LM Funding America, Inc. (LMFA): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the strategy of a company that sits at the intersection of real estate finance and digital assets, and frankly, the Business Model Canvas for LM Funding America, Inc. (LMFA) shows a truly unique operation. As a seasoned analyst, I see a firm that expertly balances providing liquidity to community associations with running a vertically integrated Bitcoin mining business that, as of Q3 2025, delivered a 49.0% mining margin while holding a treasury of 301.8 BTC valued around $27.5 million. This hybrid approach, which also lets them sell power back to the grid for extra revenue, generated $2.2 million in total revenue for Q3, making their structure a compelling case study in modern capital allocation defintely. Keep reading below to see the nine essential building blocks that power this dual-engine model.

LM Funding America, Inc. (LMFA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power LM Funding America, Inc. (LMFA)'s dual business structure-crypto mining and specialty finance. Here's the breakdown of the key players supporting their operations as of late 2025.

Financing and Liquidity Partners

The relationship with Galaxy Digital is a critical component for balance sheet enhancement and liquidity management. In October 2025, LM Funding America, Inc. deployed a significant portion of this facility.

Partner Entity	Facility Detail	Amount Deployed (Oct 2025)	Total Facility Size
Galaxy Digital	Deployment for private repurchase of shares and warrants	$8 million	$11 million

This deployment was used to complete the private repurchase of 3,308,575 shares and 7,248,787 warrants.

Energy Grid & Power Management Partners

LM Funding America, Inc. uses strategic partnerships with energy grid operators to create a diversified revenue stream through power curtailment and energy sales agreements. This approach positions the grid itself as a customer.

• Curtailment and energy sales generated approximately $76,000 in November 2025.
• Curtailment and energy sales totaled approximately $216,000 for the second quarter of 2025.
• Power sales for the first quarter of 2025 were approximately $130,000.

Mining Equipment Suppliers

The company relies on Bitmain for acquiring the latest generation of high-efficiency mining hardware, specifically S21 immersion-cooled machines. This is central to their strategy of increasing compute power and efficiency.

The fleet deployment strategy involves securing new, efficient hardware and integrating it into their wholly-owned sites, like the Oklahoma expansion.

• Secured 320 immersion-cooled S21 units in October 2025, expected to add approximately 68.8 PH.
• An earlier order was for 270 Bitmain S21+ mining machines, expected March 2025, anticipated to add 58 petahash.
• The Oklahoma site upgrade with S21 immersion cooled units is expected to add roughly 70 pedash of compute power and is scheduled to energize in December.

As of November 30, 2025, LM Funding America, Inc. maintained a total of 7,930 mining machines deployed across its operational facilities.

Facility Location	Deployed Machines	Energized Hashrate (EH/s)
Oklahoma	4,320	0.48
Mississippi	2,376	0.23
Total Energized	6,696	0.71
In Storage	1,234	N/A

The total energized hashrate across the Oklahoma and Mississippi sites was 0.71 EH/s as of November 2025.

Specialty Finance Platform Technology Providers

LM Funding America, Inc. operates a technology-enabled specialty finance business that provides funding to nonprofit community associations. This business segment funds a portion of the Associations' rights to delinquent accounts arising from unpaid Association assessments, primarily in Florida, Washington, Colorado, and Illinois. Specific names of the technology providers for this platform were not detailed in the latest operational updates.

LM Funding America, Inc. (LMFA) - Canvas Business Model: Key Activities

You're looking at the core functions LM Funding America, Inc. (LMFA) is executing right now to manage its dual business lines: digital asset treasury/mining and specialty finance. These activities define where the company spends its time and capital as of late 2025.

Operating and expanding Bitcoin mining infrastructure in Oklahoma and Mississippi is a major focus. The company is actively managing its deployed fleet and pushing forward with facility upgrades. This is all about maintaining and growing the energized hashrate to secure Bitcoin production.

Here's the quick math on the physical assets as of November 30, 2025:

Metric	Oklahoma Site	Mississippi Site	Storage/Total	Total Energized
Machines Deployed	4,320	2,376	1,234 (Storage) / 7,930 (Total)	N/A
Hashrate (EH/s)	0.48	0.23	N/A	0.71 EH/s

The expansion effort involves a 2 MW immersion buildout in Oklahoma, which is on schedule for energization by the end of December 2025. Management expects this to boost the total hashrate by nearly 10%.

Strategic management of the Bitcoin treasury is the second pillar. This involves disciplined holding (HODL) and tactical operational decisions based on energy markets. As of November 30, 2025, the treasury held 301.8 Bitcoin.

The valuation of this treasury, based on a Bitcoin price of approximately $91,100 on that date, was about $27.5 million, which translates to an implied value of approximately $2.25 per share. For context, the stock closed at $0.99 per share on the same day. In November 2025 alone, the company mined a net total of 6.9 BTC.

A key part of the operational strategy is executing power curtailment to sell energy back to the grid for revenue. This is a deliberate choice to monetize power capacity when prices spike, rather than running miners. For November 2025, this activity generated approximately $76,000 in revenue. This contrasts with the Q3 2025 total for curtailment and energy sales, which reached approximately $152,000.

The specialty finance side requires providing funding to nonprofit community associations (HOAs), primarily in Florida. This is the technology-enabled specialty finance business line that runs parallel to the digital asset operations.

Finally, capital allocation shows management's view on equity value. On November 3, 2025, the Board authorized a share repurchase program to buy back up to $1.5 million of common stock. This authorization followed a private repurchase and represented about 15% of the outstanding shares at that time. This program is set to expire on September 30, 2026. This action was supported by recent capital raises, including approximately net $21.3 million raised in August 2025, which was largely used to acquire 164 Bitcoin.

• Shares outstanding as of October 31, 2025: Approximately 11,833,973.
• Bitcoin HODL as of October 31, 2025: 294.9 BTC, valued at approximately $32.2 million.

Finance: draft 13-week cash view by Friday.

LM Funding America, Inc. (LMFA) - Canvas Business Model: Key Resources

You're looking at the core assets that power LM Funding America, Inc.'s dual strategy-digital asset holding and specialty finance. These aren't just line items; they are the tangible and intangible foundations supporting their operations right now, late in 2025.

Here's a quick look at the primary asset categories as of the latest reporting periods:

Resource Category	Metric/Value	As of Date
Bitcoin Treasury Value	Approximately $27.5 million	November 30, 2025
Stockholders' Equity (Net Book Value)	Approximately $50.1 million	September 30, 2025
Total Energized Hashrate	0.71 EH/s	November 2025
Total Mining Machines	7,930	November 2025
Key Power Cost (Mississippi)	3.6 cents per kilowatt-hour	Reported for Mississippi Acquisition

The digital asset component, the Bitcoin treasury, is a major key resource. As of November 30, 2025, LM Funding America, Inc. held 301.8 Bitcoin, which the company valued at approximately $27.5 million. This digital holding is supported by significant physical infrastructure, specifically the owned mining facilities.

The physical and operational resources break down like this:

• Owned mining facilities located in Oklahoma and Mississippi.
• Total energized hashrate was maintained at 0.71 EH/s across both sites as of November 30, 2025.
• The fleet comprised 7,930 total mining machines, with 1,234 units staged in storage.
• An expected boost to capacity from the 2 MW immersion expansion in Oklahoma, projected to increase total hashrate by nearly 10%.

Beyond the Bitcoin, the company relies on its legacy business structure and cost advantages. The specialty finance segment is underpinned by a technology-enabled specialty finance business that provides funding to nonprofit community associations. Furthermore, securing favorable operating costs is critical for mining profitability, evidenced by the low-cost power agreement in Mississippi, secured at an attractive rate of 3.6 cents per kilowatt-hour. This combination of digital assets, self-managed infrastructure, and low-cost power agreements forms the core of what LM Funding America, Inc. deploys as its key resources.

LM Funding America, Inc. (LMFA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and partners engage with LM Funding America, Inc. It's a dual-engine approach, blending digital asset exposure with a specialty finance operation.

Direct exposure to Bitcoin price appreciation via a publicly traded stock

The stock itself offers a public equity vehicle to track the value of the firm's substantial Bitcoin treasury. This means you get exposure to Bitcoin price movements through trading LMFA shares, which is a key part of the value proposition. As of September 30, 2025, the Bitcoin treasury held 304.5 Bitcoin, valued at approximately $34.7 million, based on an average price of about $114,000 per Bitcoin for the quarter. By November 30, 2025, the holding was 301.8 Bitcoin, valued at approximately $27.5 million, reflecting a Bitcoin price of about $91,100.

Vertically integrated, low-cost Bitcoin production with a Q3 2025 mining margin of 49.0%

LM Funding America, Inc. emphasizes control over its production costs, moving away from hosting fees to self-mining. This vertical integration helped push the mining margin up to 49.0% in the third quarter of 2025, a clear improvement from the 41.0% seen in the second quarter of 2025. The acquisition of the Mississippi site brought in capacity with a power cost of approximately $0.036 per kilowatt hour. The company operated approximately 7,930 machines across its fleet as of November 30, 2025, with an energized hashrate of 0.71 EH/s.

Liquidity and capital access for community associations with delinquent accounts

LM Funding America, Inc. maintains a technology-enabled specialty finance business. This segment provides funding to nonprofit community associations, primarily located in the State of Florida.

• Provides funding to nonprofit community associations.
• Focuses on associations primarily in the State of Florida.

Operational flexibility to generate revenue from energy sales during peak demand

The mining operations are designed with flexibility to benefit from local energy market dynamics. During the third quarter of 2025, this operational choice generated approximately $152,000 from curtailment and energy sales. This strategy was evident again in November 2025, when the company generated about $76,000 by curtailing mining during a late-month power-price spike. To be fair, this was down from the $223,000 generated in the second quarter of 2025, due to cooler seasonal temperatures.

Enhanced per-share value through opportunistic share repurchases

The management team actively takes steps to reduce dilution and increase asset value per share when they feel the market capitalization does not reflect the intrinsic value. Following the third quarter, LM Funding America, Inc. completed a privately negotiated repurchase of approximately 3.3 million shares and associated warrants for a total consideration of approximately $8.0 million in October 2025. This transaction was financed via an $11 million credit facility with Galaxy Digital. Subsequently, the Board authorized a further $1.5 million share buyback program. Following the October repurchase, the outstanding share count as of October 31, 2025, was approximately 11,833,973 shares.

Here's a quick look at some key financial and operational metrics around the time of the Q3 2025 reporting:

Metric	Value / Amount	Date / Period
Q3 2025 Total Revenue	$2.2 million	Three Months Ended September 30, 2025
Q3 2025 Mining Margin	49.0%	Q3 2025
Bitcoin Mined	17.6 Bitcoin	Q3 2025
Average Bitcoin Price (Q3)	Approximately $114,000	Q3 2025
Curtailment and Energy Sales Revenue	$152,000	Q3 2025
Bitcoin Treasury Holdings	294.9 Bitcoin	October 31, 2025
Bitcoin Treasury Valuation	Approximately $32.2 million	October 31, 2025
Shares Outstanding (Post-Repurchase)	Approximately 11,833,973	October 31, 2025
Share/Warrant Repurchase Cost	Approximately $8.0 million	October 2025
Authorized Share Buyback Program	$1.5 million	Authorized Post-Q3

LM Funding America, Inc. (LMFA) - Canvas Business Model: Customer Relationships

You're looking at how LM Funding America, Inc. (LMFA) manages its distinct customer groups, which is critical given its dual focus on specialty finance and digital assets. The relationship style shifts dramatically depending on who you're dealing with, from high-touch service to purely transactional market interactions.

Direct and transactional with institutional investors and hedge funds (e.g., SABBY MANAGEMENT)

For institutional capital, the relationship is primarily transactional, centered on the public trading of LMFA shares and warrant exercises. As of late 2025 reports, institutional investors held a 22.73% stake in LM Funding America, Inc. stock. Activity shows engagement, with 12 institutional investors adding shares and 10 decreasing positions in the most recent reported quarter leading up to December 2025. This segment interacts through market mechanics and capital raises, such as the $21.3 million net raise executed in August 2025, which involved private placements.

Here's a snapshot of some key institutional holders based on recent filings:

Major Shareholder Name	Latest Reported Market Value (Approximate)	Latest Reported Ownership in Company
Armistice Capital LLC	$1.14 million	7.756%
Sabby Management LLC	$728K	4.112%
Two Sigma Investments LP	$100K	0.564%
GSA Capital Partners LLP	$70K	0.396%

High-touch, direct sales and service for specialty finance clients (HOA boards)

The legacy specialty finance arm requires a high-touch, direct service model, dealing with nonprofit community associations. This business provides funding by purchasing a portion of the associations' rights to delinquent accounts arising from unpaid assessments. The client base is geographically focused, serving associations primarily located in the state of Florida, but also in Washington, Colorado, and Illinois. While the exact number of active HOA clients for 2025 isn't publicly itemized, this segment relies on direct relationship management for deal sourcing and servicing.

Automated and self-service for retail investors via public markets

Retail investors engage almost entirely through the automated mechanisms of the public markets, trading shares on the Nasdaq under the ticker LMFA. The structure of the public float dictates the ease of this self-service relationship. As of December 6, 2025, the company had 11.83M shares outstanding. The public trading pool, or float, was 8.83M shares, representing a free float of 74.59% of the total shares. This large float supports a high degree of automated, self-directed trading activity.

Investor Relations team for shareholder communication and transparency

LM Funding America, Inc. maintains a formal structure for shareholder communication, managed by its Investor Relations team. This team uses scheduled events to provide updates and maintain transparency with the broader shareholder base. The team utilizes Orange Group Advisors for IR contact, reachable at lmfundingIR@orangegroupadvisors.com. Key communication touchpoints in late 2025 included:

• Reporting Third Quarter 2025 Financial Results on November 14, 2025.
• Hosting the Q3 2025 Earnings Conference Call on November 14, 2025.
• Holding the Annual Meeting of Stockholders on October 14, 2025.

The Investor Relations team also makes the latest presentation materials, such as the Third Quarter 2025 Earnings Presentation, available on the company's website.

Finance: draft 13-week cash view by Friday.

LM Funding America, Inc. (LMFA) - Canvas Business Model: Channels

You're looking at how LM Funding America, Inc. (LMFA) gets its value proposition to the market, which is a dual-pronged approach combining digital asset operations with traditional finance services. Here's the breakdown of the channels they use as of late 2025.

NASDAQ Stock Market for Public Equity Investment (LMFA)

The primary channel for equity capital is the public market listing on the NASDAQ Capital Market under the ticker LMFA. This allows for liquidity and capital formation directly from public investors.

As of December 5, 2025, the last traded price was $0.932, down from a previous close of $0.955. The stock has traded in a 52-week range between a low of $0.752 and a high of $5.140. The market capitalization stood at approximately $11.66 million based on 12.21 million shares outstanding. This valuation implies a Price to Book (PB) Ratio of 0.22. The company reported a net loss of $3.7 million for the third quarter of 2025, and cash reserves were thin at approximately $0.3 million as of September 30, 2025.

Wholly-owned mining sites in Oklahoma and Mississippi for Bitcoin production

LM Funding America, Inc. uses its wholly-owned physical infrastructure to generate Bitcoin, which is then held as treasury assets or sold. This is a direct production channel for their digital asset segment.

The operational capacity as of November 2025 involved a total energized hashrate of 0.71 exahashes per second (EH/s) across two primary sites. The company actively manages power costs by curtailing mining to sell energy back to the grid; this generated approximately $76,000 in revenue in November 2025 alone. The mining margin for Q3 2025 improved to 49%.

Here are the specifics on the deployed hardware and capacity:

Metric	Oklahoma Site	Mississippi Site	Total Deployed	In Storage
Machines Deployed	4,320	2,376	7,930	1,234
Hashrate (EH/s)	0.48	0.23	0.71	N/A

The company is expanding its Oklahoma presence with a 2 MW immersion expansion expected to energize in December 2025, which is projected to increase the total hashrate by nearly 10%.

Direct sales force and online platform for specialty finance services

For its specialty finance business, which provides funding to nonprofit community associations mainly in Florida, LM Funding America, Inc. relies on a direct sales force and an online platform for client acquisition and service delivery. This segment contributes to the overall top line.

Total revenue for the third quarter ended September 30, 2025, was $2.2 million, representing a 73.5% increase year-over-year. The company also successfully raised net proceeds of approximately $21.3 million in August 2025, primarily to enhance its Bitcoin treasury.

Investor relations website and SEC filings for financial data defintely

Transparency and regulatory compliance are channeled directly to stakeholders through official filings and dedicated investor resources. This is crucial for maintaining the public equity channel.

The company's investor relations website serves as the hub for official communications. Key regulatory filings include:

• Latest Quarterly Report (10-Q) filed on November 14, 2025.
• Latest Current Report (8-K) filed on December 4, 2025.
• As of September 30, 2025, the net book value of stockholders' equity was approximately $50.1 million, equating to $3.23 per share.
• The Bitcoin treasury, as of November 30, 2025, held 301.8 Bitcoin valued at approximately $27.5 million, implying a value of $2.25 per share based on a BTC price of $91,100.

Finance: draft the Q4 2025 cash flow projection by next Wednesday.

LM Funding America, Inc. (LMFA) - Canvas Business Model: Customer Segments

You're looking at the distinct groups LM Funding America, Inc. (LMFA) serves across its dual-focus business: specialty finance and digital asset mining. Honestly, segmenting these two sides is key to understanding their revenue drivers.

Institutional and retail investors seeking Bitcoin exposure and value plays represent a core segment, especially given the company's significant treasury holdings. As of November 30, 2025, LM Funding America, Inc. held 301.8 Bitcoin, valued at approximately $27.5 million. This valuation implied a Bitcoin treasury value of about $2.25 per share based on a BTC price of $91,100 on that date. For context, the common stock price was $0.99 on November 30, 2025. Institutional investors held 22.73% of the stock as of 2025. The company raised net $21.3 million in August 2025, primarily to build this Bitcoin Treasury.

The specialty finance side targets Nonprofit community associations (HOAs). LM Funding America, Inc. provides funding to these entities through its technology-enabled specialty finance business, which is primarily focused in the State of Florida. While the outline mentions Washington, Colorado, and Illinois, the latest data confirms the primary focus remains in Florida.

The energy and mining operations create segments tied to power infrastructure. Energy grid operators are customers when LM Funding America, Inc. strategically curtails mining to sell power back during peak demand. In November 2025, this resulted in approximately $76,000 in curtailment and energy sales revenue. For the third quarter of 2025, total curtailment and energy sales reached approximately $152,000.

Bitcoin network participants (miners) benefit from LM Funding America, Inc.'s hash rate contribution and infrastructure stability. The company's total energized hashrate was 0.71 EH/s as of November 30, 2025, utilizing 7,930 total machines. A 2 MW immersion expansion in Oklahoma was on schedule for energization by the end of November 2025, expected to boost the total hashrate by nearly 10%.

Here's a quick look at the operational scale serving the energy and mining segments:

Metric	November 30, 2025 Value	Q3 2025 Value
Total Energized Hashrate	0.71 EH/s	N/A
Total Operational Machines	7,930	N/A
Curtailment & Energy Sales Revenue	$76,000 (November 2025)	$152,000 (Quarter)
Total Power Capacity (Infrastructure)	N/A	26 megawatts across two sites (Q3 2025)

The specialty finance customer base is geographically concentrated, but the mining segment has expanded its footprint:

• Nonprofit HOAs served primarily in the State of Florida.
• Mining operations span facilities in Oklahoma (with 4,320 machines) and Mississippi (with 2,376 machines operational as of November 2025).
• The company held 1,234 machines in storage as of November 2025.

The market perception for investors is reflected in the discount between the stock price and the Bitcoin-backed value. On November 30, 2025, the stock traded at $0.99 versus an implied Bitcoin value of $2.25 per share. Finance: draft 13-week cash view by Friday.

LM Funding America, Inc. (LMFA) - Canvas Business Model: Cost Structure

You're looking at the core expenses for LM Funding America, Inc. (LMFA) as they scale their Bitcoin mining footprint through late 2025. The cost structure is heavily influenced by energy and capital deployment for growth.

High power and electricity costs for mining operations, offset by curtailment revenue represent a major variable cost. The company generated approximately $152,000 in curtailment and energy sales for the third quarter ended September 30, 2025, which directly offset mining costs. This was down from $223,000 generated in Q2 2025, due to cooler seasonal temperatures. The power cost secured for the newly acquired Mississippi site is noted as an attractive 3.6¢ per kilowatt-hour.

The cost to mine a single Bitcoin in Q3 2025 was reported at $66,000, an improvement from $70,000 in the second quarter of 2025. The mining margin for Q3 2025 improved to 49.0%, up from 41.0% in Q2 2025.

Staff costs and payroll are a significant fixed/semi-fixed component. Overall operating expenses increased by $0.4 million in Q3 2025. This increase was primarily attributed to higher staff costs associated with the Mississippi site acquisition and performance compensation bonuses.

The company is actively incurring capital expenditure for new mining hardware and infrastructure expansion. LM Funding America expanded its 2 MW immersion capacity at its Oklahoma site, with energization targeted for December 2025. This expansion involves Bitmain S21 immersion-cooled miners intended to deliver roughly 70 petahash to the Oklahoma site by December. Furthermore, the acquisition of the Mississippi facility added approximately 7.5 MW of energized capacity and about 230 petahash of installed hash rate.

Financing growth involves debt service costs, specifically the interest expense on the $11 million credit facility with Galaxy Digital. LM Funding America completed a privately negotiated repurchase of shares and warrants, financed through this $11 million credit facility. The exact interest expense for the period is not detailed, but the facility size is a key cost driver.

General and administrative (SG&A) expenses for corporate overhead and legal fees are bundled within the reported operating expenses. The $0.4 million increase in operating expenses was partially offset by a gain on the fair value of Bitcoin totaling $1.0 million for the quarter. The net loss for Q3 2025 was $3.7 million, with a Core EBITDA loss of $1.4 million.

Here's a quick look at key cost-related metrics from Q3 2025:

Cost/Expense Metric	Amount/Value	Period/Context
Operating Expenses Increase	$0.4 million	Q3 2025 (driven by staff costs)
Curtailment and Energy Sales Revenue	$152,000	Q3 2025
Mining Cost per Bitcoin	$66,000	Q3 2025
Mining Margin	49.0%	Q3 2025
Power Cost (Mississippi Site)	3.6¢ per kilowatt-hour	Acquisition Detail
Galaxy Digital Credit Facility Size	$11 million	Financing for Share Repurchase

The operational focus on efficiency means capital is being directed toward hardware upgrades to lower future operating costs. The company had approximately 15% of legacy machines stored for potential future deployment.

Key infrastructure and expansion figures driving future CapEx include:

• Acquired 11 MW Bitcoin mining facility in Mississippi.
• 7.5 MW operational capacity at Mississippi closing.
• 2 MW immersion expansion in Oklahoma targeted for energization by December 2025.
• Hash rate grew to approximately 0.71 exahash by the end of October 2025, up from 0.48 exahash in June 2025.

LM Funding America, Inc. (LMFA) - Canvas Business Model: Revenue Streams

You're looking at the ways LM Funding America, Inc. (LMFA) brings in cash as of late 2025. It's a mix of digital asset operations and its original specialty finance work. Honestly, the Bitcoin side is driving the big swings in the top line.

For the third quarter of 2025, LM Funding America, Inc. reported a total revenue of $2.2 million. This represented a 13.0% sequential increase and a 73.5% year-over-year rise.

The revenue streams are clearly segmented across their operations, though the specific dollar amount for the legacy finance business isn't broken out from the total in the latest reports. We know the business operates a technology-enabled specialty finance segment providing funding to nonprofit community associations, primarily in Florida.

Here's a look at the primary components of the revenue generation, using the most recent quarterly and monthly data available:

Revenue Source Component	Period	Amount/Metric
Total Reported Revenue	Q3 2025	$2.2 million
Bitcoin Mined Revenue (Implied)	Q3 2025	17.6 Bitcoins mined at an average price of approximately $114,000
Bitcoin Mined (Net)	November 2025	6.9 BTC
Curtailment and Energy Sales	November 2025	Approximately $76,000
Curtailment and Energy Sales	Q3 2025	$152,000
Gain on Fair Value of Bitcoin (Non-Operating)	Q3 2025	$1.0 million offset operating expenses
Gain on Fair Value of Bitcoin (Non-Operating)	Q2 2025	$3.8 million gain drove net income

The Bitcoin mining revenue is supplemented by power sales. For instance, in November 2025, LM Funding America, Inc. reported approximately $76,000 from curtailment and energy sales after temporarily curtailing mining during a late-month power-price spike. This curtailment revenue was $152,000 for the entire third quarter.

You also need to account for the non-operating, but material, impact of the Bitcoin treasury. The Q2 2025 results were significantly driven by a $3.8 million gain on the fair value of Bitcoin held on the balance sheet. Similarly, in Q3 2025, a gain on fair value of Bitcoin totaling $1.0 million was recorded, which partially offset operating expenses.

The legacy business, which involves interest and fee income from specialty finance, is part of the overall revenue picture, as LM Funding America, Inc. is described as a Bitcoin mining and technology-based specialty finance company.

The operational metrics support the revenue story:

• Mining margin improved to 49.0% in Q3 2025, up from 41.0% in Q2 2025.
• The company mined 17.6 Bitcoins during Q3 2025.
• The November 2025 production was 6.9 BTC (net).

Finance: draft 13-week cash view by Friday.