Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 395

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 395
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 |      |        — |   |     |   |    (23,683 | ) |
| Stock-based compensation expense |     |      |        9,107 |   |     |      |    4,933 |   |     |   |      4,174 |   |
| Adjusted EBITDA                  |     | $    |       37,026 |   |     | $    |  (12,984 | ) |     | $ |     50,010 |   |

____________ (1)Non -recurringtransactions for the year ended December 31, 2023 represent approximately $7.3 million related to a sales tax accrual. Revenue Revenue was $65.0 million and $65.7 million for the years ended December 31, 2023 and 2022, respectively. This $0.7 million decrease was primarily driven by a reduction in Bitcoin mined of 236 Bitcoin (ABTC mined 2,138 Bitcoin during the year ended December 31, 2023 versus 2,374 Bitcoin mined during the year ended December 31, 2022), primarily due to an increase in network difficulty. The decrease in Bitcoin mined was partially offset by an increase in the average revenue per Bitcoin mined to $30,398 in December31, 2023 from $27,679 in December31, 2022. Cost of revenue Cost of revenue was $43.6 million and $42.4 million for the years ended December 31, 2023 and 2022, respectively. This $1.2 million increase was primarily driven by an increase in power consumption due to having more Bitcoin miners online for the month of December 2023 as a result of the Hut Business Combination. Depreciation and amortization Depreciation and amortization expense was $14.4 million and $16.8 million for the years ended December 31, 2023 and 2022, respectively. This $2.4 million decrease was primarily driven by the lower net book value of Bitcoin miners after the recognition of a non -cashimpairment charge during the year ended December 31, 2022 as part of annual impairment testing and also due to the miners returned to NYDIG as a result of a debt settlement in February 2023. These decreases were partially offset by increased depreciation from the Bitcoin miners acquired as part of the Hut Business Combination. General and administrative expenses G&A expenses were $34.2 million and $