Avax One Technology (AVX) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a strategic transition to a power-first digital infrastructure model, expanding into AI/HPC data centers and broadening the Bitcoin mining platform, following a $219.1M financing in late 2025.

• The business is oriented around scalable, behind-the-meter power assets and modular, distributed infrastructure to address emerging AI demand outside hyperscale data centers.

• Avalanche treasury strategy continues to provide differentiated yield, ecosystem alignment, and strategic optionality.

• Strategy aims for stable cash flows from mining and staking, with long-term value from data center and ecosystem investments.

• Expanded Bitcoin mining operations in Alberta and Ohio, and launched a 10 MW AI/HPC microgrid data center project in Alberta.

Financial highlights

• Q1 2026 revenue rose to $2.51 million from $273,000 in Q1 2025, driven by $1.93 million in Avalanche staking rewards and $600,000 from Bitcoin mining.

• Net loss for Q1 2026 was $46.4 million ($0.48 per diluted share), compared to a $145,000 loss in Q1 2025; adjusted net loss was $2.9 million ($0.03 per diluted share) after excluding non-cash and one-time items.

• Operating expenses were $47.1 million, including $43.3 million in non-cash charges (unrealized digital asset losses, transaction losses, impairments, depreciation, and share vesting).

• Cash and cash equivalents stood at $16.5 million, with total liquidity of $26.9 million as of March 31, 2026, supporting an estimated three-year operating runway.

• Held approximately 14 million AVAX tokens valued at $125 million as of March 31, 2026.

Outlook and guidance

• Management expects continued growth in digital asset treasury and infrastructure, with the Alberta data center on track for client deployment in Q1 2027.

• Full-year 2026 revenue guidance: $11M–$12M at current spot prices, up to $44M at high price scenarios; EBITDA guidance: $2M–$3M at current spot prices, up to $25M at high price scenarios.

• The company will maintain a prudent capital allocation approach, prioritizing the first data center build-out and exploring opportunities to bring cash-flowing businesses on-chain.

• Plans to pursue further acquisitions and investments in the Avalanche ecosystem and digital infrastructure.

• May consider share repurchases to maximize long-term shareholder value.