Revenue dropped to $63.4 million in the third quarter, missing the roughly $74 million analysts had projected, as the company mined fewer coins and paid more for power. The decline from $67 million in the prior period left the top line well short of expectations even as the bottom line swung to a $126 million profit.
The accounting gain did the heavy lifting
A $197.3 million mark-to-market gain on digital assets drove the earnings beat, reversing a $71.2 million loss on that line in the second quarter. Without it, the operation would have shown a loss. Adjusted EBITDA came in at $220.8 million, compared with a $45 million deficit three months earlier, though the metric strips out the very volatility that defines the business.
Mining got more expensive
The company produced 891 bitcoin, down from 932 in the second quarter, while the cost to mine each coin climbed to $42,100 from $36,500 as summer electricity rates took hold. Gross margin compressed to 41 percent from 49 percent, and gross profit fell to $25.8 million from $33 million. The per-coin cost had been as low as roughly $36,200 in the first quarter and peaked near $46,900 in the final quarter of 2025.
Holdings grew without purchases
The treasury swelled to 8,427 bitcoin from 8,002 despite zero open-market buying, a byproduct of the mine-and-hold approach management has kept while peers pivot toward AI data centers. About 3,090 of those coins are pledged against equipment financing. Computing capacity stood at 28.1 exahashes per second across roughly 89,242 machines at quarter-end.
Shares edge higher in thin trading
ABTC rose about 1.75 percent to $6.35 in Thursday pre-market after closing Wednesday down 5.6 percent at $6.24. The move barely registers against the volatility implied by a balance sheet where an accounting line item outweighs three months of mining revenue.