American Bitcoin Corp.

American Bitcoin Corp. maintains a capital structure characterized by zero debt-to-equity but severe liquidity constraints. The current ratio stands at 0.13, indicating that current liabilities significantly exceed current assets. Cash and equivalents are minimal at $0.68 million against total assets of $1.30 billion, which are heavily weighted toward digital assets and mining infrastructure. The company reported negative operating cash flow of $42.51 million in Q1 2026, funded partially by $110.50 million in proceeds from at-the-market stock offerings. The diluted share count of 1.02 billion vastly exceeds the basic share count of 74.1 million, reflecting substantial warrant and option liabilities that create significant potential dilution.

Profitability metrics are deeply negative, with a net loss of $81.79 million in Q1 2026, driven by a $117.19 million loss on digital assets. Return on equity is -22.04% and return on assets is -11.75%, reflecting the early-stage, capital-intensive nature of the business. The company trades at a price-to-book ratio of 16.02 and an EV/Revenue multiple of 46.66, valuations that are disconnected from current earnings power and rely entirely on future Bitcoin price appreciation and mining efficiency gains. There is no positive EBITDA, rendering EV/EBITDA negative at -50.90.

Revenue concentration is absolute, with all $62.12 million in Q1 2026 revenue derived from Bitcoin mining. The company has no diversified segment mix, exposing it entirely to cryptocurrency market volatility and mining difficulty adjustments. Geographic exposure is primarily in the United States and Canada, as indicated by filing data referencing US and CA jurisdictions. The lack of geographic or product diversification amplifies the impact of regulatory or market-specific shocks in any single region.

Growth trajectory is volatile and dependent on capital deployment. Revenue increased from $12.34 million in Q1 2025 to $62.12 million in Q1 2026, a five-fold increase driven by the expansion of mining hash rate following the merger with Gryphon Digital Mining. However, this growth is offset by rising operational costs and digital asset impairments. The company continues to invest heavily in mining equipment, with $61.32 million in cash used for digital asset purchases and miner deposits in Q1 2026, signaling an aggressive expansion phase despite negative cash flows.

Risk factors are elevated across all categories. Liquidity risk is high due to the 0.13 current ratio and reliance on equity financing. Dilution risk is high, with filings explicitly warning that future issuances under the 2025 Plan could cause the market price to fall. Key flags include going-concern language in filings and the material discrepancy between basic and diluted shares. The company also faces regulatory risk inherent to the cryptocurrency sector, though no specific geopolitical sanctions are cited in the immediate data.

Recent events include the completion of the merger with Gryphon Digital Mining and the subsequent issuance of Class B common stock. The company filed 8-Ks regarding material agreements and stock issuances. Filing observations note partial coverage with backfilled data for cash, investments, and shares. The company continues to utilize at-the-market offerings to fund operations, issuing 84.07 million shares in Q1 2026. No significant news events beyond routine filings and stock issuances are reported.

Revenue $62.1M; Operating income -$118.2M.

• ▍Revenue $62.1M
• ▍Operating income -$118.2M
• ▍Net margin -131.7%

Revenue $106.8M; Operating income -$123.4M.

• ▍Revenue $106.8M
• ▍Operating income -$123.4M
• ▍Net margin -87.7%

Revenue $2.9M; Operating income -$7.7M.

• ▍Revenue $2.9M
• ▍Operating income -$7.7M
• ▍Net margin -393.1%

Revenue $185.2M; Operating income -$228.0M.

• ▍Revenue $185.2M
• ▍Operating income -$228.0M
• ▍Net margin -82.7%

Revenue $20.5M; Operating income -$17.7M.

• ▍Revenue $20.5M
• ▍Operating income -$17.7M
• ▍Net margin -103.7%

Revenue $71.5M; Operating income $484.1M.

• ▍Revenue $71.5M
• ▍Operating income $484.1M
• ▍Net margin 599.6%