LM Funding (LMFA) Q4 2025 Earnings Call Transcript

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Friday, March 27, 2026 astatine 8 a.m. ET

• Chairman & Chief Executive Officer — Bruce M. Rodgers

• Chief Financial Officer — Richard Russell

• Chief Operating Officer — Ryan Duran

Bruce Rodgers: Thanks, Cody. Good morning, everyone, and convey you for joining us. 2025 was a transformational twelvemonth for LM Funding. We entered the twelvemonth arsenic an early-stage vertically integrated miner with a single-owned tract and a humble Bitcoin treasury. We exited arsenic a multisite vertically integrated level with a importantly larger treasury and a simplified superior operation and the operational instauration to enactment the adjacent signifier of our growth. Let maine locomotion you done what we accomplished crossed the twelvemonth earlier turning to the specifics of Q4. On the infrastructure side, we started the twelvemonth completing the ramp-up of our Oklahoma site, our archetypal wholly-owned facility.

Over the people of 2025, we completed the acquisition of our 11-megawatt tract successful Columbus, Mississippi, bringing our full owned capableness to 26 megawatts crossed 2 facilities. On the treasury side, we grew our Bitcoin holdings from astir 150 Bitcoin astatine the extremity of past twelvemonth to conscionable implicit 356 Bitcoin astatine December 31, much than doubling our holdings. That maturation came done a operation of mining accumulation and disciplined strategical accumulation. Turning to Q4 specifically. The 4th was astir gathering momentum heading into 2026.

We mined 22 Bitcoin during the quarter, up from 17.6 successful Q3 arsenic our Mississippi installation continued to ramp up, and our Oklahoma tract benefited from cooler operating conditions and improved uptime successful the autumn months. At December 31, our Bitcoin holdings were valued astatine astir $31.2 cardinal based connected year-end Bitcoin prices, including the Bitcoin held by Galaxy compared to a marketplace capitalization good beneath that level. The nett effect -- we exit 2025 with a stronger operational platform, larger Bitcoin holdings and a much aligned superior structure.

At the aforesaid time, our equity continues to commercialized astatine a worldly discount to the worth of our Bitcoin treasury and productive infrastructure, a disconnect that we stay focused connected and addressing done continued operational execution. As we participate 2026, our absorption shifts from instauration gathering to scaling. And with our immersion enlargement progressing successful Oklahoma and our Mississippi tract continuing to run astatine a dependable state, we person the level to turn production, amended ratio and summation Bitcoin per share. With that, fto maine crook it implicit to Ryan to locomotion done the operational details for the 4th and the year. Ryan?