Total AVAX Tokens and Equivalents of 14,091,424 as of August 13, 2026

WEST PALM BEACH, FL, Aug. 13, 2026 (GLOBE NEWSWIRE) -- AVAX One Technology Ltd. (NASDAQ:AVX) ("AVAX One" or the "Company"), today announced its financial and operating results for the second quarter ended June 30, 2026, along with an update on its AVAX treasury strategy.

"We made solid progress in the second quarter deepening AVAX One’s role as a digital infrastructure company accelerating the transition to an onchain financial economy," said Pete Wylie, Interim Chief Executive Officer of AVAX One. "Staking is the foundation of our Avalanche treasury strategy, generating onchain yield through native staking and ecosystem participation. Our Bitcoin mining operations remained a consistent operating contributor during the quarter, and we advanced our AI and high-performance computing initiatives through an initial inference pilot at our Redwater facility."

"Across each of these three pillars, we are focused on evaluating accretive opportunities that build durable revenue and cash flow. This includes assessing potential acquisitions, partnerships, infrastructure investments, and operational initiatives that strengthen our existing platform. We also intend to stay active under our share repurchase program, buying back stock when we believe our shares trade below the intrinsic value of the business. We believe these initiatives, coupled with our prudent approach to capital allocation, will enable us to position AVAX One for its next phase of growth."

Second Quarter 2026 Financial Summary (vs. Q2 2025)

Total Revenue: Total revenue for the second quarter of 2026 increased significantly to $2.8 million compared to approximately $0.5 million in the second quarter of 2025. The increase was driven by AVAX One’s Avalanche digital asset treasury strategy, which generated approximately $2.1 million in staking rewards in Q2 2026, coupled with the revenue from Bitcoin mining, which generated approximately $0.7 million in revenue.

Total Operating Expenses: Total operating expenses in the second quarter of 2026 were $36.2 million compared to $1.8 million in the second quarter of 2025. Operating expenses in the second quarter of 2026 included $33.0 million in non-cash charges related to a $29.8 million unrealized loss on the change in market value of the Company’s digital assets, a $2.6 million impairment of liquid staking tokens and $0.6 million in share-based compensation and depreciation expense. Excluding these non-cash charges, adjusted operating expenses for the second quarter of 2026 were $3.2 million.

Net Loss: Net loss for the second quarter of 2026 was $35.1 million or $(4.41) per diluted share compared to a net loss of $8.1 million or $(335.88) per diluted share in the second quarter of 2025. Excluding the non-cash costs discussed above, adjusted net loss for the second quarter of 2026 was $2.2 million, or $(0.27) per diluted share.

Cash and Cash Equivalents: As of June 30, 2026, the Company had $11.4 million in cash and cash equivalents, coupled with restricted cash of $5.4 million and an escrow receivable balance of $4.3 million, resulting in total liquidity availability of approximately $21.2 million. This is compared to approximately $27.6 million in total liquidity on December 31, 2025. AVAX One believes its liquidity position, coupled with its ability to generate additional liquidity by leveraging or liquidating portions of its digital assets, provides the Company with sufficient liquidity to fund its current operating expenses, as well as to execute its growth strategy without the need to raise additional capital.

Operational and Treasury Highlights

Expanded the Company’s Avalanche digital asset treasury to 14,091,424 AVAX tokens and equivalents including approximately 800,000 deployed into Treehouse as of August 13, 2026, with approximately 95% actively staked, generating an annualized yield of approximately 5.4%.
Repurchased approximately 144,755 shares of common stock during the second quarter under the Company’s previously authorized $40 million share repurchase program, bringing total repurchases since November 2025 to approximately 417,537 shares.
Announced an initial AI inference pilot at the Company’s Redwater facility to evaluate the potential conversion of approximately 100 kilowatts of excess Bitcoin mining capacity to AI workloads.
Subsequent to quarter end, AVAX One completed a restructuring of its convertible debt facility, reducing outstanding principal by approximately $6.8 million and strengthening the Company's balance sheet.

Full Year 2026 Guidance

The Company is reiterating its previously issued guidance:

*($ in Millions USD)*	Current Spot Price^[1]	2025 Avg. Price^[2]	2025 High Price^[3]
Revenue	$11M - $12M	$24M - $25M	$43M - $44M
Change vs. prior year period	~5x	~10x	~19x
EBITDA⁴	$2M - $3M	$10M - $11M	$24M - $25M

^[1] Assumes Bitcoin price of ($70,000.00) and Avalanche price of ($9.00).

^[2] Assumes Bitcoin price of ($101,877.40) and Avalanche price of ($22.43).

^[3] Assumes Bitcoin price of ($124,720.00) and Avalanche price of ($44.10).

⁴ The tables at the end of this press release provide a reconciliation of non-GAAP financial measures to the Company’s expected results in accordance with GAAP. (See "Reconciliation of GAAP and non-GAAP Information" below).

Conference Call and Webcast Details

The Company will conduct a conference call today, August 13, 2026, at 5:00 p.m. Eastern time to discuss its financial and operating results for the second quarter ended June 30, 2026.

AVAX One’s management team will host the conference call, followed by a question-and-answer session.

Date: Thursday, August 13, 2026

Time: 5:00 p.m. ET

Toll-free dial-in number: (877) 425-9470

International dial-in number: (201) 389-0878

Conference ID: 13761563

Webcast: AVAX One’s Q2 2026 Earnings Conference Call

Participants can also access the Company’s earnings call using the call me option here for instant telephone access to the event, which will be active approximately 15 minutes before the scheduled start time.

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay on the investor relations section of the Company’s website at www.avax-one.com.

About AVAX One Technology Ltd.

AVAX One Technology Ltd. (NASDAQ:AVX) is a digital infrastructure company accelerating the transition to an onchain financial economy. The Company maintains a strategic Avalanche digital asset treasury, accumulating AVAX and generating onchain yield through native staking and ecosystem participation. It also operates bitcoin mining facilities and develops modular data centers. These three pillars give public market investors unique exposure to both the onchain economy and the digital infrastructure layer. For more information, please visit www.avax-one.com.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including statements relating to the anticipated benefits and timing of the completion of the proposed offering and related transactions, the intended use of proceeds from the PIPE offering, expectations regarding future capital raising activity, the assets to be held by the Company, expectations regarding adoption of the Avalanche network, the expected future market, price and liquidity of the digital assets the Company acquires, the macro and political conditions surrounding digital assets, the Company's plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other entities in similar business strategies, technological and market trends, future financial condition and performance, the expected financial impacts of the proposed transactions described herein, and the timing of the closing of the PIPE offering. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the proposed transactions described herein may not be completed in a timely manner or at all; failure to realize the anticipated benefits of the transactions and the proposed AVAX strategy; changes in business, market, financial, political and regulatory conditions; risks relating to the Company's operations and business, including the highly volatile nature of the price of AVAX and other cryptocurrencies; the risk that the price of the Company's securities may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the Company's filings with the SEC. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The statements made in this press release are not intended to be projections of the Company's future results nor an offer of a future securities transaction by the Company. Any offering in the future will be made through compliance with all applicable regulations and the filing of appropriate documents with the SEC, as required under those regulations.

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza

Elevate IR

(720) 330-2829

AVX@elevate-ir.com

Media Contact

Ethan Lyle

Prospero

avax-one@prospero.agency

AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except share data)

		June 30, 2026			December 31, 2025
		(unaudited)
ASSETS
Current
Cash and cash equivalents	$	11,368		$	22,135
Restricted cash		5,440			-
Escrow receivable		4,345			5,430
Liquid staking tokens		4,726			-
Staking rewards receivable		1,839			-
Other receivables		244			17
Deposit receivable		58			58
Prepaid expenses and other current assets		4,168			5,863
Total current assets		32,188			33,503

Non-current
Property and equipment, net		5,973			4,246
Digital assets, non-current		81,609			153,670
Intangible assets, net		294			409
Intangible asset held for sale		1,550			1,550
Goodwill		1,535			1,535
Lease deposit, non-current		50			50
Total assets	$	123,199		$	194,963

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Accounts payable and accrued liabilities	$	1,683		$	1,278
Debentures, net of discount		12,985			6,439
Loan payable		206			220
Other current liabilities		50			50
Total liabilities		14,924			7,987

Commitments and contingencies - See Note 15

Shareholders’ equity
Common shares, no par value per share - unlimited shares authorized, 7,713,231 and 7,760,179 shares issued and 7,363,270 and 7,744,900 outstanding at June 30, 2026 and December 31, 2025, respectively		283,357			283,554
Treasury shares		(4,108	)		(258	)
Additional paid-in-capital		22,206			22,968
Subscriptions receivable - digital assets		(16,606	)		(24,234	)
Obligation to issue shares		44			44
Accumulated deficit		(175,497	)		(93,977	)
Accumulated other comprehensive loss		(1,121	)		(1,121	)
Total shareholders’ equity		108,275			186,976
Total liabilities and shareholders’ equity	$	123,199		$	194,963

AVAX ONE TECHNOLOGY LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
REVENUE	$	2,817		$	452		$	5,328		$	725

OPERATING EXPENSES
Cost of revenue, excluding depreciation	$	792		$	242		$	1,990		$	463
Bitcoin operating costs		122			-			164			-
Selling, general and administrative		2,191			1,179			4,457			2,524
Repairs and maintenance		119			114			199			200
Share-based compensation		303			81			556			208
Depreciation and amortization		284			334			537			594
Loss on disposal of operating assets		-			-			259			-
Impairment of liquid staking tokens		2,613			-			3,740			-
Realized loss on digital asset transactions		20			-			5,317			-
Unrealized loss on market valuation of digital assets		29,755			(116	)		66,057			(80	)
Total operating expenses		36,199			1,834			83,276			3,909

Operating loss		(33,382	)		(1,382	)		(77,948	)		(3,184	)

OTHER (EXPENSE) INCOME
Accretion of interest on debentures		(1,728	)		(967	)		(3,546	)		(1,938	)
Change in fair value of derivative liabilities		-			-			-			2,977
Foreign exchange loss		5			(20	)		5			(77	)
Gain on conversion of convertible debt		-			-			-			87
Loss on debt extinguishment		(21	)		(4,616	)		(21	)		(4,731	)
Other expense		(3	)		68			(10	)		61
Total other (expenses) income, net		(1,747	)		(5,535	)		(3,572	)		(3,621	)

Net (loss) income from continuing operations		(35,129	)		(6,917	)		(81,520	)		(6,805	)

Loss from operations of discontinued operations		-			(240	)		-			(497	)
Loss from operations of discontinued operations		-			(904	)		-			(904	)
Net loss from discontinued operations		-			(1,144	)		-			(1,401	)

Net loss	$	(35,129	)	$	(8,061	)	$	(81,520	)	$	(8,206	)
Other comprehensive loss
Foreign currency translation		-			-			-			37
Comprehensive loss attributable to common shareholders	$	(35,129	)	$	(8,061	)	$	(81,520	)	$	(8,169	)

Earnings per share:
Basic and diluted net loss per common share for continuing operations	$	(4.41	)	$	(288.21	)	$	(10.14	)	$	(309.32	)
Basic and diluted net loss per common share for discontinued operations	$	-		$	(47.67	)	$	-		$	(63.68	)
Basic and diluted net loss per common share, total	$	(4.41	)	$	(335.88	)	$	(10.14	)	$	(373.00	)

Weighted average number of common shares outstanding – basic and diluted*		7,957			24			8,042			22
* reflects the 1:12 reverse stock split effected on June 15, 2026 and 1:9 reverse stock split effected on July 28, 2025

Reconciliation of GAAP and Non-GAAP Information

($ in Millions, unaudited)

Full Year 2026 Guidance Scenarios

*($ in millions)*		Current Spot Price		2025 Avg. Price		2025 High Price
Revenue	$	11.4	$	24.2	$	43.3
Total operating expenses		10.6		14.9		20.3
Operating income		0.9		9.4		23.0
Other expenses		0.8		0.8		0.8
Net income from continuing operations		0.1		8.6		22.3
EBITDA Adjustments:
Depreciation and amortization		1.3		1.3		1.3
Accretion of interest on debentures		0.8		0.8		0.8
EBITDA		2.2		10.7		24.3