AVAX One Reports Fourth Quarter and Full Year 2025 Financial and Operating Results
Rhea-AI Summary
AVAX One (Nasdaq: AVX) reported Q4 and full-year 2025 results and an update on its Avalanche treasury strategy.
Key facts: total AVAX holdings ~13,936,000 as of March 31, 2026; repurchased ~3.3 million shares under a $40 million program; raised ~ $219 million via a PIPE; cash $22.1 million at 12/31/25; Q4 revenue $1.1M (vs $27k); Q4 net loss $16.6M $(4.11) including $7.8M unrealized digital asset loss and $5.6M IP impairment. Company reiterated 2026 guidance targeting revenue of $11M–$12M and EBITDA of $2M–$3M under current spot assumptions.
Positive
- AVAX holdings scaled to ~13.94M tokens
- PIPE financing raised approximately $219M
- Cash balance improved to $22.1M at 12/31/25
- Q4 revenue rose materially to $1.1M from $27k
- Share repurchases of ~3.3M shares under $40M program
Negative
- Q4 net loss of $16.6M (includes non-cash charges)
- High non-cash charges: $7.8M unrealized digital asset loss
- IP impairment write-down of $5.6M impacting expenses
News Market Reaction – AVX
In the Apr 1 session, AVX declined 4.70%, reflecting a moderate negative market reaction. Argus tracked a peak move of +18.4% during that session. Our momentum scanner triggered 9 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 02 | Earnings preview | Neutral | +0.1% | Preliminary 2025 results and wide 2026 revenue and EBITDA guidance ranges. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Limited earnings history shows a muted reaction to prior guidance, with a slight positive move on preliminary 2025 results.
Over recent months, AVAX One has steadily communicated its transition into a digital asset treasury model. On Mar 2, 2026, it released preliminary 2025 results with $2.3M revenue and EBITDA $(7.3)M, plus broad 2026 revenue and EBITDA guidance. Subsequent updates highlighted share repurchases, AVAX yield initiatives, and conference participation. Today’s detailed Q4 and full-year 2025 earnings confirm that strategy, reiterate the 2026 guidance ranges, and provide more granularity on revenue mix, expenses, and digital asset positioning.
Key Terms
pipe financial
ebitda financial
staking technical
validator infrastructure technical
liquid staking technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Total AVAX Holdings of Approximately 13,936,000 as of March 31, 2026
Completed 3.3 Million Share Repurchases Under
WEST PALM BEACH, FL, March 31, 2026 (GLOBE NEWSWIRE) -- AVAX One Technology Ltd. (Nasdaq: AVX) (“AVAX One” or the "Company"), today announced its financial and operating results for the fourth quarter and full year ended December 31, 2025, along with an update on its AVAX treasury strategy.
“2025 marked a transformational period for AVAX One, highlighted by the launch of our Avalanche digital asset treasury strategy in November, the scaling of our treasury to approximately 13.9 million AVAX and the buildout of a yield-generating operating platform through staking and validator infrastructure,” said Jolie Kahn, Chief Executive Officer of AVAX One. “While our results reflect only a partial year of this new initiative, approximately half of our full-year 2025 revenue was generated in the fourth quarter alone, demonstrating the early impact of our differentiated strategy and our ability to execute. We have also been executing opportunistic share repurchases through our
Fourth Quarter 2025 Financial Summary (vs. Q4 2024)
- Total Revenue: Total revenue for the fourth quarter of 2025 increased materially to
$1.1 million compared to approximately$27,000 in the fourth quarter of 2024. The increase was primarily driven by AVAX One’s new Avalanche digital asset treasury strategy, which generated approximately$607,000 in staking rewards in Q4 2025, coupled with a full quarter of Bitcoin mining, which generated approximately$480,000 in revenue.
- Total Operating Expenses: Total operating expenses in the fourth quarter of 2025 were
$16.8 million compared to$2.1 million in the fourth quarter of 2024. The increase was primarily driven by a$7.8 million non-cash unrealized loss on the market value of the Company’s digital assets, as well as a$5.6 million non-cash impairment related to the write-down of intellectual property for a patent for a fiber-rich flour the Company purchased in 2021. Excluding these non-cash charges, operating expenses for the fourth quarter of 2025 were$3.4 million .
- Net Loss: Net loss for the fourth quarter of 2025 was
$16.6 million or$(4.11) per diluted share compared to net loss of approximately$1.9 million or$(12.69) per diluted share in the fourth quarter of 2024.
- Cash and Cash Equivalents: As of December 31, 2025, the Company had
$22.1 million in cash and cash equivalents, compared to approximately$490,000 on December 31, 2024. AVAX One believes its cash balance provides approximately three years of operating runway without the need to raise external capital.
Operational Highlights
- Obtained shareholder approval and launched the first publicly traded, Avalanche treasury strategy on November 5, 2025, raising approximately
$219 million in a private investment in public equity (“PIPE”) offering. - Completed a corporate rebrand to AVAX One Technology Ltd. and began trading under new ticker “AVX” on the Nasdaq exchange, reflecting the Company’s strategic transformation into a digital asset treasury company.
- Repurchased approximately 3.3 million shares of its common stock through its previously authorized
$40 million share repurchase program. - Launched an institutional-grade Avalanche treasury dashboard, providing investors with real-time visibility into key portfolio metrics, including AVAX holdings, estimated net asset value (“NAV”) and capital structure.
- Established proprietary validator infrastructure to support staking, enhance ecosystem participation and drive incremental yield generation on AVAX holdings.
- Engaged Treehouse, a digital assets infrastructure firm, to expand yield generation on AVAX holdings, deploying more than 800,000 AVAX into liquid staking infrastructure.
2026 Guidance
AVAX One is reiterating its previously issued full year 2026 guidance below:
| Current Spot Price[1] | 2025 Avg. Price[2] | 2025 High Price[3] | ||||||||
| Revenue | ||||||||||
| Change vs. prior year period | ~5x | ~10x | ~19x | |||||||
| EBITDA |
[1] Assumes Bitcoin price of (
[2] Assumes Bitcoin price of (
[3] Assumes Bitcoin price of (
Kahn added, “We have entered 2026 with strong momentum and a clear mandate to scale AVAX One as the leading public market gateway to the Avalanche ecosystem. We expect the full-year impact of AVAX accumulation, staking and validator operations to drive meaningful revenue growth, operating leverage and a path to positive EBITDA under current market conditions. Our capital allocation strategy remains highly disciplined and opportunistic, balancing AVAX accumulation, yield-generating initiatives and share repurchases where we see a disconnect between market value and the intrinsic value of our business. At the same time, we are advancing strategic acquisition opportunities to further expand our footprint within the fintech economy and accelerate long-term AVAX per share growth.”
Conference Call and Webcast Details
The Company will conduct a conference call today, March 31, 2026, at 5:00 p.m. Eastern time to discuss its financial and operating results for the fourth quarter and full year ended December 31, 2025.
AVAX One’s management team will host the conference call, followed by a question-and-answer session.
Date: Tuesday, March 31, 2026
Time: 5:00 p.m. ET
Toll-free dial-in number: (877) 407-8037
International dial-in number: (201) 689-8037
Webcast: AVAX One’s Q4 & FY 2025 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@prosperoadvisors.xyz
| AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current | ||||||||
| Cash and cash equivalents | $ | 22,135,450 | $ | 489,868 | ||||
| Escrow receivable | 5,430,000 | - | ||||||
| Other receivables | 17,085 | 115,520 | ||||||
| Deposit receivable | 58,177 | 73,849 | ||||||
| Prepaid expenses and other current assets | 5,863,052 | 320,213 | ||||||
| Current assets in discontinued operations | - | 281,501 | ||||||
| Total current assets | 33,503,764 | 1,280,951 | ||||||
| Non-current | ||||||||
| Property and equipment, net | 4,246,247 | 808,895 | ||||||
| Digital assets, non-current | 153,670,360 | 26,282 | ||||||
| Intangible assets, net | 408,857 | 7,813,576 | ||||||
| Intangible asset held for sale | 1,550,000 | - | ||||||
| Goodwill | 1,535,333 | - | ||||||
| Lease deposit, non-current | 50,079 | 45,224 | ||||||
| Long-term assets in discontinued operations | - | 789,055 | ||||||
| Total assets | $ | 194,964,640 | $ | 10,763,983 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | $ | 1,279,970 | $ | 2,484,184 | ||||
| Debentures, net of discount | 6,439,045 | 1,443,209 | ||||||
| Derivative liabilities, current | - | 293,761 | ||||||
| Loan payable | 220,000 | - | ||||||
| Other current liabilities | 50,000 | - | ||||||
| Current liabilities in discontinued operations | - | 99,111 | ||||||
| Total current liabilities | 7,989,015 | 4,320,265 | ||||||
| Non-current | ||||||||
| Derivative liabilities | - | 191,902 | ||||||
| Long-term debt | - | 41,699 | ||||||
| Long-term liabilities in discontinued operations | - | 98,864 | ||||||
| Total liabilities | 7,989,015 | 4,652,730 | ||||||
| Commitments and contingencies - See Note 18 | ||||||||
| Shareholders’ equity | ||||||||
| Common shares, no par value per share - unlimited shares authorized; 92,938,802 and 172,255 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively* | 283,295,592 | 65,042,657 | ||||||
| Additional paid-in-capital | 22,967,868 | 2,964,795 | ||||||
| Subscription receivable - digital assets | (24,233,587 | ) | - | |||||
| Obligation to issue shares | 44,214 | 44,214 | ||||||
| Accumulated deficit | (93,977,325 | ) | (60,782,119 | ) | ||||
| Accumulated other comprehensive loss | (1,121,137 | ) | (1,158,294 | ) | ||||
| Total shareholders’ equity | 186,975,625 | 6,111,253 | ||||||
| Total liabilities and shareholders’ equity | $ | 194,964,640 | $ | 10,763,983 | ||||
| AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||
| For the quarters ended December 31, 2025 and 2024 | ||||||||
| Q4 2025 | Q4 2024 | |||||||
| REVENUE | $ | 1,089,687 | $ | 26,572 | ||||
| OPERATING EXPENSES | ||||||||
| Cost of revenue, excluding depreciation | $ | 701,905 | $ | 56,048 | ||||
| Depreciation and amortization | 329,888 | 156,771 | ||||||
| Impairment of assets | 5,563,227 | - | ||||||
| Consulting | 257,183 | 65,348 | ||||||
| Investor and public relations | 169,501 | 169,032 | ||||||
| Lease expense | 27,307 | 866 | ||||||
| Office and administrative | 588,776 | (190,726 | ) | |||||
| Professional fees | 322,329 | 196,997 | ||||||
| Repairs and maintenance | (18,970 | ) | 20,610 | |||||
| Research and development | (1 | ) | 70,198 | |||||
| Sales and marketing | 27,581 | 44,631 | ||||||
| Severance expense | 231,104 | - | ||||||
| Share-based compensation | 173,550 | 259,416 | ||||||
| Shareholder and regulatory | 87,370 | 66,899 | ||||||
| Travel and entertainment | 62,964 | 15,232 | ||||||
| Wages and salaries | 458,657 | 1,050,661 | ||||||
| Realized gain on sale of digital assets | (38,357 | ) | - | |||||
| Unrealized loss on market valuation of digital assets | 7,847,075 | - | ||||||
| Write-off deposit | - | 50,000 | ||||||
| Legal settlement | - | 111,196 | ||||||
| Write-off inventory | 5,961 | - | ||||||
| Total operating expenses | 16,797,050 | 2,143,179 | ||||||
| Operating loss | (15,707,363 | ) | (2,116,607 | ) | ||||
| OTHER (INCOME) EXPENSE | ||||||||
| Accretion of interest on debentures | 827,151 | 305,957 | ||||||
| Change in fair value of derivative liabilities | 0 | (193,976 | ) | |||||
| Foreign exchange loss (gain) | 6,895 | (177,911 | ) | |||||
| (Gain) loss on conversion of convertible debt | 0 | - | ||||||
| Loss on debt extinguishment | 11,527 | 582,056 | ||||||
| Gain on extinguishment of warrant liability | - | - | ||||||
| Other (income) expense | 33,251 | 73,443 | ||||||
| Other loss | 51,997 | - | ||||||
| Total other expenses, net | 930,820 | 589,569 | ||||||
| Net loss from continuing operations | (16,638,183 | ) | (2,706,176 | ) | ||||
| Loss from operations of discontinued operations | 0 | (82,873 | ) | |||||
| Loss on disposal of discontinued operations | (0 | ) | 880,482 | |||||
| Net loss from discontinued operations | 0 | 797,609 | ||||||
| Net loss | $ | (16,638,183 | ) | $ | (1,908,567 | ) | ||
| AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||
| For the years ended December 31, 2025 and 2024 | ||||||||
| 2025 | 2024 | |||||||
| REVENUE | $ | 2,340,811 | $ | 26,572 | ||||
| OPERATING EXPENSES | ||||||||
| Cost of revenue, excluding depreciation | $ | 1,430,667 | $ | 56,048 | ||||
| Depreciation and amortization | 1,204,126 | 650,239 | ||||||
| Impairment of assets | 5,563,227 | 4,137,271 | ||||||
| Consulting | 447,258 | 393,142 | ||||||
| Investor and public relations | 570,194 | 273,492 | ||||||
| Lease expense | 49,798 | 60,224 | ||||||
| Office and administrative | 1,134,384 | 663,155 | ||||||
| Professional fees | 1,093,327 | 614,332 | ||||||
| Repairs and maintenance | 388,423 | 20,610 | ||||||
| Research and development | 18,774 | 75,285 | ||||||
| Sales and marketing | 141,361 | 123,653 | ||||||
| Severance expense | 356,087 | - | ||||||
| Share-based compensation | 1,520,156 | 387,090 | ||||||
| Shareholder and regulatory | 238,723 | 165,779 | ||||||
| Travel and entertainment | 72,078 | 47,147 | ||||||
| Wages and salaries | 2,091,507 | 2,256,402 | ||||||
| Realized gain on sale of digital assets | (86,728 | ) | - | |||||
| Unrealized loss on market valuation of digital assets | 7,766,498 | - | ||||||
| Write-off deposit | - | 50,000 | ||||||
| Legal settlement | - | 111,196 | ||||||
| Write-off inventory | 5,961 | 38,470 | ||||||
| Total operating expenses | 24,005,821 | 10,123,535 | ||||||
| Operating loss | (21,665,010 | ) | (10,096,963 | ) | ||||
| OTHER (INCOME) EXPENSE | ||||||||
| Accretion of interest on debentures | 3,148,068 | 2,978,722 | ||||||
| Change in fair value of derivative liabilities | (2,976,911 | ) | (1,392,530 | ) | ||||
| Foreign exchange loss (gain) | 80,443 | (204,730 | ) | |||||
| (Gain) loss on conversion of convertible debt | (86,563 | ) | 1,627,858 | |||||
| Loss on debt extinguishment | 10,131,237 | 2,805,306 | ||||||
| Gain on extinguishment of warrant liability | - | (14,769 | ) | |||||
| Other (income) expense | 33,251 | (29,319 | ) | |||||
| Other loss | - | 4,252 | ||||||
| Total other expenses, net | 10,329,525 | 5,774,790 | ||||||
| Net loss from continuing operations | (31,994,535 | ) | (15,871,753 | ) | ||||
| Loss from operations of discontinued operations | (320,189 | ) | (403,062 | ) | ||||
| Loss on disposal of discontinued operations | (880,482 | ) | - | |||||
| Net loss from discontinued operations | (1,200,671 | ) | (403,062 | ) | ||||
| Net loss | $ | (33,195,206 | ) | $ | (16,274,815 | ) | ||
| Other comprehensive loss | ||||||||
| Foreign currency translation | 37,157 | (831,698 | ) | |||||
| Comprehensive loss attributable to common shareholders | $ | (33,158,049 | ) | $ | (17,106,513 | ) | ||
| Earnings per share: | ||||||||
| Basic net loss per common share for continuing operations | $ | (1.95 | ) | $ | (200.17 | ) | ||
| Basic net loss per common share for discontinued operations | $ | (0.07 | ) | $ | (5.08 | ) | ||
| Basic net loss per common share, total | $ | (2.03 | ) | $ | (205.25 | ) | ||
| Diluted net loss per common share for continuing operations | $ | (2.08 | ) | $ | (195.08 | ) | ||
| Diluted net loss per common share for discontinued operations | $ | (0.07 | ) | $ | (4.43 | ) | ||
| Diluted net loss per common share, total | $ | (2.15 | ) | $ | (199.51 | ) | ||
| Weighted average number of common shares outstanding – basic and diluted* | ||||||||
| Basic | 16,390,876 | 79,292 | ||||||
| Diluted | 16,646,525 | 91,049 | ||||||
| *Reflects the 1:9 reverse stock split effected on July 28, 2025 and 1:100 reverse stock split effected on December 5, 2024. Additional information regarding the reverse stock splits may be found in Note 2, “Basis of Presentation” included in the notes to the consolidated financial statements. | ||||||||
