Simple arithmetic tells the rest of the story. The unrealized gain is larger than the net income figure, so the company’s other activity was a net drag for the quarter.
Actual revenue was much smaller, at $2.4 million for the quarter. Still, the company says that figure climbed more than 400% year-over-year, so the growth rate is real even if the base is modest.
Staking rewards on $AVAX holdings did most of the work, contributing $1.8 million. Bitcoin mining added another $0.7 million.
As of September 30, 2026, $AVAX One held 14.17 million $AVAX tokens. About 99.7% of that stack was actively staked, earning an annualized yield of approximately 5.85%.
Cleaning up the balance sheet
The quarter also brought aggressive debt reduction. $AVAX One eliminated more than $14.9 million in convertible debt during Q3, then cleared its convertible debt to zero by early November 2026.
The company has also been buying back its own stock under a $40 million repurchase program. It bought back roughly 384,000 shares in Q3, then picked up the pace with about 710,000 more in October.
From greenhouses to data centers to $AVAX
$AVAX One has had an eventful identity arc. The company was previously known as AgriFORCE Growing Systems Ltd., a name that suggests a business plan involving plants rather than proof-of-stake.
Its Avalanche treasury strategy began in Q4 2025. Until now, it ran in parallel with plans for modular data centers and AI and high-performance computing infrastructure.
Those infrastructure ambitions are now gone. Following a strategic review, the company terminated the modular data center and AI/HPC initiatives, including a planned collaborative project with BlueFlare Energy Solutions.
What this means
For investors, the pivot makes AVX a much more concentrated play. The company’s fortunes are now tied closely to $AVAX itself, through both the value of its 14.17 million tokens and the staking yield they generate.
The staking income is the steadier piece. At approximately 5.85% annualized on a nearly fully staked position, it gives the company a recurring revenue stream that doesn’t require selling tokens, though the dollar value of those rewards still depends on $AVAX’s price.
The research findings frame the move as a sign of growing confidence in Avalanche as a revenue-generating framework, amid institutional interest in tokenized assets and continued development in the Avalanche ecosystem.
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