The Trump brothers’ bitcoin mining venture missed analyst expectations in its latest quarterly earnings report.
American Bitcoin (ABTC) posted an $81.8 million net loss for the quarter on revenue of $62.12 million in a Wednesday filing, missing analyst estimates by 17%.
Earnings-per-share (EPS) for the quarter was a loss of $0.08, compared to consensus estimates of a $0.01 gain.
Much of American Bitcoin’s losses were driven by mark-to-market accounting on its bitcoin holdings as the price dropped roughly 22% over the period. The 21% drop in revenue reflected a lower average revenue per coin mined of $76,000 versus $100,000.
That puts it materially below the publicly listed miner average of around $80,000 per bitcoin in late 2025, as CoinDesk reported, and inside the band where mining at current bitcoin prices remains genuinely profitable rather than a managed loss.
American Bitcoin also said its cost to mine one bitcoin fell to roughly $36,200 in the first quarter, a 23% drop from $46,900 in Q4 2025.
The improvement came from spreading higher production volume across a stable fixed-cost base, plus what management called “continued energy pricing discipline.”
The Drumheller site in Alberta, which was switched on and began running miners in late March, added roughly 3.05 exahash of computing power, a measure of how many guesses per second the mining hardware can make to find new bitcoin. Total fleet capacity hit 28.1 exahash by quarter-end, with around 89,000 mining machines running.
The company added 1,620 bitcoin to its strategic reserve in the quarter, taking its holdings to roughly 7,021 BTC, a 30% increase in three months.
Of that, 817 came from mining and 803 from open-market treasury purchases. American Bitcoin is now the 16th largest publicly traded bitcoin holder globally.
What makes the quarter notable structurally is the contrast with the rest of the cohort. Public miners have collectively pivoted toward AI and high-performance computing, signing more than $70 billion in cumulative contracts and reducing their bitcoin treasuries by over 15,000 BTC since late 2024 to fund the transition.
ABTC shares were over 2.3% lower at $1.22 in pre-market trading on Thursday.
UPDATE (May 7, 12:00 UTC): Adds revenue and EPS detail and reformats rest of the story.