AVAX One (AVX) Earnings Call zu Q2 2026: Umsatz steigt, während Verluste bei digitalen Vermögenswerten belasten

AVAX One (AVX) wies nach der Neuausrichtung auf eine Avalanche-Digital-Asset-Treasury-Strategie für das zweite Quartal 2026 einen höheren Umsatz aus. Unrealisierte Verluste aus digitalen Vermögenswerten und sonstige nicht zahlungswirksame Aufwendungen führten jedoch zu einem erheblich ausgeweiteten Nettoverlust nach GAAP.

Wichtigste Erkenntnisse

• Der Umsatz im zweiten Quartal 2026 stieg auf 2,8 Millionen US-Dollar gegenüber rund 500.000 US-Dollar im zweiten Quartal 2025; darin enthalten waren 2,1 Millionen US-Dollar aus Staking-Prämien und rund 700.000 US-Dollar aus dem Bitcoin-Mining.
• Das Unternehmen verzeichnete einen Nettoverlust von 35,1 Millionen US-Dollar bzw. 4,41 US-Dollar je verwässerter Aktie. Ohne Berücksichtigung bestimmter nicht zahlungswirksamer Aufwendungen lag der bereinigte Nettoverlust bei 2,2 Millionen US-Dollar bzw. 0,27 US-Dollar je verwässerter Aktie.
• Die Betriebsausgaben erreichten 36,2 Millionen US-Dollar, einschließlich 33,0 Millionen US-Dollar an nicht zahlungswirksamen Aufwendungen. Der größte Posten war ein unrealisierter Verlust von 29,8 Millionen US-Dollar aus Veränderungen des Marktwerts digitaler Vermögenswerte.
• Die digitalen Vermögenswerte wiesen zum 30. Juni einen Gesamtnettowert von rund 93,5 Millionen US-Dollar auf, darunter 13,2 Millionen AVAX-Token im Wert von 86,3 Millionen US-Dollar und rund 700.000 TAVAX-Token im Wert von 5,3 Millionen US-Dollar.
• Die Liquidität lag zum Quartalsende bei insgesamt rund 21,1 Millionen US-Dollar, verglichen mit 27,6 Millionen US-Dollar zum 31. Dezember. Das Management erklärte, dass die vorhandene Liquidität sowie die Möglichkeit, durch Staking und Mining erworbene Vermögenswerte zu beleihen oder zu veräußern, den Betrieb und das Wachstum ohne zusätzliches Kapital finanzieren dürften.
• Nach Quartalsende restrukturierte AVAX One Wandelschuldverschreibungen und reduzierte den entsprechenden Nennbetrag um rund 6,8 Millionen US-Dollar.

Wichtigste Finanzdaten

Die nicht zahlungswirksamen Aufwendungen von 33,0 Millionen US-Dollar beinhalteten einen unrealisierten Bewertungsverlust auf digitale Vermögenswerte in Höhe von 29,8 Millionen US-Dollar, eine Wertminderung auf Treehouse-Liquid-Staking-Token von 2,6 Millionen US-Dollar sowie rund 600.000 US-Dollar an aktienbasierter Vergütung und Abschreibungen.

Die Liquidität zum Quartalsende setzte sich zusammen aus 11,4 Millionen US-Dollar an flüssigen Mitteln, 5,4 Millionen US-Dollar an zwingend gebundenen liquiden Mitteln und einer Treuhandforderung in Höhe von 4,3 Millionen US-Dollar.

Geschäfts- und operative Entwicklung

AVAX One stützt sich auf drei strategische Säulen: seine Avalanche-Digital-Asset-Treasury, das Bitcoin-Mining sowie die gezielte Entwicklung im Bereich KI und Hochleistungsrechnen.

Das Unternehmen besitzt derzeit mehr als 14 Millionen AVAX-Token und Äquivalente, darunter rund 800.000, die bei Treehouse eingesetzt sind. Seit dem Start der Treasury-Strategie im November 2025 hat AVAX One Staking-Erträge von rund 4,7 Millionen US-Dollar erzielt. Das Management gab eine aufs Jahr hochgerechnete Staking-Rendite von rund 5,3 % an.

Zum 30. Juni umfasste das Portfolio rund 13,2 Millionen AVAX-Token mit einem Nettowert von 86,3 Millionen US-Dollar, rund 700.000 TAVAX-Token im Wert von 5,3 Millionen US-Dollar und rund 31,2 Bitcoin im Wert von 1,8 Millionen US-Dollar.

Das Bitcoin-Mining wird an Standorten in Alberta und Ohio fortgeführt. Das Unternehmen hat seine Aktivitäten in Alberta im vergangenen Jahr um 220 Mining-Geräte erweitert und betreibt weiterhin seine 5-Megawatt-Anlage Bald Eagle in Ohio, die mit abgefackeltem Erdgas betrieben wird.

Im Bereich der KI-Infrastruktur prüft AVAX One ein stromorientiertes Modell in Alberta unter Nutzung von dezentraler Erdgasstromerzeugung vor dem Zähler („behind-the-meter“) sowie modularer Bauweise. Das erste Inference-Pilotprojekt in Redwater könnte rund 100 Kilowatt an überschüssiger Mining-Kapazität für KI-Workloads umwandeln.

Das Management hob zudem die fortlaufende Entwicklung des Avalanche-Ökosystems in den Bereichen institutionelle Abwicklung, tokenisierte Vermögenswerte, Validatoren-Beteiligung und Verbraucheranwendungen hervor. Als Beispiele wurden die Migration von LINK auf eine dedizierte Avalanche-Layer-1 durch TACIT sowie die Nutzung einer Avalanche-basierten Blockchain durch FIFA Collect während der Fußball-Weltmeisterschaft 2026 genannt.

Risiken und Beobachtungspunkte

• Preisschwankungen bei digitalen Vermögenswerten beeinflussten die Quartalsergebnisse erheblich, darunter der unrealisierte Bewertungsverlust von 29,8 Millionen US-Dollar.
• Für Treehouse-Liquid-Staking-Token fiel im Quartal eine Wertminderung von 2,6 Millionen US-Dollar an.
• Die Gesamtliquidität sank von 27,6 Millionen US-Dollar Ende 2025 auf 21,1 Millionen US-Dollar.
• Die Geräte für das KI-Inference-Projekt in Redwater waren zum Zeitpunkt der Telefonkonferenz noch nicht installiert, sodass dem Unternehmen noch keine operativen oder wirtschaftlichen Ergebnisse aus dem Pilotprojekt vorlagen.
• Das Helicon-Upgrade von Avalanche war nur im Fuji-Testnetz aktiv. Die vorgeschlagenen Änderungen für Validatoren waren im Hauptnetz noch nicht live.

Wichtigste Punkte aus der Analysten-Fragerunde

Das Management gab bekannt, dass sich die Suche nach einem dauerhaften CEO auf Kandidaten mit relevanter Erfahrung für die drei Säulen des Unternehmens konzentriert: die Avalanche-Treasury, das Bitcoin-Mining und die KI-Infrastruktur. Nähere Angaben zur Suche machte das Unternehmen nicht.

AVAX One konzentriert sich weiterhin auf Chancen im Bereich der KI-Infrastruktur in Alberta, in erster Linie im Rahmen einer Partnerschaft mit Blue Flare. Laut Management liegt der Redwater-Inference-Pilotversuch weiterhin im Zeitplan, allerdings haben lange Lieferzeiten bei den Geräten die Bereitstellung verzögert. Das Unternehmen plant, den Markt zu informieren, sobald operative Daten vorliegen.

Vollständiges Transkript der Telefonkonferenz

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss AVAX One's financial and operating results for the second quarter ended June 30, 2026. Joining us today are the company's Interim Chief Executive Officer and Chief Operating Officer, Pete Wiley, and the company's Chief Financial Officer, Chris Polomeni. By now, everyone should have access to AVAX One's second quarter 2026 earnings press release, which was issued earlier this afternoon at approximately 11 a.m. 5 p.m. Eastern Time. The release is available in the investor relations section of the company's website at www.avax-one.com. The webcast replay of this call will also be available on the company's website. The following management remarks will open the call up for your questions. Please be advised this conference call will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are subject to certain unknown and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those received in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. You are urged to not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by law, the company undertakes no obligation publicly update or revise any forward-looking statements. For important risks and assumptions associated with such forward-looking statements, please refer to the company's SEC filings. I will We will now turn the call over to Pete Wiley, AVAX One's Interim Chief Executive Officer and Chief Operating Officer. Pete?.

Peter Wylie

Thank you, Operator, and thank you all for joining us today. We are seeing continued development across the Avalanche ecosystem that has reinforced our conviction in the network's long-term potential and the strategic value of AVAX1's position within it. That progress is becoming increasingly visible across a broad range of applications, including institutional settlement, tokenized assets, validator participation, and large-scale commercial platforms. In our view, the growing breadth and sophistication of these use cases demonstrate that Avalanche is moving beyond experimentation. and toward real-world deployment. That evolution is particularly significant in financial services, where institutions are increasingly focused on the practical applications of blockchain technology in payments, tokenization, settlement, and other financial workflows. We believe Avalanche is well-positioned to support that transition. architecture enables institutions to build purpose-built blockchain environments tailored to their operational regulatory and performance requirements or remain remaining connected to the broader Avalanche ecosystem. TACIT's recent migration of LINK provides a clear example of how that model can work in practice.

Asset is a financial technology company that provides blockchain-based payment and settlement infrastructure for regulated financial institutions. is its real-time settlement network designed to help institutional participants transfer value and complete transactions more efficiently. pass it moved link onto a dedicated Avalanche Layer 1, effectively giving the network its own customized blockchain environment. This allows TACIT to control how the network is configured, who validates transactions, and how data is managed, while still benefiting from Avalanche's speed and scalability. TACIT's broader infrastructure has processed more than $2.5 trillion in transactions, and we believe this migration demonstrates Avalanche's ability to support security institutionally oriented financial infrastructure at scale. Beyond institutional finance, Avalanche is demonstrating its ability to support large-scale consumer applications. During the 2026 FIFA World Cup, FIFA Collect, the organization's digital collectibles platform, operated on an Avalanche-powered blockchain. While the use case is distinct from payments and settlement, it provides another example of how of Avalanche supporting a globally recognized platform with a broad consumer audience. Avalanche is also continuing to improve the network's underlying infrastructure.

Helicon, a recent protocol upgrade, has been activated on the Fuji testnet, where new features are evaluated before potential deployment to Avalanche's live mainnet. Among other changes, Helicon introduces automatic renewal for valid validator staking and proposes reducing the minimum primary network staking period from two weeks to 48 hours. While these changes are not yet live on main net, we believe they could provide validators with greater flexibility and make participation more accessible to institutional operators. The combination of these deployments illustrates the breadth of activity emerging in the Avalanche ecosystem. institutional settlement, and tokenized assets to validate our participation in large-scale consumer applications. For AVAX 1, the continued expansion of the network reinforces our conviction in Avalanche's long-term potential and, in turn, the strategic rationale for maintaining and growing our AVAX Digital Asset Treasury. to our operations, AVAX One is organized around three core pillars, our avalanche digital asset treasury, Bitcoin mining, and the selective development of AI and high-performance computing opportunities. Our Avalanche treasury is central to the strategy. We currently own more than 14 million AVAX tokens and equivalents, including approximately 800,000 which have been deployed into Treehouse, providing us with meaningful exposure to the continued growth of the Avalanche ecosystem.

By staking a significant portion of these holdings directly through the network, we participate in network validation and earn protocol-native rewards, creating an ongoing source of revenue while increasing our AVAX holdings over time. Our second pillar is Bitcoin mining, which continues to provide recurring operating revenue across our facilities in Alberta and Ohio. Over the past year, we've expanded the platform through additional mining equipment, including 220 machines added to our Alberta operations, while continuing to operate our 5-megawatt Bald Eagle facility in Ohio, which is powered by flared natural gas. operations also provide valuable experience managing power generation, equipment deployment, and energy-intensive infrastructure. We will continue to manage each site with a focus on operating performance, energy efficiency, capital discipline, and the productive use of our existing assets. Our third pillar is AI and high performance computing. We believe our experience operating power intensive infrastructure, managing energy costs, and deploying modular equipment provides a practical foundation for this developing strategy. In Alberta, we are advancing a power-first deployment model centered on behind-the-meter natural gas generation, modular construction, and energy advantage sites. goal of delivering reliable compute capacity on a faster and more capital efficient basis than traditional grid dependent projects.

We will continue to evaluate infrastructure opportunities selectively with a focus on technical feasibility, customer demand, capital requirements, and the potential to generate durable recurring revenue. During the second quarter, we announced an initial AI inference pilot at our Redwater facility. involving the potential conversion of approximately 100 kilowatts of excess mining capacity to AI workloads. The pilot is designed to assess the technical requirements and potential economics of inference computing using infrastructure already within our operating footprint. Alberta remains an area of interest given our existing presence and familiarity with the regional power market, although we will pursue opportunities selectively based on economics, capital requirements, and strategic fit. In addition to executing across our three operating pillars, we were evaluating strategic opportunities that could strengthen and expand the platform. These opportunities may arise within our Avalanche Treasury and ecosystem strategy, Bitcoin mining operations, or AI and high-performance computing initiatives. focuses on accretive opportunities that can build durable revenue and cash flow while enhancing the productivity of existing assets. This includes potential acquisitions, partnerships, infrastructure investments, and operational initiatives that complement our capabilities and improve the long-term economics of the business.

We carefully evaluate each opportunity based on the quality of the underlying business or asset, its strategic fit, expected financial contribution, and capital requirements. Our Our objective is to pursue transactions, strategic relationships, and other opportunities that strengthen AVAX One's operating foundation and create sustainable long-term value for shareholders. looking ahead we are intently focused on building a stronger more durable operating platform we've We will continue to allocate capital selectively across our three pillars, pursue opportunities that can expand recurring revenue and cash flow, and remain active under our share repurchase program when we believe our shares trade below the intrinsic value of the business. We believe these initiatives, coupled with our prudent approach to capital allocation, will enable us to deliver long-term shareholder value. With that, I will now turn the call over to our Chief Financial Officer, Chris Polamini, to review our second quarter financial results.

Christopher Polimeni

Thank you, Pete. As a quick reminder, as we review our second quarter 2026 financial results, all All comparisons and variance commentary will refer to the prior year quarter, unless otherwise specified. Total revenue for our second quarter of 2026 was $2.8 million, which represents a significant increase compared to approximately $500,000 in the second quarter of 2025. Increase primarily reflects our transition to the Avalanche Digital Asset Treasury Strategy in Q4 of 25. Our revenue in the second quarter of 26 consisted of approximately $2.1 million in staking rewards revenue from our Digital Asset Treasury Strategy, as well as approximately $700,000 in revenue from our Bitcoin mining operations. Our total operating expenses for the second quarter of 2026 were $36.2 million compared to $1.8 million in the second quarter of 2025. The operating expenses for the second quarter of 26 included $33 million of non-cash charges related to, A, $29.8 million unrealized loss in the change in market value of our digital assets, B, a $2.6 million impairment of our treehouse liquid staking tokens, and C, a $2.6 million loss in the change in market value of our digital assets. and C, a $600,000 share-based compensation depreciation expense. excluding these non-cash charges, are adjusted operating expenses for the second quarter of 26, worth $3.2 million. We reported a net loss for the second quarter of 2026 of $35.1 million, or $4.41 per diluted share, compared to a net loss of $8.1 million, or $335.88 per diluted share in the second quarter of 2025.

Excluding the aforementioned non-cash expenses, adjusted net loss for the second quarter of 26 was $2.2 million, or $0.27 per diluted share. As of June 30th, 2026, our total liquidity was approximately $21.1 million, consisting of cash and cash equivalents of $11.4 million, restricted cash of $5.4 million, and an escrow receivable balance of $4.3 million. This compares to approximately $27.6 million in total liquidity as of December 31st. We believe our liquidity position, coupled with our ability to generate additional liquidity by leveraging or liquidating the digital assets earned through staking and Bitcoin mining, will provide the company with sufficient liquidity to fund our operating expenses as well as to execute our growth strategy without the need to raise additional capital. As of June 30th, 2026, the last day of our second quarter, AVAX1 held approximately 13.2 million AVAX tokens with a net value of 86.3 million, approximately 700,000 TAVAX tokens through our deployment with Treehouse with a net value of approximately 5.3 million, and approximately 31.2 million AVAX tokens. Bitcoin with a net value of approximately 1.8 million, resulting in a total net value of our digital assets of approximately $93.5 million. Since the inception of our digital asset treasury strategy in November of 25, we've generated approximately $4.7 million in staking revenue, with our staking activities producing an annualized yield of approximately 5.3%.

Subsequent to quarter end, as announced last week, we completed the restructuring of certain outstanding convertible debentures, reducing the related principal balance by approximately $6.8 million. The transactions included the full repayment and retirement of debentures held by two institutional investors and a reduction in the principal amount and amendment of certain terms of a debenture held by a third investor. Restructuring was funded through cash on hand and a reduction in the related escrow receivable. this action meaningful reduces near-term liabilities, strengthens our balance sheet, and enhances our financial flexibility as we execute against our three-pillar strategy. Looking ahead, we are focused on executing our three-pillar strategy while maintaining a prudent approach to capital allocation. We will continue to evaluate high quality opportunities across the Avalanche ecosystem, Bitcoin mining, and AI and high performance compute infrastructure with an emphasis on opportunities that can strengthen our operating performance, expand recurring revenue, and generate attractive risk-adjusted returns. We believe these initiatives will enable us to execute our growth and profitability initiatives. This concludes our prepared remarks, and we'll now open it up for questions from those participating in the call.

Operator

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from Derek Greenberg with Maxim Group.

Please go ahead.

Unknown Speaker

My first question is just on the CEO transition. I was wondering if you could talk a little bit about what you're looking for in a candidate, I guess what kind of experience and background they bring and what kind of qualities they.

Peter Wylie

Sure. We're not commenting publicly much more than we already have on the search itself. But I think our three pillars are quite clear, building the Avalanche Digital Asset Treasury and enhancing our Bitcoin mining operations and exploring AI infrastructure. So certainly candidates that have experience in and around those spaces are going to be the ones that we're evaluating, but won't make much progress.

Unknown Speaker

comment at this time. Got it. And then on the third pillar in particular, the AI data centers, I was wondering kind of where your focus lies. I know previously there was kind of a target of powered land at the Alberta location in 1Q27. I was wondering if that's still a firm plan or if you're kind of looking at everything more opportunistically now, if you could just talk about that.

Peter Wylie

Sure, we remain focused and exploring opportunities in Alberta through a partnership with Blue Flare primarily.

Unknown Speaker

Got it. On the redwater inference pilot, could you just talk about how that's progressing and what you're seeing and learning thus far?.

Peter Wylie

Sure, it remains on track, but we have yet to actually deploy the equipment. There was a long lead time to secure all needed assets to commence the pilot itself, so we're still on track. to launch it on schedule, but we have yet to actually get the operating results back from the pilot and look forward to updating the market when we do.

Unknown Speaker

Okay, got it. That's it for me for now. I'm going to hop into queue. Thanks, guys.

Operator

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

This live transcript is auto-generated without human intervention or review.

[Call has ended.]