# PWCM earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/PWCM) · [Earnings tab](https://www.lopjlb.com/stock/PWCM?tab=earnings)

Updated: 2026-11-14T06:14:56

Quarters analyzed: 6

## Cross-quarter narrative

Across six quarters, PWCM (formerly LM Funding) transitioned from a pure-play Bitcoin miner acquiring owned power infrastructure to a hybrid operator piloting AI/HPC while aggressively deleveraging. The company secured an 11 MW Mississippi site in Q2 2025, reaching a 26 MW owned base by Q4 2025 and adding 2.5 MW more in Q3 2026. Bitcoin production rose from 18.4 BTC (Q2 2025) to 26.1 BTC (Q1 2026) with a 36% YoY increase in Q3 2026; hash rate hit a record 790 PH. Mining margins swung from 41% to a compressed 25% (Q4 2025) before recovering to 50.7% (Q3 2026). Treasury holdings peaked at 356 BTC (Q4 2025) and stood at 334 BTC ($27.3M) in Q1 2026. A share repurchase (3.3M shares + 7.3M warrants) executed in Q3 2025. Immersion cooling launched in Q4 2025; 600 S21++ miners were paid for in cash in Q3 2026. Debt was cut 94% since June 2026 with no BTC pledged, and the Arch facility refinancing delivered in Q2 2026. An AI/HPC pivot emerged in Q2 2026 with a single-GPU pilot, colocation marketing, and modular data-center evaluation. Throughout, equity traded at a material discount to NAV. New risks include community push-back in Columbus, permitting delays for greenfield grid connections, and Oklahoma power-provider uncertainty. Liquidity management and Bitcoin price sensitivity remain persistent concerns. ASIC efficiency gains are noted as compressing future mining margins. The narrative arc shows operational scaling and financial strengthening amid a strategic diversification into AI infrastructure, with valuation discount and execution risks as overhangs. Word count: ~230. Themes, milestones, and fears are detailed below. All claims grounded in provided CallCards. No external data used. No investment language. No invented milestones. Only observed trajectories. The JSON structure follows schema. End of narrative. The next sections will be arrays. Ensure no extra commentary. Only JSON. The narrative is within 150-250 words. Good. Now theme_arcs, milestone_tracker, fear_p

## Latest CallCard · Q3

PWCM mined 36% more Bitcoin YoY in Q3 2026, achieved 50.7% mining margin, paid cash for 600 S21++ miners adding ~10% hash rate by mid-Dec, cut secured debt 94% since June with no Bitcoin pledged, added 2.5 MW contracted power in Mississippi without TVA capacity charges, and operates early-stage GPU/

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2026 Q3:** PWCM mined 36% more Bitcoin YoY in Q3 2026, achieved 50.7% mining margin, paid cash for 600 S21++ miners adding ~10% hash rate by mid-Dec, cut secured debt 94% since June with no Bitcoin pledged, added 2.5 MW contracted power in Mississippi without TVA capacity charges, and operates early-stage GPU/
- **2026 Q2:** PowerCompute highlighted its 26 MW owned power base, a single‑GPU AI pilot and ongoing debt refinancing while noting early‑stage AI/HPC revenue, liquidity focus and community‑level expansion considerations.
- **2026 Q1:** LM Funding America (PWCM) Q1 2026: mined 26.1 BTC (+19% QoQ), record 790 PH hash rate, treasury 334 BTC valued $27.3M (May 11), but market cap trades at material discount; extended Galaxy loan to June 26; evaluating 5-20 MW acquisitions in buyer's market; ASIC efficiency gains compressing, favoring 
- **2025 Q4:** LM Funding doubled BTC holdings to 356, expanded to 2 owned sites (26MW), launched immersion cooling, but equity trades at material discount to NAV; Q4 margin compressed to 25% on lower BTC price.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlights transformational progress: doubled BTC 
- **2025 Q3:** LM Funding executed Q3 with Mississippi acquisition (11MW), Bitcoin treasury ~304.5 BTC ($35M) vs ~half market cap, share repurchase (3.3M shares + 7.3M warrants), S21 immersion machines coming Dec, Oct production up 28% to 7.6 BTC, mining cost $66k/BTC.','tone':{'mgmt':0.7,'mgmt_rationale':'Prepare
- **2025 Q2:** LM Funding acquired 11MW Mississippi site for $3.9M, targets 26MW owned capacity; Q2 mined 18.4 BTC, margins improved to 41%, holds 155.5 BTC treasury; immersion expansion in Oklahoma on track.','tone': {'mgmt': 0.5, 'mgmt_rationale': 'Management emphasizes strategic acquisitions at attractive price

## Guidance path

2025 Q2:vague → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague → 2026 Q2:vague → 2026 Q3:vague

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Research context only. Not personalized investment advice.

API: `GET /bff/api/bigfive/earnings-intel/PWCM`