Avax One Technology Ltd Q4 FY2025 earnings call

The fourth quarter of 2025 was a transformational period for AVAX One as it completed the transition to an Avalanche-focused digital asset treasury strategy. Nearly half of annual revenue was generated in the fourth quarter following the implementation of this strategy. Built a group of experienced industry leaders and strategic partners. Made meaningful progress in building the AVX treasury, expanding staking activities. Partnered with Treehouse to expand yield generation on AVAX holdings, deploying more than 800,000 AVAX into its liquid staking infrastructure

Total revenue for the fourth quarter of 2025 increased materially to $1.1 million compared to approximately $27,000 in the prior year fourth quarter, driven by the implementation of the new Avalanche digital asset treasury strategy, which generated approximately $607,000 in staking rewards in Q4 '25, coupled with a full quarter of Bitcoin mining in '25, which generated approximately $480,000 in revenue. Total operating expenses in Q4 '25 were $16.8 million compared to $2.1 million in Q4 '24. This increase was primarily driven by a $7.8 million non-cash unrealized loss on the market value of digital assets as well as a $5.6 million non-cash impairment related to intellectual property. Excluding these noncash charges, operating expenses for the fourth quarter of '25 were $3.4 million

Expect the full year benefit of Avalanche token accumulation and staking to meaningfully scale the revenue profile and drive positive EBITDA in 2026 under current market conditions. Board authorized a $40 million share repurchase program and has repurchased approximately 3.3 million shares. Maintain a prudent approach to capital allocation, balancing share buybacks with continued investment in Avalanche accumulation and staking initiatives

These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC

Q: On M&A pipeline, how is the search going and what type of businesses are interested in looking at?

A: Not giving specific numbers, looking at businesses with good operations history, positive EBITDA, appropriate price range.

Q: How to prioritize between share repurchases and incremental Avalanche purchases?

A: Depends on market, currently stock undervalued mitigates towards repurchase, close conversation with asset manager.

Q: Are M&A targets intersecting with Avalanche platform?

A: Looking at businesses that would benefit from being on Avalanche platform, like those needing speed, enhanced compliance and customization.

Q: Where do Bitcoin mining operations stand and will company continue?

A: Will continue to mine Bitcoin medium term at least, opportunistically looking to expand on small scale maintaining profitability