LM Funding America, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
LM Funding America (NASDAQ: LMFA) reported its Q4 and full-year 2024 financial results. The company, focusing on Bitcoin mining and specialty finance, achieved Q4 revenue of $2.0 million and full-year revenue of $11.0 million. In Q4, they mined 21.7 Bitcoin at an average price of $83,000.
Key financial metrics include Q4 net income of $2.0 million (compared to previous year's loss of $1.6 million) and Q4 Core EBITDA of $3.3 million. The company held 165.8 Bitcoin valued at approximately $14.4 million as of March 26, 2025. Year-end cash position was $3.4 million with net book value of equity at $35.3 million ($7.21 per share).
Operational highlights include a 15 MW site acquisition, transitioning from hosted facilities to a vertically integrated strategy, and a mining fleet upgrade through partnership with Luxor Technology , potentially boosting mining efficiency by 10-15%.
LM Funding America (NASDAQ: LMFA) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. L'azienda, che si concentra sul mining di Bitcoin e sul finanziamento specializzato, ha raggiunto un fatturato di $2,0 milioni nel quarto trimestre e un fatturato totale di $11,0 milioni per l'intero anno. Nel quarto trimestre, hanno estratto 21,7 Bitcoin a un prezzo medio di $83.000.
I principali indicatori finanziari includono un utile netto del quarto trimestre di $2,0 milioni (rispetto a una perdita di $1,6 milioni dell'anno precedente) e un EBITDA Core del quarto trimestre di $3,3 milioni. L'azienda deteneva 165,8 Bitcoin valutati approssimativamente $14,4 milioni al 26 marzo 2025. La posizione di cassa a fine anno era di $3,4 milioni con un valore contabile netto del patrimonio di $35,3 milioni ($7,21 per azione).
I punti salienti operativi includono l'acquisizione di un sito da 15 MW, il passaggio da strutture ospitate a una strategia verticalmente integrata e un aggiornamento della flotta mineraria attraverso una partnership con Luxor Technology, che potrebbe aumentare l'efficienza mineraria del 10-15%.
LM Funding America (NASDAQ: LMFA) informó sus resultados financieros del cuarto trimestre y del año completo 2024. La empresa, centrada en la minería de Bitcoin y las finanzas especializadas, alcanzó ingresos de $2,0 millones en el cuarto trimestre y un ingreso total de $11,0 millones en el año. En el cuarto trimestre, extrajeron 21,7 Bitcoin a un precio promedio de $83,000.
Los principales indicadores financieros incluyen un ingreso neto en el cuarto trimestre de $2,0 millones (en comparación con una pérdida de $1,6 millones del año anterior) y un EBITDA Core del cuarto trimestre de $3,3 millones. La empresa tenía 165,8 Bitcoin valorados en aproximadamente $14,4 millones al 26 de marzo de 2025. La posición de efectivo al final del año era de $3,4 millones con un valor contable neto de capital de $35,3 millones ($7,21 por acción).
Los aspectos operativos destacados incluyen la adquisición de un sitio de 15 MW, la transición de instalaciones alojadas a una estrategia verticalmente integrada y una actualización de la flota minera a través de una asociación con Luxor Technology, lo que podría aumentar la eficiencia minera en un 10-15%.
LM Funding America (NASDAQ: LMFA)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 비트코인 채굴 및 전문 금융에 초점을 맞춘 이 회사는 4분기에 200만 달러의 매출을 올렸고, 연간 매출은 1,100만 달러에 달했습니다. 4분기 동안 평균 가격 83,000달러로 21.7 비트코인을 채굴했습니다.
주요 재무 지표로는 4분기 순이익이 200만 달러(전년 손실 160만 달러 대비)였으며, 4분기 Core EBITDA는 330만 달러입니다. 이 회사는 2025년 3월 26일 기준으로 약 1,440만 달러에 달하는 165.8 비트코인을 보유하고 있었습니다. 연말 현금 잔고는 340만 달러였으며, 자본의 순 장부 가치는 3,530만 달러(주당 7.21달러)였습니다.
운영 주요 사항으로는 15 MW 사이트 인수, 호스팅 시설에서 수직 통합 전략으로의 전환, Luxor Technology와의 파트너십을 통한 채굴 장비 업그레이드가 있으며, 이는 채굴 효율성을 10-15% 향상시킬 수 있습니다.
LM Funding America (NASDAQ: LMFA) a annoncé ses résultats financiers pour le quatrième trimestre et l'année entière 2024. L'entreprise, axée sur le minage de Bitcoin et le financement spécialisé, a réalisé un chiffre d'affaires de 2,0 millions de dollars au quatrième trimestre et un chiffre d'affaires total de 11,0 millions de dollars pour l'année. Au quatrième trimestre, ils ont extrait 21,7 Bitcoin à un prix moyen de 83 000 dollars.
Les principaux indicateurs financiers incluent un bénéfice net de 2,0 millions de dollars au quatrième trimestre (comparé à une perte de 1,6 million de dollars l'année précédente) et un EBITDA Core de 3,3 millions de dollars au quatrième trimestre. L'entreprise détenait 165,8 Bitcoin d'une valeur d'environ 14,4 millions de dollars au 26 mars 2025. La position de trésorerie à la fin de l'année était de 3,4 millions de dollars avec une valeur comptable nette des capitaux propres de 35,3 millions de dollars (7,21 dollars par action).
Les points forts opérationnels incluent l'acquisition d'un site de 15 MW, la transition des installations hébergées vers une stratégie intégrée verticalement, et une mise à niveau de la flotte minière grâce à un partenariat avec Luxor Technology, ce qui pourrait augmenter l'efficacité minière de 10 à 15 %.
LM Funding America (NASDAQ: LMFA) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Das Unternehmen, das sich auf Bitcoin-Mining und Spezialfinanzierungen konzentriert, erzielte im vierten Quartal einen Umsatz von 2,0 Millionen US-Dollar und einen Gesamtumsatz von 11,0 Millionen US-Dollar im Jahr. Im vierten Quartal wurden 21,7 Bitcoin zu einem Durchschnittspreis von 83.000 US-Dollar gemined.
Wichtige Finanzkennzahlen sind ein Nettogewinn von 2,0 Millionen US-Dollar im vierten Quartal (verglichen mit einem Verlust von 1,6 Millionen US-Dollar im Vorjahr) und ein Core EBITDA von 3,3 Millionen US-Dollar im vierten Quartal. Das Unternehmen hielt am 26. März 2025 165,8 Bitcoin, die auf etwa 14,4 Millionen US-Dollar geschätzt wurden. Die Liquiditätsposition zum Jahresende betrug 3,4 Millionen US-Dollar mit einem Netto-Buchwert des Eigenkapitals von 35,3 Millionen US-Dollar (7,21 US-Dollar pro Aktie).
Zu den betrieblichen Höhepunkten gehören die Akquisition eines 15 MW Standorts, der Übergang von gehosteten Einrichtungen zu einer vertikal integrierten Strategie und ein Upgrade der Mining-Flotte durch eine Partnerschaft mit Luxor Technology, was die Mining-Effizienz um 10-15% steigern könnte.
- Q4 net income improved to $2.0 million from previous year's loss of $1.6 million
- Q4 Core EBITDA increased to $3.3 million from $0.3 million year-over-year
- Full-year Core EBITDA improved to $3.9 million from -$0.2 million in 2023
- Mining fleet upgrade expected to boost efficiency by 10-15%
- Vertical integration strategy secured lower energy costs
- Q4 revenue decreased year-over-year due to Bitcoin Halving event
- Full-year revenue declined due to Bitcoin halving impact
- Full-year net loss of $7.3 million (though improved from $15.9 million loss in 2023)
Insights
LM Funding's Q4 and full-year 2024 results reflect a strategic pivot during challenging market conditions. Despite revenue pressure from the April 2024 Bitcoin halving event, the company achieved significant profitability improvements with Q4 net income of
The company's transition from an infrastructure-light hosted mining strategy to a vertically integrated model with their Oklahoma facility represents a fundamental shift in operational approach. This change provides them with greater control over electricity costs (traditionally
With 165.8 Bitcoin in treasury (valued at approximately
The firmware upgrade partnership with Luxor Technology could deliver
LMFA's performance demonstrates a sophisticated adaptation to post-halving economics. Their production of 21.7 Bitcoin in Q4 and 170.6 Bitcoin for full-year 2024 reflects the expected impact of April's halving event, which cut block rewards from 6.25 to 3.125 BTC. The company wisely leveraged this disruption as a catalyst for structural change.
The strategic shift to vertical integration addresses a critical vulnerability in the Bitcoin mining sector – dependency on third-party hosting facilities that often prioritize their operations during network congestion or price volatility. By controlling their infrastructure, LMFA can optimize for hashrate efficiency and maintain uptime during periods when transaction fees supplement diminished block rewards.
The implementation of Luxor's LuxOS firmware represents an intelligent optimization that could provide the equivalent hash power increase of adding
Their Bitcoin treasury strategy aligns with industry best practices, with holdings of 165.8 BTC representing roughly
- Fourth quarter and full-year 2024 total revenue of
- Fourth quarter and full-year 2024 CORE EBITDA of
- Held 165.8 Bitcoin on February 28, 2025 valued at approximately
TAMPA, Fla., March 31, 2025 (GLOBE NEWSWIRE) -- 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 and full year ended December 31, 2024.
Q4’24 Financial Highlights
All variances are compared with prior year unless stated otherwise:
- Mined 21.7 Bitcoin at an average price of approximately
$83,000 , generating total revenue of approximately$2.0 million . The year-over-year decrease in revenue primarily reflects the effects of the April 2024 Bitcoin Halving event and the transition of miners from storage into the new Oklahoma mining site. - Net income attributable to LM Funding shareholders was approximately
$2.0 million compared with a net loss of approximately$1.6 million . The improvement in the net income was primarily driven by the new ASU Bitcoin standards that require mark-to-market valuation adjustment for our Bitcoin holdings. - Core EBITDA was approximately
$3.3 million compared with$0.3 million 1. The improvements in Core EBITDA were primarily due to gains on the fair value of Bitcoin in addition to lower digital mining costs and reduced compensation. - At year end, cash was approximately
$3.4 million . Digital assets were$14.0 million based on 150.2 Bitcoin held at a price of approximately$93,000 as of December 31, 2024. - Net book value of equity was approximately
$35.3 million as of December 31, 2024 or$7.21 per share2. - As of February 28, 2025, held 165.8 Bitcoin valued at approximately
$14.4 million as of March 26, 2025 (based on Bitcoin price of approximately$87,000) or Bitcoin per share of$2.81 3.
________________________
1 Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net income can be found below.
2,3 Based on shares outstanding of 5,133,412 as of December 31, 2024.
Q4’24 Operational Highlights
- 15 MW site acquisition: The Company further executed its transition from an infrastructure-light strategy, mining at hosted facilities, to a fully vertically integrated strategy with low-cost electricity underpinning its operations. In addition to the low-cost energy, the strategy allows controlled uptime, which LM Funding believes will lead to more efficient mining and higher margins.
- Mining fleet upgrade: In Q1 2025, the Company partnered with Luxor Technology Corporation to install their proprietary LuxOS firmware on its existing fleet, which could potentially boost the Company’s mining efficiency by 10
-15% . This upgrade allows LM Funding to mine Bitcoin at a higher profitability without any additional capex investment.
CEO Commentary
Bruce Rodgers, Chairman and CEO of LM Funding, commented, “Using the halving as our pivot point of opportunity, we transitioned from an infrastructure-light hosted mining strategy to a vertically integrated model—one where we manage the infrastructure ourselves, ensuring better margins and mitigating risks associated with third-party hosting arrangements. With our Oklahoma facility, we secured low-cost power for our miners and now we own and totally control our mining infrastructure and costs. This vertical integration significantly reduces our fleet-wide energy costs and improves our operations for enhanced uptime and mining efficiency. Looking forward, our strong balance sheet and lean operations position us to grow our mining revenue by seeking to acquire new mining sites with similar size, prices, and terms.”
CFO Commentary
Richard Russell, CFO of LM Funding, stated, "Throughout our expansion last year, we remained disciplined in our spending. By actively maintaining a low-cost structure - from power sourcing and infrastructure investments to staffing and equipment - we were able to successfully navigate a challenging year for the industry and our first Bitcoin Halving event, which occurred in April 2024. This strategic cost control enabled us to achieve profitability in 2024 on a Core EBITDA basis, as well as grow our Bitcoin treasury, which is a significant piece of our long-term strategy. By retaining a portion of our Bitcoin mined, we not only capture potential upside for shareholders but also deepen our alignment with the broader Bitcoin industry."
Full Year 2024 Financial Highlights
All variances are compared with prior year unless stated otherwise:
- Mined 170.6 Bitcoin at an average price of approximately
$61,000 , generating total revenue of approximately$11.0 million . The year-over-year decrease in revenue primarily reflects the effects of the April 2024 Bitcoin halving event. - Net loss attributable to LM Funding shareholders for the year ended December 31, 2024, was approximately
$7.3 million compared with a net loss of approximately$15.9 million in 2023. - Core EBITDA income for the twelve months ended December 31, 2024 was approximately
$3.9 million , compared with a Core EBITDA loss of$0.2 million in 2023. The improvements in Core EBITDA were primarily due to gains on the fair value of Bitcoin in addition to lower digital mining costs and reduced compensation.
Investor Conference Call
LM Funding will host a conference call today, March 31, 2025, at 8:00 A.M. Eastern Time to discuss the Company’s financial results for the quarter and full year ended December 31, 2024, 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
- Date: March 31, 2025
- Time: 8:00 AM EST
- Participant Call Links:
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
lmfundingIR@orangegroupadvisors.com
| LM Funding America, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Cash | $ | 3,378,152 | $ | 2,401,831 | ||||
| Digital assets - current (Note 4) | 9,021,927 | 3,416,256 | ||||||
| Finance receivables | 21,051 | 19,221 | ||||||
| Marketable securities (Note 7) | 27,050 | 17,860 | ||||||
| Receivable from sale of Symbiont assets (Note 7) | 200,000 | 200,000 | ||||||
| Prepaid expenses and other assets | 827,237 | 4,067,212 | ||||||
| Income tax receivable | 31,187 | 31,187 | ||||||
| Current assets | 13,506,604 | 10,153,567 | ||||||
| Fixed assets, net (Note 5) | 18,376,948 | 24,519,610 | ||||||
| Intangible assets, net (Note 5) | 5,478,958 | - | ||||||
| Deposits on mining equipment (Note 6) | 467,172 | 20,837 | ||||||
| Notes receivable from Seastar Medical Holding Corporation (Note 7) | - | 1,440,498 | ||||||
| Long-term investments - equity securities (Note 7) | 4,255 | 156,992 | ||||||
| Investment in Seastar Medical Holding Corporation (Note 7) | 200,790 | 1,145,486 | ||||||
| Digital assets - long-term (Note 4) | 5,000,000 | - | ||||||
| Operating lease - right of use assets (Note 9) | 938,641 | 189,009 | ||||||
| Other assets | 73,857 | 86,798 | ||||||
| Long-term assets | 30,540,621 | 27,559,230 | ||||||
| Total assets | $ | 44,047,225 | $ | 37,712,797 | ||||
| Liabilities and stockholders' equity | ||||||||
| Accounts payable and accrued expenses | 989,563 | 2,064,909 | ||||||
| Note payable - short-term (Note 8) | 386,312 | 567,586 | ||||||
| Due to related parties (Note 11) | 15,944 | 22,845 | ||||||
| Current portion of lease liability (Note 9) | 170,967 | 110,384 | ||||||
| Total current liabilities | 1,562,786 | 2,765,724 | ||||||
| Note payable - long-term (Note 8) | 6,365,345 | - | ||||||
| Lease liability - net of current portion (Note 9) | 776,535 | 85,775 | ||||||
| Long-term liabilities | 7,141,880 | 85,775 | ||||||
| Total liabilities | 8,704,666 | 2,851,499 | ||||||
| Stockholders' equity (Note 12) | ||||||||
| Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of December 31, 2024 and December 31, 2023 | - | - | ||||||
| Common stock, par value $.001; 350,000,000 shares authorized; 5,133,412 shares issued and outstanding as of December 31, 2024 and 2,492,964 as of December 31, 2023 | 4,602 | 2,493 | ||||||
| Additional paid-in capital | 102,685,470 | 95,145,376 | ||||||
| Accumulated deficit | (65,662,731 | ) | (58,961,461 | ) | ||||
| Total LM Funding America stockholders' equity | 37,027,341 | 36,186,408 | ||||||
| Non-controlling interest | (1,684,782 | ) | (1,325,110 | ) | ||||
| Total stockholders' equity | 35,342,559 | 34,861,298 | ||||||
| Total liabilities and stockholders’ equity | $ | 44,047,225 | $ | 37,712,797 | ||||
| LM Funding America, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Digital mining revenues | $ | 1,814,169 | $ | 3,946,485 | $ | 10,432,605 | $ | 12,289,131 | ||||||||
| Specialty finance revenue | 140,377 | 75,901 | 443,599 | 550,445 | ||||||||||||
| Rental revenue | 30,678 | 33,028 | 123,444 | 144,514 | ||||||||||||
| Total revenues | 1,985,224 | 4,055,414 | 10,999,648 | 12,984,090 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Digital mining cost of revenues (exclusive of depreciation and amortization shown below) | 1,248,083 | 2,668,770 | 6,990,856 | 9,406,940 | ||||||||||||
| Staff costs and payroll | 907,883 | 1,121,796 | 4,556,781 | 5,858,736 | ||||||||||||
| Depreciation and amortization | 658,757 | 1,495,614 | 7,774,161 | 4,983,480 | ||||||||||||
| Gain on fair value of Bitcoin, net | (4,254,031 | ) | (383,497 | ) | (7,350,805 | ) | - | |||||||||
| Impairment loss on mining equipment | 191,317 | 261,191 | 1,379,375 | - | ||||||||||||
| Impairment loss on mined digital assets | - | 280,278 | - | 965,967 | ||||||||||||
| Realized gain on sale of mined digital assets | - | (999,717 | ) | - | (2,070,508 | ) | ||||||||||
| Professional fees | 434,251 | 634,535 | 2,057,165 | 1,863,038 | ||||||||||||
| Selling, general and administrative | 234,366 | 168,632 | 817,041 | 851,806 | ||||||||||||
| Real estate management and disposal | 70,483 | 19,105 | 159,913 | 146,716 | ||||||||||||
| Collection costs | 4,647 | 12,342 | 41,043 | 29,875 | ||||||||||||
| Settlement costs with associations | - | - | - | 10,000 | ||||||||||||
| Loss on disposal of assets | 81,594 | 9,389 | 136,100 | 9,389 | ||||||||||||
| Other operating costs | 232,168 | 542,105 | 899,569 | 999,959 | ||||||||||||
| Total operating costs and expenses | (190,482 | ) | 5,830,543 | 17,461,199 | 23,055,398 | |||||||||||
| Operating income (loss) | 2,175,706 | (1,775,129 | ) | (6,461,551 | ) | (10,071,308 | ) | |||||||||
| Unrealized gain on marketable securities | 8,206 | 7,134 | 9,190 | 13,570 | ||||||||||||
| Impairment loss on prepaid machine deposits | - | - | (12,941 | ) | (36,691 | ) | ||||||||||
| Impairment loss on prepaid hosting deposits | - | (184,236 | ) | - | (184,236 | ) | ||||||||||
| Unrealized loss on investment and equity securities | (244,809 | ) | 546,563 | (1,097,433 | ) | (9,771,050 | ) | |||||||||
| Impairment loss on Symbiont assets | - | - | - | (750,678 | ) | |||||||||||
| Gain on fair value of purchased Bitcoin, net | (18,729 | ) | - | 39,197 | - | |||||||||||
| Credit loss on Seastar note receivable | - | 22,344 | - | - | ||||||||||||
| Realized gain on securities | - | 2,632 | - | 4,420 | ||||||||||||
| Realized gain on sale of purchased digital assets | - | - | - | 1,917 | ||||||||||||
| Gain on adjustment of note receivable allowance | - | - | - | 1,052,542 | ||||||||||||
| Other income - coupon sales | - | - | 4,490 | 639,472 | ||||||||||||
| Other income - financing revenue | - | - | - | 37,660 | ||||||||||||
| Interest expense | (211,946 | ) | - | (443,700 | ) | - | ||||||||||
| Interest income | 182,620 | 38,705 | 307,316 | 249,586 | ||||||||||||
| Income (loss) before income taxes | 1,891,048 | (1,341,987 | ) | (7,655,432 | ) | (18,814,796 | ) | |||||||||
| Income tax expense | - | (60,571 | ) | - | (60,571 | ) | ||||||||||
| Net income (loss) | $ | 1,891,048 | $ | (1,402,558 | ) | $ | (7,655,432 | ) | $ | (18,875,367 | ) | |||||
| Less: loss attributable to non-controlling interest | 74,760 | (189,208 | ) | 340,056 | 2,931,113 | |||||||||||
| Net income (loss) attributable to LM Funding America Inc. | $ | 1,965,808 | $ | (1,591,766 | ) | $ | (7,315,376 | ) | $ | (15,944,254 | ) | |||||
| Less: deemed dividends (Note 12) | (5,090,619 | ) | - | (6,794,924 | ) | - | ||||||||||
| Net loss attributable to common shareholders | $ | (3,124,811 | ) | $ | (1,591,766 | ) | $ | (14,110,300 | ) | $ | (15,944,254 | ) | ||||
| Basic loss per common share (Note 1) | $ | (0.86 | ) | $ | (0.67 | ) | $ | (5.02 | ) | $ | (6.98 | ) | ||||
| Diluted loss per common share (Note 1) | $ | (0.86 | ) | $ | (0.67 | ) | $ | (5.02 | ) | $ | (6.98 | ) | ||||
| Weighted average number of common shares outstanding | ||||||||||||||||
| Basic | 3,650,624 | 2,362,964 | 2,808,064 | 2,283,836 | ||||||||||||
| Diluted | 3,650,624 | 2,362,964 | 2,808,064 | 2,283,836 | ||||||||||||
| LM Funding America, Inc. and Subsidiaries Consolidated Statements of Cash Flows (unaudited) | ||||||||
| Years Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (7,655,432 | ) | $ | (18,875,367 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Depreciation and amortization | 7,774,161 | 4,983,480 | ||||||
| Noncash lease expense | 109,842 | 98,536 | ||||||
| Amortization of debt issue costs | 35,435 | - | ||||||
| Stock compensation | 76,322 | 1,095,705 | ||||||
| Stock option expense | 443,220 | 1,843,731 | ||||||
| Professional fees paid in common shares | 100,001 | - | ||||||
| Accrued investment income | (197,104 | ) | (159,692 | ) | ||||
| Digital assets other income | (4,490 | ) | - | |||||
| Gain on fair value of Bitcoin, net | (7,390,002 | ) | - | |||||
| Impairment loss on mining machines | 1,379,375 | - | ||||||
| Impairment loss on digital assets | - | 965,967 | ||||||
| Impairment loss on mining machine deposits | 12,941 | 36,691 | ||||||
| Impairment loss on hosting deposits | - | 184,236 | ||||||
| Impairment loss on Symbiont assets | - | 750,678 | ||||||
| Unrealized gain on marketable securities | (9,190 | ) | (13,570 | ) | ||||
| Realized gain on securities | - | (4,420 | ) | |||||
| Unrealized loss on investment and equity securities | 1,097,433 | 9,771,050 | ||||||
| Loss on disposal of fixed assets | 136,100 | 9,389 | ||||||
| Allowance for loss on debt security | - | - | ||||||
| Proceeds from securities | - | 744,036 | ||||||
| Realized gain on sale of digital assets | - | (2,072,425 | ) | |||||
| Reversal of allowance loss on debt security | - | (1,052,542 | ) | |||||
| Investments in marketable securities | - | (739,616 | ) | |||||
| Change in operating assets and liabilities: | ||||||||
| Prepaid expenses and other assets | 3,781,133 | 189,407 | ||||||
| Hosting deposits | (12,941 | ) | (36,691 | ) | ||||
| Repayments to related party | (6,901 | ) | (52,643 | ) | ||||
| Accounts payable and accrued expenses | (1,075,346 | ) | 177,478 | |||||
| Mining of digital assets | (10,432,605 | ) | (12,289,131 | ) | ||||
| Proceeds from sale of digital assets | — | 10,874,701 | ||||||
| Lease liability payments | (108,131 | ) | (95,948 | ) | ||||
| Income tax receivable | — | 262,279 | ||||||
| Net cash used in operating activities | (11,946,179 | ) | (3,404,681 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Net collections of finance receivables - original product | 1,059 | (6,428 | ) | |||||
| Net collections of finance receivables - special product | (2,889 | ) | 14,009 | |||||
| Capital expenditures | (1,732,472 | ) | (1,625,284 | ) | ||||
| Proceeds from sale of fixed assets | 78,806 | - | ||||||
| Acquisition of Tech Infrastructure JV I LLC assets | (3,642,870 | ) | - | |||||
| Investment in note receivable | (3,587,195 | ) | (125,000 | ) | ||||
| Collection of note receivable | - | 2,651,943 | ||||||
| Collection of note receivable - related party | 1,449,066 | - | ||||||
| Investment in digital assets | (485,500 | ) | (35,157 | ) | ||||
| Proceeds from sale of digital assets | 8,309,104 | 27,815 | ||||||
| Proceeds from the sale of tether | 11,928 | - | ||||||
| Symbiont asset acquisition | - | 1,800,000 | ||||||
| Financing activities for Symbiont asset acquisition | - | (402,361 | ) | |||||
| Distribution to members | (19,616 | ) | - | |||||
| Net cash provided by investing activities | 379,421 | 2,299,537 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from borrowings | 6,329,910 | - | ||||||
| Insurance financing repayments | (709,491 | ) | (624,481 | ) | ||||
| Exercise of warrants | 4,748,971 | |||||||
| Exercise of options | 25,000 | - | ||||||
| Proceeds from equity offering | 2,148,689 | - | ||||||
| Issue costs for the issuance of common stock | — | (106,550 | ) | |||||
| Net cash provided by (used in) financing activities | 12,543,079 | (731,031 | ) | |||||
| NET INCREASE (DECREASE) IN CASH | $ | 976,321 | $ | (1,836,175 | ) | |||
| CASH - BEGINNING OF PERIOD | 2,401,831 | 4,238,006 | ||||||
| CASH - END OF PERIOD | $ | 3,378,152 | $ | 2,401,831 | ||||
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 on investment and equity securities, impairment loss on mined digital assets, impairment of long-lived assets, impairment of prepaid hosting deposits, contract termination costs 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:
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | 1,891,048 | $ | (1,402,558 | ) | $ | (7,655,432 | ) | $ | (18,875,367 | ) | |||||
| Income tax expense | - | 60,571 | - | 60,571 | ||||||||||||
| Interest expense | 211,946 | - | 443,700 | - | ||||||||||||
| Depreciation and amortization | 658,757 | 1,495,614 | 7,774,161 | 4,983,480 | ||||||||||||
| Income (loss) before interest, taxes & depreciation | $ | 2,761,751 | $ | 153,627 | $ | 562,429 | $ | (13,831,316 | ) | |||||||
| Unrealized loss on investment and equity securities | 244,809 | (546,563 | ) | 1,097,433 | 9,771,050 | |||||||||||
| Gain on adjustment of note receivable allowance | - | - | - | (1,052,542 | ) | |||||||||||
| Impairment loss on mined digital assets | - | 143,317 | - | 965,967 | ||||||||||||
| Impairment loss on prepaid machine deposits | 12,941 | - | 12,941 | 36,691 | ||||||||||||
| Impairment loss on prepaid hosting deposits | - | 184,236 | - | 184,236 | ||||||||||||
| Costs associated with At-the-Market Equity program | - | - | 119,050 | - | ||||||||||||
| Contract termination costs | - | - | 250,001 | - | ||||||||||||
| Impairment loss on Symbiont assets | - | - | - | 750,678 | ||||||||||||
| Impairment loss on mining equipment | 191,317 | - | 1,379,375 | - | ||||||||||||
| Stock compensation and option expense | 110,805 | 410,584 | 519,542 | 2,939,436 | ||||||||||||
| Core income (loss) before interest, taxes & depreciation | $ | 3,321,623 | $ | 345,201 | $ | 3,940,771 | $ | (235,800 | ) | |||||||
FAQ
What was LMFA's Bitcoin mining performance in Q4 2024?
How many Bitcoin does LMFA hold as of February 2025?
What operational changes did LMFA implement in 2024?
What was LMFA's full-year 2024 mining performance?
What is LMFA's current financial position as of December 2024?
