Abits Group Inc. heads into its April 30 full-year 2025 earnings release already carrying a headline: the company reported results after the close on April 29, posting 37% revenue growth to $9.1M but a loss per share of $(1.21), more than triple last year's $(0.39).
The borrow market tells a story of pressure unwinding fast. Cost to borrow is running near 48% annualised — still elevated, but less than half the 115% peak seen in early April. Availability has loosened alongside the short interest retreat: short positions fell 76% in one week, dropping from roughly 3% of the float on April 21 to just 0.72% today. That rapid unwind coincides with a brutal month for the stock, which has fallen 42% over the past 30 days to close at $1.11, shedding 8.3% in the last session alone.
The bear case is straightforward: losses are widening even as revenue grows. The company is expanding its Bitcoin mining operations to a combined 760 PH/s hash rate — a capital-intensive bet that is dragging the bottom line sharply negative. The bull case rests on that same revenue trajectory: 37% top-line growth in a year when many small-cap software and crypto-adjacent names struggled. Empery Asset Management, LP filed a Schedule 13G in late April, disclosing a 7.3% stake — the only institutional holder with a recent new position, and a name associated with convertible and micro-cap plays. Conglin Deng, the largest holder at roughly 19%, reported a separate account that cut 408,074 shares over the same period, a notable simultaneous trim that complicates the ownership picture.
The ORTEX short score has been easing from a peak of around 64 in mid-April to 55.8 now — consistent with the short interest unwind — though it remains well above the stock's own percentile rank, suggesting borrow demand is still disproportionate relative to peers. Past earnings reactions have been mixed and mostly negative: the December 2025 print produced a 5.9% one-day drop followed by a 15.3% five-day decline, while the August 2025 release saw a small initial gain before a nearly 9% five-day fade.
The print is therefore less a test of whether Abits can grow revenue and more a test of whether the market will accept a widening loss profile as a necessary cost of scaling the mining operation.
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