<p>Lm Funding America ((LMFA)) 舉行了第一季度財報電話會議。以下是會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以便做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>Lm Funding America 最新的財報電話會議描繪了運營實力的圖景，但被市場驅動的財務噪音所掩蓋。管理層強調了創紀錄的哈希率、比特幣產量的上升以及比特幣國庫的恢復，儘管第一季度比特幣價格疲軟和非現金公允價值標記使報告的虧損大幅增加。</p>
<h2>創紀錄的哈希率和強勁的三月產量</h2>
<p>Lm Funding 的哈希率在三月達到了約 790 PH，創下公司歷史最高水平。這一產能幫助在三月單月交付了 9.6 個比特幣，標誌着季度內最強的月度產出，突顯了擴展平台的影響。</p>
<h2>季度比特幣產量的連續增長</h2>
<p>該公司在 2026 年第一季度生產了 26.1 個比特幣，比上一季度的 22 個比特幣增長了 19%。管理層將這一改善歸因於更高的哈希率、更好的礦機效率以及有針對性的硬件部署，這些都提升了整體生產力。</p>
<h2>礦機升級延續競爭優勢</h2>
<p>在本季度，Lm Funding 部署了 S21 浸沒式單元和大約 300 台 S19 XP 礦機，以替換舊的、效率較低的設備。高管們認為，新款 ASIC 模型的效率提升正在趨於平穩，這應該延長現有 S19 XP 和 S21 礦機的競爭生命週期。</p>
<h2>貨幣化削減和電網靈活性</h2>
<p>該公司在一月的冬季風暴 Fern 中展示了其電力市場關係的價值。在短短几天內，它通過削減和能源銷售產生了約 30.5 萬美元的收入，相當於季度平均價格下約四個比特幣的價值。</p>
<h2>比特幣國庫在季度末後反彈</h2>
<p>Lm Funding 在 3 月 31 日持有 338.2 個比特幣，按當日價格估值約為 2310 萬美元。隨着比特幣在四月和五月的恢復，國庫價值上升至約 2730 萬美元，儘管幣數略有減少，但公允價值增加了約 500 萬美元。</p>
<h2>平台現已全面運行</h2>
<p>這是 2025 年建成的平台首次在兩個全資擁有的地點全面運營的完整季度。管理層報告稱，所有關鍵運營指標均有所改善，包括生產的比特幣、哈希率、礦機效率和正常運行時間，為更高的產出奠定了基礎。</p>
<h2>運營現金流顯示短期韌性</h2>
<p>在調整了 310 萬美元的數字資產銷售後，運營中使用的淨現金約為 20 萬美元。管理層將此視為平台在當前環境下能夠基本自我融資的證據，儘管持續改善將取決於比特幣價格和持續的效率提升。</p>
<h2>收入因比特幣價格疲軟而下滑</h2>
<p>總收入約為 210 萬美元，低於上一季度和去年同期的 240 萬美元。下降主要是由於比特幣平均價格顯著降低，從第四季度的約 99,700 美元降至約 75,700 美元。</p>
<h2>報告虧損因非現金費用加深</h2>
<p>Lm Funding 錄得約 1010 萬美元的淨虧損，幾乎是去年同期虧損的兩倍，核心 EBITDA 虧損擴大至約 840 萬美元。本季度包括約 700 萬美元的負公允價值調整，反映價格下跌而非運營惡化。</p>
<h2>估值受比特幣波動和會計影響</h2>
<p>管理層強調，與比特幣從約 87,500 美元降至季度末的 68,300 美元相關的非現金公允價值標記是報告虧損的主要原因。他們還指出，即使在隨後的價格反彈後，公司股權仍以顯著折扣交易，低於其比特幣持有的隱含每股價值。</p>
<h2>資產負債表、債務和流動性受到關注</h2>
<p>在季度末，Lm Funding 報告總資產約為 4180 萬美元，包括其比特幣國庫，負債約為 2270 萬美元。關鍵項目包括與 Galaxy Digital 的 1090 萬美元貸款，延長至 2026 年 6 月 26 日，約 870 萬美元的其他應付票據，以及約 80 萬美元的現金。</p>
<h2>在季節性和市場逆風中利潤率收緊</h2>
<p>挖礦利潤率從上一季度的 25% 降至約 24.1%，反映出更嚴峻的條件。管理層警告稱，第二季度温度升高可能進一步壓縮效率和產量，需要增量升級以防止利潤率下滑。</p>
<h2>行業動盪與上市礦工出售</h2>
<p>此次電話會議還將 Lm Funding 的業績置於更廣泛的行業背景中，涉及資產銷售和市場動盪。上市礦業同行在本季度出售了創紀錄的 32,000 個比特幣，以資助以 AI 為中心的 GPU 支出，而網絡哈希率自 2025 年 10 月的峯值下降了約 27%，導致價格和難度波動。</p>
<h2>前瞻性優先事項和 2026 年路線圖</h2>
<p>展望 2026 年，管理層計劃增加比特幣產量，進一步提高礦機效率，並增加每股比特幣，同時保持資本靈活性。他們正在評估增值的 5-20 MW 收購，包括潛在的密西西比州擴展，並計劃進行升級以緩解季節性高温，同時監控與 Galaxy 貸款相關的槓桿。</p>
<p>Lm Funding 的財報電話會議在對短期價格和季節性壓力的謹慎態度與對其升級平台和比特幣產量增長的信心之間取得了平衡。對於投資者而言，故事的關鍵在於比特幣近期的恢復能否持續，從而使改善的運營和可觀的國庫轉化為更好的報告結果和更小的估值差距。</p>

LMFA

GBTC

BTCO

<p>Lm Funding America (LMFA) 發佈了其第一季度財報，強調創紀錄的哈希率為 790 PH，比特幣產量增加 19%，達到 26.1 個比特幣。儘管運營表現強勁，公司因與比特幣價格下跌相關的非現金公允價值調整，面臨 1010 萬美元的淨虧損。總收入下降至 210 萬美元，受到比特幣價格下跌的影響。公司持有 338.2 個比特幣，估值約為 2310 萬美元，季度末後國庫價值有所恢復。管理層計劃在 2026 年前提升生產和效率</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)) 舉行了第一季度財報電話會議。以下是會議的主要亮點。</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>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以便做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領先者的投資組合，使用智能投資者精選</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 最新的財報電話會議描繪了運營實力的圖景，但被市場驅動的財務噪音所掩蓋。管理層強調了創紀錄的哈希率、比特幣產量的上升以及比特幣國庫的恢復，儘管第一季度比特幣價格疲軟和非現金公允價值標記使報告的虧損大幅增加。</p>
</div><h2>Record Hash Rate and Strong March Production</h2>
<div class="lb-trans"><h2>創紀錄的哈希率和強勁的三月產量</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 的哈希率在三月達到了約 790 PH，創下公司歷史最高水平。這一產能幫助在三月單月交付了 9.6 個比特幣，標誌着季度內最強的月度產出，突顯了擴展平台的影響。</p>
</div><h2>Sequential Growth in Quarterly Bitcoin Output</h2>
<div class="lb-trans"><h2>季度比特幣產量的連續增長</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>該公司在 2026 年第一季度生產了 26.1 個比特幣，比上一季度的 22 個比特幣增長了 19%。管理層將這一改善歸因於更高的哈希率、更好的礦機效率以及有針對性的硬件部署，這些都提升了整體生產力。</p>
</div><h2>Fleet Upgrades Extend Competitive Edge</h2>
<div class="lb-trans"><h2>礦機升級延續競爭優勢</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 浸沒式單元和大約 300 台 S19 XP 礦機，以替換舊的、效率較低的設備。高管們認為，新款 ASIC 模型的效率提升正在趨於平穩，這應該延長現有 S19 XP 和 S21 礦機的競爭生命週期。</p>
</div><h2>Monetizing Curtailment and Grid Flexibility</h2>
<div class="lb-trans"><h2>貨幣化削減和電網靈活性</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>該公司在一月的冬季風暴 Fern 中展示了其電力市場關係的價值。在短短几天內，它通過削減和能源銷售產生了約 30.5 萬美元的收入，相當於季度平均價格下約四個比特幣的價值。</p>
</div><h2>Bitcoin Treasury Rebounds After Quarter-End</h2>
<div class="lb-trans"><h2>比特幣國庫在季度末後反彈</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 個比特幣，按當日價格估值約為 2310 萬美元。隨着比特幣在四月和五月的恢復，國庫價值上升至約 2730 萬美元，儘管幣數略有減少，但公允價值增加了約 500 萬美元。</p>
</div><h2>Platform Now Running at Full Scale</h2>
<div class="lb-trans"><h2>平台現已全面運行</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>這是 2025 年建成的平台首次在兩個全資擁有的地點全面運營的完整季度。管理層報告稱，所有關鍵運營指標均有所改善，包括生產的比特幣、哈希率、礦機效率和正常運行時間，為更高的產出奠定了基礎。</p>
</div><h2>Operating Cash Flow Shows Near-Term Resilience</h2>
<div class="lb-trans"><h2>運營現金流顯示短期韌性</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>在調整了 310 萬美元的數字資產銷售後，運營中使用的淨現金約為 20 萬美元。管理層將此視為平台在當前環境下能夠基本自我融資的證據，儘管持續改善將取決於比特幣價格和持續的效率提升。</p>
</div><h2>Revenue Slips on Weaker Bitcoin Prices</h2>
<div class="lb-trans"><h2>收入因比特幣價格疲軟而下滑</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>總收入約為 210 萬美元，低於上一季度和去年同期的 240 萬美元。下降主要是由於比特幣平均價格顯著降低，從第四季度的約 99,700 美元降至約 75,700 美元。</p>
</div><h2>Reported Losses Deepen on Noncash Charges</h2>
<div class="lb-trans"><h2>報告虧損因非現金費用加深</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 錄得約 1010 萬美元的淨虧損，幾乎是去年同期虧損的兩倍，核心 EBITDA 虧損擴大至約 840 萬美元。本季度包括約 700 萬美元的負公允價值調整，反映價格下跌而非運營惡化。</p>
</div><h2>Valuation Hit by Bitcoin Volatility and Accounting</h2>
<div class="lb-trans"><h2>估值受比特幣波動和會計影響</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>管理層強調，與比特幣從約 87,500 美元降至季度末的 68,300 美元相關的非現金公允價值標記是報告虧損的主要原因。他們還指出，即使在隨後的價格反彈後，公司股權仍以顯著折扣交易，低於其比特幣持有的隱含每股價值。</p>
</div><h2>Balance Sheet, Debt and Liquidity in Focus</h2>
<div class="lb-trans"><h2>資產負債表、債務和流動性受到關注</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 報告總資產約為 4180 萬美元，包括其比特幣國庫，負債約為 2270 萬美元。關鍵項目包括與 Galaxy Digital 的 1090 萬美元貸款，延長至 2026 年 6 月 26 日，約 870 萬美元的其他應付票據，以及約 80 萬美元的現金。</p>
</div><h2>Margins Tighten Amid Seasonal and Market Headwinds</h2>
<div class="lb-trans"><h2>在季節性和市場逆風中利潤率收緊</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>挖礦利潤率從上一季度的 25% 降至約 24.1%，反映出更嚴峻的條件。管理層警告稱，第二季度温度升高可能進一步壓縮效率和產量，需要增量升級以防止利潤率下滑。</p>
</div><h2>Industry Shake-Up and Public Miner Selling</h2>
<div class="lb-trans"><h2>行業動盪與上市礦工出售</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>此次電話會議還將 Lm Funding 的業績置於更廣泛的行業背景中，涉及資產銷售和市場動盪。上市礦業同行在本季度出售了創紀錄的 32,000 個比特幣，以資助以 AI 為中心的 GPU 支出，而網絡哈希率自 2025 年 10 月的峯值下降了約 27%，導致價格和難度波動。</p>
</div><h2>Forward-Looking Priorities and 2026 Roadmap</h2>
<div class="lb-trans"><h2>前瞻性優先事項和 2026 年路線圖</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，管理層計劃增加比特幣產量，進一步提高礦機效率，並增加每股比特幣，同時保持資本靈活性。他們正在評估增值的 5-20 MW 收購，包括潛在的密西西比州擴展，並計劃進行升級以緩解季節性高温，同時監控與 Galaxy 貸款相關的槓桿。</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 的財報電話會議在對短期價格和季節性壓力的謹慎態度與對其升級平台和比特幣產量增長的信心之間取得了平衡。對於投資者而言，故事的關鍵在於比特幣近期的恢復能否持續，從而使改善的運營和可觀的國庫轉化為更好的報告結果和更小的估值差距。</p>
</div>

LM Funding America 在虧損的情況下強調哈希收益