Bitcoin miner Abits Group's net loss widened to $2.55 million in the first half of 2026 as revenue fell 20% from a year earlier and direct costs rose.
The unaudited results for the six months ended June 30 appeared in an Oct. 15 Form 6-K filing with the U.S. Securities and Exchange Commission (SEC). Net loss was $2,551,089, compared with $354,787 in the first half of 2025. Revenue declined to $3,195,414 from $3,995,558.
Loss per ordinary share was $0.79 on both a basic and diluted basis, versus $0.15 a year earlier.
Duff revenue fell 46% to $1.81 million; Abits linked the decline to lower production and weaker Bitcoin (BTC) market conditions. The site produced 25.63 BTC, down 23%.
Memphis produced 15.58 BTC and generated $1.2 million in first-half revenue. The filing reported direct costs of $2.76 million, up 48% from $1.86 million. The company identified $1.05 million in Memphis hosting and electricity charges as a main driver of the increase.
As of June 30, the balance sheet listed $79,007 in cash and $2.30 million in current liabilities.
On Sept. 14, Abits agreed with an institutional investor to issue and sell a convertible note with $16,470,588.24 in principal. The purchase price could reach $14 million, payable in three tranches.
