American Bitcoin Corp. Earnings Per Share Disclosure
Note 14. Earnings per share
Basic and diluted net income (loss) per share attributable to common stockholders is computed in accordance with Note 2. Significant accounting policies and recent accounting pronouncements – Net income (loss) per share attributable to common stockholders.
The following table presents potentially dilutive securities that were not included in the computation of diluted net (loss) income per share of common stock as their inclusion would have been anti-dilutive and or their issuance upon satisfying a contingency, if applicable, was not satisfied or deemed satisfied as of period end:
|
|
Years Ended |
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|
|
December 31, |
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Akerna Common Warrants |
|
|
21,739 |
|
|
|
— |
|
|
|
— |
|
Akerna Underwriter Warrants |
|
|
1,087 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
22,826 |
|
|
|
— |
|
|
|
— |
|
The following is a reconciliation of the denominator of the basic and diluted net income (loss) per share of common stock computations for the periods presented:
|
|
Years Ended |
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|
|
December 31, |
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
(in USD thousands, except share and per share amounts) |
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Net (loss) income |
|
$ |
(153,171 |
) |
|
$ |
428,935 |
|
|
$ |
39,613 |
|
Less: loss from discontinued operations (net of income tax benefit of nil, $1.6 million, and nil, respectively) |
|
|
— |
|
|
|
4,816 |
|
|
|
— |
|
Net (loss) income from continuing operations – basic |
|
$ |
(153,171 |
) |
|
$ |
433,751 |
|
|
$ |
39,613 |
|
Effect of dilutive shares on net income: |
|
|
|
|
|
|
|
|
|
|||
Gryphon warrants revaluation included in net income (loss) (net of income tax benefit) (1) |
|
|
(303 |
) |
|
|
— |
|
|
|
— |
|
Net (loss) income from continuing operations – diluted |
|
$ |
(153,474 |
) |
|
$ |
433,751 |
|
|
$ |
39,613 |
|
Loss from discontinued operations (net of income tax benefit of nil, $1.6 million, and nil respectively) |
|
$ |
— |
|
|
$ |
(4,816 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|||
Denominator: |
|
|
|
|
|
|
|
|
|
|||
Weighted average shares of Class A common stock |
|
|
172,802,535 |
|
|
|
159,537,377 |
|
|
|
159,537,377 |
|
Weighted average shares of Class B common stock |
|
|
732,224,903 |
|
|
|
732,224,903 |
|
|
|
732,224,903 |
|
Total weighted average shares of common stock outstanding – basic |
|
|
905,027,438 |
|
|
|
891,762,280 |
|
|
|
891,762,280 |
|
Dilutive impact of Gryphon Warrants |
|
|
50,610 |
|
|
|
— |
|
|
|
— |
|
Weighted average shares of common stock outstanding – diluted |
|
|
905,078,048 |
|
|
|
891,762,280 |
|
|
|
891,762,280 |
|
Net (loss) income per share of common stock: |
|
|
|
|
|
|
|
|
|
|||
Basic from continuing operations (2) |
|
$ |
(0.17 |
) |
|
$ |
0.49 |
|
|
$ |
0.04 |
|
Basic from discontinued operations (3) |
|
$ |
— |
|
|
$ |
(0.01 |
) |
|
$ |
— |
|
Diluted from continuing operations (4) |
|
$ |
(0.17 |
) |
|
$ |
0.49 |
|
|
$ |
0.04 |
|
Diluted from discontinued operations (5) |
|
$ |
— |
|
|
$ |
(0.01 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|||
(1) Calculated as the net adjustment from warrant liability fair value remeasurement from Gryphon Warrants, net of tax |
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(2) Calculated as net income from continuing operations – basic, divided by weighted average shares of common stock outstanding – basic |
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(3) Calculated as loss from discontinued operations divided by weighted average shares of common stock outstanding – basic |
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(4) Calculated as net income from continuing operations – diluted, divided by weighted average shares of common stock outstanding – diluted |
|
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(5) Calculated as loss from discontinued operations divided by weighted average shares of common stock outstanding – diluted |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 27, 2026 | Showing above |
| 2023 | Apr 1, 2024 | |
| 2022 | Mar 21, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.