$AVAT

Avalanche Treasury Corp

CIK:0002092446|SEC Filings

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Staking revenue, net of fees	$ 1,545,470	$ 3,602,544
Operating expenses:
General and administrative	3,498,994	5,441,428
Transaction costs incurred in connection with the Business Combination	15,213,769	15,213,769
Change in fair value of digital assets	14,596,810	60,789,394
Realized loss on digital assets	10,019,063	10,496,494
Impairment of digital assets	11,100,549	16,160,282
Loss from operations	(52,883,715)	(104,498,823)
Other income (expense):
Change in fair value of token sale liability	16,611,782	41,419,685
Loss on settlement of token sale liability	(6,958,697)	(6,958,697)
Initial recognition of Earn-Out liability	(3,153,333)	(3,153,333)
Change in fair value of Earn-Out liability	2,780,000	2,780,000
Initial recognition of post share issuance liability	(3,700,000)	(3,700,000)
Change in fair value of post issuance liability	2,700,000	2,700,000
Other income	14,815	35,874
Interest expense	(83,808)	(83,808)
Interest income	15,166	21,070
Total other income (expense)	8,225,925	33,060,791
Net loss	$ (44,657,790)	$ (71,438,032)
Weighted-average number of shares of Class A Common Stock outstanding, basic (in shares)	29,050,495	28,359,734
Weighted-average number of shares of Class A Common Stock outstanding, diluted (in shares)	29,050,495	28,359,734
Basic net loss per unit of Class A Common Stock (in dollar per share)	$ (1.54)	$ (2.52)
Diluted net loss per unit of Class A Common Stock (in dollar per share)	$ (1.54)	$ (2.52)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$ (71,438,032)
Adjustments to reconcile net loss to net cash used in operations:
Digital assets received from staking rewards		(2,748,954)
Digital assets received from liquid staking rewards		(910,987)
Interest expense	$ 83,808	83,808
USDC received recorded as other income		(35,874)
Digital assets disposed of through staking fees		60,997
Change in fair value of digital assets - AVAX	14,596,810	60,789,394
Change in fair value of token sale liability	(16,611,782)	(41,419,685)
Loss on settlement of token sale liability	6,958,697	6,958,697
Initial issuance of earn-out share liability	3,153,333	3,153,333
Change in fair value of earn-out share liability	(2,780,000)	(2,780,000)
Initial issuance of post-closing shares liability	3,700,000	3,700,000
Change in fair value of post-closing shares liability	(2,700,000)	(2,700,000)
Realized loss on digital assets - AVAX	10,019,063	10,496,494
Impairment of digital assets - stAVAX	11,100,549	16,160,282
Changes in operating assets and liabilities:
Prepaid expense		(12,701)
Accounts payable and accrued expenses		(171,322)
Due from related party		1,423,849
CASH USED IN OPERATING ACTIVITIES		(19,390,701)
CASH FLOWS FROM INVESTING ACTIVITIES
Disposal of USDC to USD		3,000,000
Purchase of USDC		(4,999,999)
CASH USED IN INVESTING ACTIVITIES		(1,999,999)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash received from Notes payable		23,000,000
Shares issued to SPAC in connection with Business Combination		2,756
CASH PROVIDED BY FINANCING ACTIVITIES		23,002,756
NET CHANGE IN CASH		1,612,056
Cash, beginning of period		1,758,802
Cash, end of period	3,370,858	3,370,858
Supplemental disclosure of non-cash investing and financing activities:
Shares issued for exchange of token sale liability		5,550,000
Subscription receivable, digital assets received at fair value		564,449
Subscription receivable, change in fair value related to subscription receivable collected		1,257,920
Deposits of AVAX staked into liquid staking activities		27,511,488
Prepaid expenses acquired from the SPAC in connection with the Reverse Recapitalization		131,196
Accrued expenses acquired from the SPAC in connection with the Reverse Recapitalization		1,442,877
sAVAX
Adjustments to reconcile net loss to net cash used in operations:
Digital assets received from liquid staking rewards	(250,294)	(250,294)
Impairment of digital assets - stAVAX	10,672,560	10,672,560
Supplemental disclosure of non-cash investing and financing activities:
Receipt of AVAX from redemption in liquid staking activities		18,985,510
stAVAX
Adjustments to reconcile net loss to net cash used in operations:
Digital assets received from liquid staking rewards	(660,693)	(660,693)
Impairment of digital assets - stAVAX	$ 427,989	5,487,722
Supplemental disclosure of non-cash investing and financing activities:
Receipt of AVAX from redemption in liquid staking activities		$ 11,569,313

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash	$ 3,370,858	$ 1,758,802
USDC	5,405,837	3,373,564
Prepaid expenses and other current assets	258,064	114,167
Deferred transaction costs	0	1,845,131
Due from related party		1,423,849
Total Current Assets	28,063,700	8,515,513
TOTAL ASSETS	109,024,577	190,855,987
Current Liabilities
Accounts payable and accrued expenses	801,201	334,210
Accrued transaction costs		112,046
Token sale liability	0	40,010,988
Accrued interest	83,808
Earn out liability	373,333
Post-closing shares liability	1,000,000
Note payable	23,000,000
TOTAL LIABILITIES	25,258,342	40,457,244
COMMITMENTS AND CONTINGENCIES (SEE NOTE 8)
STOCKHOLDERS' EQUITY
Subscription receivable	(4,100,380)	(5,922,749)
Additional paid-in capital	218,498,993	215,582,373
Accumulated deficit	(131,033,582)	(59,595,550)
TOTAL STOCKHOLDERS' EQUITY	83,766,235	150,398,743
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	109,024,577	190,855,987
Class A Common Stock
STOCKHOLDERS' EQUITY
Common Stock	343,148	276,613
Class B Common Stock
STOCKHOLDERS' EQUITY
Common Stock	58,056	58,056
AVAX
Current Assets
Digital assets - AVAX, current portion	19,028,941
Digital assets	80,960,877	167,093,560
STOCKHOLDERS' EQUITY
Subscription receivable	$ (4,100,380)	(5,922,749)
stAVAX
Current Assets
Digital assets		$ 15,246,914