Financial Data and Key Metrics Changes - The company concluded Q3 2025 with $182,000 in cash and cash equivalents, down from $612,000 as of December 31, 2024 [14] - Stockholders' equity increased to $77 million compared to a deficit of $203,000 as of December 31, 2024 [14] - The net loss for Q3 2025 was $77.7 million, significantly higher than the $3.1 million loss in Q3 2024, primarily due to a $74.4 million non-cash charge related to derivative liability remeasurement [14] - Revenue for Q3 2025 was $3.6 million, relatively unchanged from $3.9 million in the same period in 2024 [14] Business Line Data and Key Metrics Changes - General and administrative expenses rose to $2.6 million in Q3 2025 from $1.5 million in Q3 2024, mainly due to professional and consulting fees [15] - Operating expenses for operations and R&D were $529,000 in Q3 2025, slightly down from $535,000 in Q3 2024 [15] - Operating expenses for sales and marketing increased to $133,000 in Q3 2025 from $73,000 in Q3 2024 [15] Market Data and Key Metrics Changes - The global AI infrastructure spending is projected to reach $2.8 trillion by 2029, indicating a significant growth opportunity for the company [8][26] - The AI infrastructure market is expected to grow at a CAGR of approximately 40% through 2030, highlighting a supply-demand imbalance exceeding 1,000% [26] Company Strategy and Development Direction - The company has initiated a digital asset treasury strategy focused on Aethir's ATH token, aiming to create a strategic compute reserve to address AI infrastructure needs [3][4] - The investment in ATH tokens is expected to generate new revenue streams and long-term value for the company and its shareholders [7] - The company plans to leverage its ATH tokens for GPU leasing and other revenue-generating activities, aiming for a high single-digit yield on ATH tokens for fiscal year 2026 [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the partnership with Aethir and the potential to democratize access to AI infrastructure [8][40] - The company aims to generate cash flow while building a sustainable business model that aligns with market demands [22][40] - The management highlighted the importance of addressing the current supply chain constraints in AI infrastructure to capture market opportunities [27][29] Other Important Information - The company holds approximately 5.7 billion ATH tokens valued at approximately $145.9 million as of November 10, 2025 [17] - The strategic compute reserve is expected to facilitate access to high-performance AI infrastructure, significantly lowering costs compared to traditional cloud providers [7][23] Q&A Session Summary Question: What is the company's strategy regarding the ATH token? - The company aims to actively manage ATH tokens through staking, GPU leasing, and token rotation to maximize returns and drive cash flow [18][20] Question: How does the company plan to address the supply-demand imbalance in AI infrastructure? - The company plans to monetize its ATH holdings by renting GPUs on the Aethir network and providing AI infrastructure directly to enterprises [29][30] Question: What are the expected revenue streams from the digital asset strategy? - The company anticipates multiple revenue streams from staking, leasing, and token rotation, targeting a high single-digit yield on ATH tokens for fiscal year 2026 [20][22]

Financial Data and Key Metrics Changes - The company concluded Q3 2025 with $182,000 in cash and cash equivalents, down from $612,000 as of December 31, 2024 [13] - The net loss for Q3 2025 was $77.7 million, compared to a loss of $3.1 million in Q3 2024, primarily due to a $74.4 million loss on remeasurement of a derivative liability [13] - Revenue for Q3 2025 was $3.6 million, largely unchanged from $3.9 million in the same period in 2024 [14] - General and administrative expenses increased to $2.6 million in Q3 2025 from $1.5 million in Q3 2024 [15] Business Line Data and Key Metrics Changes - The company launched a digital asset treasury strategy focused on Aethir's ATH token, representing a new business line aimed at generating revenue through AI infrastructure [3][4] - The investment in ATH tokens is expected to create a new revenue stream by converting tokens into GPU compute capacity [6][7] Market Data and Key Metrics Changes - AI infrastructure spending is projected to reach $2.8 trillion globally by 2029, indicating a significant growth opportunity for the company [7][26] - The demand for AI compute power is outpacing supply by more than 10 times, highlighting a critical market need [26][27] Company Strategy and Development Direction - The company aims to leverage its strategic compute reserve to democratize access to AI infrastructure while generating revenue [7][39] - The digital asset strategy includes passive staking, active staking, GPU leasing, and token rotation to diversify revenue sources [18][20] - The company plans to utilize ATH tokens to rent GPUs and provide AI infrastructure to enterprises, creating a virtuous cycle of revenue generation [30][39] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of building a strategic compute reserve to address the growing demand for AI infrastructure [27][39] - The company is optimistic about its partnership with Aethir and the potential for significant revenue growth in the AI infrastructure market [40] Other Important Information - The company holds approximately 5.7 billion ATH tokens with a market value of approximately $145.9 million as of November 10, 2025 [17] - The strategic compute reserve is expected to allow the company to onboard NVIDIA's latest GPUs to meet enterprise demand [39] Q&A Session Summary Question: What is the company's strategy regarding the ATH tokens? - The company plans to actively manage ATH tokens through staking, leasing, and token rotation to maximize returns and generate cash flow [18][20] Question: How does the company plan to address the supply-demand imbalance in AI infrastructure? - The company aims to stimulate supply by monetizing ATH holdings and providing GPU access to enterprises, addressing the critical shortage in AI infrastructure [27][30]