secwatch.observer — SEC 8-K summary
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Issuer:     American Bitcoin Corp. (ABTC)
CIK:        0001755953
Form:       8-K
Filed at:   2024-05-14T23:59:59+00:00
Accession:  0001213900-24-042521
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1755953/000121390024042521/0001213900-24-042521-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1755953/000121390024042521/ea0205930-8k_gryphon.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-042521

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer