Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 66

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 66
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 non-recurring items which currently include (i) stock compensation expense, (ii) change
in fair value of notes payable (iii) gain on restructuring of bitcoin denominated note payable and (iv) unrealized (gain) loss on marketable
equity securities.

Adjusted EBITDA is not a financial
measure of performance under GAAP and, as a result, these measures may not be comparable to similarly titled measures of other companies.
Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements
prepared in accordance with GAAP. These non-GAAP measures are not meant to be considered in isolation and should be read only in conjunction
with the Company’s Interim Reports on Form 10-Q and its Annual Reports on Form 10-K as filed with the Securities and Exchange Commission.
Management uses adjusted EBITDA and the supplemental information provided herein as a means of understanding, managing, and evaluating
business performance and to help inform operating decision making. The Company relies primarily on its consolidated financial statements
to understand, manage, and evaluate its financial performance and use the non-GAAP financial measures only supplementally. 

36

The following is a reconciliation
of our non-GAAP adjusted EBITDA to its most directly comparable GAAP measure (i.e., net income (loss)) for the six months ended June 30: 

    Reconciliation to Adjusted EBITDA: 
    2025  
    2024 

    Net loss 
    $(11,537,000) 
    $(15,753,000)
  
    Exclude: Depreciation 
     1,586,000  
     6,539,000 
  
    Exclude: Interest expense 
     9,000  
     620,000 
  
    EBITDA 
     (9,942,000) 
     (8,594,000)
  
    Non-cash/non-recurring operating expenses: 

    Exclude: Stock-based compensation expense 
     811,000  
     348,000 
  
    Exclude: Change in fair value of notes payable 
     -  
     6,895,000 
  
    Exclude: Unrealized loss on marketable securities 
     43,000  
     272,000 
  
    Adjusted EBITDA 
    $(9,088,000) 
    $(1,079,000)

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