PowerCompute is the former LM Funding America franchise after a mid-summer rename that tries to sell owned megawatts as an artificial-intelligence hosting story. The operating company still mines Bitcoin at two industrial sites and still books a thin specialty-finance line left over from Florida community-association lending. What changed after mid-year is not the mix of cash receipts. It is a new corporate identity layered onto a going-concern balance sheet and a thirty-day Bitcoin collar that now sits in front of the residual claim. Management points to twenty six megawatts of energized capacity as the scarce input that greenfield rivals spend years trying to interconnect. The equity debate is whether that power is converted into contracted compute before the loan, the at-the-market shelf, and the cash burn consume what is left of the claim.
Mining still pays the bills and still marks the treasury. Digital mining receipts were just over $2 million and rose on more machines rather than a better coin price. Mining margin compressed to 29 percent as the average Bitcoin print lagged the year-ago quarter. The compute story in the same window is a single professional-grade graphics processor listed on the Vast marketplace in Oklahoma, later tagged Verified, with a second unit ordered. That is a learning exercise, not a contracted hosting book. Fair-value marks on coin and on coin receivable flipped the year-ago profit into a multi-million loss, which is why Core earnings before interest, tax, depreciation, and amortization, the non-GAAP mining yardstick that strips some non-cash items, remained negative even after a sequential improvement.
After quarter-end the company refinanced legacy notes into an Arch Lending collar secured by 307 Bitcoin. The August reset lifted the coupon toward 6 percent and reset the floor, ceiling, and barrier to then-spot conditions. Cash at mid-year was under $1 million against a first-half operating cash drain of about $7 million. The investment debate is whether owned power converts into contracted compute before the collar, the ATM, and the going-concern language consume what is left of the equity.