American Bitcoin Corp Q3 2026 Earnings Recap

American Bitcoin fell 14.9% after earnings, as lower Bitcoin production and revenue, higher energy costs, and a drop in gross margin pointed to weaker mining economics. Net income and adjusted EBITDA were boosted by noncash gains from Bitcoin appreciation, which may have obscured the underlying operating deterioration.

Key Takeaways

• Mined approximately 891 Bitcoin, down from 932 in Q2; revenue declined about 5% to $63.4 million.
• Gross profit fell to $25.8 million from $33 million, with gross margin down to 41% from 49%. Cost to mine rose to about $42,100 per Bitcoin from $36,500, primarily due to higher seasonal power costs.
• Net income was approximately $126 million and adjusted EBITDA was $220.8 million, including $197.3 million in noncash digital-asset gains; the company said Bitcoin appreciated 39% during the quarter.
• The reserve reached 8,427 Bitcoin at September 30, and Bitcoin per share increased 5% to approximately 11,600 satoshis per share. The company said it made no open-market Bitcoin purchases and issued no shares through its ATM program during the quarter.