LM Funding America, Inc. operates as a cryptocurrency mining and specialty finance company. It operates through two segments: Specialty Finance and Mining ...
LM Funding America, Inc. (LMFA) is a publicly traded company headquartered in Tampa, Florida, that has evolved from a traditional specialty finance firm into a dual-focus enterprise encompassing both legacy financial services and digital asset operations. The company operates through two primary segments: Specialty Finance and Mining and Treasury Operations. ...LM Funding America, Inc. (LMFA) is a publicly traded company headquartered in Tampa, Florida, that has evolved from a traditional specialty finance firm into a dual-focus enterprise encompassing both legacy financial services and digital asset operations. The company operates through two primary segments: Specialty Finance and Mining and Treasury Operations.
In its legacy business, LM Funding acts as a specialty finance company that provides funding to non-profit community associations, primarily condominium and homeowner associations. This business model involves providing upfront cash to associations in exchange for the rights to collect delinquent assessments, utilizing a unique legal and financial framework to assist these entities in stabilizing their cash flows.
In recent years, the company has pivoted significantly toward the digital asset space. Its Mining and Treasury Operations segment focuses on the procurement and operation of cryptocurrency mining equipment, specifically for the production of Bitcoin. By managing a treasury of Bitcoin, the company seeks to leverage the growth potential of the cryptocurrency market as part of its core balance sheet strategy.
Financially, the company operates with a relatively lean team of 16 employees, characteristic of a highly specialized boutique firm. Its capital structure has been marked by volatility, reflected in its recent fiscal performance which includes significant capital expenditures related to the scaling of its mining infrastructure. The company’s financial health is heavily tied to both the macroeconomic environment of the residential real estate market and the highly volatile price of Bitcoin.
Key leadership is provided by Bruce M. Rodgers, who serves as Chairman, President, and CEO, guiding the company through the transition from its roots in community association financing toward its current identity as a tech-enabled Bitcoin treasury participant. The company remains focused on optimizing its mining efficiency and managing the regulatory landscape surrounding both financial services and digital assets to maximize shareholder value.
EPS estimate unavailable · Fiscal period ending 2026-06-30
D+22
5Y Trend (Revenue, Earnings, FCF)
Metric
Latest
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$8.8M
-20.1%
-10.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-26.9M
-268.0%
+43.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-146.1%
-500.9%
+66.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-206.2%
-251.0%
+9.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-306.2%
-360.4%
+36.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-16.2M
-18.4%
-13.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-184.2%
-48.1%
-27.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
67.4%
+224.3%
-97.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.08x
-96.2%
-18.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, and thank you for standing by. Welcome to the LM Funding America's First Quarter 2026 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Cody Fletcher, Investor Relations. Please go ahead, sir.
Cody Fletcher: Thank you, operator, and thank you all for joining LM Funding America's First Quarter 2026 Earnings Conference Call. Joining us today are Chairman and Chief Executive Officer, Bruce Rodgers; Chief Financial Officer, Richard Russell; and President of U.S. Digital Mining, Ryan Duran. An accompanying supplemental investor presentation has been posted under the Events section of our Investor Relations website. Before we begin, please note that today's remarks may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. We will also reference certain non-GAAP financial measures. Please refer to our Form 10-Q for a full reconciliation of these measures to the most comparable GAAP measures and to our SEC filings in the Investors section of our website at lmfunding.com/investors for a more comprehensive discussion of these and other risks. I will now turn the call over to our Chairman and CEO, Bruce Rodgers. Bruce?
Bruce Rodgers: Thank you, Cody, and good morning, everyone. The first quarter of 2026 saw us continue to grow and improve our operations in a softer Bitcoin environment. Since completing our site integrations in 2025, our focus has shifted to running our vertically integrated platform at scale. We mined 26.1 Bitcoin during the quarter, an increase from 22 Bitcoin in the fourth quarter of 2025. We did this with higher energized hash rate and continued improvements in fleet efficiency. In March, energized hash rate reached approximately 790 petahash, the highest level in the company's history. And the month delivered 9.6 Bitcoin of production, our strongest of the quarter. On March 31, 2026, our 338.2 Bitcoin treasury was valued at approximately $23.1 million. With the recovery in Bitcoin price since quarter end, our 334 Bitcoin treasury on April 30 was valued at approximately $25.3 million and approximately $27.3 million as of earlier this week. Despite this trend, our market capitalization continues to trade at a material discount to the value of our Bitcoin holdings alone. While Bitcoin price weakness is driving the reported financial results, the underlying operating profile improved across every relevant measure, Bitcoin produced, energized hash rate, fleet efficiency and uptime. The first quarter of 2026 represents the first full period in which the platform we assembled in 2025 has operated at scale, and we are very happy with the numbers being produced. I'll now turn the call over to the President of U.S. Digital Mining, Ryan Duran. Ryan?
Ryan Duran: Thank you, Bruce. The first quarter of 2026 was the first …
