AVAX One Q3 net profit 49.9 million, treasury holds 14.17 million AVAX

on November 13, AVAX One Technology (Nasdaq: AVX), the first publicly listed Avalanche treasury company, announced its third-quarter results: As of September 30, revenue reached $2.4 million, representing an increase of over four times year-over-year (consisting of $1.8 million in staking rewards and $700,000 in Bitcoin mining); net income was $49.9 million, or $6.11 per diluted share, compared to a net loss of $8.4 million in the same period last year.

The profit primarily stems from non-cash items: reported operating expenses were $50 million, which included $55.1 million in unrealized gains from changes in the fair value of digital assets and $483,000 in realized losses; after adjusting for these, operating expenses were approximately $4.7 million. Cash and cash equivalents at the end of the period stood at $8.5 million, down from $22.1 million at the end of last year. The treasury holds 14,170,184 AVAX and equivalents (including approximately 850,000 tokens staked via Treehouse), with about 99.7% currently staked at an annualized yield of approximately 5.85%.

On the balance sheet, the company extinguished over $14.9 million in convertible notes during the third quarter, followed by the repayment of the remaining approximately $970,000 afterward, bringing the convertible note balance to zero as of November 3; the company repurchased approximately 384,000 shares in the third quarter, and another 710,000 shares in October at an average price of $5.46, resulting in cumulative repurchases of 1,497,000 shares under the $40 million buyback program (adjusted for the June 15 1-for-12 reverse stock split), leaving approximately $30.4 million in remaining authorization. The company also confirmed it will no longer advance its modular data center initiative (including the proposed project with BlueFlare Energy), reaffirming its focus on the AVAX treasury strategy and maintaining full-year guidance: based on current price assumptions of $70,000 for Bitcoin and $9 for AVAX, revenue is projected between $11 million and $12 million, with EBITDA between $2 million and $3 million.