아박스 원(AVX) 2026년 2분기 실적 발표: 디지털 자산 손실 부담 속 매출 증가

AVAX One(AVX)은 아발란체 디지털 자산 트레저리 전략으로 전환한 데 힘입어 2026 회계연도 2분기 매출이 증가했다고 발표했습니다. 그러나 디지털 자산의 미실현 손실과 기타 비현금성 비용으로 인해 GAAP 기준 순손실이 대폭 확대되었습니다.

핵심 요약

• 2026 회계연도 2분기 매출은 2025 회계연도 2분기의 약 50만 달러에서 280만 달러로 증가했으며, 이 중 210만 달러는 스테이킹 보상, 약 70만 달러는 비트코인 채굴에서 발생했습니다.
• 회사는 3,510만 달러의 순손실(희석주당순손실 4.41달러)을 기록했습니다. 특정 비현금성 비용을 제외한 조정 순손실은 220만 달러(희석주당 0.27달러)였습니다.
• 영업비용은 비현금성 비용 3,300만 달러를 포함해 3,620만 달러에 달했습니다. 가장 큰 항목은 디지털 자산의 시장 가치 변동에 따른 미실현 손실 2,980만 달러였습니다.
• 6월 30일 기준 디지털 자산의 총 순가치는 약 9,350만 달러였으며, 이에는 8,630만 달러 가치의 AVAX 토큰 1,320만 개와 530만 달러 가치의 TAVAX 토큰 약 70만 개가 포함됩니다.
• 분기말 기준 총 유동성은 약 2,110만 달러로, 12월 31일의 2,760만 달러에서 감소했습니다. 경영진은 기존 유동성과 스테이킹 및 채굴을 통해 확보한 자산을 활용하거나 현금화할 수 있는 능력을 바탕으로 추가 자본 없이도 운영 및 성장에 필요한 자금을 충당할 수 있을 것이라고 밝혔습니다.
• 분기 종료 후, AVAX One은 전환사채를 구조조정하여 관련 원금 잔액을 약 680만 달러 감축했습니다.

주요 재무 데이터

3,300만 달러의 비현금성 비용에는 디지털 자산 평가미실현손실 2,980만 달러, 트리하우스(Treehouse) 유동성 스테이킹 토큰의 손상차손 260만 달러, 주식 기반 보상 및 감가상각비 약 60만 달러가 포함되었습니다.

분기말 유동성은 현금 및 현금성 자산 1,140만 달러, 제한된 현금 540만 달러, 에스크로 수취채권 430만 달러로 구성되었습니다.

사업 및 운영 성과

AVAX One은 아발란체 디지털 자산 트레저리, 비트코인 채굴, 선별적 AI 및 고성능 연산(HPC) 개발이라는 세 가지 핵심 축을 통해 사업을 운영합니다.

회사는 현재 트리하우스에 투입된 약 80만 개를 포함해 1,400만 개 이상의 AVAX 토큰 및 이에 상응하는 자산을 보유하고 있습니다. 2025년 11월 트레저리 전략을 시작한 이래, AVAX One은 약 470만 달러의 스테이킹 매출을 올렸습니다. 경영진은 연환산 스테이킹 수익률이 약 5.3%라고 보고했습니다.

6월 30일 기준 포트폴리오에는 8,630만 달러 가치의 AVAX 토큰 약 1,320만 개, 530만 달러 가치의 TAVAX 토큰 약 70만 개, 180만 달러 가치의 비트코인 약 31.2개가 포함되었습니다.

비트코인 채굴은 알버타와 오하이오의 시설에서 계속 진행 중입니다. 회사는 지난 1년 동안 알버타 사업장에 채굴기 220대를 추가했으며, 플레어 가스(폐천연가스)로 작동하는 오하이오주의 5메가와트(MW) 규모 볼드이글(Bald Eagle) 시설을 계속 운영하고 있습니다.

AI 인프라 부문에서 AVAX One은 자가소비형(behind-the-meter) 천연가스 발전과 모듈식 건축을 활용한 전력 우선(power-first) 모델을 알버타에서 검토하고 있습니다. 초기 레드워터(Redwater) 추론 파일럿 프로젝트는 약 100킬로와트(kW)의 잉여 채굴 용량을 AI 워크로드로 전환할 수 있습니다.

경영진은 기관 결제, 토큰화 자산, 검증인 참여, 소비자 애플리케이션 등에서 지속적인 아발란체 생태계 발전도 강조했습니다. 사례로는 TACIT의 LINK 전용 아발란체 레이어 1 마이그레이션과 2026 FIFA 월드컵 기간 중 FIFA 컬렉트(FIFA Collect)의 아발란체 기반 블록체인 활용 등이 꼽혔습니다.

리스크 및 주요 관전 포인트

• 2,980만 달러의 미실현 평가손실을 포함해 디지털 자산 가격 변동이 분기 실적에 상당한 영향을 미쳤습니다.
• 이번 분기 동안 트리하우스 유동성 스테이킹 토큰에서 260만 달러의 손상차손이 발생했습니다.
• 총 유동성은 2025년 말 2,760만 달러에서 2,110만 달러로 감소했습니다.
• 컨퍼런스 콜 당시 레드워터 AI 추론 장비가 아직 배치되지 않았기 때문에, 해당 파일럿으로 인한 운영 또는 경제적 실적은 없었습니다.
• 아발란체의 헬리콘(Helicon) 업그레이드는 후지(Fuji) 테스트넷에서만 활성화되었습니다. 제안된 검증인 변경 사항은 메인넷에 아직 적용되지 않았습니다.

애널리스트 Q&A 주요 내용

경영진은 차기 정식 CEO 선임 작업이 회사의 세 가지 핵심 축인 아발란체 트레저리, 비트코인 채굴, AI 인프라와 관련된 경험을 갖춘 후보자에 집중되어 있다고 밝혔습니다. 회사는 CEO 선임과 관련된 추가적인 세부 정보를 제공하지 않았습니다.

AVAX One은 주로 블루 플레어(Blue Flare)와의 파트너십을 통해 알버타 AI 인프라 기회에 계속 집중하고 있습니다. 경영진은 레드워터 추론 파일럿이 예정대로 진행 중이지만, 장비의 긴 리드 타임으로 인해 배치가 지연되었다고 밝혔습니다. 회사는 운영 데이터를 확보한 후 시장에 업데이트를 제공할 계획입니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.]