T-REX Acquisition Corp.

What they do

The company was formed in 2008 as Plethora Resources, Inc. and later became Sync2 Networks Corp before adopting the T-REX Acquisition Corp name. It shifted into blockchain and cryptocurrency mining in July 2021 and now runs cryptocurrency mining operations alongside co-location hosting services. Its primary facility is a data center and mining equipment operation in Orofino, Idaho, acquired to consolidate mining and expand into co-location hosting. The company has historically generated minimal revenue and reports recurring losses.

Revenue drivers

• Cryptocurrency mining — Mining operations generate revenue from cryptocurrency mining, primarily Bitcoin. Revenue for fiscal 2025 was approximately $32,390, up 105% from $15,824 in fiscal 2024, driven by recommencing mining at the newly acquired Orofino facility on March 21, 2025 after operations were suspended on March 8, 2024.
• Co-location hosting services — The company began offering hosting services during fiscal 2025, which contributed to higher cost of revenue and increased depreciation and amortization. The excerpts do not quantify hosting revenue separately.

Recent performance

Revenue for the quarter ended March 31, 2026 was $705, down 91% from $8,226 in the quarter ended March 31, 2025, which management attributed primarily to refurbishment of the Orofino facility. The net loss for the March 31, 2026 quarter was $1,168,997, compared with a net loss of $393,688 in the prior-year quarter, with the increase attributed mainly to a substantial increase in stock issued for services. Operating expenses for the quarter were $1,306,232 versus $375,255 a year earlier, and interest expense rose to $72,587 from $16,246. As of March 31, 2026, current assets were $12,381 and current liabilities were $1,918,001, producing a working capital deficit of $1,905,620. For the nine months ended March 31, 2026, net cash used in operating activities was $232,605, compared with $506,679 in the prior-year period.

Strategy

Management states that working capital requirements will be funded through a combination of stock sales and revenue from acquisitions, and that it expects to raise additional capital through equity or debt securities. The company intends to secure an additional 275 latest-generation ASIC 270 terrahash miners over the next ninety days, subject to financial ability and/or equity financing. As of the filing date, management stated these ASIC miners cost between $5,200 and $5,800 per unit. The company also plans to expand its co-location hosting market presence at the Orofino, Idaho data center. No off-balance sheet arrangements were reported as of June 30, 2025 or 2024, or as of the latest 10-Q date.

Risks

• History of losses and no sustained profitability — The company has a history of unprofitable operations, expects to continue incurring losses for the foreseeable future, and reported a net loss of $1,168,997 for the quarter ended March 31, 2026.
• Unproven business model — Management states its blockchain and cryptocurrency mining strategy is new and unproven in an industry that is itself new and evolving, following a pivot into this business in July 2021.
• Cryptocurrency price volatility and demand concentration — Cryptocurrencies are highly volatile, and the company's revenue depends on Bitcoin mining, whose demand and conversion spot price could fall if another cryptocurrency such as Ethereum, Solana, or Cardano supplants Bitcoin.
• Liquidity and going-concern pressure — As of March 31, 2026, the company had a working capital deficit of $1,905,620 and cash and equivalents of $383, and it states it expects to require additional capital to meet long-term operating requirements.

Outlook

Management expects working capital requirements to increase in line with business growth and intends to fund them through stock sales and revenue from acquisitions. It plans to purchase an additional 275 ASIC 270 terrahash miners over the next ninety days, contingent on financial ability or equity financing, with unit prices stated between $5,200 and $5,800. The company cautions that its financial statements are prepared on a going-concern basis and that it expects to raise additional capital through equity or debt securities. No specific revenue or earnings guidance is provided in the excerpts.