Preliminary Full Year 2025 Financial Highlights ($ in Millions USD, unaudited)
| 9-Months Ended Sep’25 | 3-Months Ended Dec’251 | 12-Months Ended Dec’25 | |
| Revenue | |||
| EBITDA2 | |||
Full Year 2026 Guidance ($ in Millions USD)
| Current Spot Price3 | 2025 Avg. Price4 | 2025 High Price5 | |
| Revenue | |||
| Change vs. prior year period | ~5x | ~10x | ~19x |
| EBITDA2 | |||
The Company also preliminarily reports the following strong fundamentals:
- Approximately three years of operating capital on hand
- Institutional stability through corporate governance framework and strong Board and management teams
- Ability to generate sufficient cash to run operations without selling DAT assets due to income from its staking and mining operations
- Intrinsic shareholder value in assets at almost two times current stock price
“We are entering 2026 with a fundamentally transformed operating model following the launch of our Avalanche digital asset treasury strategy in November 2025,” said
“Capital allocation remains central to our value creation framework. In November, our Board authorized a
About
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including statements relating to the anticipated benefits and timing of the completion of the proposed offering and related transactions, the intended use of proceeds from the PIPE offering, expectations regarding future capital raising activity, the assets to be held by the Company, expectations regarding adoption of the Avalanche network, the expected future market, price and liquidity of the digital assets the Company acquires, the macro and political conditions surrounding digital assets, the Company's plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other entities in similar business strategies, technological and market trends, future financial condition and performance, the expected financial impacts of the proposed transactions described herein, and the timing of the closing of the PIPE offering. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the proposed transactions described herein may not be completed in a timely manner or at all; failure to realize the anticipated benefits of the transactions and the proposed AVAX strategy; changes in business, market, financial, political and regulatory conditions; risks relating to the Company's operations and business, including the highly volatile nature of the price of AVAX and other cryptocurrencies; the risk that the price of the Company's securities may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for
Reconciliation of GAAP and Non-GAAP Information
($ in Millions, unaudited)
| Preliminary 2025 Financial Highlights | ||||||||||||
| ($ in millions) | 9-Months Ended Sep’25 | 3-Months Ended Dec’25 | 12-Months Ended Dec’25 | |||||||||
| Revenue | $ | 1.3 | $ | 1.1 | $ | 2.3 | ||||||
| Total operating expenses | 7.2 | 8.8 | 16.0 | |||||||||
| Operating loss | (6.0 | ) | (7.7 | ) | (13.7 | ) | ||||||
| Other expenses | 9.4 | 6.7 | 16.1 | |||||||||
| Net loss from continuing operations | (15.4 | ) | (14.4 | ) | (29.8 | ) | ||||||
| EBITDA Adjustments: | ||||||||||||
| Depreciation and amortization | 0.9 | 0.3 | 1.2 | |||||||||
| Intangible asset impairment | - | 5.1 | 5.1 | |||||||||
| Bitcoin unrealized gain on market valuation | (0.1 | ) | 0.3 | 0.2 | ||||||||
| Foreign exchange loss | 0.1 | (0.2 | ) | (0.1 | ) | |||||||
| Unrealized loss on market valuation - AVAX tokens | - | 5.8 | 5.8 | |||||||||
| Accretion of interest on debentures | 2.3 | 0.8 | 3.1 | |||||||||
| Change in fair value of derivative liabilities | (3.0 | ) | - | (3.0 | ) | |||||||
| Loss (gain) on conversion of convertible debt | (0.1 | ) | - | (0.1 | ) | |||||||
| Loss (gain) on extinguishment of warrant liability | 10.1 | 0.0 | 10.1 | |||||||||
| Other income | (0.1 | ) | 0.1 | 0.0 | ||||||||
| EBITDA | (5.2 | ) | (2.1 | ) | (7.3 | ) | ||||||
| Full Year 2026 Guidance Scenarios | ||||||||||||
| ($ in millions) | Current Spot Price | 2025 Avg. Price | 2025 High Price | |||||||||
| Revenue | $ | 11.4 | $ | 24.2 | $ | 43.3 | ||||||
| Total operating expenses | 10.6 | 14.9 | 20.3 | |||||||||
| Operating income | 0.9 | 9.4 | 23.0 | |||||||||
| Other expenses | 0.8 | 0.8 | 0.8 | |||||||||
| Net income from continuing operations | 0.1 | 8.6 | 22.3 | |||||||||
| EBITDA Adjustments: | ||||||||||||
| Depreciation and amortization | 1.3 | 1.3 | 1.3 | |||||||||
| Accretion of interest on debentures | 0.8 | 0.8 | 0.8 | |||||||||
| EBITDA | 2.2 | 10.7 | 24.3 | |||||||||
Investor Relations Contact
Elevate IR
(720) 330-2829
AVX@elevate-ir.com
1 Reflects launch Digital Asset Treasury strategy in
2 The tables at the end of this press release provide a reconciliation of non-GAAP financial measures to the Company’s expected results in accordance with GAAP. (See “Reconciliation of GAAP and non-GAAP Information” below).
3 Assumes Bitcoin price of (
4 Assumes Bitcoin price of (
5 Assumes Bitcoin price of (
