American Bitcoin Q2 net loss widens on price decline

OverviewBitcoin mining platform's Q2 revenue rose 8% sequentially to $67 mlnCompany posted Q2 net loss of $57 mln, wider than prior quarterBitcoin holdings grew 14% to over 8,000, with record 932 Bitcoin mined in Q2OutlookCompany did not provide specific financial guidance for the current quarter or full yearResult DriversRECORD BITCOIN PRODUCTION - Co mined 932 Bitcoin in Q2, its highest quarterly output, helping grow holdings by 14%CAPACITY EXPANSION - Completed energization of over 11,000 next-generation miners, increasing operational fleet and efficiencyBITCOIN PRICE DECLINE - Revenue per Bitcoin mined fell 5% as Bitcoin price dropped ~12% qtr-over-qtr, though gross margin held near 50%Company press release:Key DetailsMetricBeat/MissActualConsensus EstimateQ2 RevenueMiss$67.02 mln$70.65 mln (2 Analysts)Q2 Net LossMiss$57.15 mln$550,000 (2 Analysts)Q2 Adjusted EBITDAMiss-$45.03 mln$27 mln (1 Analyst)Q2 Income From OperationsMiss-$74.08 mln-$150,000 (2 Analysts)Analyst CoverageThe current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"Wall Street's median 12-month price target for American Bitcoin Corp is $37.50, about 579.3% above its July 31 closing price of $5.52Reuters Recommended ReadsJuly 31 - Coinbase shares take hit on quarterly loss, analysts back diversification strategyJuly 31 - Tether bought 14 t of gold for USDT reserves in second quarterJuly 31 - Top US data center-serving utility Dominion tops profit estimatesFor questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .