PWCM 8-K
Powercompute, Inc. (PWCM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 15, 2025, LM Funding America, Inc. (the “Company”) issued a press release and accompanying investor presentation announcing its financial results for the Three and Twelve Months ended December 31, 2024.
The information furnished in this Item 2.02, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that Section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
Item 9.01 Financial Statements and Exhibits.
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99.1 |
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99.2 |
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104 |
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Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LM Funding America, Inc. |
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May 15, 2025 |
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/s/ Richard Russell |
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Richard Russell, CFO |
LM Funding America, Inc. Reports First Quarter 2025 Financial Results
- Mined 24.3 Bitcoin for total mining revenue of $2.3 million, up 25.3% sequentially
- Operating expenses excluding direct mining costs and depreciation down 7.7% year-over-year
- Held 148.7 Bitcoin on April 30, 2025 valued at approximately $15.5 million, as of May 13, 2025
TAMPA, FL, May 15, 2025—LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a Bitcoin mining and technology-based specialty finance company, today reported financial results for the three months ended March 31, 2025.
Q1’25 Financial Highlights
1 Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net income can be found below.
2 Calculated using 5,133,412 shares outstanding as of 12/31/24 from SEC Form 10-K filed March 31, 2025.
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Q1’25 and Recent Operational Highlights
Management Commentary
"Our first quarter results demonstrate our progress to build a more resilient and efficient Bitcoin mining operation, with our LuxOS firmware upgrade and power sales initiative driving direct improvements to our bottom line,” commented Bruce Rodgers, Chairman and CEO of LM Funding. “We’re also moving forward with our planned 2 MW expansion at our Oklahoma site, leveraging immersion cooling technology to enhance efficiency and extend the lifespan of our mining equipment. Beyond that, we're actively pursuing overlooked power sites in the 5 to 20 MW range, while continuing to scale our ability to sell power back to the grid — a program that gained strong momentum, with April’s power sales nearly equaling our first quarter total."
Richard Russell, CFO of LM Funding, added, "The financial controls and strategic initiatives we've implemented are delivering tangible results. Bitcoin production increased by 12.5% sequentially, and Digital Mining revenue grew 25.3% sequentially to $2.3 million, reflecting the strength of our operational improvements. Our vertical integration strategy continues to enhance mining margins, with our curtailment and energy sales serving as a reduction to mining costs. By strategically managing our balance sheet, adopting a leaner operational model, and optimizing our fleet—through actions such as relocating equipment from hosting partners and selling nonoptimal assets—we’re building a more agile organization, well-positioned to navigate volatility and capitalize on unique opportunities in the Bitcoin mining landscape."
Rodgers concluded, “We began our Bitcoin treasury strategy in 2021, and we actively manage our treasury to own as much Bitcoin as possible. Given the recent headlines from other forward-thinking companies, we are exploring potential partnerships and strategic relations to further expand our Bitcoin holdings. We remain bullish on our treasury strategy as we believe it is creating long-term value, particularly given that our Bitcoin holdings are valued at more than 1.5 times our market capitalization.”
Investor Conference Call
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LM Funding will host a conference call today, May 15, 2025, at 8:00 A.M. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2025, as well as the Company’s corporate progress and other developments. A copy of this earnings release and investor presentation are available on the Company’s Investor Relations website at https://www.lmfunding.com/investors.
Conference Call Details
About LM Funding America
LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.
Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company's most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, the risks of operating in the cryptocurrency mining business, our limited operating history in the cryptocurrency mining business and our ability to grow that business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, our ability to identify and acquire additional mining sites, the ability to finance our site acquisitions and cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.
For investor and media inquiries, please contact:
Investor Relations
Orange Group
Yujia Zhai
[email protected]
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LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets
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LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations
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LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Cash Flows
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NON-GAAP CORE EBITDA RECONCILIATION
Our reported results are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We also disclose Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA") and Core Earnings before Interest, Tax, Depreciation and Amortization ("Core EBITDA") which adjusts for unrealized loss (gain) on investment and equity securities, loss on disposal of mining equipment, impairment loss on mining equipment and stock compensation expense and option expense, all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of Bitcoin miners.
The following tables reconcile net loss, which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA:
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An emerging leader in Bitcoin mining Q1 2025 Supplemental Investor Presentation Nasdaq: LMFA
This presentation may contain forward-looking statements the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company's most recent Annual Report on Form 10-Q and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, the risks of operating in the cryptocurrency mining business, our limited operating history in the cryptocurrency mining business and our ability to grow that business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, our ability to identify and acquire additional mining sites, the ability to finance our site acquisitions and cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations. For additional disclosure regarding risks faced by LM Funding America, Inc., please see our public filings with the Securities and Exchange Commission, available on the Investor Relations section of our website at www.lmfunding.com and on the SEC's website at www.sec.gov. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, such as Core EBITDA. These non-GAAP measures are presented for supplemental information and should not be considered a substitute for financial information presented in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is set forth in the Appendix to this presentation Forward-Looking Statements
Overview 1 Includes total machines on hand, 560 PH/s energized as of 4/30/25 2 Includes $0.1M specialty finance and rental revenue 3 Bitcoin holdings of 148.7 BTC as of 4/30/25 valued at $15.5M as of 5/13/25 at a price of $104,000 4 Calculated using 5,133,412 shares outstanding as of 3/31/25, Bitcoin holdings of 148.7 BTC as of 4/30/25 and Bitcoin price of $104,000 as of 5/13/25 Hashrate 610 Ph/s1 Q1’25 BTC Mined 24.3 BTC BTC Holdings3 148.7 BTC $15.5M BTC per Share4 $3.01 Q1’25 Revenue2 $2.4M Q1’25 Mining Margin 38.5% Revenue Apr’24 Halving
Q1’25 Operational Highlights Q1 2025 Mined 24.3 BTC for Q1’25 Achieved 0.56 EH/s energized Upgraded machine efficiency with LuxOS software installation Generated $150,000 in power sales back to the grid, offsetting mining expenses Recent Highlights Beginning 2 MW expansion at Oklahoma site with immersion systems Selling 256 S21+’s received from Bitmain Relocating 800 mining machines hosting partner to Oklahoma site with lower power costs
Q1’25 Financials Total revenue of $2.4M, up 19.4% sequentially with $2.3M of mining revenue up 25.3% sequentially Mining margin of 38.5%, up from 31.2% in Q4’24, driven from power sales to grid of $150k Staff costs, payroll, professional costs, SG&A and other expenses of $2.0M, down 7.7% YoY Net loss of $5.4M and Core EBITDA loss of $2.8M both driven by $1.8M Bitcoin non-cash write-down for fair market value of Bitcoin held, lower average hash rate for Q1’25 and curtailment Apr ‘24 Halving
Balance Sheet Cash Prepaid expenses and other assets Total Debt BTC Holdings Total Current Assets Total Current Liabilities $1.0M $0.9M $6.7M $13.2M1 $10.2M $1.9M All amounts as of 3/31/25 1 Bitcoin holdings of 160.2 BTC valued at $13.2M as of 3/31/25 at a price of $82,600
Differentiated Strategy 2 MW OK expansion, immersion cooling Targeting 5 – 20 MW facilities Curtailment and energy sales HODL Strategy BTC Holdings = $15.5M1 1 Bitcoin holdings of 148.7 BTC valued at $15.5M as of 5/13/25 at a price of $104,000
An emerging leader in Bitcoin mining & specialty finance [email protected] Financials
Balance Sheet
Income Statement
Cash Flows
Core EBITDA (Non-GAAP) Non-GAAP Financial Measures We also disclose Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA") and Core Earnings before Interest, Tax, Depreciation and Amortization ("Core EBITDA") which adjusts for unrealized loss (gain) on investment and equity securities, loss on disposal of mining equipment, impairment loss on mining equipment and stock compensation expense and option expense, all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of Bitcoin miners. The following tables reconcile net loss, which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA:
An emerging leader in Bitcoin mining & specialty finance [email protected] Thank You