AVAX One Technology Ltd., formerly known as AgriFORCE Growing Systems Ltd., reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated revenue of $525,915 for the third quarter and $1,251,124 for the nine months ended September 30, 2025, marking a substantial increase from zero revenue in the same periods of the previous year. This revenue primarily stems from the company's entry into the sustainable Bitcoin mining sector, which began operations in late 2024.
The company's operating expenses for the third quarter decreased by 43% to $3,137,442 compared to $5,483,072 in the prior year, largely due to a significant reduction in consulting fees and the absence of a prior year impairment charge of $4,137,271. However, the total operating expenses for the nine months ended September 30, 2025, were $7,208,771, a slight decrease of 9.7% from $7,980,356 in the same period last year. The decrease in expenses was attributed to lower consulting costs and the lack of intangible asset impairment, offset by increased costs associated with Bitcoin mining operations.
Strategically, AVAX One has made notable acquisitions, including the Bald Eagle Bitcoin Mining Facility in Ohio for $4.765 million and the Redwater facility in Alberta, Canada, for $1.5 million. These acquisitions have expanded the company's operational capacity, with a total of 1,522 Bitcoin mining units now in operation. The company has also initiated a digital asset treasury strategy, planning to hold a significant portion of mined Bitcoin as part of its long-term financial strategy.
As of September 30, 2025, AVAX One reported total assets of $16.51 million, up from $10.76 million at the end of 2024. The company’s cash position improved to $894,701, compared to $489,868 at the end of the previous fiscal year. The increase in cash and assets is attributed to successful financing activities, including net proceeds from debentures totaling $9.795 million and the issuance of common shares. The company’s accumulated deficit also increased to $77.34 million, reflecting ongoing investments in growth and operational expansion.
Looking ahead, AVAX One anticipates that the cash generated from its operations, combined with the proceeds from recent financing activities, will be sufficient to meet its working capital needs for at least the next twelve months. The company is focused on continuing its Bitcoin mining operations while also developing its digital asset treasury strategy, which is expected to enhance its financial stability and growth potential in the evolving cryptocurrency market.
About AGRIFORCE GROWING SYSTEMS LTD.
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