AGM

Historical results are volatile: revenue fell from 68.8 million dollars in 2023 to 32.0 million in 2024 and 30.6 million in 2025, with net income in 2025 dependent on disposal gains rather than operations. Operating cash flow from continuing operations was negative in 2025, and receivables surged.

The pivot from crypto hardware to AI servers introduces further uncertainty. There is no evidence of subscription, toll‑booth, or other recurring revenue models that would improve predictability.