The Fort Worth Press - Consensus Mining & Seigniorage Corporation Annual Report

Consensus Mining & Seigniorage Corporation Annual Report - December 31, 2025

TECHNOLOGY 11.02.2026

Financial Results Summary

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NEW YORK, NY / ACCESS Newswire / February 11, 2026 / Consensus Mining & Seigniorage Corporation ("CMSG" or "the Company") announced net loss for the year ended December 31, 2025 of $1.1 million, or $0.51 per share, as compared to a net income of $13.0 million, or $5.79 per share, for 2024. The decline in the Company's net income was related to the decline in the fair value of Bitcoin during 2025, which occurred principally within the fourth quarter.

The Company also reported a net loss of $7.3 million, or $3.26 per share, for the three months ended December 31, 2025 as compared to net income of $8.1 million, or $3.61 per share, for the prior comparable period.

While book value per share decreased 1.2% from $41.79 to $41.28 during the year ended December 31, 2025, the Company has grown its aggregate Bitcoin by 8%. The Company's aggregate quarter-end cryptocurrency holdings were primarily 346 BTC and 12,730 LTC, which were valued at $30.2 million and $1.0 million respectively. The value of all cryptocurrency holdings was $31.3 million at December 31, 2025.

The Company generated $4.5 million of mining revenue for the 2025 annual period as compared to $5.5 million in 2024. The 18.5% revenue decline resulted in $2.2 million of Bitcoin mining revenue. The decline was the result of a 61% decrease in Bitcoin rewards, dropping from 57 to 22 for the annual period. The volume decline was partially offset by higher average prices throughout the year of approximately $102,000. The Bitcoin decline was also partially offset by 17% higher revenue from scrypt mining during 2025. The Company generated $2.3 million of scypt mining revenue during 2025 resulting from higher average Dogecoin prices during the year. The Company typically uses a portion of the Dogecoin mining rewards to acquire Bitcoin. During the 2025 annual period, the Company purchased 4.0 Bitcoin using these Dogecoin proceeds.

For the fourth quarter, the Company generated $0.9 million of mining revenue as compared to $1.6 million during the prior comparable quarter of 2024. The 43% revenue decline resulted in $452,000 of Bitcoin mining revenue. The decline was driven by a 50% decrease in Bitcoin rewards, dropping from 9.0 to 4.5 for the quarterly period. This volume decline was partially offset by higher average prices during the period of approximately $99,800. The Company experienced a similar 39% decline in revenue from scrypt mining during the fourth quarter, resulting from lower average Dogecoin prices during the fourth quarter.

The Company has continued to purchase scrypt mining equipment throughout 2025 adding $1.7 millon of mining equipment. As of December 31, 2025, CMSG owned and operated 830 miners for Bitcoin, and 555 miners for Litecoin and Dogecoin. The Company's Bitcoin hashrate was approximately 143 PetaHash (PH). The Company's Litecoin hashrate was approximately 6,890 GH.

The cost of revenue, a figure that largely consists of hosting costs, was $2.7 million for the year ended December 31, 2025, down 3.4% from the $2.8 million for the year ended December 31, 2024. During the fourth quarter of 2025, cost of revenues decreased to $649,000 from $681,000 in prior comparable quarter, a decrease of 4.6%.

Operating expenses-which include depreciation of mining equipment as well as general administrative expenses-declined 31% for the annual period and 40% for the fourth quarter. These declines were primarily due to lower depreciation expenses for certain equipment becoming fully depreciated or disposed of during earlier periods.

The Company reported an operating loss of $0.5 million for the fourth quarter of 2025, as compared to an operating loss of $0.4 million for the fourth quarter of 2024.

Non-operating income for the fourth quarter of 2025 includes changes in the fair value of our cryptocurrency holdings as well as interest income from our cash equivalents. Our interest income declined for the year from $3.0 million to $2.4 million. The changes in fair value of digital assets resulted in an unrealized loss of $2.5 million during the year ended December 31, 2025 as compared to unrealized gains of $15.5 million for the year ended December 31, 2024. The declines in fair value of our digital assets was most pronounced in the fourth quarter which included an unrealized loss of $9.4 million as compared to unrealized gains of $9.8 million in the fourth quarter of 2024.

Upcoming Shareholder Call

The Company has also announced an upcoming shareholder call on Tuesday, February 17, 2026.

Tuesday, February 17, 2026 4:15 pm ET

Online Webinar: REGISTER HERE

Phone Access: +1 (631) 992-3221 Access Code: 252-333-875

Only online participants can submit questions during the webinar.

Consensus Mining & Seigniorage Corporation (OTCQX:CMSG) is a cryptocurrency mining company created with strategic partnerships in hosting, repair, and management. This enables CMSG to operate with minimal overhead and enhanced profitability, and with a conservative capital structure that allows for flexible and patient capital allocation. For more information, please visit www.consensusmining.com.

Investor Relations Contact: [email protected]

Consensus Mining & Seigniorage Corporation
Balance Sheets

	December 31, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	60,533,066	$	61,251,236
Federal tax receivable	344,777	223,100
Prepaid expenses	198,441	567,851
Other receivables	80,498	163,736
Loans receivable - related party	370,130	-
Total current assets	61,526,912	62,205,923

Non-current assets
Property and equipment, net	3,395,958	4,201,154
Digital assets, net	31,332,392	30,942,301
Loans receivable - related party	-	335,045
Total non-current assets	34,728,350	35,478,500
Total Assets	$	96,255,262	$	97,684,423
Liabilities and Stockholders' Equity
Current liabilities
Accrued taxes	$	18,577	$	35,314
Accrued accounting fees	83,647	115,012
Accrued hosting fees	9,809	-
Other accrued expenses	43,803	11,439
Total current liabilities	155,836	161,765
Non-current liabilities
Deferred tax liabilities, net	3,210,612	3,488,926
Total Liabilities	3,366,448	3,650,691
Commitments and contingencies (Note 5)
Stockholders' Equity
Common stock ($0.01 par value, 5,000,000 shares authorized, 2,250,009 issued and outstanding)	22,500	22,500
Additional paid-in capital	86,286,813	86,286,813
Retained Earnings	6,579,501	7,724,419
Total Stockholders' Equity	92,888,814	94,033,732
Total Liabilities and Stockholders' Equity	$	96,255,262	$	97,684,423

The accompanying notes are an integral part of these financial statements.

Consensus Mining & Seigniorage Corporation
Statements of Operations

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2025		2024		2025		2024
Revenue:
Digital asset mining	$	894,610	$	1,574,178	$	4,503,808	$	5,528,219
Total revenue	894,610	1,574,178	4,503,808	5,528,219

Cost of revenues
Hosting fees	649,129	680,781	2,700,534	2,796,363
Total cost of revenues	649,129	680,781	2,700,534	2,796,363

Operating expenses:
Depreciation expense	568,762	819,858	2,318,732	3,689,862
Losses on disposals, net	(5,776	)	336,478	164,615	336,478
General and administrative expenses	206,988	136,466	694,054	559,076
Total operating expenses	769,974	1,292,802	3,177,401	4,585,416

Operating loss	(524,493	)	(399,405	)	(1,374,127	)	(1,853,560	)

Non-operating income (expense):
Net change in unrealized appreciation (depreciation) on digital assets	(9,443,826	)	9,791,501	(2,493,464	)	15,450,503
Interest income	570,669	684,015	2,422,715	3,033,390
Realized gain (loss) on sale of digital assets	(369	)	3,539	(8,965	)	24,989
Other income (expense)	(14	)	889	(14	)	1,824
Total non-operating income	(8,873,539	)	10,479,944	(79,728	)	18,510,706

Income (loss) before income taxes	(9,398,032	)	10,080,539	(1,453,855	)	16,657,146
Provision for (benefit from) income taxes	(2,062,833	)	1,948,482	(308,937	)	3,639,705
Net income (loss)	$	(7,335,199	)	$	8,132,057	$	(1,144,918	)	$	13,017,441

Basic and diluted net income (loss) per share	$	(3.26	)	$	3.61	$	(0.51	)	$	5.79

Weighted average shares (basic and diluted)	2,250,009	2,250,009	2,250,009	2,250,009