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LM Funding America Inc. (LMFA+8.55%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include two primary business segments: cryptocurrency mining and specialty finance. The cryptocurrency mining business involves mining Bitcoin through its subsidiary, US Digital Mining and Hosting Co, LLC. The specialty finance segment provides funding to nonprofit community associations primarily in Florida.
The company reported total revenues of approximately $11.0 million for the year ended December 31, 2024, a decrease from $13.0 million in the previous year. This decrease was attributed to lower Bitcoin mining revenues, which fell from $12.3 million in 2023 to $10.4 million in 2024.
Operating costs and expenses decreased by approximately $5.6 million to $17.5 million in 2024, primarily due to lower digital mining costs and staff costs. The company also reported a gain on the fair value of Bitcoin amounting to $7.4 million.
LM Funding America incurred a net loss of approximately $7.7 million for the year ended December 31, 2024, compared to a net loss of $18.9 million in the previous year. The net loss attributable to common shareholders was $14.1 million, which includes deemed dividends related to warrant repricing and inducement.
The company's liquidity position as of December 31, 2024, included $3.4 million in cash and cash equivalents and $14.0 million in digital assets, of which $5.0 million is pledged as collateral.
During 2024, the company acquired a 15 MW mining site in Oklahoma for approximately $7.3 million, which included a lease for real property and mining site equipment.
The company continues to face various risks, including the volatility of Bitcoin prices, regulatory changes, and competition in both its business segments. LM Funding America is also involved in ongoing litigation related to non-delivery of mining equipment.
The filing contains detailed financial statements and notes, including disclosures about the company's accounting policies, segment information, and related party transactions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LM Funding America Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.