American Bitcoin Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data American Bitcoin Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.5	10.8	12.6	17.6	13.6	65	71.5	185
Cost of revenue	4.36	4.63	6.21	7.43	4.91	43.6	39.5	92
Gross profit	6.11	6.19	6.36	10.2	5.55	3.44	32	93.2
Research and development	2.65	5.57	3.21	5.89	4.09	2.34
Selling, general and administrative	5.93	13.1
Selling and marketing		7.5	7.79	7.71	5.57	2.29
General and administrative		5.64	11.3	10.2	8.02	34.2	34.5	33.4
Operating expenses	8.58	18.7	23.6	43.3	48.6	10.3
Operating income	-2.46	-12.5	-17.3	-33.1	-43.1	6.24	484	-228
Interest expense	-0.01	-0.09	0			8.81	3.49
Interest income		0.09	0.16
Other non-operating income	-0.03	0.11	2.88	-0.23	-3.9	14.6	9.26	56.7
Pre-tax income		-12.4	-14.4	-33.3	-47	20.8	493	-171
Income tax			0.03	-2.26	-0.7	-18.8	59.6	-18.1
Income from continuing operations				-31.1	-46.3	-8.6
Net income to minority interests			-0.85
Net income	-2.49	-12.4	-13.6	-31.3	-79.1	39.6	429	-153
EBITDA			-16	-27.4	-35.2	7.16	507	-170
EPS, basic	-0.44	-1.78	-1.14	-24.44	-546.56	0.04	0.49	-0.17
EPS, diluted	-0.44	-1.78	-1.14	-1.22	-546.56	0.04	0.49	-0.17
Shares, basic (weighted)	5.6	6.95	11.9	1.28	0.15	892	892	905
Shares, diluted (weighted)	5.6	6.95	11.9	25.6	0.15	892	892	905

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.57	21.9	24.2	12.6	0.27	0.92	0.74	3.82
Short-term investments					0.24	0.4	0.12
Receivables	0.25	1.26	1.86	0.87	0.43	0.49
Other current assets	0.19	0.58	1.22	2.13	1.12	0.91	42.7	2.16
Total current assets	2.79	24.2	27.7	18.2	10.8	5.4	153	8.92
Property, plant and equipment			0.13	0.07	0.05	12.9	43.1	342
Lease right-of-use assets								167
Goodwill			20.3	32.8	18.7	57.6	53.1	154
Intangible assets			7.49	6.55	3.7	0.1	0.1	1
Other non-current assets			0.04	0.01	28.7
Total assets		24.2	58.5	94.5	19.5	18.8	1,106	1,247
Accounts payable	0.55	1.32	1.44	1.72	1.42	2.23	0.88	1.96
Accrued liabilities	0.37	0.5			0.33	1.42	3.53
Deferred revenue	0.47	0.62	0.37	0.87	0.57	0.4
Short-term debt				13.2	13.2	14.9
Total current liabilities	1.39	2.44	11.8	29.2	22.5	19.4	50.3	112
Long-term debt				4.11	1.41		5.38
Lease liabilities								137
Total liabilities	1.39	5.48	23	34.5	24.3	19.4	91.3	581
Total debt				17.3	14.6	5.15
Paid-in capital	14.6	46.3	71.9	146	160	46.6	60.1	718
Retained earnings	-12.9	-27.6	-41.2	-88.5	-168	-47.2	-67.7	-52.5
Other comprehensive income			0.06	0.06	0.35	0.23	-48.3
Shareholders' equity	1.4	18.7	35.5	59.9	26.7	474	1,015	666
Minority interests			4.7
Total equity	1.62	21.8	35.5	59.9	26.7	474	1,015	666
Total liabilities and equity	3.02	24.2	58.5	94.5	19.5	18.8	1,106	1,247
Shares outstanding	5.66	12.2	13.3	1.55	0.23	34.4	53

Cash flow statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2.49	-12.4	-14.4	-31.3	-79.1	39.6	429	-153
Depreciation and amortization			1.32	5.74	7.83	0.92	22.7	58.2
Stock-based compensation		0.49	1.17	2.07	0.87	9.11	9.17	2.15
Deferred income tax				-2.27	-0.65	19.6	-58.7	18.8
Change in receivables	-0.33	-1.57	-1.62	0.85	0.2	-0.46	0.49
Change in payables	-0.56	0.77	1.6	1.61	-0.32	16	14	-22.2
Cash from operations	-3.74	-9.05	-14.3	-8.17	-10.9	-56	-54	-79.6
Capital expenditures				-0.04	-0.03	-1.89	-6.61
Acquisitions			-0.09	-5.02	0.4			0.89
Cash from investing		18.8	-3.6	-10.5	-3.97	62.7	-66.6	-398
Debt issued			17.2	18
Debt repaid				-4.57	-5.25
Stock issued	1	10					1.4
Cash from financing	1	10	20.2	14.7	8.64	-6.76	121	482
Exchange rate effect				0.02	-0.02	0
Net change in cash	-2.74	19.8	2.29	-3.9	-6.26	0.65	-0.18	3.82
Free cash flow				-8.21	-10.9	-57.9	-60.6
Interest paid				0.51	0.26	0.79	0.04
Income taxes paid				-0.01	0.02	0.18		0.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.7%	Gross profit / revenue.
Operating margin	-106.6%	Operating income / revenue.
EBITDA margin	-71.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-72.9%	Pre-tax income / revenue.
Net margin	-71.7%	Net income / revenue.
Operating cash flow margin	-36.6%	Cash from operations / revenue.
Return on equity (ROE)	-29.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-14.9%	Net income / average total assets.
Return on invested capital (ROIC)	-35.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	35.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	158.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	138.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	71.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	190.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	156.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	71.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-147.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-133.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-135.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-134.7%	EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-34.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	192.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	79.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	300.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	84.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1,735.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	138.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.19x	Current assets / current liabilities.
Quick ratio	0.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	48.7%	Total liabilities / total assets.
Working capital	-$110.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	11.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$517.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.21x	Revenue / average total assets.
Fixed asset turnover	0.87x	Revenue / average property, plant and equipment.
Days payables	43 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.73	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.80	Revenue / diluted weighted shares.
Operating cash flow per share	-$1.39	Cash from operations / diluted weighted shares.
Book value per share	$9.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.24	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$662.7M	Share price x shares outstanding.
Enterprise value	$644.3M	Market cap + total debt - cash - short-term investments.
P/S	2.44x	Market cap / revenue.
P/B	0.99x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.28x	Market cap / tangible book value, when positive.
EV/Sales	2.37x	Enterprise value / revenue.
Earnings yield	-29.4%	Net income / market cap (the inverse of P/E).

What was American Bitcoin Corp.'s revenue in fiscal 2025?

American Bitcoin Corp. reported revenue of $185.2M for fiscal 2025, 158.8% higher than the year before.

Was American Bitcoin Corp. profitable in fiscal 2025?

No. It reported a net loss of $153.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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