Abits

Cash generation is highly sensitive to bitcoin price and network difficulty. The April 2024 halving reduced mining rewards and 2025 bitcoin production fell to 89.09 BTC from 100.55 BTC despite capacity additions. TTM free cash flow is negative as capex and depreciation outpaced operating cash inflow.

The business mix is concentrated in one state and two sites, with additional land in Wisconsin not yet developed. As a result, forward visibility is weak relative to subscription or transaction-toll networks.