Good day, and thank you for standing by. Welcome to the LM Funding America Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Cody Fletcher with Investor Relations. Please go ahead.

Thank you, operator, and thank you all for joining LM Funding America's Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining us today are Chairman and CEO, Bruce Rodgers; CFO, Richard Russell; and President of U.S. Digital Mining, Ryan Duran. For today's call, we have uploaded an accompanying supplemental investor presentation, which can be found under the Events section of our Investor Relations website. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. We will also reference certain non-GAAP financial measures today. Please refer to our 10-K filing for a full reconciliation of these non-GAAP performance measures to the most comparable GAAP measures. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC and at the Investors section of our website at lmfunding.com/investors. And with that, I'll now turn the call over to our CEO, Bruce Rodgers. Bruce?

Thanks, Cody. Good morning, everyone, and thank you for joining us. 2025 was a transformational year for LM Funding. We entered the year as an early-stage vertically integrated miner with a single-owned site and a modest Bitcoin treasury. We exited as a multisite vertically integrated platform with a significantly larger treasury and a simplified capital structure and the operational foundation to support the next phase of our growth. Let me walk you through what we accomplished across the year before turning to the specifics of Q4. On the infrastructure side, we started the year completing the ramp-up of our Oklahoma site, our first wholly-owned facility. Over the course of 2025, we completed the acquisition of our 11-megawatt site in Columbus, Mississippi, bringing our total owned capacity to 26 megawatts across 2 facilities. On the treasury side, we grew our Bitcoin holdings from approximately 150 Bitcoin at the end of last year to just over 356 Bitcoin at December 31, more than doubling our holdings. That growth came through a combination of mining production and disciplined strategic accumulation. Turning to Q4 specifically. The quarter was about building momentum heading into 2026. We mined 22 Bitcoin during the quarter, up from 17.6 in Q3 as our Mississippi facility continued to ramp up, and our Oklahoma site benefited from cooler operating conditions and improved uptime in the fall months. At December 31, our Bitcoin holdings were valued at approximately $31.2 million based on year-end Bitcoin prices, including the Bitcoin held by Galaxy compared to a market capitalization well below that level. The net result -- we exit 2025 with a stronger operational platform, larger Bitcoin holdings and a more aligned capital structure. At the same time, our equity continues to trade at a material discount to the value of our Bitcoin treasury and productive infrastructure, a disconnect that we remain focused on and addressing through continued operational execution. As we enter 2026, our focus shifts from foundation building to scaling. And with our immersion expansion progressing in Oklahoma and our Mississippi site continuing to operate at a steady state, we have the platform to grow production, improve efficiency and increase Bitcoin per share. With that, let me turn it over to Ryan to walk through the operational details for the quarter and the year. Ryan?

Thanks, Bruce. 2025 was the year we built and scaled our mining platform. We started with a single site in Oklahoma at approximately 560 petahash energized, and we exit with 2 wholly-owned sites, Oklahoma and Mississippi, totaling 26 megawatts of capacity and approximately 750 petahash energized across 22.5 megawatts at the end of the year, with further expansion continuing into Q1. Let me give you some additional context of how this played out operationally. In the first half of the year, we focused on completely exiting from a third-party hosting site and consolidating our entire fleet at our wholly-owned site in Oklahoma. That relocation, which moved roughly 800 machines to our own vertically integrated site, replaced older S19 JPro miners with more efficient S21 and XP hardware. Our Oklahoma site also benefited from significantly lower power costs compared to what we had previously been paying at the hosted site, which drove significant power cost savings and margin expansion. In Q3, we closed on the acquisition of an 11-megawatt Bitcoin mining facility in Columbus, Mississippi. The acquisition immediately added approximately 7.5 megawatts of energized capacity and approximately 220 petahash of operational hash rate. This site comes with favorable power pricing of approximately $0.036 per kilowatt hour, one of the most cost-effective power rates in our portfolio. October marked the first full month of production with our newly integrated Mississippi site online, driving a 27% increase in Bitcoin production from 5.9 BTC in September to 7.5 BTC in October. In Q4, we shifted focus to the next efficiency layer, Immersion. In December, we successfully energized our first BC40 Elite immersion cooled unit in Oklahoma, powering 160 Bitmain S21 immersion miners, which added approximately 35 petahash to our energized hash rate. This marked the beginning of our Immersion program. On fleet performance, in Q4, we operated approximately 6,850 machines across our 2 sites. The cooler fall and winter conditions in Oklahoma contributed to improved uptime and higher production relative to the curtailment heavy Q2 and Q3 periods. Curtailment and energy sales totaled approximately $135,000 in the quarter, down from $150,000 in Q3, which was expected as a result of cooler temperatures in Q4 and a higher mix of immersion machines, which requires lower curtailment. More recently, in January 2026, we energized a second immersion container, adding another 35 petahash. In late February, we deployed approximately 300 Bitmain S21 XP miners at Oklahoma, replacing older machines and reallocating higher terahash units to Mississippi, bringing our total energized hash rate to approximately 782 petahash, the highest in company history. Looking ahead into 2026, we are now operating at record highs in energized hash rate, Bitcoin production and overall fleet efficiency, driven by our 2 vertically integrated sites with structurally low cost power. As the Bitcoin market recovers, we believe our strengthened platform and enhanced economies of scale will deliver strong value to our shareholders. With that, I'll turn it over to Rick to walk through the financials. Rick?

Thanks, Ryan. For the fourth quarter 2025, total revenue was $2.4 million, up 8.7% sequentially from Q3 and up 19% year-over-year. The sequential increase reflects higher Bitcoin production of 22 Bitcoin in Q4 versus 17.6 Bitcoin in Q3, a 25% improvement, partially offset by a lower average Bitcoin price of approximately $99,700 in Q4 versus $114,000 in Q3. Mining margin for the quarter was 25% compared to 49% in Q3 2025. The sequential decline was driven primarily by a lower average Bitcoin price, which compressed revenue per coin against a relative fixed cost base. Lower curtailment and energy sales were a secondary factor at approximately $135,000 versus $150,000 in Q3. The reduction netted directly against our cost of revenues and put additional pressure on reported margins. It's worth noting that lower curtailment also reflects more mining uptime. Q4 production of 22 Bitcoin was up 25% sequentially from Q3, which partially offset the price-driven revenue compression. Taken together, price and reduced energy sales account for the margin compression in the quarter, while the uptime improvement demonstrates the underlying operational progress. We reported a net loss of $18.2 million and a core EBITDA loss of $9.4 million for Q4 2025. The Q4 net loss reflects 4 primary factors: First, mark-to-market movements in our Bitcoin treasury as Bitcoin price declined from approximately $114,000 at September 30 to approximately $88,000 at December 31, producing an unrealized fair value adjustment of $7.8 million. Second, a noncash $5.4 million impairment loss on mining equipment as a result of the reduced Bitcoin pricing environment; third, depreciation and amortization associated with our expanded asset base; and fourth, increased operating expenses related to the full quarter integration of the Mississippi facility. These are the expected cost of building and integrating new infrastructure, and they should be evaluated against the…

Thanks, Rick. Let me leave you with where we stand and where we're going. In 2025, we transitioned from building to scaling, 2 owned sites, 26 megawatts of wholly-controlled capacity, Bitcoin holdings that more than doubled, a capital structure we actively managed to reduce dilution and improve per share economics and an immersion program that is now live and scaling. As we move through 2026, our priorities are straightforward: grow production, improve efficiency and increase Bitcoin per share. We are already tracking toward record monthly production in early 2026, with February being our highest production month in company history. Our second immersion unit came online in January 2026, and we continue to evaluate accretive M&A opportunities in the 5 to 20-megawatt range, the same disciplined approach that led us to our Mississippi acquisition at roughly $355,000 per megawatt. We have active invested management, owned infrastructure and low-cost power. Our Bitcoin treasury has grown meaningfully. Our operational footprint has expanded, and our per share intrinsic value has improved, and yet our equity continues to trade at a material discount to NAV. We remain focused on continuing to close that gap through disciplined execution and transparent communication with our shareholders. We like the path we're on and the structure we've built. Thank you for your continued support. We'll now open the line for questions.

This is Richard Russell. I just want to clarify that we reported a net loss of $17.9 million and a core EBITDA loss of $9.3 million for Q4 2025. We'll take the first question now.

[Operator Instructions] Our first question comes from the line of Matthew Galinko with Maxim Group.

Maybe firstly, will it take time to optimize production from the immersion-cooled units? Or are you kind of just right out of the gate where you want to be?

Ryan, do you want to take that?

Matt. Yes. So we -- right out of the gate, we're maxed out our 2 fog hash containers with S21 immersion miners that are the best we could get. So I guess in that context, yes, we are maxed out at roughly that 35 petahash per container as of right now and what's available on the market. And yes, I hope that answers your question.

All right. Great. And then as far as your pipeline for new site acquisition versus existing site expansion, can you maybe just go through how those 2 buckets look?

Yes. So we're always on the hunt. We're always looking, keeping our finger on the pulse of what's out there. We are looking, as we've always maintained in that less than 20-megawatt range at ideally a power price in that $0.035 to $0.045 range. And that's what we target, whether it be existing sites or greenfields. And also, we have -- we also do -- our main focus as of right now, I'd say the easiest thing to point to is the additional a little over 3 megawatts that we have available at our current Mississippi site to continue building out. So that's already in our hands.

Got it. And maybe just -- the final question on -- maybe just reiterate how you think about funding new site acquisition and minor acquisition and how your current discount to NAV might influence how you think about capital spending and site acquisition and hash rate expansion?

That's a good question, Matt. It's got the same answer, but a moving target. We have to look at the dollar and then we look at projecting out as to where we want to be in terms of acquiring Bitcoin and holding Bitcoin when Bitcoin realizes price. So we put targets based on projections of where Bitcoin will be and then we sort of back into it. We're currently trading Bitcoin outside of the range where our forecasts were. So it makes some of our thinking more in the moment than using the long-range discipline. But it really boils down to if you spend $1 today, is it going to -- how much will it increase our Bitcoin holdings 5 years from now or 3 years from now. And that leans heavily towards both increasing the treasury and increasing the miners when it's at this price point. And then some of the mining opportunities are just timing based. So you have to take the opportunity, when it's there and make it foot towards your future growth development. It's always a challenge, and there's really no formula to it.

[Operator Instructions] Since there are no further questions, I would like to thank everyone for joining us on LM Funding America, Inc.'s Fourth Quarter and Full Year 2025 Earnings Call. You may now disconnect.