Persistent negative free cash flow, totaling -$42.5M in 2026Q1, highlights a chronic inability to convert operational output into cash, further exacerbated by $26.6M in quarterly depreciation and amortization.
| Cash from Operations | -118.9M | -79.61M | -54.03M | 3.01M | -10.9M | -8.17M | -8.71M | -9.05M | -609.02K |
| Operating CF Margin % | - | -42.99% | -75.53% | 4.63% | -16.59% | -46.34% | -55.63% | -82.86% | - |
| Operating CF Growth % | -1963.74% | -47.33% | -1894.52% | 127.62% | -33.46% | 6.18% | 3.79% | -1385.76% | - |
| Net Income | -143.03M | -153.17M | 428.94M | -28.6M | -46.28M | -31.08M | -33.91M | -12.31M | -29.96K |
| Depreciation & Amortization | 69M | 58.24M | 22.74M | 14.96M | 4.42M | 5.17M | 4.01M | 0 | 0 |
| Stock-Based Compensation | 296K | 2.15M | 9.17M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -25.24M | 0 | 58.84M | 0 | 0 | -2.27M | 0 | 0 | -1.62K |
| Other Non-Cash Items | -47.15M | -15.88M | -585.27M | -3.12M | 33.6M | 18.57M | 23.43M | 4.23M | -951.94K |
| Working Capital Changes | 27.22M | 29.06M | 11.54M | 19.77M | -2.65M | 1.44M | -2.23M | -972.1K | 374.5K |
| Change in Receivables | 2.26M | -2.2M | 0 | -456K | 197.65K | 849.78K | 1.01M | -1.67M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -24M | -22.23M | 13.97M | 1.97M | -324.17K | 1.61M | -2.5M | 767.13K | 0 |
| Cash from Investing | -458.24M | -398.26M | -66.59M | -2.25M | -3.97M | -10.49M | -7.14M | 18.84M | -57.5M |
| Capital Expenditures | 558K | 0 | -35.68M | -1.89M | -4.38M | -5.47M | -1.86M | 0 | 0 |
| CapEx % of Revenue | 0.27% | - | 49.87% | 2.91% | 6.66% | 31.01% | 11.88% | 0% | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - |
| Investments | 0 | 573.76M | 949.5M | 3.43M | 0 | 226.1K | 233.66K | 0 | 58.45M |
| Other Investing | -60.54M | 0 | 0 | -360K | 0 | 0 | 0 | 18.84M | 0 |
| Cash from Financing | 587.61M | 481.69M | 120.62M | -109K | 8.64M | 14.74M | 9.53M | 10M | 58.09M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 438.6M | 443.03M | 5.76M | 0 | 5.78M | 1.83M | 11.03M | 10M | 58.22M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -5.25M | 0 | 0 | 0 | 0 |
| Other Financing | 149.36M | 38.66M | 126.33M | 10.67M | -9.93K | -520.39K | 0 | 0 | -130K |
| Net Change in Cash | 8.47M | 3.82M | -923K | -6.95M | -5.21M | -5.25M | -4.03M | 22.36M | -20.73K |
| Free Cash Flow | -118.34M | -79.61M | -89.71M | 1.12M | -10.93M | -8.21M | -8.72M | -9.05M | -609.02K |
| FCF Margin % | -57.44% | -42.99% | -125.41% | 1.72% | -16.64% | -46.56% | -55.71% | -82.86% | - |
| FCF Growth % | -27.93% | 11.26% | -8131.51% | 110.22% | -33.21% | 5.86% | 3.65% | -1385.76% | - |
| FCF per Share | -0.12 | -0.09 | -0.10 | 0.00 | -0.01 | -0.01 | -0.01 | -2994.24 | -167.08 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.52x | -0.13x | 0.08x | 0.10x | 0.26x | 0.26x | 0.74x | 20.33x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Dilution Risk
As reported in recent financial filings, ABTC exhibits a chronic inability to convert net income into operating cash flow, evidenced by a 2026Q1 OCF/NI ratio of 0.52, which suggests that non-cash charges and accounting adjustments are significantly masking the underlying cash burn of the mining operations.
The consistent failure to generate positive operating cash flow despite revenue growth indicates that the company's core business model is currently cash-consumptive rather than self-sustaining. Investors should monitor whether this divergence is a temporary byproduct of infrastructure integration or a structural feature of the company's high-cost mining fleet.
Based on the provided quarterly data, ABTC's free cash flow remains deeply negative, with a 2026Q1 FCF of -$42.5M, highlighting a trajectory that appears increasingly unsustainable without external capital injections to offset the persistent gap between operational outflows and the company's stated growth objectives in the mining sector.
The lack of positive free cash flow suggests that the company is effectively subsidizing its operations through equity or debt rather than internal generation. This trend warrants further investigation into how long the current cash position can support the business before management is forced to pursue dilutive financing.
According to the cash flow statements, ABTC has experienced significant swings in working capital, including a $36.5M inflow in 2025Q3 followed by a $12.6M outflow in 2025Q4, which suggests that the company's cash management is highly sensitive to the timing of mining rewards and operational payables.
These fluctuations imply that the company lacks a stable cash conversion cycle, likely due to the inherent volatility of Bitcoin mining rewards and the timing of infrastructure-related payments. Analysts should interpret these shifts as a sign of operational instability rather than a deliberate strategy to optimize liquidity.
Data from recent financial statements indicates that ABTC's cash flow statement is heavily impacted by significant depreciation and amortization charges, which totaled $26.6M in 2026Q1, effectively obscuring the true economic cost of maintaining an aging or inefficient mining fleet in a competitive, high-difficulty environment.
The reliance on non-cash adjustments to reconcile net income suggests that the company's reported profitability is disconnected from the actual capital required to keep the fleet operational. This may indicate that the company is under-investing in hardware refreshes, which could lead to a future cliff in production efficiency.
Quick answers to the most common questions about buying ABTC stock.
American Bitcoin Corp (ABTC) generated $-79.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
American Bitcoin Corp (ABTC) reported negative free cash flow of $79.6M in 2025, indicating capital requirements exceeded cash from operations.
American Bitcoin Corp (ABTC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.