<p>Lm Funding America ((LMFA)) 举行了第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Lm Funding America 最新的财报电话会议描绘了运营实力的图景，但被市场驱动的财务噪音所掩盖。管理层强调了创纪录的哈希率、比特币产量的上升以及比特币国库的恢复，尽管第一季度比特币价格疲软和非现金公允价值标记使报告的亏损大幅增加。</p>
<h2>创纪录的哈希率和强劲的三月产量</h2>
<p>Lm Funding 的哈希率在三月达到了约 790 PH，创下公司历史最高水平。这一产能帮助在三月单月交付了 9.6 个比特币，标志着季度内最强的月度产出，突显了扩展平台的影响。</p>
<h2>季度比特币产量的连续增长</h2>
<p>该公司在 2026 年第一季度生产了 26.1 个比特币，比上一季度的 22 个比特币增长了 19%。管理层将这一改善归因于更高的哈希率、更好的矿机效率以及有针对性的硬件部署，这些都提升了整体生产力。</p>
<h2>矿机升级延续竞争优势</h2>
<p>在本季度，Lm Funding 部署了 S21 浸没式单元和大约 300 台 S19 XP 矿机，以替换旧的、效率较低的设备。高管们认为，新款 ASIC 模型的效率提升正在趋于平稳，这应该延长现有 S19 XP 和 S21 矿机的竞争生命周期。</p>
<h2>货币化削减和电网灵活性</h2>
<p>该公司在一月的冬季风暴 Fern 中展示了其电力市场关系的价值。在短短几天内，它通过削减和能源销售产生了约 30.5 万美元的收入，相当于季度平均价格下约四个比特币的价值。</p>
<h2>比特币国库在季度末后反弹</h2>
<p>Lm Funding 在 3 月 31 日持有 338.2 个比特币，按当日价格估值约为 2310 万美元。随着比特币在四月和五月的恢复，国库价值上升至约 2730 万美元，尽管币数略有减少，但公允价值增加了约 500 万美元。</p>
<h2>平台现已全面运行</h2>
<p>这是 2025 年建成的平台首次在两个全资拥有的地点全面运营的完整季度。管理层报告称，所有关键运营指标均有所改善，包括生产的比特币、哈希率、矿机效率和正常运行时间，为更高的产出奠定了基础。</p>
<h2>运营现金流显示短期韧性</h2>
<p>在调整了 310 万美元的数字资产销售后，运营中使用的净现金约为 20 万美元。管理层将此视为平台在当前环境下能够基本自我融资的证据，尽管持续改善将取决于比特币价格和持续的效率提升。</p>
<h2>收入因比特币价格疲软而下滑</h2>
<p>总收入约为 210 万美元，低于上一季度和去年同期的 240 万美元。下降主要是由于比特币平均价格显著降低，从第四季度的约 99,700 美元降至约 75,700 美元。</p>
<h2>报告亏损因非现金费用加深</h2>
<p>Lm Funding 录得约 1010 万美元的净亏损，几乎是去年同期亏损的两倍，核心 EBITDA 亏损扩大至约 840 万美元。本季度包括约 700 万美元的负公允价值调整，反映价格下跌而非运营恶化。</p>
<h2>估值受比特币波动和会计影响</h2>
<p>管理层强调，与比特币从约 87,500 美元降至季度末的 68,300 美元相关的非现金公允价值标记是报告亏损的主要原因。他们还指出，即使在随后的价格反弹后，公司股权仍以显著折扣交易，低于其比特币持有的隐含每股价值。</p>
<h2>资产负债表、债务和流动性受到关注</h2>
<p>在季度末，Lm Funding 报告总资产约为 4180 万美元，包括其比特币国库，负债约为 2270 万美元。关键项目包括与 Galaxy Digital 的 1090 万美元贷款，延长至 2026 年 6 月 26 日，约 870 万美元的其他应付票据，以及约 80 万美元的现金。</p>
<h2>在季节性和市场逆风中利润率收紧</h2>
<p>挖矿利润率从上一季度的 25% 降至约 24.1%，反映出更严峻的条件。管理层警告称，第二季度温度升高可能进一步压缩效率和产量，需要增量升级以防止利润率下滑。</p>
<h2>行业动荡与上市矿工出售</h2>
<p>此次电话会议还将 Lm Funding 的业绩置于更广泛的行业背景中，涉及资产销售和市场动荡。上市矿业同行在本季度出售了创纪录的 32,000 个比特币，以资助以 AI 为中心的 GPU 支出，而网络哈希率自 2025 年 10 月的峰值下降了约 27%，导致价格和难度波动。</p>
<h2>前瞻性优先事项和 2026 年路线图</h2>
<p>展望 2026 年，管理层计划增加比特币产量，进一步提高矿机效率，并增加每股比特币，同时保持资本灵活性。他们正在评估增值的 5-20 MW 收购，包括潜在的密西西比州扩展，并计划进行升级以缓解季节性高温，同时监控与 Galaxy 贷款相关的杠杆。</p>
<p>Lm Funding 的财报电话会议在对短期价格和季节性压力的谨慎态度与对其升级平台和比特币产量增长的信心之间取得了平衡。对于投资者而言，故事的关键在于比特币近期的恢复能否持续，从而使改善的运营和可观的国库转化为更好的报告结果和更小的估值差距。</p>

LMFA

GBTC

BTCO

<p>Lm Funding America (LMFA) 发布了其第一季度财报，强调创纪录的哈希率为 790 PH，比特币产量增加 19%，达到 26.1 个比特币。尽管运营表现强劲，公司因与比特币价格下跌相关的非现金公允价值调整，面临 1010 万美元的净亏损。总收入下降至 210 万美元，受到比特币价格下跌的影响。公司持有 338.2 个比特币，估值约为 2310 万美元，季度末后国库价值有所恢复。管理层计划在 2026 年前提升生产和效率</p>

<p>Lm Funding America ((LMFA)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Lm Funding America ((LMFA)) 举行了第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Lm Funding America’s latest earnings call painted a picture of operational strength overshadowed by market-driven financial noise. Management highlighted record hash rate, rising Bitcoin production, and a recovering Bitcoin treasury, even as weak first‑quarter Bitcoin prices and noncash fair value marks pushed reported losses sharply higher.</p>
<div class="lb-trans"><p>Lm Funding America 最新的财报电话会议描绘了运营实力的图景，但被市场驱动的财务噪音所掩盖。管理层强调了创纪录的哈希率、比特币产量的上升以及比特币国库的恢复，尽管第一季度比特币价格疲软和非现金公允价值标记使报告的亏损大幅增加。</p>
</div><h2>Record Hash Rate and Strong March Production</h2>
<div class="lb-trans"><h2>创纪录的哈希率和强劲的三月产量</h2>
</div><p>Lm Funding’s energized hash rate reached about 790 PH in March, the highest level in the company’s history. That capacity helped deliver 9.6 Bitcoin in March alone, marking the strongest monthly output of the quarter and underscoring the impact of the expanded platform.</p>
<div class="lb-trans"><p>Lm Funding 的哈希率在三月达到了约 790 PH，创下公司历史最高水平。这一产能帮助在三月单月交付了 9.6 个比特币，标志着季度内最强的月度产出，突显了扩展平台的影响。</p>
</div><h2>Sequential Growth in Quarterly Bitcoin Output</h2>
<div class="lb-trans"><h2>季度比特币产量的连续增长</h2>
</div><p>The company produced 26.1 Bitcoin in the first quarter of 2026, a 19% increase from 22 Bitcoin in the prior quarter. Management credited the improvement to higher hash rate, better fleet efficiency, and targeted hardware deployments that lifted overall productivity.</p>
<div class="lb-trans"><p>该公司在 2026 年第一季度生产了 26.1 个比特币，比上一季度的 22 个比特币增长了 19%。管理层将这一改善归因于更高的哈希率、更好的矿机效率以及有针对性的硬件部署，这些都提升了整体生产力。</p>
</div><h2>Fleet Upgrades Extend Competitive Edge</h2>
<div class="lb-trans"><h2>矿机升级延续竞争优势</h2>
</div><p>During the quarter, Lm Funding deployed S21 immersion units and roughly 300 S19 XP miners to replace older, less efficient rigs. Executives argued that efficiency gains in new ASIC models are flattening, which should extend the competitive life of the S19 XP and S21 fleet now in place.</p>
<div class="lb-trans"><p>在本季度，Lm Funding 部署了 S21 浸没式单元和大约 300 台 S19 XP 矿机，以替换旧的、效率较低的设备。高管们认为，新款 ASIC 模型的效率提升正在趋于平稳，这应该延长现有 S19 XP 和 S21 矿机的竞争生命周期。</p>
</div><h2>Monetizing Curtailment and Grid Flexibility</h2>
<div class="lb-trans"><h2>货币化削减和电网灵活性</h2>
</div><p>The company also showed the value of its power market relationships during Winter Storm Fern in January. It generated about $305,000 in curtailment and energy sales over just a few days, equivalent to roughly four Bitcoin of value at quarter‑average prices.</p>
<div class="lb-trans"><p>该公司在一月的冬季风暴 Fern 中展示了其电力市场关系的价值。在短短几天内，它通过削减和能源销售产生了约 30.5 万美元的收入，相当于季度平均价格下约四个比特币的价值。</p>
</div><h2>Bitcoin Treasury Rebounds After Quarter-End</h2>
<div class="lb-trans"><h2>比特币国库在季度末后反弹</h2>
</div><p>Lm Funding held 338.2 Bitcoin at March 31, valued at about $23.1 million at that date’s prices. As Bitcoin recovered into April and May, treasury value rose to around $27.3 million, adding roughly $5 million of fair value compared with quarter‑end despite a slightly lower coin count.</p>
<div class="lb-trans"><p>Lm Funding 在 3 月 31 日持有 338.2 个比特币，按当日价格估值约为 2310 万美元。随着比特币在四月和五月的恢复，国库价值上升至约 2730 万美元，尽管币数略有减少，但公允价值增加了约 500 万美元。</p>
</div><h2>Platform Now Running at Full Scale</h2>
<div class="lb-trans"><h2>平台现已全面运行</h2>
</div><p>This was the first full quarter with the 2025‑built platform operating at scale across two wholly owned sites. Management reported improvements across all key operating metrics, including Bitcoin produced, hash rate, fleet efficiency, and uptime, positioning the business for higher throughput.</p>
<div class="lb-trans"><p>这是 2025 年建成的平台首次在两个全资拥有的地点全面运营的完整季度。管理层报告称，所有关键运营指标均有所改善，包括生产的比特币、哈希率、矿机效率和正常运行时间，为更高的产出奠定了基础。</p>
</div><h2>Operating Cash Flow Shows Near-Term Resilience</h2>
<div class="lb-trans"><h2>运营现金流显示短期韧性</h2>
</div><p>After adjusting for $3.1 million of digital asset sales, net cash used in operations was about $0.2 million. Management framed this as evidence that the platform can largely fund itself in the current environment, though sustained improvement will depend on Bitcoin prices and continued efficiency gains.</p>
<div class="lb-trans"><p>在调整了 310 万美元的数字资产销售后，运营中使用的净现金约为 20 万美元。管理层将此视为平台在当前环境下能够基本自我融资的证据，尽管持续改善将取决于比特币价格和持续的效率提升。</p>
</div><h2>Revenue Slips on Weaker Bitcoin Prices</h2>
<div class="lb-trans"><h2>收入因比特币价格疲软而下滑</h2>
</div><p>Total revenue came in around $2.1 million, down from $2.4 million in both the prior quarter and the year‑ago period. The decline was driven mainly by a significantly lower average Bitcoin price, which fell to about $75,700 versus roughly $99,700 in the fourth quarter.</p>
<div class="lb-trans"><p>总收入约为 210 万美元，低于上一季度和去年同期的 240 万美元。下降主要是由于比特币平均价格显著降低，从第四季度的约 99,700 美元降至约 75,700 美元。</p>
</div><h2>Reported Losses Deepen on Noncash Charges</h2>
<div class="lb-trans"><h2>报告亏损因非现金费用加深</h2>
</div><p>Lm Funding posted a net loss of approximately $10.1 million, nearly double the loss a year earlier, and core EBITDA loss widened to about $8.4 million. The quarter included around $7 million of negative fair value adjustments on mined Bitcoin and collateral, reflecting price declines rather than operating deterioration.</p>
<div class="lb-trans"><p>Lm Funding 录得约 1010 万美元的净亏损，几乎是去年同期亏损的两倍，核心 EBITDA 亏损扩大至约 840 万美元。本季度包括约 700 万美元的负公允价值调整，反映价格下跌而非运营恶化。</p>
</div><h2>Valuation Hit by Bitcoin Volatility and Accounting</h2>
<div class="lb-trans"><h2>估值受比特币波动和会计影响</h2>
</div><p>Management emphasized that noncash fair value marks tied to Bitcoin’s drop from about $87,500 to $68,300 at quarter‑end drove much of the reported loss. They also noted that, even after the subsequent price rebound, the company’s equity still trades at a sizable discount to the implied per‑share value of its Bitcoin holdings.</p>
<div class="lb-trans"><p>管理层强调，与比特币从约 87,500 美元降至季度末的 68,300 美元相关的非现金公允价值标记是报告亏损的主要原因。他们还指出，即使在随后的价格反弹后，公司股权仍以显著折扣交易，低于其比特币持有的隐含每股价值。</p>
</div><h2>Balance Sheet, Debt and Liquidity in Focus</h2>
<div class="lb-trans"><h2>资产负债表、债务和流动性受到关注</h2>
</div><p>At quarter‑end, Lm Funding reported roughly $41.8 million in total assets, including its Bitcoin treasury, against about $22.7 million in liabilities. Key items include a $10.9 million facility with Galaxy Digital, extended to June 26, 2026, about $8.7 million in other notes payable, and cash of roughly $0.8 million.</p>
<div class="lb-trans"><p>在季度末，Lm Funding 报告总资产约为 4180 万美元，包括其比特币国库，负债约为 2270 万美元。关键项目包括与 Galaxy Digital 的 1090 万美元贷款，延长至 2026 年 6 月 26 日，约 870 万美元的其他应付票据，以及约 80 万美元的现金。</p>
</div><h2>Margins Tighten Amid Seasonal and Market Headwinds</h2>
<div class="lb-trans"><h2>在季节性和市场逆风中利润率收紧</h2>
</div><p>Mining margin eased to about 24.1% from 25% in the prior quarter, reflecting tougher conditions. Management warned that warmer second‑quarter temperatures could further pressure efficiency and output, requiring incremental upgrades to keep margins from slipping.</p>
<div class="lb-trans"><p>挖矿利润率从上一季度的 25% 降至约 24.1%，反映出更严峻的条件。管理层警告称，第二季度温度升高可能进一步压缩效率和产量，需要增量升级以防止利润率下滑。</p>
</div><h2>Industry Shake-Up and Public Miner Selling</h2>
<div class="lb-trans"><h2>行业动荡与上市矿工出售</h2>
</div><p>The call also placed Lm Funding’s results in a broader industry context of dislocation and asset sales. Public mining peers offloaded a record 32,000 Bitcoin in the quarter to fund AI‑focused GPU spending, while network hash rate has fallen about 27% from its October 2025 peak, contributing to price and difficulty volatility.</p>
<div class="lb-trans"><p>此次电话会议还将 Lm Funding 的业绩置于更广泛的行业背景中，涉及资产销售和市场动荡。上市矿业同行在本季度出售了创纪录的 32,000 个比特币，以资助以 AI 为中心的 GPU 支出，而网络哈希率自 2025 年 10 月的峰值下降了约 27%，导致价格和难度波动。</p>
</div><h2>Forward-Looking Priorities and 2026 Roadmap</h2>
<div class="lb-trans"><h2>前瞻性优先事项和 2026 年路线图</h2>
</div><p>Looking ahead through 2026, management plans to grow Bitcoin production, further improve fleet efficiency, and increase Bitcoin per share while preserving capital flexibility. They are evaluating accretive 5–20 MW acquisitions, including potential Mississippi expansion, and plan upgrades to mitigate seasonal heat, all while monitoring leverage tied to the Galaxy loan.</p>
<div class="lb-trans"><p>展望 2026 年，管理层计划增加比特币产量，进一步提高矿机效率，并增加每股比特币，同时保持资本灵活性。他们正在评估增值的 5-20 MW 收购，包括潜在的密西西比州扩展，并计划进行升级以缓解季节性高温，同时监控与 Galaxy 贷款相关的杠杆。</p>
</div><p>Lm Funding’s earnings call balanced caution about short‑term price and seasonal pressures with confidence in its upgraded platform and growing Bitcoin output. For investors, the story hinges on whether Bitcoin’s recent recovery can sustain, allowing improved operations and a sizable treasury to translate into better reported results and a narrower valuation gap.</p>
<div class="lb-trans"><p>Lm Funding 的财报电话会议在对短期价格和季节性压力的谨慎态度与对其升级平台和比特币产量增长的信心之间取得了平衡。对于投资者而言，故事的关键在于比特币近期的恢复能否持续，从而使改善的运营和可观的国库转化为更好的报告结果和更小的估值差距。</p>
</div>

LM Funding America 在亏损的情况下强调哈希收益