Avax One Technology (AVX) Q4 2024 earnings summary

Significant events and developments

• On January 17, 2025, acquired a 5 MW bitcoin mining facility in Columbiana County, Ohio, from Bald Eagle Mining, LLC, for $4.55 million, including 900 S19J Pro BITMAIN Antminers, power infrastructure, and associated contracts and permits.

• The acquisition included assignment of gas purchase agreements, surface land access, and sublease rights, with all assets transferred free and clear of liens.

• Consents and releases were obtained from counterparties (Geopetro LLC, Pin Oak Energy Partners LLC, West Point Renewables LLC) for assignment of contracts, permits, and subleases.

• The facility is located on two oil and gas well pads in Ohio and includes rights to operate up to five 1MW natural gas generators and associated bitcoin mining infrastructure.

• The transaction required prepayments and insurance certificates as conditions precedent, and all parties executed binding agreements and acknowledgments.

Segment performance

• The acquired facility is expected to significantly increase the company's bitcoin mining capacity and operational footprint in the U.S.

Capital allocation and financing

• The $4.55 million purchase price was paid in cash, with a $50,000 deposit credited at closing.

• The company assumed certain operating liabilities related to the assets, excluding pre-closing fuel liabilities.