Minehub Technologies (MHUB) Status update summary

Commercial and operational progress

• Customer base grew nearly sixfold year-over-year, now totaling 28 paying customers across enterprise and SMB segments.

• Annual recurring revenue (ARR) increased by over 50% year-on-year, driven by new customer segments and cross-selling.

• Active counterparties on the platform rose from 58 to 91 year-to-date, with daily active users up nearly 200%.

• Significant expansion into Asia and the Gulf, highlighted by onboarding Sumitomo Metal Mining and other regional clients.

• Total gross merchandise value (GMV) managed year-to-date reached nearly CAD 16.5 billion, on track to exceed CAD 20 billion by year-end.

Strategic initiatives and product development

• Four strategic goals: revenue growth in core/adjacent markets, investor momentum and M&A, scalable growth, and team integration.

• Entered new segments such as pulp and paper, and expanded presence in ferrous and iron ore markets.

• Launched new AI-powered modules, including Assay Manager and an AI trade execution assistant.

• Enhanced digital product passports and traceability through partnerships, notably with Minespider.

• Ongoing integration and collaboration with Abaxx on digital title and secure identity solutions.

Financial performance and cost management

• Revenue for the first half of 2026 increased by 39% year-over-year, driven by the Jules AI acquisition and new customers.

• Gross margin improved from 23% to 29%, with tracking fees as the most variable cost.

• Operating expenses rose post-acquisition, but cost synergies are being realized and further harmonization is expected.

• Adjusted EBITDA loss and net loss increased, but are expected to improve as revenue scales.