季報
季度報告
10-Q
2026-05-15
比特幣挖礦業務於加拿大亞伯達省及美國俄亥俄州運作，收入貢獻穩定。
AI 繁中摘要
AVAX One Technology Ltd.（股票代碼：AVX）已提交截至2026年3月31日第一季度（2026財年Q1）的10-Q報告。公司正全面轉向數碼資產策略，重點圍繞Avalanche（AVAX）幣及比特幣挖礦業務。📊
本季度收入大幅增長至251萬美元（去年同期僅27.3萬美元），惟受數碼資產市場波動影響，錄得淨虧損4,639萬美元（去年同期虧損14.5萬美元）。主要虧損來自數碼資產未實現虧損3,630萬美元及已變現虧損530萬美元。期內總資產由去年底的1.95億美元降至1.57億美元，主要由於數碼資產公允值下跌。
業務亮點：
- 公司於2025年第三季度正式啟動以Avalanche為中心的策略，並於2026年3月部署約83萬個AVAX代幣作流動性質押（tAVAX），旨在提升庫藏收益，惟期內確認減值損失113萬美元。
- 比特幣挖礦業務於加拿大亞伯達省及美國俄亥俄州運作，收入貢獻穩定。
- 管理層宣佈兩項後續事件：4月簽訂意向書，計劃在亞伯達省開發10兆瓦人工智能/高性能計算（AI/HPC）微電網數據中心；5月委任工程設計顧問。
財務狀況方面，公司於期內發行可轉換債券及認股權證，籌得淨額約672萬美元，並以約304萬美元回購約320萬股普通股。截至季末，現金及現金等價物（含受限制現金）為2,190萬美元。
值得注意的是，公司因股價連續30個交易日低於1美元，已接獲納斯達克退市警告。管理層已於4月出席聽證會，獲准延至7月6日前達標，計劃透過股東大會批准進行反向股份合併以符合最低買入價要求。此外，公司於2025年7月已進行過一次1股合9股的反向拆細。
整體而言，AVAX One正從傳統農業科技轉型為數碼資產及區塊鏈基礎設施營運商，但短期內仍需面對數碼資產價格波動及合規風險。投資者應留意其資金運用效率及能否成功解決納斯達克上市問題。
展開英文正文
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2025-01-01 2025-03-31 0001826397 country:CA 2026-03-31 0001826397 country:CA 2025-12-31 0001826397 country:US 2026-03-31 0001826397 country:US 2025-12-31 0001826397 us-gaap:SubsequentEventMember 2026-04-01 2026-05-14 0001826397 us-gaap:SubsequentEventMember 2026-05-14 iso4217:USD xbrli:shares iso4217:USD xbrli:shares AVX:Tokens iso4217:CAD xbrli:shares AVX:Bitcoin AVX:AVAX iso4217:EUR iso4217:CAD AVX:Integer xbrli:pure UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-40578 AVAX ONE TECHNOLOGY LTD. (Exact name of registrant as specified in its charter) British ColumbiaA1 Not Applicable (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 800 – 525 West 8th Avenue Vancouver, BC, Canada V5Z 1C6 (Address of principal executive offices) (Zip Code) (604) 757-0952 (Registrant’s telephone number, including area code) (Former name or former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares AVX NASDAQ Capital Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ As of May 14, 2026, the registrant had 92,441,312 common shares, no par value per share, issued and 89,616,222 outstanding. TABLE OF CONTENTS PART I — FINANCIAL INFORMATION Item 1. Financial Statements 4 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 4 Unaudited Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2026 and March 31, 2025 5 Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity for the Three Months ended March 31, 2026 and March 31, 2025 6 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2026 and March 31, 2025 7 Notes to Condensed Consolidated Financial Statements 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures About Market Risk 31 Item 4. Controls and Procedures 31 PART II — OTHER INFORMATION Item 1. Legal Proceedings 32 Item 1A. Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 34 Signatures 35 2 Table of Contents Cautionary Note Regarding Forward-Looking Information This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements represent our expectations, beliefs, intentions or strategies concerning future events, including, but not limited to, any statements regarding our assumptions about financial performance; the continuation of historical trends; the sufficiency of our cash balances for future liquidity and capital resource needs; the expected impact of changes in accounting policies on our results of operations, financial condition or cash flows; anticipated problems and our plans for future operations; volatility and other risks of cryptocurrencies; and the economy in general or the future of the data center industry, all of which were subject to various risks and uncertainties. When used in this Quarterly Report on Form 10- Q and other reports, statements, and information we have filed with the Securities and Exchange Commission (“Commission” or “SEC”), in our press releases, in our periodic reports on Forms 10-K and 10-Q, in oral statements made by or with the approval of an executive officer, the words or phrases “believes,” “may,” “will,” “expects,” “should,” “continue,” “anticipates,” “intends,” “will likely result,” “estimates,” “projects” or similar expressions and variations thereof are intended to identify such forward-looking statements. However, any statements contained in this Quarterly Report on Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. We caution that these statements by their nature involve risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors. We do not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in this quarterly report. In this Quarterly Report on Form 10-Q, we have identified important factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties. 3 Table of Contents PART I — FINANCIAL INFORMATION Item 1. Financial Statements AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) March 31, 2026 December 31, 2025 (unaudited) ASSETS Current Cash and cash equivalents $16,470 $22,135 Restricted cash 5,430 - Escrow receivable 5,014 5,430 Liquid staking tokens 7,339 - Staking rewards receivable 983 - Other receivables 15 17 Deposit receivable 58 58 Prepaid expenses and other current assets 3,574 5,863 Total current assets 38,883 33,503 Non-current Property and equipment, net 6,257 4,246 Digital assets, non-current 108,464 153,670 Intangible assets, net 351 409 Intangible asset held for sale 1,550 1,550 Goodwill 1,535 1,535 Lease deposit, non-current 50 50 Total assets $157,090 $194,963 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Accounts payable and accrued liabilities $1,438 $1,278 Debentures, net of discount 12,513 6,439 Loan payable 212 220 Other current liabilities 141 50 Total liabilities 14,304 7,987 Commitments and contingencies - See Note 15 - - Shareholders’ equity Common shares, no par value per share - unlimited shares authorized, 92,441,312 and 93,122,147 shares issued and 89,798,842 and 92,938,802 outstanding at March 31, 2026 and December 31, 2025, respectively 283,306 283,554 Treasury shares (3,302) (258) Additional paid-in-capital 22,883 22,968 Subscriptions receivable - digital assets (18,656) (24,234) Obligation to issue shares 44 44 Accumulated deficit (140,368) (93,977) Accumulated other comprehensive loss (1,121) (1,121) Total shareholders’ equity 142,786 186,976 Total liabilities and shareholders’ equity $157,090 $194,963 The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements. 4 Table of Contents AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) 2026 2025 Three Months Ended March 31, 2026 2025 REVENUE $2,511 $273 OPERATING EXPENSES Cost of revenue, excluding depreciation $1,198 $221 Bitcoin operating costs 42 - Selling, general and administrative 2,266 1,345 Repairs and maintenance 80 86 Share-based compensation 253 127 Depreciation and amortization 253 260 Loss on disposal of operating assets 259 - Impairment of liquid staking tokens 1,127 - Realized loss on digital asset transactions 5,297 - Unrealized loss on market valuation of digital assets 36,302 36 Total operating expenses 47,077 2,075 Operating loss (44,566) (1,802) OTHER (EXPENSE) INCOME Accretion of interest on debentures (1,818) (971) Change in fair value of derivative liabilities - 2,977 Foreign exchange loss - (57) Gain on conversion of convertible debt - 87 Loss on debt extinguishment - (115) Other expense (7) (7) Total other (expenses) income, net (1,825) 1,914 Net (loss) income from continuing operations (46,391) 112 Loss from operations of discontinued operations - (257) Net loss from discontinued operations - (257) Net loss $(46,391) $(145) Other comprehensive loss Foreign currency translation - 37 Comprehensive loss attributable to common shareholders $(46,391) $(108) Earnings per share: Basic net loss per common share for continuing operations $(0.48) $0.61 Basic net loss per common share for discontinued operations $- $(1.39) Basic net loss per common share, total $(0.48) $(0.78) Diluted net loss per common share for continuing operations $(0.48) $(10.17) Diluted net loss per common share for discontinued operations $- $(0.40) Diluted net loss per common share, total $(0.48) $(10.57) Weighted average number of common shares outstanding – basic and diluted* Basic* 97,525 185 Diluted* 97,525 643 * reflects the 1:9 reverse stock split effected on July 28, 2025. The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements. 5 Table of Contents AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (in thousands, except share data) # of Shares Amount # of Shares Amount Paid-in Capital Subscriptions Receivable to issue shares Accumulated Deficit comprehensive income (loss) shareholders’ equity For the three months ended March 31, 2026 Common shares Common share Treasury Shares Additional Obligation Accumulated other Total # of Shares Amount # of Shares Amount Paid-in Capital Subscriptions Receivable to issue shares Accumulated Deficit comprehensive income (loss) shareholders’ equity Balance, January 1, 2026 93,122,147 $283,554 (183,345) $(258) $22,968 $(24,234) $44 $(93,977) $(1,121) $186,976 Shares issued for conversion of convertible debt 56,010 28 - - - - - - - 28 Warrants issued with convertible debt - - - - 2,016 - - - - 2,016 Share based compensation - - - - 253 - - - - 253 Repurchases of shares - - (3,195,970) (3,044) - - - - - (3,044) Repurchase of shares, retired (736,845) - 736,845 - - - - - - - Fees associated with registration statement - (276) - - - - - - - (276) Release of locked tokens - receipt of digital assets - - - - (2,354) 5,578 - - - 3,224 Net loss - - - - - - - (46,391) - (46,391) Balance, March 31, 2026 92,441,312 $283,306 (2,642,470) $(3,302) $22,883 $(18,656) $44 $(140,368) $(1,121) $142,786 # of Shares Amount paid-in capital to issue shares Accumulated Deficit comprehensive income (loss) shareholders’ equity For the three months ended March 31, 2025 Accumulated Common shares Additional Obligation other Total # of Shares Amount paid-in capital to issue shares Accumulated Deficit comprehensive income (loss) shareholders’ equity Balance, January, 1 2025 172,255 $65,043 $2,965 $44 $(60,782) $(1,158) $ 6,112 Balance 172,255 $65,043 $2,965 $44 $(60,782) $(1,158) $ 6,112 Shares issued for conversion of convertible debt 21,085 404 - - - - 404 Net loss - - - - (145) - (145) Foreign currency translation - - - - - 37 37 Balance, March 31, 2025 193,340 $65,447 $2,965 $44 $(60,927) $(1,121) $6,408 Balance 193,340 $65,447 $2,965 $44 $(60,927) $(1,121) $6,408 * reflects the 1:9 reverse stock split effected on July 28, 2025. The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements. 6 Table of Contents AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) 2026 2025 For the Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net loss for the period $(46,391) $(145) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 253 275 Staking fees paid in AVAX tokens 11 - Impairment of liquid staking tokens 1,127 - Realized loss on digital assets 5,297 - Unrealized losses on digital assets 36,302 36 Share-based compensation 253 127 Amortization of debt issuance costs 1,818 946 Amortization of power purchase agreement 58 89 Change in fair value of derivative liabilities - (2,977) Gain on debt conversion - (87) Loss on debt extinguishment - 115 Loss on disposal of fixed assets 259 - Changes in operating assets and liabilities: Revenue from digital asset production (2,511) (272) Other receivables 2 (27) Prepaid expenses and other current assets 2,013 (458) Deposit receivable - 16 Accounts payable and accrued liabilities 158 189 Other current liabilities 2 - Net cash used in operating activities (1,349) (2,173) CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions - (4,765) Purchase of digital assets (25) - Purchase of equipment (2,523 ) - Net cash used in investing activi