcoin was ~$36,500 in Q2 2026, stable compared to Q1.

• Net loss (GAAP) for Q2 2026 was $57.2 million, improved from $81.8 million loss in Q1, primarily due to a $71.2 million loss on digital assets.

• Adjusted EBITDA for Q2 2026 was a loss of $45.0 million, an improvement from $(91.3) million in Q1.

• General and administrative expenses were $7.7 million, about 11% of revenue, stable from the prior quarter.

Outlook and guidance

• Focus remains on optimizing economic output, scaling infrastructure, and compounding Bitcoin per share, especially during volatile market conditions.

• Plans to leverage public market access, including a $2.1B at-the-market offering, to accelerate Bitcoin accumulation and shareholder value.

• Management expects continued volatility in Bitcoin prices and network difficulty, impacting future results.

• Continues to evaluate expansion opportunities, particularly in competitive power markets and rural areas less suitable for AI data centers.

• Monitoring regulatory developments such as the CLARITY Act but remains focused on operational metrics within management's control.