Abits

At December 31, 2025, equity was $7.78 million with $0.08 million of cash and $1.88 million of loans at 12 percent interest. The company subsequently raised ~$2.1 million gross via a registered direct offering. TTM operating cash flow was about $1.41 million, but capex of about $3.10 million produced negative FCF.

Debt appears secured by Tennessee assets, and the company repaid $1.13 million of principal during 2025, but the modest liquidity and reliance on episodic equity raises leave limited margin of safety if bitcoin economics weaken.