PowerCompute, Inc. (Nasdaq: PWCM) reported financial results for the three and nine months ended September 30, 2026. The company mined 23.9 Bitcoin in the third quarter of 2026, representing a 35.8% increase compared to the same period in 2025. Despite this production increase, revenue for the quarter was $1.9 million, a decrease from $2.2 million in Q3 2025, as the average value of each Bitcoin mined was 37.5% lower than in the prior year.
For the quarter, the company reported a net income of approximately $0.4 million, or $0.20 per share. This turnaround from a net loss of $4.1 million in Q3 2025 was attributed to lower operating costs and fair value gains on digital assets as Bitcoin prices rose. The company’s mining margin improved to 50.7% in Q3 2026 from 29.0% in Q2 2026.
On the balance sheet, PowerCompute repaid and terminated its Bitcoin-backed credit facility on September 24, 2026. This repayment reduced secured debt from approximately $19.4 million at June 30, 2026, to $1.25 million, with no Bitcoin pledged. The company’s total liquidity was approximately $6.0 million at September 30, 2026, comprising 63.8 Bitcoin valued at approximately $5.3 million and cash of approximately $0.7 million.
In November 2026, PowerCompute paid approximately $1.0 million in cash for 600 Bitmain Antminer S21++ miners. These units are expected to be deployed by mid-December 2026 at the Columbus, Mississippi site. The company anticipates this purchase will increase its active Bitcoin mining hashrate by approximately 80 to 85 PH/s, or about 10%. The company also noted that it operates 26 megawatts of interconnected power across its facilities in Oklahoma and Mississippi.
