The crypto mining firm reported its largest quarterly loss as production costs outpaced revenue growth.
American Bitcoin, led by Eric Trump, reported an $82 million net loss for Q1, its steepest quarterly decline to date. The company attributed the loss to rising operational costs despite achieving record mining production levels during the period.
The loss contrasts with the firm’s prior quarter, where it posted a modest profit, and exceeds analyst expectations. Industry-wide, mining profitability has faced pressure from lower Bitcoin prices and higher energy expenses.
Shares of the company remained under pressure in after-hours trading, reflecting investor concerns over sustained cost challenges.