Reaffirms Focus on Avalanche Digital Asset Treasury Strategy
Strengthens Financial Position Through More Than $14.9 Million of Debt Reduction and Continued Share Repurchases
WEST PALM BEACH, FL, Nov. 12, 2026 (GLOBE NEWSWIRE) -- AVAX One Technology Ltd. (NASDAQ: AVX) (“AVAX One” or the “Company”), today announced its financial and operating results for the third quarter ended September 30, 2026, along with an update on its AVAX treasury strategy.
“We continue to believe Avalanche has significant long-term potential, particularly as institutional adoption of tokenized assets and onchain financial applications accelerate,” said Pete Wylie, Interim Chief Executive Officer and Chief Operating Officer of AVAX One. “Developments such as the New York Stock Exchange’s selection of Avalanche to support clearing and settlement for its planned tokenized securities platform reinforce the strength of Avalanche’s technology and its ability to meet the performance, scalability and compliance requirements of traditional financial institutions. As we reaffirm our commitment to an Avalanche-focused treasury strategy, we intend to build on that foundation by expanding our participation in the Avalanche ecosystem, actively managing our treasury and allocating capital toward opportunities that can deliver meaningful, long-term value for our shareholders.”
“The third quarter marked an important period of progress for AVAX One, highlighted by significant improvements to our balance sheet, continued execution under our share repurchase program and disciplined management of our operating expenses. During the quarter, we eliminated more than $14.9 million of outstanding convertible debt and subsequently eliminated the remaining approximately $970,000 after quarter end. We also repurchased approximately 384,224 shares during the third quarter and an additional 710,000 shares in October at what we believe are attractive valuations, reflecting our commitment to allocating capital where it can generate the greatest value for shareholders. These initiatives strengthen our financial position and enhance our flexibility to pursue opportunities across the Avalanche ecosystem. With a lean operating structure and a more robust balance sheet, we intend to direct our resources toward growing our AVAX treasury, optimizing staking yields and creating long-term value for our shareholders.”
Third Quarter 2026 Financial Summary (vs. Q3 2025)
- Total Revenue: Total revenue for the third quarter of 2026 increased more than 4x to $2.4 million compared to approximately $526,000 in the third quarter of 2025. The increase primarily reflects the Company's transition to an Avalanche digital asset treasury strategy in the fourth quarter of 2025. Q3 2026 revenue consisted of $1.8 million in staking rewards and $0.7 million from Bitcoin mining operations.
- Total Operating Expenses: Total operating expenses in the third quarter of 2026 were ($50.0) million compared to $3.1 million in the third quarter of 2025. Operating expenses in the third quarter of 2026 included a $55.1 million unrealized gain on the change in market value of the Company’s digital assets and a $483,000 realized loss on digital asset transactions. Excluding these non-cash items, adjusted operating expenses for the third quarter of 2026 were approximately $4.7 million.
- Net Income: Net income for the third quarter of 2026 increased materially to $49.9 million, or $6.11 per diluted share, compared to a net loss of $8.4 million, or $(66.81) per diluted share, in the third quarter of 2025.
- Cash and Cash Equivalents: As of September 30, 2026, the Company had $8.5 million in cash and cash equivalents, compared to $22.1 million as of December 31, 2025.
Operational and Treasury Highlights
- Completed a strategic review and reaffirmed AVAX One’s commitment to expanding and actively managing its AVAX treasury strategy. As part of this decision, the Company will no longer pursue its previously announced modular data center initiatives, including the proposed project with BlueFlare Energy Solutions, to prioritize capital and resources toward its core Avalanche treasury strategy.
- Eliminated more than $14.9 million of outstanding convertible debt during the third quarter through a combination of repayments, conversions, and redemptions. Subsequent to quarter end, the Company eliminated the remaining approximately $970,000 in convertible debt, bringing its outstanding convertible debt balance to $0 as of November 3, 2026.
- Appointed Stephanie Brady as Chief Accounting Officer in August 2026. Ms. Brady brings more than 30 years of finance and accounting experience, including prior CFO and senior finance leadership roles, as well as experience at Deloitte and PricewaterhouseCoopers.
- Repurchased approximately 384,224 shares of common stock during the third quarter under the Company’s previously authorized $40 million share repurchase program. In October 2026, AVAX One repurchased an additional 710,000 shares at an average purchase price of $5.46 per share, including all fees and commissions, bringing cumulative repurchases since November 2025 to 1,496,761 shares, as adjusted to reflect the Company’s one-for-twelve reverse stock split effected on June 15, 2026. Approximately $30.4 million remains available under the program.
- Scaled the Company’s Avalanche digital asset treasury to 14,170,184 AVAX tokens and equivalents including approximately 850,000 deployed into Treehouse as of September 30, 2026, with approximately 99.7% actively staked, generating an annualized yield of approximately 5.85%.
Full Year 2026 Guidance
The Company is reiterating its previously issued guidance:
| ($ in Millions USD) | Current Spot Price[1] | 2025 Avg. Price[2] | ||||
| Revenue | $11M - $12M | $24M - $25M | ||||
| Change vs. prior year period | ~5x | ~10x | ||||
| EBITDA[3] | $2M - $3M | $10M - $11M |
[1] Assumes Bitcoin price of ($70,000.00) and Avalanche price of ($9.00).
[2] Assumes Bitcoin price of ($101,877.40) and Avalanche price of ($22.43).
[3] The tables at the end of this press release provide a reconciliation of non-GAAP financial measures to the Company’s expected results in accordance with GAAP. (See “Reconciliation of GAAP and non-GAAP Information” below).
Conference Call and Webcast Details
The Company will conduct a conference call today, November 12, 2026, at 5:00 p.m. Eastern time to discuss its financial and operating results for the third quarter ended September 30, 2026.
AVAX One’s management team will host the conference call, followed by a question-and-answer period.
Date: Thursday, November 12, 2026
Time: 5:00 p.m. ET
Toll-free dial-in number: (800) 715-9871
International dial-in number: (646) 307-1963
Conference ID: 3001159
Webcast: AVAX One’s Q3 2026 Earnings Conference Call
Participants can also access the Company’s earnings call using the call me option here for instant telephone access to the event, which will be active approximately 15 minutes before the scheduled start time.
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
The conference call will also be available for replay on the investor relations section of the Company’s website at www.avax-one.com.
About AVAX One Technology Ltd.
AVAX One Technology Ltd. (NASDAQ: AVX) is the first publicly traded Avalanche Treasury company, building the premier institutional gateway to the onchain financial economy powered by the Avalanche blockchain network. Through AVAX accumulation, onchain yield, and strategic acquisitions, the Company aims to compound long-term value for its shareholders while supporting the growth of the Avalanche ecosystem. Led by a team of veterans from institutional finance and public company backgrounds and advised by leaders from across the digital asset industry, AVAX One is being built to be a scalable, regulated gateway for public market investors to participate in the growth of the onchain economy. For more information, visit www.avax-one.com
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including statements relating to the anticipated benefits and timing of the completion of the proposed offering and related transactions, the intended use of proceeds from the PIPE offering, expectations regarding future capital raising activity, the assets to be held by the Company, expectations regarding adoption of the Avalanche network, the expected future market, price and liquidity of the digital assets the Company acquires, the macro and political conditions surrounding digital assets, the Company's plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other entities in similar business strategies, technological and market trends, future financial condition and performance, the expected financial impacts of the proposed transactions described herein, and the timing of the closing of the PIPE offering. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the proposed transactions described herein may not be completed in a timely manner or at all; failure to realize the anticipated benefits of the transactions and the proposed AVAX strategy; changes in business, market, financial, political and regulatory conditions; risks relating to the Company's operations and business, including the highly volatile nature of the price of AVAX and other cryptocurrencies; the risk that the price of the Company's securities may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the Company's filings with the SEC. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The statements made in this press release are not intended to be projections of the Company's future results nor an offer of a future securities transaction by the Company. Any offering in the future will be made through compliance with all applicable regulations and the filing of appropriate documents with the SEC, as required under those regulations.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
AVX@elevate-ir.com
Media Contact
Ethan Lyle
Prospero
avax-one@prospero.agency
| AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
| (in thousands, except share data) | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current | ||||||||
| Cash and cash equivalents | $ | 8,476 | $ | 22,135 | ||||
| Restricted cash | 2,126 | - | ||||||
| Escrow receivable | - | 5,430 | ||||||
| Liquid staking tokens | 4,726 | - | ||||||
| Staking rewards receivable | 2,212 | - | ||||||
| Other receivables | 93 | 17 | ||||||
| Deposit receivable | 58 | 58 | ||||||
| Prepaid expenses and other current assets | 1,106 | 5,863 | ||||||
| Total current assets | 18,797 | 33,503 | ||||||
| Non-current | ||||||||
| Property and equipment, net | 7,019 | 4,246 | ||||||
| Digital assets, non-current | 138,784 | 153,670 | ||||||
| Intangible assets, net | 238 | 409 | ||||||
| Intangible asset held for sale | 1,550 | 1,550 | ||||||
| Goodwill | 1,535 | 1,535 | ||||||
| Lease deposit, non-current | 50 | 50 | ||||||
| Total assets | $ | 167,973 | $ | 194,963 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | $ | 1,644 | $ | 1,278 | ||||
| Debentures, net of discount | 526 | 6,439 | ||||||
| Loan payable | 405 | 220 | ||||||
| Other current liabilities | 100 | 50 | ||||||
| Total liabilities | 2,675 | 7,987 | ||||||
| Commitments and contingencies - See Note 15 | ||||||||
| Shareholders’ equity | ||||||||
| Common shares, no par value per share - unlimited shares authorized, 10,480,381 and 7,760,179 shares issued and 9,746,196 and 7,744,900 outstanding at September 30, 2026 and December 31, 2025, respectively | 290,050 | 283,554 | ||||||
| Treasury shares | (4,797 | ) | (258 | ) | ||||
| Additional paid-in-capital | 22,037 | 22,968 | ||||||
| Subscriptions receivable - digital assets | (15,310 | ) | (24,234 | ) | ||||
| Obligation to issue shares | 44 | 44 | ||||||
| Accumulated deficit | (125,605 | ) | (93,977 | ) | ||||
| Accumulated other comprehensive loss | (1,121 | ) | (1,121 | ) | ||||
| Total shareholders’ equity | 165,298 | 186,976 | ||||||
| Total liabilities and shareholders’ equity | $ | 167,973 | $ | 194,963 | ||||
| AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| REVENUE | $ | 2,445 | $ | 526 | $ | 7,773 | $ | 1,251 | ||||||||
| OPERATING EXPENSES | ||||||||||||||||
| Cost of revenue, excluding depreciation | 977 | 266 | 3,120 | 729 | ||||||||||||
| Bitcoin operating costs | 3 | - | 14 | - | ||||||||||||
| Selling, general and administrative | 2,244 | 1,263 | 6,701 | 3,981 | ||||||||||||
| Repairs and maintenance | 197 | 207 | 396 | 407 | ||||||||||||
| Share-based compensation | 302 | 1,139 | 858 | 1,347 | ||||||||||||
| Depreciation and amortization | 292 | 311 | 829 | 874 | ||||||||||||
| Loss on disposal of operating assets | 653 | - | 912 | - | ||||||||||||
| Impairment of liquid staking tokens | - | - | 3,740 | - | ||||||||||||
| Realized loss (gain) on digital asset transactions | 483 | (48 | ) | 5,800 | (48 | ) | ||||||||||
| Unrealized loss (gain) on market valuation of digital assets | (55,133 | ) | (1 | ) | 10,924 | (81 | ) | |||||||||
| Total operating expenses | (49,982 | ) | 3,137 | 33,294 | 7,209 | |||||||||||
| Operating income (loss) | 52,427 | (2,611 | ) | (25,521 | ) | (5,958 | ) | |||||||||
| OTHER (EXPENSE) INCOME | ||||||||||||||||
| Accretion of interest on debentures | (1,733 | ) | (383 | ) | (5,279 | ) | (2,321 | ) | ||||||||
| Change in fair value of derivative liabilities | - | - | - | 2,977 | ||||||||||||
| Foreign exchange loss | (15 | ) | 4 | (10 | ) | (74 | ) | |||||||||
| Gain on conversion of convertible debt | - | - | - | 87 | ||||||||||||
| Loss on debt extinguishment | (792 | ) | (5,389 | ) | (813 | ) | (10,120 | ) | ||||||||
| Other income (expense) | 5 | (16 | ) | (5 | ) | 52 | ||||||||||
| Total other expenses, net | (2,535 | ) | (5,784 | ) | (6,107 | ) | (9,399 | ) | ||||||||
| Net income (loss) from continuing operations | 49,892 | (8,395 | ) | (31,628 | ) | (15,357 | ) | |||||||||
| Loss from operations of discontinued operations | - | 20 | - | (320 | ) | |||||||||||
| Loss from operations of discontinued operations | - | 24 | - | (880 | ) | |||||||||||
| Net loss from discontinued operations | - | 44 | - | (1,200 | ) | |||||||||||
| Net income (loss) | $ | 49,892 | $ | (8,351 | ) | $ | (31,628 | ) | $ | (16,557 | ) | |||||
| Other comprehensive loss | ||||||||||||||||
| Foreign currency translation | - | - | - | 37 | ||||||||||||
| Comprehensive income (loss) attributable to common shareholders | $ | 49,892 | $ | (8,351 | ) | $ | (31,628 | ) | $ | (16,520 | ) | |||||
| Earnings per share: | ||||||||||||||||
| Basic and diluted net loss per common share for continuing operations | $ | 6.11 | $ | (67.16 | ) | $ | 3.91 | $ | (274.23 | ) | ||||||
| Basic and diluted net loss per common share for discontinued operations | $ | - | $ | 0.35 | $ | - | $ | (21.43 | ) | |||||||
| Basic and diluted net loss per common share, total | $ | 6.11 | $ | (66.81 | ) | $ | 3.91 | $ | (295.66 | ) | ||||||
| Weighted average number of common shares outstanding – basic and diluted* | 8,170 | 125 | 8,085 | 56 | ||||||||||||
| * reflects the 1:12 reverse stock split effected on June 15, 2026 and 1:9 reverse stock split effected on July 28, 2025 | ||||||||||||||||
Reconciliation of GAAP and Non-GAAP Information
($ in Millions, unaudited)
| ($ in millions) | Current Spot Price | 2025 Avg. Price | ||||||
| Revenue | $ | 11.4 | $ | 24.2 | ||||
| Total operating expenses | 10.6 | 14.9 | ||||||
| Operating income | 0.9 | 9.4 | ||||||
| Other expenses | 0.8 | 0.8 | ||||||
| Net income from continuing operations | 0.1 | 8.6 | ||||||
| EBITDA Adjustments: | ||||||||
| Depreciation and amortization | 1.3 | 1.3 | ||||||
| Accretion of interest on debentures | 0.8 | 0.8 | ||||||
| EBITDA | 2.2 | 10.7 | ||||||
