PowerCompute (PWCM) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformation to a multi-site, vertically integrated miner with 26 MW capacity across Oklahoma and Mississippi, ending the year with 356 BTC in treasury and a record energized hashrate of 782 PH/s by February 2026.

• Significant treasury growth, operational scaling, and strategic share repurchases enhanced Bitcoin per share and simplified the capital structure.

• Q4 2025 revenue reached $2.4 million, up 8.7% sequentially and 19% year-over-year, driven by higher Bitcoin production despite lower average Bitcoin prices.

• Net loss for Q4 2025 was $17.9 million, primarily due to non-cash Bitcoin fair value impacts, equipment impairment, and higher operating expenses.

• Focus for 2026 is on scaling, efficiency, and increasing Bitcoin per share, with immersion cooling expansion and ongoing M&A evaluation.

Financial highlights

• Q4 2025 revenue was $2.4 million, with $2.2 million from Bitcoin mining; mining margin declined to 25% from 49% in Q3 due to lower Bitcoin prices.

• Full year 2025 revenue totaled $8.8 million, with $8.3 million from mining; mining margin improved to 38% from 33% in 2024.

• Q4 net loss was $17.9 million and core EBITDA loss was $9.3 million, impacted by $7.8 million unrealized Bitcoin loss, $5.4 million equipment impairment, and Mississippi integration costs.

• Full year 2025 net loss was $27 million and core EBITDA loss was $10.9 million, reflecting a reversal from a $7.4 million gain in Bitcoin FMV in 2024 to a $4.8 million loss in 2025.

• Bitcoin holdings grew from 150 BTC to 356 BTC by year-end, valued at $31.2 million.

Outlook and guidance

• 2026 priorities include growing production, improving efficiency, and increasing Bitcoin per share.

• February 2026 marked the highest monthly production and energized hashrate in company history, with further immersion expansion underway.

• Ongoing evaluation of accretive M&A opportunities in the 5–20 MW range to further scale operations.

• Focus remains on disciplined, per-share growth and power monetization strategies.