CoVolt Power ( KVLT) Registration filing summary

Company overview and business model

• Texas-based digital infrastructure operator providing Bitcoin mining hosting and O&M, including deployment, maintenance, power management, optimization and performance analytics.

• Operates 20MW sites in Wheeler and Dumas, Texas, plus a contracted 20MW site in Marion, Indiana; Dumas began operations in July 2026.

• Hosting accounted for 92.7% of revenue in 9M FY2026; services also include O&M and project-based consulting for digital-asset infrastructure.

• Strategy: expand across North America, build consulting and platform services, improve power/load management and cooling, and develop AI data center infrastructure.

• Proposed Wheeler AI project targets 30MW power/25MW IT load by February 2027 and 60MW power/50MW IT load by June 2027; Aleria negotiations contemplate up to 1,300MW, subject to definitive agreements.

Financial performance and metrics

• Q3 FY2026 revenue was $2.99m vs. $2.96m YoY; net income was $502,236 vs. $294,694.

• 9M FY2026 revenue was $8.37m vs. $8.59m YoY; net income fell to $183,905 from $990,960, with gross profit down to $1.10m from $1.68m.

• FY2025 revenue was $11.29m vs. $11.85m in FY2024; net income was $1.26m vs. $1.89m, and gross margin was 18.8% vs. 24.9%.

• As of April 30, 2026, cash was $1.27m, current liabilities $3.21m and working-capital deficit ~$0.6m; 9M operating cash flow was negative $689,760.

• 9M FY2026 hosting utilization was 90.2% vs. 92.8% YoY; power cost was $0.052/kWh vs. $0.047, while hosting gross margin fell to 13.3% from 20.8%.

Use of proceeds and capital allocation

• Estimated net proceeds: ~$26.95m without over-allotment and ~$31.16m with full exercise, based on a $7.00 IPO price.

• Planned allocation: 40% acquisitions/investments, 30% global expansion and brand development, 15% new mining operations/infrastructure, 10% R&D and 5% working capital/general purposes.

• Acquisition targets remain unidentified and no acquisition or investment agreements were in place; management retains discretion to reallocate proceeds.

• FY2026 9M capital expenditures were $417,420, primarily for the Dumas site and equipment; planned capital uses include land, power integration and equipment procurement.