AVAX One Technology Ltd., formerly known as AgriForce Growing Systems Ltd., reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2025. The company generated total revenue of $2.34 million, a substantial increase from $26,572 in the previous year, primarily driven by its new digital asset strategy and Bitcoin mining operations. The revenue from Avalanche Protocol staking amounted to $607,605, while Bitcoin mining contributed $1.73 million, reflecting a 6,421% increase from the prior year. Despite this revenue growth, the company reported a net loss of $33.2 million, compared to a loss of $16.3 million in 2024, largely due to increased operating expenses and asset impairments.
The company underwent a strategic transformation in 2025, shifting its focus from agricultural technology to digital assets, particularly the Avalanche token (AVAX). This transition included the cessation of legacy ag-tech operations and the acquisition of Bitcoin mining facilities in Alberta, Canada, and Ohio. Notably, AVAX One completed a private placement on November 5, 2025, raising approximately $219.1 million, which will be utilized for general corporate purposes and the acquisition of AVAX tokens. The company has since acquired over 12.4 million AVAX tokens, valued at approximately $152.5 million as of year-end.
Operationally, AVAX One has expanded its Bitcoin mining capabilities, now operating three facilities with a total of 1,662 mining units. The company reported a weighted average cost of approximately $50,300 per Bitcoin mined, with the price of Bitcoin reaching $87,508.83 by year-end. The company’s employee headcount stood at seven as of March 2026, with plans for future hiring to support its digital asset strategy. The company also initiated a share repurchase program, authorizing up to $40 million for the buyback of its common shares.
The filing highlights the company's ongoing challenges, including a cumulative net loss of $93.9 million since inception and the need for additional financing to support its growth strategy. The company has indicated that it may require further capital to expand its operations and maintain liquidity. Additionally, AVAX One is navigating regulatory uncertainties surrounding digital assets, which could impact its financial performance and operational strategies.
Looking ahead, AVAX One aims to leverage its digital asset treasury strategy and Bitcoin mining operations to enhance its market position. The company is focused on generating cash flows from its digital assets while managing the inherent volatility associated with cryptocurrency markets. The management remains optimistic about the potential for future growth, contingent on favorable market conditions and successful execution of its strategic initiatives.
About AGRIFORCE GROWING SYSTEMS LTD.
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