AVAX One (AVX) 2026年第二季財報電話會議：營收成長 受數位資產虧損拖累

AVAX One (AVX) 在轉向 Avalanche 數位資產庫存策略後，公布 2026 年第二季營收成長。然而，未實現數位資產損失與其他非現金費用，導致 GAAP 淨虧損大幅擴大。

重點摘要

• 2026 年第二季營收從 2025 年第二季的約 50 萬美元增加至 280 萬美元，其中包括 210 萬美元的質押獎勵以及來自比特幣挖礦的約 70 萬美元。
• 該公司錄得淨虧損 3,510 萬美元，即每股稀釋虧損 4.41 美元。扣除指定的非現金費用後，調整後淨虧損為 220 萬美元，即每股稀釋虧損 0.27 美元。
• 營業費用達 3,620 萬美元，其中包括 3,300 萬美元的非現金費用。最大項目為數位資產市場價值變動所帶來的 2,980 萬美元未實現損失。
• 截至 6 月 30 日，數位資產總淨值約為 9,350 萬美元，其中包括價值 8,630 萬美元的 1,320 萬個 AVAX 代幣，以及價值 530 萬美元的約 70 萬個 TAVAX 代幣。
• 季末總流動資金約為 2,110 萬美元，低於 12 月 31 日的 2,760 萬美元。管理層表示，現有流動資金以及槓桿化或變現透過質押與挖礦賺取資產的能力，應可在無需額外資本的情況下支應營運與成長。
• 季度結束後，AVAX One 重組了可轉換公司債，並將相關本金餘額減少了約 680 萬美元。

關鍵財務數據

3,300 萬美元的非現金費用包括 2,980 萬美元的未實現數位資產估值損失、260 萬美元的 Treehouse 流動性質押代幣減損，以及約 60 萬美元的股份基礎給付與折舊費用。

季末流動資金包含 1,140 萬美元的現金及現金等價物、540 萬美元的受限制現金，以及 430 萬美元的託管應收款。

業務與營運績效

AVAX One 透過三大戰略支柱進行營運：Avalanche 數位資產庫存、比特幣挖礦，以及選擇性的 AI 與高效能運算開發。

該公司目前擁有超過 1,400 萬個 AVAX 代幣及等價物，其中包括投入 Treehouse 的約 80 萬個。自 2025 年 11 月推出資產庫存策略以來，AVAX One 已產生約 470 萬美元的質押收入。管理層報告年化質押收益率約為 5.3%。

截至 6 月 30 日，其投資組合包含約 1,320 萬個 AVAX 代幣（淨值 8,630 萬美元）、約 70 萬個 TAVAX 代幣（價值 530 萬美元），以及約 31.2 個比特幣（價值 180 萬美元）。

比特幣挖礦業務持續在亞伯達省與俄亥俄州的設施展開。該公司在過去一年中為其亞伯達省的營運增加了 220 台礦機，並繼續營運其位於俄亥俄州、容量 5 兆瓦（MW）且由廢氣天然氣供電的 Bald Eagle 設施。

在 AI 基礎設施方面，AVAX One 正評估在亞伯達省採用「電力優先」模式，利用電表後天然氣發電與模組化建設。其初步的 Redwater 推理試點項目可將約 100 瓩（kW）的過剩挖礦產能轉換為 AI 工作負載。

管理層還強調了 Avalanche 生態系統在機構結算、代幣化資產、驗證者參與及消費者應用方面的持續發展。範例包括 TACIT 將 LINK 遷移至專用的 Avalanche 第一層（Layer 1），以及 FIFA Collect 在 2026 年世界盃足球賽期間使用由 Avalanche 支持的區塊鏈。

風險與關注領域

• 數位資產價格波動重大影響了季度業績，其中包括 2,980 萬美元的未實現估值損失。
• Treehouse 流動性質押代幣在本季度產生了 260 萬美元的減損。
• 總流動資金從 2025 年底的 2,760 萬美元降至 2,110 萬美元。
• 在法說會召開時，Redwater AI 推理設備尚未部署，因此該公司尚未取得該試點項目的營運或經濟成果。
• Avalanche 的 Helicon 升級僅在 Fuji 測試網上啟用。擬議的驗證者變更尚未在主網上線。

分析師問答亮點

管理層表示，尋找常任執行長的對象鎖定具備與公司三大支柱（Avalanche 庫存、比特幣挖礦與 AI 基礎設施）相關經驗的人選。公司並未提供有關搜尋進展的更多細節。

AVAX One 仍專注於亞伯達省的 AI 基礎設施機會，主要是透過與 Blue Flare 的合作夥伴關係。管理層表示，Redwater 推理試點項目仍按計劃推進，但設備交貨期過長導致部署有所延遲。公司計劃在取得營運數據後向市場提供最新動態。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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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