LM Funding America, Inc.

Total revenue for Q2 2026 was $2.1 million, essentially flat versus $2.1 million in Q1 2026 and up from $1.9 million in Q2 2025, a 9.8% year-over-year increase. The company mined 27.9 Bitcoins versus 26.1 in Q1 2026 and 18.4 in Q2 2025. Mining margin was 29% versus 24.1% in Q1 2026 and 41% in Q2 2025; the current quarter included $145,000 of curtailment and energy sales. Net loss was around $4.6 million and core EBITDA loss was $2.8 million. At June 30, 2026, cash was $900,000, total assets were around $37.1 million, total liabilities were around $21.6 million, and the company held 318 Bitcoins valued at approximately $18.6 million. After quarter end, it refinanced and consolidated $18 million of debt with a Bitcoin-backed Arch facility carrying a revolving 30-day term and 2% APR; management said the retired debt had a blended annual rate of around 13%. Management did not give formal quarterly or full-year financial guidance.

Bruce Rodgers framed the quarter as the start of a strategic transformation rather than a results-driven AI story yet. He emphasized that PowerCompute controls 26 megawatts of energized, low-cost power across Oklahoma and Mississippi, and said the company is using that base to pursue AI infrastructure and HPC. He was upbeat but cautious, repeatedly stressing that the GPU pilot is deliberately small, that any larger conversion will require capital and customer commitments, and that the $20 million to $50 million annual revenue figure is only an illustrative full-build-out estimate, not guidance.

Richard Russell highlighted the quarter’s financial performance: $2.1 million of revenue, 29% mining margin, 27.9 Bitcoins mined, $4.6 million of net loss, and $2.8 million of core EBITDA loss. He attributed the year-over-year net result swing mainly to a $3 million loss on fair value of digital assets and receivables versus a roughly $3.8 million gain last year, plus $450,000 of higher interest costs and $280,000 of higher mining cost of revenues. He also walked through the balance sheet and the post-quarter refinancing: 318 Bitcoins at $18.6 million, $900,000 of cash, $21.6 million of liabilities, and an $18 million debt consolidation into a shorter-duration Bitcoin-backed Arch facility that lowers cash carrying cost but remains subject to renewal.

Analysts focused on how quickly the AI/HPC strategy could become real, asking whether the company had customer interest, what containerized GPU economics might look like, whether expansion could be financed, and whether local communities would resist data center build-outs. Management said it is already talking with counterparties but has not announced anything definitive, and described the container market as sophisticated and often NDA-protected. On community response, Rodgers said Oklahoma should face little social or headline risk, while Columbus has some anti-data-center sentiment but also a local narrative that the facility can help with peak power stability.