LM Funding America, Inc.

Good day and thank you for standing by. Welcome to the LM Funding America, Inc.' 's third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1-1 on your telephone. You will then hear an automated message, advise your hand is raised. To withdraw your question, please press star 1-1 again. 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. Please go ahead, sir.

Thank you, Operator, and thank you all for joining LM Funding America's third quarter 2025 earnings conference call. Joining us today are Chairman and CEO Bruce Rogers, President of U.S. Digital Mining Ryan Duran, and CFO Richard Russell. For today's call, we have uploaded an accompanying supplemental investor presentation, which can be found under the events section of LM Funding's 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-Q filing and our website for a full reconciliation of these non-GAAP performance measures for the most comparable gap measures. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC, available on sec.gov and in the investor section of our website at lmfunding.com backslash investors. I'll now turn the call over to our CEO, Bruce Rogers.

Thanks, Cody. Good morning, everyone, and thank you for joining us. The third quarter was one of execution, integration, and disciplined capital allocation as we continued building LN funding into a vertically integrated Bitcoin miner with a simple ambition, increase Bitcoin per share and grow intrinsic value over time. We entered the quarter with momentum from our Oklahoma site and a growing Bitcoin treasury. As summer progressed, we added meaningful scale and strengthened our foundations. In August, we bolstered our balance sheet with $21 million of capital designated primarily for Bitcoin accumulation and quickly deployed a large portion of those proceeds to purchase 164 Bitcoin, accelerating our treasury growth. Just weeks later, we closed on the acquisition of an 11-megawatt facility in Columbus, Mississippi, bringing our total capacity to 26 megawatts across two wholly controlled sites. This move expanded our operational base, diversified our power and climate exposure, and gave us full control of energy and uptime across a second location. By the end of September, we had integrated Mississippi, energized additional capacity, and exited the month with approximately 304.5 Bitcoin in Treasury, valued then at nearly $35 million versus a market capitalization of roughly half that amount. That disconnect between our treasury value alone and our equity valuation underscores the opportunity we are working toward. Then in October, we advanced two core priorities simultaneously. We enhanced our per share economics and positioned our mining fleet to improve productivity. In a private securities repurchase, we retired more than 3.3 million shares and over 7.3 million warrants in a single transaction, reducing dilution, simplifying our capital structure, and increasing our Bitcoin per share. Subsequently, in early November, we announced a $1.5 million stock buyback, further committing our resources to increasing Bitcoin per share. During the same quarter, we secured Bitmain's S21 immersion-cooled machines to grow our immersion systems at our Oklahoma site. We expect these machines to come online in December. Importantly, October is also our first full month with Mississippi operating at steady state. and the results validated our strategy. Bitcoin production increased 28% sequentially, rising from 5.9 Bitcoin in September to 7.6 Bitcoin in October. Taken together, Q3 and October were about strengthening control of our energy, expanding our mining footprint, growing our treasury, and reducing our share count, all in service of improving Bitcoin ownership on a per share basis. We strongly believe in Bitcoin as a growth asset We built our company to take advantage of Bitcoin's growth and long-term value proposition. We find inexpensive power machines to add to our Bitcoin holdings, and we are active in the capital markets trying to increase our total Bitcoins held and our Bitcoins per share. It's a long game, and it starts with sound mining operations. With that, let me turn it over to Ryan for an operational update.