Axe Compute Inc. AGPU
In late 2025, we expanded our business strategy to include a compute business under the Axe Compute brand, and renamed the Company Axe Compute Inc., effective December 11, 2025. Through a distributed network model, Axe Compute seeks to provide customers with access to graphics processing unit ("GPU") compute capacity for artificial intelligence and other high-performance computing workloads, sourced primarily through infrastructure made available by the Aethir network. In connection with this strategic expansion, we adopted a digital asset treasury strategy focused on the Aethir token ("ATH"), the native utility token of the Aethir network, to support our participation in the Aethir ecosystem ("Treasury Strategy"). Collectively, we refer to this new operating business as our Compute Services and Treasury Management segment, which is the priority of the Company and Management's focus.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125.3K | $84.8K | $492.6K | $1.5M | $1.4M | $1.3M | $1.4M | $1.4M | $654.8K | $456.5K |
| Cost of revenue | $72.6K | $78.3K | $195.1K | $505.1K | $487.0K | $447.2K | $531.8K | $415.8K | $148.0K | $181.6K |
| Gross profit | $52.7K | $6.5K | $297.5K | $1.0M | $933.7K | $805.1K | $879.8K | $995.9K | $506.8K | $274.9K |
| R&D | $2.1M | $2.2M | $98.1K | $320.3K | $315.9K | $372.7K | $423.0K | $526.3K | $289.0K | $406.0K |
| SG&A | $25.9M | $7.2M | $7.9M | $11.1M | $10.9M | $10.4M | $9.8M | $4.6M | $4.1M | $5.2M |
| Total operating expenses | $28.6M | $10.4M | $11.4M | $27.0M | — | — | — | $7.9M | $6.1M | — |
| Operating income | -$180.9M | -$10.3M | -$11.1M | -$26.0M | -$20.4M | -$25.4M | -$22.6M | -$7.9M | — | — |
| Interest expense | — | — | — | — | — | — | — | — | — | $3 |
| Pre-tax income | -$233.1M | -$12.7M | -$14.0M | -$25.7M | -$20.3M | -$25.9M | -$19.4M | — | — | — |
| Income tax | $0 | $0 | $0 | $0 | $661.7K | $0 | $0 | — | $0 | $0 |
| Net income | -$233.1M | -$12.7M | -$14.0M | -$25.7M | -$19.7M | -$25.9M | -$19.4M | -$10.1M | — | — |
| EPS, basic | -13.37 | -34.83 | -3.48 | -6.98 | -0.36 | — | — | — | — | — |
| EPS, diluted | — | — | — | — | 0.36 | 2.21 | 6.86 | -7.87 | -0.94 | -2.31 |
| Shares, diluted (wtd. avg.) | $17.4M | $363.6K | $4.0M | $3.7M | $54.9M | $12.0M | $2.9M | $1.3M | $6.4M | $2.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.8M | $611.8K | $8.4M | $22.1M | $28.2M | $678.3K | $150.8K | $162.2K | $766.2K | $1.8M |
| Receivables | $32.1K | $34.2K | $277.6K | $331.2K | $354.2K | $256.9K | $297.1K | $232.6K | $137.5K | $38.9K |
| Inventory | — | $385.7K | $480.8K | $430.5K | $387.7K | $289.5K | $190.2K | $241.1K | $265.0K | $272.2K |
| Total current assets | $42.8M | $2.2M | $10.1M | $23.4M | $29.5M | $1.5M | $798.3K | $1.5M | $2.4M | $2.6M |
| Property, plant and equipment | $223.1K | $347.6K | $491.2K | $1.8M | $2.5M | $3.8M | $1.5M | $180.5K | $87.7K | $101.5K |
| Goodwill | — | — | — | $0 | $6.9M | $2.8M | $15.7M | — | — | — |
| Other intangibles | — | $210.1K | $241.3K | $253.9K | $4.0M | $3.4M | $3.6M | $964.5K | $95.4K | $97.9K |
| Total assets | $52.9M | $5.0M | $14.4M | $25.7M | $43.8M | $13.1M | $22.4M | $3.7M | $3.6M | $2.8M |
| Accounts payable | $1.8M | $1.0M | $1.3M | $943.5K | $1.0M | $1.4M | $3.2M | $445.7K | $140.5K | $220.1K |
| Short-term debt | — | — | — | — | — | — | $6.2M | $1.6M | — | — |
| Total current liabilities | $4.3M | $3.6M | $4.0M | $3.9M | $3.2M | $9.3M | $10.9M | $3.7M | $932.3K | $1.6M |
| Long-term debt | — | — | — | — | $0 | — | — | — | — | — |
| Total liabilities | $5.2M | $5.2M | $6.1M | $4.0M | $3.5M | $10.4M | $11.1M | $3.7M | $932.3K | $1.9M |
| Retained earnings | -$413.5M | -$180.4M | -$167.8M | -$153.8M | -$128.0M | -$108.4M | -$82.5M | -$63.1M | -$53.0M | -$47.0M |
| Total equity | $47.7M | $2.0M | $8.3M | $21.8M | $40.3M | $2.6M | $11.2M | $53.5K | $2.7M | $923.7K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.9M | -$10.1M | -$10.8M | -$12.4M | -$12.2M | -$12.3M | -$8.7M | -$5.3M | -$4.5M | -$4.4M |
| Depreciation and amortisation | $129.0K | $132.3K | $215.0K | $1.3M | $1.3M | $1.0M | $704.9K | $147.6K | $71.6K | $82.4K |
| Stock-based compensation | $1.0M | $906 | $329 | $166.3K | $715.9K | $721.3K | $2.3M | $1.1M | $2.3M | $165.3K |
| Capital expenditure | $0 | $9.5K | $9.4K | $419.9K | $910.4K | $298.4K | $5.9K | $177.7K | $45.1K | $32.8K |
| Investing cash flow | -$32.6M | -$9.5K | -$22.9K | -$475.7K | -$10.6M | -$167.5K | -$599.1K | -$1.1M | -$1.7M | -$422.9K |
| Financing cash flow | $52.0M | $3.9M | $148.9K | $6.7M | $50.3M | $13.0M | $9.3M | $5.8M | $5.1M | $1.7M |
| Buybacks | — | $0 | $1.5K | $27.7K | $11.5K | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001171843-26-002094.
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