American Bitcoin Corp

Q2 2026 revenue was approximately $67 million, up about 8% from $62.1 million in Q1. The company mined 932 Bitcoin versus 817 in Q1, up roughly 14%, and gross profit was approximately $33 million versus $32.5 million in Q1. Gross margin was approximately 49% compared with 52% in Q1, cost of revenue was approximately $34 million versus $29.6 million, G&A was approximately $7.7 million versus $6.9 million, and GAAP net loss was approximately $57.2 million versus $81.8 million. The quarter included a $71.2 million loss on digital assets versus $117.2 million in Q1, and cost to mine was approximately $36,500 per Bitcoin versus approximately $36,200. Management did not provide formal forward revenue or EPS guidance; instead, it said summer conditions may affect production and power economics, especially in Texas, and that it will focus on optimizing for economic output rather than maximizing uptime.

Mike Ho framed the quarter as proof that the company can grow through industry headwinds, emphasizing that Bitcoin is a long-term capital asset and that the business is built to compound through cycles. He said the company is focused on operating excellence, efficient mining, and increasing Bitcoin ownership per share, not just chasing uptime or scale for its own sake. He also highlighted that the company will keep evaluating opportunities to improve unit economics as power competition intensifies and site sourcing becomes more difficult.

The call did not include a separate CFO prepared remark, and no detailed cash-balance or capital-allocation schedule was given beyond the CEO’s discussion of the reserve and ATM. Management said the company ended Q2 with approximately 8,002 Bitcoin, up from about 7,021 at the start of the quarter, and that the increase was driven primarily by mining plus about $4 million of strategic at-market purchases. The company said it ended the quarter with about 82% of capacity remaining under the ATM program and emphasized that share issuance is evaluated against value received, deployment opportunities, liquidity needs, and Bitcoin ownership per share.

Analysts focused on future self-mining expansion, the impact of AI/data-center competition for power, network hash rate trends, and how the company thinks about treasury management and per-share value creation. Management said site competition has intensified because AI data centers are bidding up power and interconnect opportunities, but it still believes it can find competitive sites and will update the market in coming quarters. On network conditions, the company said overall hash rate has been stable or decreasing, which has helped its production, and on capital allocation it reiterated that Bitcoin per share is the North Star and that it does not sell reserve Bitcoin.