CoVolt Power ( KVLT) Registration filing summary

Company overview and business model

• Texas-based Bitcoin mining infrastructure operator providing hosting, power management, deployment, preventive maintenance, optimization and performance analytics across Wheeler and Dumas, Texas, and Marion, Indiana.

• Operates 20MW sites in Wheeler, Dumas and Marion; hosting and O&M are the core revenue streams, with customers retaining ownership and control of mining equipment and Bitcoin rewards.

• Growth plans include North American capacity expansion, digital-asset consulting and a shift toward AI data center services; three consulting projects have been undertaken since FY ended July 31, 2025.

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

Financial performance and metrics

• 3M ended Apr. 30, 2026 revenue was $2.99M vs. $2.96M YoY; net income was $502,236 vs. $294,694, and gross profit was $873,003 vs. $491,054.

• 9M ended Apr. 30, 2026 revenue was $8.37M vs. $8.59M YoY; net income was $183,905 vs. $990,960, while gross profit fell 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%.

• Apr. 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 2026 cost of revenue rose 5.4% YoY as average power cost increased to $0.052/kWh from $0.047/kWh; 3M power cost fell to $0.041/kWh from $0.052/kWh.

Use of proceeds and capital allocation

• Estimated net proceeds are $26.95M without the over-allotment option and $31.16M with full exercise, based on a $7.00 assumed IPO price.

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

• No acquisition target has been identified or negotiated; management retains discretion to reallocate proceeds, with unused funds potentially placed in short-term interest-bearing deposits or debt instruments.