Record Energized Hash Rate and Monthly Production
Energized hash rate reached ~790 PH in March, the highest in company history, and March produced 9.6 BTC, the strongest monthly output of the quarter.
Sequential Increase in Bitcoin Production
Produced 26.1 BTC in Q1 2026, a 19% increase sequentially from 22 BTC in Q4 2025, driven by higher hash rate, fleet efficiency improvements and targeted hardware deployments.
Fleet Upgrades and Competitive Hardware Position
Deployed S21 immersion units and ~300 S19 XP miners (replacing older hardware) during the quarter; management notes ASIC efficiency gains have compressed, extending the competitive life of their deployed S19 XP/S21 fleet.
Curtailment and Energy Revenue Demonstrated Value of Grid Relationships
Generated approximately $305,000 in curtailment and energy sales in January during Winter Storm Fern (majority earned over ~3 days), equivalent to roughly 4 BTC of value.
Bitcoin Treasury and Post-Quarter Price Recovery
Held 338.2 BTC on March 31 valued at ~$23.1M; treasury value recovered to ~$25.3M on April 30 (334 BTC) and ~$27.3M as of May 11 — roughly a 21% BTC price recovery vs. March 31, adding ~ $5M of fair value to holdings.
Platform Operating at Scale with Improved Operating Profile
First full quarter with the 2025-assembled platform running at scale across two wholly owned sites; management reports improvements across all key operating measures (BTC produced, hash rate, fleet efficiency, uptime).
Manageable Operating Cash Flow After One-Time Sales
Net adjusted cash flow used in operations was approximately $0.2M after adding back $3.1M of proceeds from the sale of digital assets to net cash used in operating activities of ~$3.3M, illustrating near-term operating cash resilience.