LM Funding America, Inc.

Good day, and thank you for standing by. Welcome to the LM Funding America fourth quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 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 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 Rogers, CFO Richard Russell, and President of U.S. Digital Mining Ryan Durant. 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 backslash investors. And with that, I'll now turn the call over to our CEO, Bruce Rogers. 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 multi-site 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 own capacity to 26 megawatts across two 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 31st, 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 31st, 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 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 operation of details for the quarter and the year. Ryan?