CoVolt Power ( KVLT) Registration filing summary

Company overview and business model

• Operates as a Texas-based digital infrastructure company providing secure hosting and O&M services for Bitcoin mining, with sites in Wheeler and Dumas, Texas, and Marion, Indiana.

• Offers integrated solutions covering deployment, maintenance, power management, and analytics for mining operations.

• Business model focuses on capital-efficient site operations, high uptime, and strategic transformation toward consulting and AI data center services.

• Key customers are medium- and large-scale mining machine owners; consulting services target blockchain enterprises entering the U.S. market.

• Plans to expand regionally and internationally, including potential entry into Canada and Africa.

Financial performance and metrics

• FY2025 revenue: $11.3M (down 4.7% YoY); net income: $1.26M (down 33.1% YoY).

• Nine months ended April 30, 2026: revenue $8.37M (down 2.5% YoY); net income $184K (down 81.4% YoY).

• Gross margin for nine months ended April 30, 2026: 13.2% (down from 19.6% prior year); hosting services accounted for 92.7% of revenue.

• Cash and equivalents as of April 30, 2026: $1.27M; working capital deficit of $0.6M.

• Revenue concentration: two customers accounted for 94.3% of revenue for the nine months ended April 30, 2026.

Use of proceeds and capital allocation

• Net proceeds expected: ~$27M (or ~$31M with full over-allotment) at $7.00/share.

• Planned allocation: 10% R&D (AI/high-performance computing), 40% strategic acquisitions/investments, 30% global market expansion/brand, 15% new mining operations/infrastructure, 5% general corporate/working capital.

• No specific acquisition targets identified as of filing.