---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-042521"
form_type: "8-K"
ticker: "ABTC"
cik: "0001755953"
company_name: "American Bitcoin Corp."
filed_at: "2024-05-14T23:59:59+00:00"
generated_at: "2026-06-02T01:01:03.692417+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Gryphon Q1 revenue $7.5M, net loss $11.7M, adjusted EBITDA $1.9M

## Summary
- Revenue $7.5M (up 56% YoY from $4.8M); net loss $11.7M vs $6.9M loss in Q1 2023, including $11.6M non-cash items.
- Adjusted EBITDA $1.9M vs $4.2M YoY; breakeven cost per BTC $34,063 vs $12,910, driven by lower BTC mined (142 vs 212).
- Self-mining hash rate reached ~0.94 EH/s after miner upgrades adding 23 PH/s; fleet efficiency improved to 28.5 J/T.
- Balance sheet: cash $1.7M, Bitcoin $4.2M, total current assets $7.1M vs current liabilities $30.2M; total liabilities $30.2M.
- $5M stock buyback authorized; 2024 outlook projects $16.6M gross profit, assuming $70k BTC price and 550 EH network hashrate.

## SEC filing metadata
- accession: 0001213900-24-042521
- form_type: 8-K
- ticker: ABTC
- cik: 0001755953
- company_name: American Bitcoin Corp.
- filed_at: 2024-05-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1755953/000121390024042521/0001213900-24-042521-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1755953/000121390024042521/ea0205930-8k_gryphon.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-042521
- JSON: https://secwatch.observer/filing/0001213900-24-042521.json
- Plain text: https://secwatch.observer/filing/0001213900-24-042521.txt

## Key facts
- Earnings Releases
  American Bitcoin Corp. reported quarter ended March 31, 2024 results: revenue $7.5 million, net income ($11.7) million.
  - Period: quarter ended March 31, 2024
  - Revenue: $7.5 million
  - Net income: ($11.7) million
  - Result: reported results
  source text: shareholder value and demonstrates the Board and management team’s confidence in Gryphon’s strategy.” Q1 2024 and Recent Highlights ● Total mining revenue in Q1/2024 of $7.5 million, compared to $4.8 million in Q1/2023. ● Breakeven Cost 1 per Bitcoin in Q1/2024 was $34,063, compared to $12,910 in Q1/2023. The company continues to be focused on Breakeven
  evidence_url: https://www.sec.gov/Archives/edgar/data/1755953/000121390024042521/0001213900-24-042521-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.