AVAX One Technology Ltd. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2026. The company generated total revenue of $2.5 million, a substantial increase from $273,000 in the same period last year, primarily driven by its Avalanche Protocol operations, which began in late 2025, and an increase in Bitcoin mining activities. The revenue from Avalanche Protocol reached $1.9 million, while Bitcoin mining contributed $584,000. However, the company also faced a net loss of $46.4 million, compared to a loss of $145,000 in the prior year, largely due to unrealized losses on digital assets and impairment charges.
The financial performance reflects a dramatic shift in the company's operations following its strategic pivot from traditional agriculture technology to digital asset infrastructure. The total operating expenses surged to $47.1 million from $2.1 million year-over-year, influenced by increased costs associated with Bitcoin mining and significant unrealized losses on digital assets, which amounted to $36.3 million. The company also reported a realized loss of $5.3 million related to digital asset transactions, alongside a $1.1 million impairment charge on liquid staking tokens.
In terms of operational metrics, AVAX One's digital asset holdings included approximately 12 million AVAX tokens valued at $107 million as of March 31, 2026, down from $152 million at the end of 2025. The company has also expanded its Bitcoin mining capacity, increasing its operational hash rate by 33% with the acquisition of additional mining machines. The company operates multiple mining facilities in Alberta, Canada, and Ohio, reflecting its commitment to scaling its digital asset strategy.
Looking ahead, AVAX One is focused on further developing its digital asset treasury and expanding its infrastructure capabilities. The company has initiated plans for a 10 MW AI/HPC micro-grid data center in Alberta, which is expected to enhance its operational efficiency and revenue potential. Additionally, the company is addressing compliance issues with Nasdaq regarding its stock price, planning a reverse stock split to meet listing requirements. Management remains optimistic about the long-term value creation opportunities presented by its integrated model of digital asset participation and infrastructure development.
About AGRIFORCE GROWING SYSTEMS LTD.
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