Core Insights - The company reported a fourth quarter revenue of $2.4 million, reflecting an 8.7% sequential increase and a 19.2% year-over-year growth, driven by higher Bitcoin production despite a lower average Bitcoin price [1][5][6]. Financial Performance - The company mined 22.0 Bitcoin in Q4 2025 at an average price of approximately $99,700, compared to 17.6 Bitcoin in Q3 2025 at an average price of approximately $114,000 [5][6]. - Mining margin for Q4 2025 was 25%, down from 49% in Q3 2025, primarily due to a lower average Bitcoin price and reduced curtailment and energy sales [5][6]. - The net loss for Q4 2025 was $17.9 million, with a Core EBITDA loss of $9.3 million, contrasting with a net income of $0.6 million and Core EBITDA of $3.8 million in Q4 2024 [5][6][7]. Operational Highlights - The company expanded its operational capacity to 26 MW across Oklahoma and Mississippi, increasing Bitcoin holdings to over 356 Bitcoin by year-end, more than double from the beginning of 2025 [6][7]. - The Mississippi facility became fully operational in October 2025, contributing to higher mining uptime and production levels [5][6]. Balance Sheet and Assets - As of December 31, 2025, the company had approximately $1.4 million in cash and Bitcoin holdings totaling 356.4 Bitcoin, valued at approximately $31.2 million based on a Bitcoin price of around $87,500 [5][6]. - Total assets at year-end 2025 were approximately $51.3 million, an increase from $44.0 million in 2024 [7][15]. Future Outlook - The company aims to shift focus from building infrastructure to scaling production and improving efficiency in 2026 [6][7]. - Management expressed confidence in the balance sheet and strong Bitcoin holdings to drive long-term value for shareholders [7].

Financial Performance - Total revenue for Q3 2025 was $2.2 million, a 13% sequential increase[14, 15] - Bitcoin mining revenue contributed $2.0 million to the total revenue, up 11.3% sequentially[15] - Mining margin improved to 49% in Q3 2025, up from 41% in Q2 2025[11, 15] - The company experienced a net loss of $3.7 million and a Core EBITDA loss of $1.4 million in Q3 2025[15] Operational Highlights - Bitcoin holdings as of October 31, 2025, were 294.9 BTC, valued at $32.2 million[7, 17, 18, 20, 24, 25] - The company's energized hashrate reached 0.70 EH/s exiting Q3 2025[11] - The 11 MW Mississippi site was fully integrated, with 7.5 MW actively mining, resulting in a 28% increase in BTC production for October[11] Strategic Initiatives - The company completed an $8 million private repurchase of 3.3 million shares and 7.2 million warrants[7, 15] - A $1.5 million public share buyback program was authorized[7, 15] - The company secured S21 immersion miners for Oklahoma, with energization expected in December 2025[7, 11]

Financial Performance - The company's Q1 2025 revenue was $2.4 million, including $2.3 million from Bitcoin mining[7, 13] - Bitcoin mining revenue increased by 25.3% sequentially[13] - The company's mining margin was 38.5% in Q1 2025, up from 31.2% in Q4 2024[7, 13] - The company experienced a net loss of $5.4 million and a Core EBITDA loss of $2.8 million, impacted by a $1.8 million Bitcoin write-down[13] Bitcoin Mining Operations - The company mined 24.3 BTC in Q1 2025[7, 11] - The company's hashrate was 610 Ph/s in Q1 2025[7] - The company held 148.7 BTC as of April 30, 2025, valued at $15.5 million as of May 13, 2025[7, 8] Balance Sheet - As of March 31, 2025, the company had $1.0 million in cash[15] - As of March 31, 2025, the company's total debt was $6.7 million[15] - As of March 31, 2025, the company's Bitcoin holdings were valued at $13.2 million[15] Strategic Initiatives - The company is expanding its Oklahoma site with a 2 MW immersion cooling system[11, 19]

Financial Performance - Total Investment Income (TII) increased by 367% from $91 million in 4Q 2024 to a record $125 million in 1Q 2025 [6, 12] - Net Investment Income (NII) increased from $21 million or $020 per share in 4Q 2024 to $46 million or $040 per share in 1Q 2025 [6, 14] - Net assets decreased from $1361 million or $1179 per share in 4Q 2024 to $1323 million or $1146 per share in 1Q 2025 [6, 17] Portfolio Composition - The fair value of the total investment portfolio was $3419 million as of March 31, 2025 [11, 29] - Debt investments comprised 710% of the portfolio with a fair value of $2429 million and a weighted average current yield of 123% [23] - CLO investments accounted for 153% of the portfolio with a fair value of $522 million [23, 30] Distribution - The Board approved a quarterly distribution of $037 per share for the quarter ending June 30, 2025 [6, 7] - This equates to a 147% annualized yield on the May 2, 2025 closing market price of $1009 and a 129% annualized yield on the March 31, 2025 NAV of $1146 per share [6, 7] CLO Joint Venture - GECC deployed approximately $48 million into the CLO JV and holds a 7125% interest [47] - The CLO JV generated a 29% IRR since inception in April 2024 [50] - The CLOs and Warehouse have exposure to approximately $11 billion of underlying assets [50]