AVAX One (AVX) 2026财年第二季度业绩电话会议：营收增长，但受数字资产亏损拖累

AVAX One（AVX）在转向 Avalanche 数字资产财库策略后，2026 财年第二季度营收录得增长。然而，未实现数字资产亏损及其他非现金费用导致其 GAAP 净亏损大幅扩大。

核心要点

• 2026 财年第二季度营收从 2025 财年第二季度的约 50 万美元增至 280 万美元，其中包括 210 万美元的质押奖励和约 70 万美元的比特币挖矿收入。
• 公司录得净亏损 3510 万美元，即每股摊薄亏损 4.41 美元。扣除指定的非现金费用后，调整后净亏损为 220 万美元，即每股摊薄亏损 0.27 美元。
• 营业费用达 3620 万美元，其中包括 3300 万美元的非现金费用。最大项目为数字资产市场价值变动产生的 2980 万美元未实现亏损。
• 截至 6 月 30 日，数字资产总净值约为 9350 万美元，其中包括价值 8630 万美元的 1320 万枚 AVAX 代币，以及价值 530 万美元的约 70 万枚 TAVAX 代币。
• 季度末总流动资金约为 2110 万美元，低于 12 月 31 日的 2760 万美元。管理层表示，现有流动资金以及加杠杆或变现通过质押和挖矿所获资产的能力，应能在无需额外资本的情况下支持运营和增长。
• 季度结束后，AVAX One 重组了可转换债券，并将相关本金余额减少了约 680 万美元。

关键财务数据

3300 万美元的非现金费用包括 2980 万美元的未实现数字资产估值亏损、260 万美元的 Treehouse 流动性质押代币减值，以及约 60 万美元的股权激励和折旧费用。

季度末的流动资金包括 1140 万美元的现金及现金等价物、540 万美元的受限现金和 430 万美元的应收托管款。

业务与运营表现

AVAX One 通过三大战略支柱展开运营：Avalanche 数字资产财库、比特币挖矿，以及有选择性的 AI 和高性能计算开发。

公司目前拥有超过 1400 万枚 AVAX 代币及等价物，其中包括部署在 Treehouse 中的约 80 万枚。自 2025 年 11 月启动财库策略以来，AVAX One 已产生约 470 万美元的质押收入。管理层报告的年化质押收益率约为 5.3%。

截至 6 月 30 日，资产组合包括净值为 8630 万美元的约 1320 万枚 AVAX 代币、价值 530 万美元的约 70 万枚 TAVAX 代币，以及价值 180 万美元的约 31.2 枚比特币。

比特币挖矿继续在阿尔伯塔省和俄亥俄州的设施中展开。过去一年中，公司为其阿尔伯塔省的业务增加了 220 台矿机，并继续运营位于俄亥俄州 5 兆瓦的 Bald Eagle 设施，该设施由火炬天然气发电。

在 AI 基础设施方面，AVAX One 正在评估在阿尔伯塔省采用“电力优先”模式，使用表后天然气发电和模块化建设。其初步的 Redwater 推理试点项目可将约 100 千瓦的过剩挖矿产能转换为 AI 工作负载。

管理层还强调了 Avalanche 生态系统在机构结算、代币化资产、验证者参与和消费者应用方面的持续发展。示例包括 TACIT 将 LINK 迁移至专用 Avalanche Layer 1，以及 FIFA Collect 在 2026 年 FIFA 世界杯期间使用基于 Avalanche 的区块链。

风险与关注领域

• 数字资产价格波动对季度业绩产生了重大影响，其中包括 2980 万美元的未实现估值亏损。
• Treehouse 流动性质押代币在本季度计提了 260 万美元的减值。
• 总流动资金从 2025 年底的 2760 万美元降至 2110 万美元。
• 在业绩电话会议召开时，Redwater AI 推理设备尚未部署，因此公司该试点项目尚无运营或经济成果。
• Avalanche 的 Helicon 升级仅在 Fuji 测试网上激活。拟议的验证者更改尚未在主网上线。

分析师问答环节亮点

管理层表示，正式 CEO 的遴选重点在于具备与公司三大支柱（Avalanche 财库、比特币挖矿和 AI 基础设施）相关经验的候选人。公司未提供有关遴选的更多细节。

AVAX One 仍专注于阿尔伯塔省的 AI 基础设施机遇，主要通过与 Blue Flare 的合作推进。管理层表示，Redwater 推理试点项目仍按计划推进，但设备交付周期较长推迟了部署。公司计划在获得运营数据后向市场更新情况。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

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