Bitcoin price news: American Bitcoin's Q1 2026 results show strain
American Bitcoin's May 6, 2026 Q1 release: 817 BTC mined, about 7,021 BTC held, $62.1M revenue and an $81.8M net loss as the price of bitcoin fell by 22%.
| Metric | Q1 2026 | Q4 2025 |
|---|---|---|
| Revenue | $62.1M | $78.3M |
| Net loss | $81.8M | $59.5M |
| Adjusted EBITDA | -$91.3M | -$77.6M |
| Bitcoin mined | 817 BTC | n/a |
| Cost per bitcoin mined | $36,200 | $46,900 |
| Avg. revenue per bitcoin | $76,000 | n/a |
| Bitcoin held | ~7,021 BTC | ~5,401 BTC |
| Operational hashrate | ~25.0 EH/s | n/a |
| Fleet efficiency | 14.1 J/TH | n/a |
American Bitcoin released first-quarter 2026 results on May 6, filed as an exhibit with the SEC, offering a miner’s-eye view of bitcoin price news for the period. The company said mining gross margin was about 52% despite a 22% decline in the bitcoin price during the quarter.
Revenue fell to $62.1 million from $78.3 million in the fourth quarter of 2025. The net loss widened to $81.8 million from $59.5 million, and adjusted EBITDA was negative $91.3 million versus negative $77.6 million.
Production rose. The company mined 817 BTC, which it called a record, and cut its cost per bitcoin mined to $36,200 from $46,900, a 23% reduction. Average revenue per bitcoin mined was $76,000.
Its reserve grew to about 7,021 BTC from about 5,401 at year-end, an increase of roughly 1,600 BTC, including about 803 BTC bought during the quarter. The company put satoshis per share at about 663, up from about 554.
On infrastructure, American Bitcoin reported an owned fleet of about 89,242 miners with roughly 28.1 EH/s of capacity, about 25.0 EH/s operating at 14.1 J/TH. It also added 11,298 miners, about 3.05 EH/s, through a Bitmain acquisition.
The quarter illustrates the two levers a miner can pull when prices fall. One is operational: produce more coins at lower cost, which the company did by lifting output and reducing cost per coin. The other is balance-sheet: keep mined coins and buy more, which increases exposure to the price itself. American Bitcoin used both, which widened its reported loss while growing its reserve.
The gap between average revenue per bitcoin of $76,000 and cost per bitcoin mined of $36,200 points to a positive unit margin on mining itself. The reported net loss and negative adjusted EBITDA indicate that other items weighed on overall results, though the release excerpt reviewed does not break those items out in detail.
The release cites a satoshis-per-share figure, a metric that bitcoin-holding companies use to show coin exposure per share rather than earnings per share.
What to watch: whether lower unit costs offset price pressure in coming quarters, the pace of reserve accumulation, and how much of the installed capacity comes online.
Prepared with AI assistance from public sources and reviewed under our editorial policy. Not investment advice.