Bitcoin Treasury Growth
Bitcoin holdings grew from ~150 BTC at the start of 2025 to ~356 BTC at December 31, 2025 (more than doubling). Includes strategic purchases of 164 BTC in August and 47 BTC in December 2025.
Sequential and Year-over-Year Revenue Growth
Q4 2025 total revenue of $2.4M, up 8.7% sequentially from Q3 and up 19% year-over-year. Full-year 2025 revenue of approximately $8.8M.
Higher Bitcoin Production and Energized Hash Rate
Q4 mined 22 BTC, a 25% sequential increase from 17.6 BTC in Q3. Full-year 2025 production was ~82.3 BTC. Energized hash rate rose to ~750 PH across 22.5 MW at year-end and reached ~782 PH by late February 2026 (company record).
Owned Capacity Expansion and Strategic Acquisition
Expanded to two wholly-owned sites totaling 26 MW of capacity after acquiring an 11 MW site in Columbus, Mississippi (added ~7.5 MW energized capacity and ~220 PH). Acquisition power price approximately $0.036/kWh; acquisition cost cited around $355,000 per MW.
Immersion Cooling Program Launched and Scaled
Energized first BC40 Elite immersion unit in December (160 S21 immersion miners, ~35 PH added). Second immersion container energized in January 2026 adding another ~35 PH; immersion rollout contributed to improved uptime and efficiency.
Fleet Refresh and Efficiency Improvements
Relocated ~800 machines into owned site, replaced older S19 JPro miners with more efficient S21 and S21 XP hardware (deployed ~300 S21 XP in Feb 2026), driving improved fleet efficiency and lower power costs.
Capital Structure Actions to Reduce Dilution
Deployed $8M in October to retire >3.3M shares and 7.2M warrants; renegotiated Galaxy facility in Feb 2026 to extend maturity to April 24, 2026, and used balance sheet to fund Mississippi acquisition and capital raises.
Record Early-2026 Operational Momentum
Management reported February 2026 as the highest production month in company history and stated the company is tracking toward record monthly production and improved Bitcoin per share in 2026.