Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 393

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 393
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 respectively) |     |      |        4,816 |   |     |      |       — |   |     |   |      4,816 |   |
| Stock-based compensation expense                                                                    |     |      |        9,173 |   |     |      |   9,107 |   |     |   |         66 |   |
| Adjusted EBITDA                                                                                     |     | $    |      517,608 |   |     | $    |  37,026 |   |     | $ |    480,582 |   |

____________ (1)Non -recurringtransactions for the year ended December 31, 2024 represent approximately $1.6 million of restructuring costs. Non -recurringtransactions for the year ended December 31, 2023 represent approximately $7.3 million related to a sales tax accrual. Revenue Revenue was $71.5 million and $65.0 million for the years ended December 31, 2024 and 2023, respectively. This $6.5 million increase was primarily driven by an increase in the average revenue per Bitcoin mined to $60,436 from $30,398 for the years ended December31, 2024 and 2023, respectively. This increase was partially offset by a reduction in Bitcoin mined (ABTC mined 1,184 Bitcoin during the year ended December31, 2024 versus 2,138 Bitcoin mined during the year ended December31, 2023), due to an increase in network difficulty and the halving event in April 2024 reducing block rewards from 6.25 to 3.125 Bitcoin per block. Cost of revenue Cost of revenue was $39.5 million and $43.6 million for the years ended December 31, 2024 and 2023, respectively. This $4.1 million decrease was primarily due to relocating the Bitcoin miner fleet from higher cost hosted sites to lower cost self -miningsites and the deployment of Hut 8’s proprietary energy curtailment software, Reactor. Depreciation and amortization Depreciation and amortization expense was $22.7 million and $14.4 million for the years ended December 31, 2024 and 2023, respectively. This $8.3 million increase was primarily driven by assets acquired in the Hut Business Combination, as ABTC recognized twelve months of combined company depreciation in 2024, compared to one month