$AVX
AVAX ONE TECHNOLOGY LTD.
CIK:0001826397|SEC Filings
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss for the period | $ (81,520) | $ (8,206) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 537 | 594 |
| Staking fees paid in AVAX tokens | 30 | |
| Impairment of liquid staking tokens | 3,740 | |
| Realized loss on digital assets | 5,317 | |
| Unrealized losses (gains) on digital assets | 66,057 | (80) |
| Share-based compensation | 556 | 208 |
| Amortization of debt issuance costs | 3,546 | 1,912 |
| Amortization of power purchase agreement | 115 | 115 |
| Change in fair value of derivative liabilities | (2,977) | |
| Gain on debt conversion | (87) | |
| Loss on debt extinguishment | 21 | 4,731 |
| Loss on disposal of business | 904 | |
| Loss on disposal of fixed assets | 259 | |
| Changes in operating assets and liabilities: | ||
| Revenue from digital asset production | (5,329) | (725) |
| Other receivables | (227) | (76) |
| Prepaid expenses and other current assets | 1,419 | 192 |
| Deposit receivable | 16 | |
| Accounts payable and accrued liabilities | 405 | 422 |
| Other current liabilities | 3 | |
| Net cash used in operating activities | (5,071) | (3,057) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisitions | (4,765) | |
| Purchase of digital assets | (25) | |
| Purchase of equipment | (2,523) | (1,024) |
| Sale of digital assets | 106 | |
| Net cash used in investing activities | (2,548) | (5,683) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Shares repurchased in the open market, including costs | (3,850) | |
| Proceeds from debenture and warrant issuance, net of discount | 6,716 | 8,550 |
| Repayment of convertible debentures | (557) | (110) |
| Proceeds from loan payable | 200 | |
| Repayment of loan payable | (17) | |
| Financing costs of debentures | (157) | |
| Proceeds from warrants exercised | 59 | |
| Net cash provided by financing activities | 2,292 | 8,542 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (107) | |
| Change in cash, cash equivalents and restricted cash | (5,327) | (305) |
| Cash, cash equivalents and restricted cash, beginning of period | 22,135 | 490 |
| Cash, cash equivalents and restricted cash, end of period | 16,808 | 185 |
| Supplemental cash flow information: | ||
| Cash paid during the period for interest | 13 | |
| Supplemental disclosure of non-cash investing and financing transactions: | ||
| Shares issued for conversion of convertible debt | 79 | 2,922 |
| Exchange listing fees for registration statement | 276 | |
| Purchase of liquid staking tokens with digital assets | 8,466 | |
| Release of AVAX tokens from subscriptions receivable | 4,294 | |
| Escrow receivable obtained in connection with issuance of convertible debt and warrants | 4,345 | |
| Warrants issued with convertible debt and classified as equity | 2,016 | |
| Non-cash repayment of convertible debentures | 655 | |
| Initial fair value of debenture warrants initially classified as derivatives | 4,192 | |
| Initial fair value of conversion feature of debentures initially classified as derivatives | 1,183 | |
| Reclassification of derivative liability to equity | $ 2,772 | |
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
||
|---|---|---|---|---|
| Current | ||||
| Cash and cash equivalents | $ 11,368 | $ 22,135 | ||
| Restricted cash | 5,440 | |||
| Escrow receivable | 4,345 | 5,430 | ||
| Liquid staking tokens | 4,726 | |||
| Staking rewards receivable | 1,839 | |||
| Other receivables | 244 | 17 | ||
| Deposit receivable | 58 | 58 | ||
| Prepaid expenses and other current assets | 4,168 | 5,863 | ||
| Total current assets | 32,188 | 33,503 | ||
| Non-current | ||||
| Property and equipment, net | 5,973 | 4,246 | ||
| Digital assets, non-current | 81,609 | 153,670 | ||
| Intangible assets, net | 294 | 409 | ||
| Intangible asset held for sale | 1,550 | 1,550 | ||
| Goodwill | 1,535 | 1,535 | ||
| Lease deposit, non-current | 50 | 50 | ||
| Total assets | 123,199 | 194,963 | ||
| Current | ||||
| Accounts payable and accrued liabilities | 1,683 | 1,278 | ||
| Debentures, net of discount | 12,985 | 6,439 | ||
| Loan payable | 206 | 220 | ||
| Other current liabilities | 50 | 50 | ||
| Total liabilities | 14,924 | 7,987 | ||
| Commitments and contingencies - See Note 15 | ||||
| Shareholders’ equity | ||||
| Common shares, no par value per share - unlimited shares authorized, 7,713,231 and 7,760,179 shares issued and 7,363,270 and 7,744,900 outstanding at June 30, 2026 and December 31, 2025, respectively | [1] | 282,147 | 283,554 | |
| Treasury shares | (2,898) | (258) | ||
| Additional paid-in-capital | 22,206 | 22,968 | ||
| Subscriptions receivable - digital assets | (16,606) | (24,234) | ||
| Obligation to issue shares | 44 | 44 | ||
| Accumulated deficit | (175,497) | (93,977) | ||
| Accumulated other comprehensive loss | (1,121) | (1,121) | ||
| Total shareholders’ equity | 108,275 | 186,976 | ||
| Total liabilities and shareholders’ equity | $ 123,199 | $ 194,963 | ||
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