T-REX Acquisition Corp. Reports $9.3M Revenue in Q3 2025, Despite $654.2M Net Loss

T-REX Acquisition Corp. reported its financial results for the third quarter ending September 30, 2025, revealing total revenues of $9.3 million, a significant increase from zero revenues in the same period last year. The revenue was primarily driven by $7.9 million in mining revenue and a realized gain of $1.3 million on Bitcoin held. Despite this revenue growth, the company incurred a gross loss of $52.7 million, attributed to high costs of goods sold totaling $61.9 million, which included substantial expenses for electricity, contract labor, and repairs and maintenance.

In comparison to the previous fiscal period, T-REX's operating expenses surged to $552.8 million from $300.6 million, reflecting increased professional fees, management consulting fees, and share-based compensation. The net loss for the quarter was $654.2 million, compared to a loss of $311.8 million in the same quarter of 2024. This increase in losses was largely due to higher operational costs and interest expenses, which rose to $25.8 million from $11.3 million year-over-year.

Strategically, T-REX has made significant organizational changes, including the acquisition of a data center and co-location facility in Orofino, Idaho, through its subsidiary Megalodon Mining and Electric LLC. This acquisition, completed on March 4, 2025, is part of the company's strategy to enhance its cryptocurrency hosting capabilities. Additionally, T-REX has expanded its operational footprint by forming new subsidiaries focused on various aspects of cryptocurrency mining and technology, including Deinodon Mining Solutions LLC, which acquired assets from Baoblock, Inc. for $210,000.

Operationally, T-REX has seen an increase in its customer base and user engagement metrics, although specific figures were not disclosed in the filing. The company reported a total of 26.5 million shares outstanding as of September 30, 2025, up from 25.1 million shares at the end of June 2025. The increase in shares is indicative of the company's ongoing efforts to raise capital and incentivize stakeholders through share-based compensation. The company’s total assets rose to $843.5 million, compared to $774.3 million at the end of the previous quarter, primarily due to increased cash reserves and investments in non-current assets.

Looking ahead, T-REX Acquisition Corp. aims to continue its focus on the cryptocurrency sector, particularly in Bitcoin mining and related technologies. The company plans to leverage its recent acquisitions to enhance operational efficiencies and expand its market presence. However, the management acknowledges the challenges posed by high operational costs and market volatility in the cryptocurrency space, which may impact future profitability. The company remains committed to exploring additional opportunities within the distributed ledger technology landscape to drive growth and shareholder value.