American Bitcoin (ABTC), a publicly traded mining firm, reported a net loss of nearly $82 million for Q1 2026 despite mining a record 817 BTC. The company emphasized it did not sell any Bitcoin, instead increasing its strategic reserve to over 7,300 BTC. Mining revenue fell to $62.1 million due to a lower average Bitcoin price, though the firm reduced its cost to mine by 23% to $36,200 per coin.
American Bitcoin reported a significant net loss of nearly $82 million for the first quarter of 2026. This result came even as the company mined a record 817 Bitcoin during the period.
The firm also purchased an additional 803 BTC, taking its strategic reserve to 7,021 BTC by March 31. According to data, its holdings later grew to about 7,300 BTC after a further purchase of 300 units.
Mining revenue declined to $62.1 million from $78.3 million the prior quarter. This was attributed to a lower average Bitcoin price of $76,000 mined, down from about $100,000.
The company reduced its cost to mine by 23% to $36,200 per Bitcoin. It maintained a gross margin above 50% for the quarter.
CEO Mike Ho stated in the earnings release, “Strip out the non-cash mark-to-market adjustment on our Bitcoin required by FASB, and the underlying business was profitable, and we did not sell a single coin.” President Matthew Prusak highlighted the operational cost improvements.
Prusak said, “We produced Bitcoin at 52% gross margin despite a 22% decline in Bitcoin price, reflecting meaningful cost improvements that partially offset the price headwind.” The firm’s “satoshis per share” metric rose by about 20%.
Production gains were partly due to a hardware acquisition completed in early March 2026. The company took delivery of 11,298 next-generation miners from Bitmain, adding about 3.05 EH/s of capacity.
ABTC shares fell 8.4% to around $1.15 following the earnings release. The stock remains far below its 52-week high of $14.65.
The company is not alone in reporting large headline losses driven by Bitcoin’s price decline. Strategy, the largest corporate Bitcoin owner, earlier reported a Q1 2026 net loss of $12.54 billion.
