DarkHorse Technologies Inc. (DRK) reported third-quarter revenue of $3.031 million, compared with $2.623 million a year earlier, and net loss of $5.778 million versus $4.248 million. For the nine months ended September 30, 2026, revenue was $7.399 million versus $8.458 million and net loss was $23.713 million versus $11.366 million. Operating cash use was $13.505 million; cash and equivalents were $8.823 million at September 30, 2026.
On June 1, 2026, the company completed a share-for-share acquisition of Cathedra Bitcoin, with purchase consideration of $7.343 million. Cathedra’s results included $2.5 million in revenue and $0.8 million net loss through September 30. Management stated there is substantial doubt about the company’s ability to continue as a going concern within 12 months from financial-statement issuance if it cannot raise additional funding.
The company entered a binding term sheet to sell its mining-machine fleet for estimated aggregate proceeds of approximately $2.9 million; $1.3 million had been sold as of September 30, with sales and delivery over a 90-day period beginning September 1. It also sold its Iowa site for $1.5 million, receiving $0.3 million in cash and a $1.2 million interest-free promissory note.
DarkHorse Technologies Inc. reported third-quarter 2026 revenue of $3.031 million, versus $2.623 million in Q3 2025, and a net loss of $5.778 million, versus $4.248 million. Sequentially, revenue was $3.0 million versus $2.5 million in Q2, while net loss narrowed from $13.8 million to $5.778 million. For the first nine months, revenue was $7.399 million versus $8.458 million in the first nine months of 2025, and net loss was $23.713 million versus $11.366 million. Cash and cash equivalents were $8.823 million as of September 30, 2026, compared with $2.8 million as of June 30.
Contracted power capacity doubled to approximately 100 MW, including approximately 50 MW operating and 50 MW for a proposed Kentucky facility under development. DarkHorse completed Bitdeer installations at three sites under a 30 MW hosting arrangement. The September $5.0 million PIPE generated approximately $4.8 million in net proceeds. The company agreed to sell its Iowa site for $1.5 million and entered a binding term sheet to sell its mining fleet for estimated proceeds of approximately $2.9 million; $1.3 million of machines had been sold by September 30. Bitcoin holdings were zero.
Kurt L. Kalbfleisch, DarkHorse Technologies Inc.'s chief financial officer, settled 7,811 RSUs on October 30, 2026, receiving 7,811 common shares; the RSUs had vested September 30, 2026. His reported direct holdings after the transaction were 450,814 common shares and 35,938 outstanding RSUs. He also reported 215 shares held by his daughter and 215 held by his son. No Rule 10b5-1 plan is reported.
DarkHorse Technologies Inc. (DRK) registered up to 3,333,322 common shares for resale by selling shareholders: 1,666,661 issued shares and up to 1,666,661 shares issuable upon warrant exercise. DarkHorse will receive no proceeds from shareholder resales, but may receive proceeds from cash warrant exercises; it expects approximately $5.8 million in gross proceeds if all warrants are exercised for cash. The warrants have a $3.50 exercise price, are immediately exercisable from September 11, 2026, and expire five years after that date. Resales are subject to a six-month contractual lock-up ending March 11, 2027, and Canadian resale restrictions ending January 12, 2027; before those restrictions expire, sales require an available Canadian prospectus exemption.
The shares and warrants were issued in a September 2026 private placement of 1,666,661 units at $3.00 per unit, for approximately $5.0 million in gross proceeds. DarkHorse intends to use the net proceeds for working capital and general corporate purposes. Separately, a binding term sheet with RepairBit, LLC provides for the sale of approximately 5,500 company-owned mining machines for approximately $3 million, with delivery over a 90-day period that began September 1, 2026. DarkHorse reports approximately 50 MW of operating power capacity across four data centers in Kentucky and Tennessee and a development pipeline exceeding 100 MW.
DarkHorse Technologies Inc. (DRK) registered for resale up to 3,333,322 common shares by selling shareholders: 1,666,661 issued shares and up to 1,666,661 shares issuable upon warrant exercise. DarkHorse will not receive proceeds from resales, but may receive proceeds from cash warrant exercises; if all warrants are exercised for cash, expected gross proceeds are approximately $5.8 million. Warrants are immediately exercisable at $3.50 per share and expire five years from September 11, 2026. Sales under the prospectus cannot begin before the registration statement is effective and remain subject to a six-month contractual lock-up expiring March 11, 2027, and Canadian resale restrictions expiring January 12, 2027.
DarkHorse says it has focused on hosting after agreeing to sell approximately 5,500 company-owned mining machines for aggregate proceeds of approximately $3 million, with delivery over 90 days beginning September 1, 2026. Following the Iowa site sale, it reported approximately 50 MW of operating power capacity across four Kentucky and Tennessee data centers and a development pipeline exceeding 100 MW. The 2025 audit report incorporated by reference includes an explanatory paragraph regarding the company’s ability to continue as a going concern.
DarkHorse Technologies Inc. (DRK) Chief Executive Officer and board member Joel Block acquired 166,666 units in a private placement on September 11, 2026, for approximately $499,998, or $3.00 per unit. Each unit included one common share and a warrant to buy one common share. Block reported beneficial ownership of 821,142 common shares, or 7.6% of the class, comprising 529,476 common shares, 166,666 shares underlying warrants and 125,000 shares underlying restricted stock units scheduled to vest within 60 days.
The warrants are immediately exercisable at $3.50 per share, expire five years after closing and are subject to a 19.99% beneficial ownership limitation. The purchased securities are subject to a six-month contractual lock-up expiring March 11, 2027, subject to the purchase agreement’s terms and exceptions. DarkHorse agreed to register the private-placement shares and warrant shares for resale.
DarkHorse Technologies Inc. Chief Accounting Officer Reppas Tiah Norton reported settlement of 6,250 restricted stock units on September 21, 2026. The RSUs vested on September 1, 2026, and the underlying shares were delivered on September 21; each RSU represents a contingent right to receive one Sphere 3D Corp. common share.
The transaction also reports 1,941 shares delivered or withheld for payment of exercise price or tax liability at $2.98 per share. The RSU row reports 27,500 underlying shares outstanding after the transaction across two awards. No Rule 10b5-1 plan is reported.