LM Funding America Inc (LMFA) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the LM Funding America, Inc. second quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 LM Funding America, Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Cody Fletcher, Director of Orange Group Advisor. Please go ahead.

現在，我想將會議交給今天的第一位發言者，Orange Group Advisor 總監 Cody Fletcher。請繼續。

Thank you, operator, and thank you all for joining LM Funding America's second quarter 2025 earnings conference call. Joining us today are Chairman and CEO, Bruce Rodgers; President of US Digital Mining, Ryan Duran; and CFO, Richard Russell.

謝謝接線生，也謝謝大家參加 LM Funding America 2025 年第二季財報電話會議。今天與我們一起出席的有董事長兼首席執行官布魯斯·羅傑斯 (Bruce Rodgers)、美國數位礦業公司總裁瑞安·杜蘭 (Ryan Duran) 和首席財務官理查德·拉塞爾 (Richard Russell)。

For today's call, we have uploaded an accompanying supplemental investor presentation, which can be found under the Events section of LM Funding's Investor Relations website. Before we get started, please note that our remarks today may include forward-looking statements.

對於今天的電話會議，我們上傳了一份補充投資者演示文稿，可以在 LM Funding 投資者關係網站的「活動」部分找到。在我們開始之前，請注意我們今天的評論可能包含前瞻性陳述。

These statements are subject to risks and uncertainties, and actual results may differ materially. We will also reference certain non-GAAP financial measures today. Please refer to our 10-Q filing and our website for a full reconciliation of these non-GAAP performance measures to the most comparable GAAP measures. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on sec.gov and in the Investors section of our website at www.lmfunding.com/investors.

這些聲明受風險和不確定性的影響，實際結果可能有重大差異。今天我們也將參考某些非公認會計準則財務指標。請參閱我們的 10-Q 文件和我們的網站，以了解這些非 GAAP 績效指標與最具可比性的 GAAP 指標的完整對帳。如需更全面地討論這些風險和其他風險，請參閱我們向美國證券交易委員會提交的文件，該文件可在 sec.gov 和我們網站的投資者部分（www.lmfunding.com/investors）查閱。

I'll now turn the call over to our CEO, Bruce Rodgers. Bruce?

現在我將把電話轉給我們的執行長布魯斯·羅傑斯。布魯斯？

Thanks, Cody. Good morning, and thank you for joining us today. On August 1, we signed a definitive purchase agreement to acquire an 11-megawatt Bitcoin mining site in Columbus, Mississippi, from Greenidge Generation for $3.9 million or approximately $355,000 per megawatt.

謝謝，科迪。早安，感謝您今天加入我們。8 月 1 日，我們簽署了一份最終購買協議，以 390 萬美元（約每兆瓦 355,000 美元）的價格從 Greenidge Generation 收購位於密西西比州哥倫布的一個 11 兆瓦的比特幣挖礦場。

The 6.4-acre property comes with low power costs and roughly 7.5 megawatts of mining capacity, along with an additional 3,000 KVA transformer. The acquisition is fully funded from our balance sheet with closing expected on or before September 16, 2025.

這片佔地 6.4 英畝的土地電力成本低，採礦能力約為 7.5 兆瓦，並配有額外的 3,000 KVA 變壓器。此次收購的資金全部來自我們的資產負債表，預計將於 2025 年 9 月 16 日或之前完成。

This acquisition meets our M&A criteria and is precisely the type of attractively priced asset we are targeting. Once closed, this site will increase our wholly owned US power and Bitcoin mining capacity to 26 megawatts, equivalent to approximately 1.7 exahash capacity, assuming latest generation Bitcoin miners at 15 joules per terahash.

此次收購符合我們的併購標準，正是我們所瞄準的價格誘人的資產類型。一旦關閉，該網站將把我們全資擁有的美國電力和比特幣挖礦能力提高到 26 兆瓦，相當於約 1.7 exahash 容量，假設最新一代比特幣礦工的功率為每太拉赫 15 焦耳。

It will also accelerate our expansion time line compared to greenfield builds, maximizing ROI for our shareholders. We also made progress towards our 2-megawatt immersion-based expansion in Oklahoma, which we expect to be completed by the end of the year.

與綠地建設相比，它還將加快我們的擴張時間表，最大限度地提高股東的投資回報率。我們在俄克拉荷馬州的 2 兆瓦浸入式擴建計畫也取得了進展，預計今年底完成。

In our view, immersion cooling delivers superior ROI in climates like Oklahoma by mitigating many of the performance and maintenance challenges faced by traditional air cooled systems. With these strategic expansions firmly underway, we strengthened our operational foundation and positioned LM Funding with a strong growth runway.

我們認為，浸入式冷卻透過緩解傳統風冷系統面臨的許多性能和維護挑戰，在俄克拉荷馬州等氣候條件下實現了卓越的投資回報。隨著這些策略擴張的穩定進行，我們加強了營運基礎，並為 LM Funding 奠定了強勁的成長基礎。

In terms of our financial results for the quarter, we mined 18.4 Bitcoin, down slightly from Q1 due to curtailments for hot summer months and the relocation of approximately 800 miners from our third-party hosting site in Kentucky to our wholly owned site in Oklahoma. These S21 and XP next-generation miners replaced our S19j Pro miners and increased our overall fleet efficiency. These miners are also now running on approximately 40% cheaper power, thereby increasing our profitability and mining margins.

就本季度的財務業績而言，我們開採了 18.4 比特幣，較第一季略有下降，原因是炎熱夏季的減產以及大約 800 名礦工從肯塔基州的第三方託管站點遷移到我們在俄克拉荷馬州的全資站點。這些 S21 和 XP 新一代礦機取代了我們的 S19j Pro 礦機，提高了我們的整體礦機效率。這些礦工現在使用的電力也便宜了約 40%，提高了我們的獲利能力和採礦利潤率。

In addition, thanks to our strategic transition to a fully integrated model, curtailment and energy sales generated approximately $223,000 in Q2, which helped offset some of the lower Bitcoin production and drove higher mining margins compared to Q1.

此外，由於我們向完全整合模式的策略轉型，限產和能源銷售在第二季度產生了約 223,000 美元的收入，這有助於抵消部分比特幣產量下降的影響，並推動採礦利潤率高於第一季。

We ended the second quarter with 155.5 Bitcoin valued at $16.7 million, about 3.25 Bitcoin per share based on June 30 prices and ended July with 150.4 Bitcoin valued at $17.8 million or 3.46 of Bitcoin per share. I'll now hand it over to Ryan Duran, President of our US Digital Mining subsidiary, to discuss our operations in more detail. Ryan?

我們在第二季末持有 155.5 比特幣，價值 1,670 萬美元，根據 6 月 30 日的價格計算，每股約 3.25 比特幣；7 月底，我們持有 150.4 比特幣，價值 1,780 萬美元，或每股 3.46 比特幣。現在，我將把時間交給我們美國數位採礦子公司總裁 Ryan Duran，以更詳細地討論我們的營運。瑞安？

Thank you, Bruce. Our vertical integration strategy has given us significantly greater control of our operations. We've reduced power costs, eliminated hosting fees, optimized our fleet efficiency with software upgrades and unlocked high-margin power sales back to the grid.

謝謝你，布魯斯。我們的垂直整​​合策略使我們對營運有了更大的控制權。我們降低了電力成本，取消了託管費，透過軟體升級優化了機組效率，並將高利潤的電力銷售回饋給電網。

A key milestone late in Q2 was the successful relocation of our remaining machines from a hosted facility to our wholly owned Oklahoma site, completing the final step of our third-party hosting exit initiative. Our 2-megawatt Oklahoma expansion is progressing on schedule.

第二季末的關鍵里程碑是成功將我們剩餘的機器從託管設施遷移到我們全資擁有的俄克拉荷馬州站點，完成了我們第三方託管退出計劃的最後一步。我們的 2 兆瓦俄克拉荷馬州擴建項目正在按計劃進行。

The two 1-megawatt immersion containers ordered in April are expected to arrive in the third quarter, and we expect energization later this year. We believe immersion cooling provides improved margins through higher efficiency, longer equipment life in harsh environments and the ability to access new markets that are not suitable for air cooling.

4 月訂購的兩個 1 兆瓦浸沒式容器預計將於第三季到貨，我們預計今年稍後將通電。我們相信，浸入式冷卻可以透過更高的效率、在惡劣環境下更長的設備壽命以及進入不適合空氣冷卻的新市場的能力來提高利潤率。

Looking ahead to the Mississippi acquisition, the facility, currently operating around 7.5 megawatts, provides an excellent platform to deploy miners we have in storage and apply the firmware optimizations that are already boosting margins at our Oklahoma site.

展望密西西比州的收購，該設施目前運行功率約為 7.5 兆瓦，為我們部署儲存的礦機和應用韌體優化提供了一個絕佳的平台，這些優化已經提高了我們俄克拉荷馬州工廠的利潤率。

We see a clear path to reach the full 11 megawatts capacity in the coming months, and we look forward to updating you on this progress. With that, I'll now turn the call over to our CFO, Richard Russell, to review the financial highlights for the second quarter of 2025. Rick?

我們看到未來幾個月內達到 11 兆瓦全部容量的明確途徑，我們期待向您通報這項進展。現在，我將把電話轉給我們的財務長理查德·拉塞爾 (Richard Russell)，以回顧 2025 年第二季的財務亮點。瑞克？

Thank you, Ryan. For Q2, total revenue was $1.9 million compared with $2.4 million in Q1 2025. The sequential decline was driven by lower Bitcoin production as a result of curtailment during peak summer months and the relocation of third-party host miners to Oklahoma, as Bruce mentioned earlier, partially offset by higher Bitcoin prices.

謝謝你，瑞安。第二季總營收為 190 萬美元，而 2025 年第一季總營收為 240 萬美元。正如布魯斯之前提到的，比特幣產量連續下降是由於夏季高峰期減產以及第三方主機礦工遷至俄克拉荷馬州導致的，但比特幣價格上漲部分抵消了這一下降。

The Q2 2025 average Bitcoin price was approximately $98,100 as compared to Q1 2025 price of approximately $93,600. Curtailment and energy sales increased 49% to approximately $223,000 from $150,000 in Q1 2025.

2025 年第二季比特幣平均價格約為 98,100 美元，而 2025 年第一季比特幣平均價格約為 93,600 美元。限電和能源銷售額從 2025 年第一季的 15 萬美元增長 49% 至約 223,000 美元。

In June 2025 alone, we generated $55,000 in energy sales and in July, this increased to $66,000. This demonstrates the value of our energy sales program as both calf offset and hedge against energy at Bitcoin price volatility.

光是 2025 年 6 月，我們的能源銷售額就達到 55,000 美元，而到了 7 月，這一數字則增至 66,000 美元。這證明了我們的能源銷售計畫的價值，既可以抵銷比特幣價格波動帶來的損失，又可以對沖能源價格波動。

We expect curtailments and energy sales to decrease over the remainder of the year as we enter the cooler temperature months and begin immersion mining. Mining margins for Q2 improved to 41% as compared to 38.5% sequentially, supported by our transition to our lower-cost Oklahoma facility.

隨著氣溫進入較低溫度月份並開始浸沒式採礦，我們預計今年剩餘時間內的限電和能源銷售將會減少。由於我們向成本較低的俄克拉荷馬州工廠轉型，第二季的採礦利潤率從上一季的 38.5% 提高到 41%。

The quarter ended June 30, 2025, we reported net income of approximately $60,000 compared to a net loss of $5.4 million in Q1 2025 and a $6.2 million loss in Q2 2024. Core EBITDA for Q2 was $2.6 million versus a negative $2.8 million in Q1 2025, and negative $2.3 million in Q2 2024.

截至 2025 年 6 月 30 日的季度，我們報告的淨收入約為 60,000 美元，而 2025 年第一季的淨虧損為 540 萬美元，2024 年第二季度的淨虧損為 620 萬美元。第二季核心 EBITDA 為 260 萬美元，而 2025 年第一季為負 280 萬美元，2024 年第二季為負 230 萬美元。

As a reminder, our core EBITDA is impacted by the fair market value gain or loss from our treasury depending on Bitcoin price at the respective quarter end. We finished the quarter with $400,000 in cash and our Bitcoin holdings increased to 155.5 Bitcoins valued at $16.7 million as of June 30, 2025, with an average Bitcoin price of approximately $107,000.

提醒一下，我們的核心 EBITDA 受到我們財務的公平市場價值收益或損失的影響，具體取決於相應季度末的比特幣價格。本季結束時，我們擁有 40 萬美元現金，截至 2025 年 6 月 30 日，我們的比特幣持有量增加到 155.5 比特幣，價值 1,670 萬美元，比特幣平均價格約為 107,000 美元。

During the quarter, we strategically sold a portion of our Bitcoin holding to support ongoing operations and fund expansion projects, while staying firmly committed to our long-term accumulation strategy. Given our disciplined cost management and target growth initiatives, we are confident in our ability to steadily grow our Bitcoin treasury over time, creating long-term value for our shareholders.

在本季度，我們策略性地出售了部分比特幣持有量，以支持正在進行的營運和資助擴張項目，同時堅定地致力於我們的長期累積策略。鑑於我們嚴格的成本管理和目標成長計劃，我們有信心隨著時間的推移穩步增加我們的比特幣資金，為我們的股東創造長期價值。

Bruce will now provide some thoughts on our outlook and strategy for the remainder of 2025.

布魯斯現在將就我們對 2025 年剩餘時間的展望和策略提出一些想法。

Thanks, Rick. Our acquisition in Columbus, Mississippi, for $3.9 million, fully funded by our balance sheet, represents exceptional value at approximately $355,000 per megawatt. Combined with our Oklahoma expansion, we will have up to 26 megawatts of owned capacity, positioning us for accelerated growth while maintaining our disciplined approach to capital allocation.

謝謝，里克。我們在密西西比州哥倫布市的收購以 390 萬美元的價格完成，全部由我們的資產負債表提供資金，代表每兆瓦約 355,000 美元的非凡價值。加上我們在俄克拉荷馬州的擴張，我們將擁有高達 26 兆瓦的自有容量，這使我們能夠加速成長，同時保持嚴謹的資本配置方式。

Our immersion mining deployment in Oklahoma is on track for energization later this year, and we continue to search for accretive M&A opportunities in the 5- to 20-megawatt range, our comfort zone for value creation. We took full advantage of our curtailment in energy sales in the quarter, showcasing the benefits of our power contracts.

我們在俄克拉荷馬州的浸入式採礦部署預計將在今年稍後投入使用，我們將繼續在 5 至 20 兆瓦範圍內尋找增值的併購機會，這是我們創造價值的舒適區。我們充分利用了本季能源銷售的削減，展示了電力合約的優勢。

As seasonal temperatures moderate and we begin to energize our immersion systems, we expect curtailment revenue to trend lower, while Bitcoin production and fleet efficiency increasing, thereby improving our cost per Bitcoin and delivering more consistent uptime.

隨著季節性氣溫的緩和以及我們開始為浸入式系統供電，我們預計削減收入將呈下降趨勢，而比特幣產量和車隊效率將提高，從而改善每比特幣的成本並提供更穩定的正常運行時間。

Above all, we remain committed to our Bitcoin treasury strategy. We were early adopters, adding Bitcoin to our balance sheet in 2021 and have maintained our huddle approach ever since. Going into April '24 halving, we were among the smallest micro cap miners, yet we continued to operate and grow while many larger peers have been forced to exit, highlighting the resilience of our model and our operational discipline.

最重要的是，我們仍然致力於我們的比特幣財務策略。我們是早期採用者，於 2021 年將比特幣添加到我們的資產負債表中，並從此一直保持我們的集體討論方式。進入 2024 年 4 月減半時，我們是規模最小的微型礦商之一，但我們仍在繼續運營和發展，而許多較大的同行則被迫退出，這凸顯了我們的模式和運營紀律的彈性。

Lastly, I'd like to draw attention to the fundamental disconnect between our balance sheet and our market value. Our net book value as of June 30, was $31.9 million, our Bitcoin treasury as of June 30, was valued at $16.7 million and $18 million at Monday's Bitcoin prices.

最後，我想提請大家注意我們的資產負債表和市場價值之間的根本脫節。截至 6 月 30 日，我們的淨帳面價值為 3,190 萬美元，截至 6 月 30 日，我們的比特幣庫存價值為 1,670 萬美元，按週一比特幣價格計算，價值為 1,800 萬美元。

Our fully diluted market cap was $14.7 million as of June 30, and $11.8 million as of last Monday's close. We remain committed in our conviction that Bitcoin is the world's premier reserve asset, and we continue to explore strategic opportunities to expand our treasury through innovative financing structures, building upon the playbook we were early to adopt.

截至 6 月 30 日，我們的完全攤薄市值為 1,470 萬美元，截至上週一收盤，我們的完全攤薄市值為 1,180 萬美元。我們始終堅信比特幣是世界首屈一指的儲備資產，並且我們將繼續探索策略機遇，透過創新融資結構擴大我們的資金，以我們早期採用的策略為基礎。

Thank you for your time this morning and your continued support.

感謝您今天早上抽出的時間以及您一直以來的支持。

(Operator Instructions)

（操作員指示）

Kevin Dede, H.C. Wainwright.

凱文·德德、H.C. 溫賴特。

This is Michael Donovan on the line for Kevin. Congrats on the Mississippi purchase. I just want to see after, say, Ryan discussed deploying the machines you have in storage, first for the 7.5 megawatts in operation. How many megawatts would still be free after deploying these machines? My back-of-the-envelope math puts like 1,200 units, a little bit over 4.3 megawatts.

我是麥可·多諾萬，接聽凱文的電話。恭喜您購買密西西比州。我只是想看看，比如說，Ryan 討論了部署你們儲存的機器之後，首先是運行中的 7.5 兆瓦的機器。部署這些機器後還有多少兆瓦是免費的？我粗略計算了一下，大約有 1,200 個單位，略高於 4.3 兆瓦。

Is that accurate? I appreciate that.

這樣準確嗎？我很感激。

So the top number is 26 megawatts of capacity, and then you backfill in using the numbers, Ryan rolled off, so 11.5 in Oklahoma when that's finished, and then we'll have 7 in Mississippi once we own it, and then we are expanding that. Yes, so I think to your question, any miners right now that are in storage in Oklahoma will be fully used, absent anything else in Oklahoma and Mississippi.

因此，最高的數字是 26 兆瓦的容量，然後你用 Ryan 列出的數字來填充，所以當俄克拉荷馬州完工後，我們將有 11.5 兆瓦的容量，然後一旦我們擁有它，我們將在密西西比州擁有 7 兆瓦的容量，然後我們正在擴大它。是的，所以我認為對於你的問題，目前在俄克拉荷馬州存儲的任何礦機都將被充分利用，除非俄克拉荷馬州和密西西比州有其他礦機。

Okay. So I appreciate that. How should we think about new miner purchases? What do you have planned for there? First deploy everything or are you looking at purchasing any more miners at the time?

好的。我很感激。我們該如何考慮購買新礦機？你在那裡有什麼計劃？首先部署一切還是您正在考慮購買更多礦工？

So the Mississippi transaction isn't complete as to miners. So we're not certain there yet. But yes, we'll have additional miners we've got to acquire to fill out all this capacity.

因此，對於礦工來說，密西西比州的交易尚未完成。所以我們還不確定。但是的，我們需要招募更多的礦工來填補所有這些產能。

I'm showing no further questions at this time. I'll now return it turn it back to Bruce Rodgers for closing remarks.

我目前沒有其他問題。現在我將把它交還給布魯斯·羅傑斯，請他作最後發言。

Tom, do you have more questions for me? Thank you for joining us this morning, and we look forward to speaking to you at the end of this next quarter.

湯姆，你還有其他問題想問我嗎？感謝您今天上午加入我們，我們期待在下個季度末與您交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。