Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 388

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 388
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 (1,218 | ) |
| Loss from discontinued operations (net of income tax of nil and $1.1 million, respectively) |     |                    |        — |   |     |      |   3,554 |     |            |   (3,554 | ) |
| Stock-based compensation expense                                                            |     |                    |    2,145 |   |     |      |   2,639 |     |            |     (494 | ) |
| Adjusted EBITDA                                                                             |     | $                  | (122,618 | ) |     | $    | 281,450 |     | $          | (404,068 | ) |

____________ (1)Non -recurringtransactions for the three months ended March 31, 2025 represent approximately $1.3 million of transaction costs related to the Contributions. Non -recurringtransactions for the three months ended March 31, 2024 represent approximately $2.5 million of restructuring costs. Revenue Revenue was $12.3million and $30.3million for the three months ended March 31, 2025 and 2024, respectively. This $18.0 million decrease was primarily driven by a decrease in Bitcoin mined (ABTC mined 135 Bitcoin during the three months ended March31, 2025 versus 592 Bitcoin mined during the three months ended March31, 2024) as a result of reduced uptime at ABTC’s Medicine Hat and Salt Creek sites in order to complete ABTC’s fleet upgrade. The decrease in revenue was also due to an increase in network difficulty and the halving event in April 2024, which caused block rewards to decrease from 6.25 Bitcoin to 3.125 Bitcoin. The decline in revenue was partially offset by an increase in the average revenue per Bitcoin mined to $91,500 from $51,302 for the three months ended March31, 2025 and 2024, respectively. Cost of revenue Cost of revenue was $11.7million and $16.8million for the three months ended March 31, 2025 and 2024, respectively. This $5.1million 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 $6.4 million and $7.1