Avax One Technology Ltd.

What they do

The company ceased its legacy ag-tech operations in early 2025, except for the liquidation of its Manna business. It operates several Bitcoin mining facilities in Alberta, Canada and Ohio, acquired since late November 2024. Its main focus is a digital asset strategy involving the accumulation and appreciation of the Avalanche token, launched after a November 2025 private placement.

Revenue drivers

• Digital asset treasury (Avalanche tokens) — Core strategy; revenue derives from appreciation of AVAX tokens; not yet a source of realized revenue.
• Bitcoin mining — Operates facilities in Alberta, Canada and Ohio; generates revenue from mining Bitcoin, though no specific revenue breakdown provided.
• Legacy Manna business — Deployed patented technologies; currently being liquidated, with no ongoing revenue contribution.

Recent performance

Revenue grew sequentially from $525,915 in the quarter ended September 30, 2025 to $2.8 million in the quarter ended June 30, 2026. The company reported a net loss of $33.2 million for fiscal year 2025, and cumulative net losses of $93.98 million through December 31, 2025. Operating cash flow for fiscal 2025 was negative $14.4 million. As of June 30, 2026, the company had $11.4 million in cash and equivalents, total assets of $123.2 million, and total liabilities of $14.9 million.

Strategy

Management's stated focus is to establish and maintain a digital asset treasury strategy around the Avalanche token, using the proceeds from a $219.1 million private placement that closed on November 5, 2025. The company received $145.4 million in cash/stablecoins and $49.4 million in AVAX tokens, with the remainder classified as a subscription receivable. It plans to use approximately $10 million of net proceeds for general corporate purposes and pre-existing working capital commitments, with the remaining cash proceeds for acquisitions (per the 10-K text cut off).

Risks

• History of losses and early-stage status — The company has never been profitable, with cumulative net losses of $93.98 million through 2025, and may never achieve profitability.
• Dependence on AVAX token price — The DAT strategy is highly dependent on the price of Avalanche tokens; declines could materially harm results.
• Digital asset market volatility — The company's main asset is subject to extreme price volatility, affecting financial condition and liquidity.
• Delisting risk — The company received a delisting notice or listing-rule failure on March 19, 2026, which could lead to loss of Nasdaq listing.

Outlook

Management is focused on executing the digital asset treasury strategy and using remaining proceeds for acquisitions, though specific forward guidance is not provided. The company continues to face significant uncertainty given its loss history and the volatile nature of digital assets. It also has to manage the liquidation of its Manna business and the operation of its bitcoin mining facilities.