Ace Digital (ACED) H1 2026 earnings summary

Executive summary

• Focused on increasing long-term value per share, with active capital allocation and risk management through Bitcoin and derivatives strategies.

• Developed multiple verticals: treasury, funds, digital credit, advisory, ventures, infrastructure, and media.

• Built a fully operational Bitcoin node and piloted a mining pool, generating a 10% IRR.

• Launched MediaB Inc. as a Bitcoin-focused media and data platform, with NewsB in internal use and beta launch expected in Q3 2026.

Financial highlights

• Reported revenues of NOK 37.5m in 1H 2026, up from NOK 3.3m in 1H 2025, mainly from Bitcoin and derivatives sales.

• Operating loss of NOK 14.8m and net loss of NOK 16.2m in 1H 2026, compared to NOK 1.2m and NOK 2.4m losses in 1H 2025.

• Treasury strategy loss of NOK 10.75m, outperforming the passive 65 BTC benchmark loss of NOK 19.59m by 45%.

• Ace Funds returned -13.0% in H1 2026 vs. Bitcoin's -33.3% in USD terms.

• Cash and cash equivalents at NOK 8.3m as of 30 June 2026.

Outlook and guidance

• No current need to raise equity; future raises will be purpose-driven.

• Costs expected to decline in H2 as infrastructure investments normalize.

• Continued disciplined capital allocation and active exposure management planned.

• Transitioning to quarterly reporting from FY2027.