Business
AVAX One Reports First Quarter 2026 Financial and Operating Results
Continued Execution of Modular AI/HPC Infrastructure Strategy to Capitalize on Accelerating Compute Demand Total AVAX Holdings of Approximately 14 million as
About this update from Avax One Technology Ltd.
[{"type":"text","content":"Continued Execution of Modular AI/HPC Infrastructure Strategy to Capitalize on Accelerating Compute Demand Total AVAX Holdings of Approximately 14 million as of May 14, 2026 WEST PALM BEACH, FL, May 14, 2026 (GLOBE NEWSWIRE) -- AVAX One Technology Ltd. (NASDAQ: AVX) (“AVAX One” or the “Company”), today announced its financial and operating results for the first quarter ended March 31, 2026, along with an update on its AVAX treasury strategy. “The first quarter represented an important period for AVAX One as we laid the groundwork for our evolution into a power-first digital infrastructure company,” said Jolie Kahn, Chief Executive Officer of AVAX One. “Subsequent to quarter end, we announced our formal expansion into AI/HPC data center infrastructure, expanded our Bitcoin mining platform and oriented the business around scalable, behind-the-meter power assets that we believe can support long-term growth and profitability. At the same time, our Avalanche treasury continues to provide a differentiated source of yield and strategic optionality. Together, these steps reflect a deliberate repositioning of AVAX One around the physical and digital infrastructure we believe will define the next phase of artificial intelligence and onchain finance.” First Quarter 2026 Financial Summary (vs. Q1 2025) Total Revenue: Total revenue for the first quarter of 2026 increased materially to $2.5 million compared to $0.3 million in the first quarter of 2025. The increase was primarily driven by AVAX One’s Avalanche digital asset treasury strategy, which generated approximately $1.9 million in staking rewards in Q1 2026, coupled with the revenue from Bitcoin mining, which generated approximately $0.6 million in revenue. Total Operating Expenses: Total operating expenses in the first quarter of 2026 were $47.1 million compared to $2.1 million in the first quarter of 2025. The operating expenses in the first quarter of 2026 included $43.3 million of non-cash charges related to: 1) a $36.3 million unrealized loss on the change in market value of the Company’s digital assets; 2) a $5.3 million loss on digital asset transactions attributable to the deployment of AVAX to tAVAX tokens; 3) a $1.1 million impairment of liquid staking tokens; 4) depreciation and amortization of $0.3 million; and 5) a $0.3 million charge incurred as a result of the vesting of ...