TaoWeave, Inc. TWAV
We are a public company focused on the Bittensor ecosystem, a decentralized, open-source protocol that coordinates the development and deployment of artificial intelligence ("AI") models. Our principal asset is TAO, Bittensor's native cryptocurrency, which we accumulate and stake on the Bittensor network to generate yield in the form of additional TAO tokens. Our goal is to provide public-market investors with economic exposure to the Bittensor ecosystem.
During the year ended December 31, 2025, we deployed approximately $8.7 million to acquire approximately 24,128 TAO tokens through purchases executed via BitGo Trust Company, Inc. ("BitGo") and the Kraken exchange ("Kraken", and together with BitGo, the "TAO Custodians"). As of December 31, 2025, we held approximately 24,665 TAO tokens, inclusive of approximately 544 TAO earned through staking rewards during the period. All of our TAO is staked.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- Non-US
- United States
| Region | FY2025 | FY2024 |
|---|---|---|
| Non-US | $1.3M | $1.5M |
| United States | $1.1M | $913.0K |
As the company reported it, from the “Note 9 - Segment Reporting - Revenue By Geographic Location (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4M | $2.4M | $3.8M | $5.5M | $7.7M | $15.3M | $12.8M | $12.6M | $14.8M | $19.2M |
| Gross profit | $1.0M | $331.0K | $911.0K | $1.5M | $2.7M | $8.1M | $5.4M | $5.0M | — | — |
| R&D | $10.0K | $155.0K | $20.0K | $1.7M | $2.9M | $3.7M | $2.0M | $921.0K | $1.1M | — |
| SG&A | $3.9M | $4.2M | $4.9M | $5.3M | $6.4M | $6.7M | $5.4M | $4.6M | $3.7M | $5.2M |
| Total operating expenses | $4.0M | $4.5M | $5.4M | $23.5M | $14.5M | $18.1M | $13.0M | $11.7M | $17.2M | $21.3M |
| Operating income | -$3.0M | -$4.2M | -$4.5M | -$22.0M | -$11.8M | -$10.1M | -$7.6M | -$6.7M | -$2.4M | -$2.1M |
| Interest expense | — | — | — | — | — | — | — | $311.0K | $1.0M | $1.5M |
| Pre-tax income | -$6.4M | -$4.0M | -$4.4M | -$21.9M | -$9.1M | -$7.3M | -$7.8M | -$7.2M | $5.6M | -$3.5M |
| Income tax | $2.0K | $10.0K | $27.0K | $7.0K | $90.0K | $103.0K | $0 | $13.0K | $230.0K | $79.0K |
| Net income | -$6.4M | -$4.0M | -$4.4M | -$21.9M | -$9.1M | -$7.4M | -$7.8M | -$7.2M | $5.8M | -$3.5M |
| EPS, basic | -2.76 | -15.71 | -18.81 | -10.62 | -5.48 | -1.48 | — | -0.15 | 0.15 | -0.10 |
| EPS, diluted | — | — | -0.98 | -10.62 | -5.48 | -1.48 | -1.52 | -1.50 | 0.14 | -0.10 |
| Shares, diluted (wtd. avg.) | 2.3M | 834,209 | 293,000 | 2.1M | 1.8M | 5.5M | 5.1M | 48.0M | 41.4M | 35.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.3M | $5.0M | $6.0M | $3.1M | $9.0M | $5.3M | $4.6M | $2.0M | $3.9M | — |
| Short-term investments | — | — | $500.0K | — | — | — | — | — | — | — |
| Receivables | $138.0K | $186.0K | $424.0K | $415.0K | $849.0K | $3.2M | $2.5M | $1.4M | $1.2M | $1.6M |
| Inventory | $0 | $0 | $239.0K | $723.0K | $1.8M | $920.0K | $1.8M | $0 | — | — |
| Total current assets | $8.2M | $5.3M | $6.9M | $4.9M | $12.8M | $10.0M | $9.9M | $3.9M | $5.9M | $3.8M |
| Property, plant and equipment | — | $0 | $0 | $3.0K | $159.0K | $573.0K | $1.3M | $728.0K | $1.2M | $2.2M |
| Goodwill | — | $0 | $0 | $0 | $7.4M | $7.4M | $7.9M | $2.8M | $7.8M | $9.2M |
| Other intangibles | — | $0 | $0 | $604.0K | $7.6M | $10.1M | $12.6M | $499.0K | $626.0K | $1.3M |
| Total assets | $8.2M | $5.3M | $6.9M | $5.7M | $28.6M | $29.1M | $34.9M | $8.0M | $15.4M | $16.5M |
| Accounts payable | $112.0K | $105.0K | $211.0K | $184.0K | $259.0K | $313.0K | $647.0K | $222.0K | $337.0K | $75.0K |
| Short-term debt | — | — | — | — | $0 | $2.0M | $2.7M | $0 | $1.2M | $10.7M |
| Total current liabilities | $1.2M | $1.3M | $1.4M | $1.9M | $2.5M | $5.6M | $8.3M | $1.1M | $2.8M | $12.3M |
| Long-term debt | — | — | — | — | $0 | $403.0K | $2.8M | $0 | $369.0K | $0 |
| Total liabilities | $1.2M | $1.3M | $1.4M | $2.0M | $3.1M | $7.1M | $13.1M | $1.1M | $3.2M | $12.6M |
| Retained earnings | -$238.6M | -$232.3M | -$228.2M | -$223.8M | -$201.9M | -$192.9M | -$185.4M | -$177.7M | -$170.5M | -$176.3M |
| Total equity | $7.0M | $4.0M | $5.5M | $3.6M | $25.5M | $22.1M | $21.8M | $6.8M | $12.3M | $3.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.0M | -$3.4M | -$3.0M | -$5.9M | -$7.7M | -$6.6M | -$3.3M | -$1.2M | $1.6M | $183.0K |
| Depreciation and amortisation | — | $0 | $345.0K | $1.9M | $2.7M | $3.1M | $1.3M | $755.0K | $1.6M | $2.0M |
| Stock-based compensation | $169.0K | $62.0K | $504.0K | $146.0K | $597.0K | $198.0K | $110.0K | $365.0K | $458.0K | $929.0K |
| Capital expenditure | — | — | $0 | $11.0K | $50.0K | $38.0K | $45.0K | $335.0K | $133.0K | $382.0K |
| Investing cash flow | -$8.7M | $0 | $0 | $19.0K | -$49.0K | -$31.0K | $2.1M | -$335.0K | -$133.0K | -$382.0K |
| Financing cash flow | $9.0M | $2.4M | $5.9M | $0 | $11.5M | $7.3M | $3.7M | -$449.0K | $1.3M | -$425.0K |
| Buybacks | — | — | — | — | — | $0 | $51.0K | $144.0K | $2.3M | $13.0K |
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 0001437749-26-009237.
Plot the figures US dollars
- Inventory
- Depreciation and amortisation
- Receivables
- Goodwill
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Inventory | — | — | $0 | $1.8M | $920.0K | $1.8M | $723.0K | $239.0K | $0 | $0 |
| Depreciation and amortisation | $2.0M | $1.6M | $755.0K | $1.3M | $3.1M | $2.7M | $1.9M | $345.0K | $0 | — |
| Receivables | $1.6M | $1.2M | $1.4M | $2.5M | $3.2M | $849.0K | $415.0K | $424.0K | $186.0K | $138.0K |
| Goodwill | $9.2M | $7.8M | $2.8M | $7.9M | $7.4M | $7.4M | $0 | $0 | $0 | — |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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