Good afternoon, everyone, and thank you for participating in today's conference call to discuss AVAX One's financial and operating results for the fourth quarter and full year ended December 31, 2025. Joining us today are the company's Chief Executive Officer, Jolie Kahn; and Chief Financial Officer, Chris Polimeni. By now, everyone should have access to AVAX One's Fourth Quarter and Full Year 2025 earnings press release, which was issued earlier this afternoon at approximately 4:05 p.m. Eastern Time. The release is available in the Investor Relations section of the company's website at www.avavax-one.com. This call will also be available for webcast replay on the company's website. Following management remarks, we'll open up the call for your questions. Please be advised this conference call will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements. For important risks and assumptions associated with such forward-looking statements, please refer to the company's SEC filings. I will now hand the conference over to Jolie Kahn, Chief Executive Officer. Thank you. You may begin.

Thank you, operator, and thank you, everyone, for joining us today. I'm pleased to welcome you all to our first earnings conference call as AVAX One Technology. The fourth quarter of 2025 was a transformational period for AVAX One as we completed our transition to an Avalanche-focused digital asset treasury strategy. While our 2025 results only reflect a partial quarter of this new model, it's worth noting that nearly half of our annual revenue was generated in the fourth quarter following the implementation of this strategy, which we believe validates both the strength of our approach and our ability to execute. We also made meaningful progress in building our AVX treasury expanding our staking activities and establishing the foundation for long-term on-chain yield generation. I'd like to start by briefly sharing my background and why we believe Avalanche is the leading institutional-grade blockchain designed to serve as the foundational digital settlement layer for the future of finance. I've spent more than 3 decades working at the intersection of corporate finance, securities law and emerging financial technologies, advising public companies, institutional investors and hedge funds on complex financings, mergers and acquisitions and public market transactions. In recent years, my work has focused heavily on digital assets and blockchain infrastructure, including serving as General Counsel to one of the largest Bitcoin mining companies from 2018 through 2023 and advising multiple public companies in the digital assets industry. That experience across capital markets, regulation and blockchain technology has given me a comprehensive perspective on where digital finance is headed and why we believe Avalanche represents one of the most important institutional grade blockchain platforms being built today. That perspective informs our strategy at AVAX One. And before discussing the company specifically, I'd like to step back and highlight the broader transformation underway across…

Thank you, Jolie. As a quick reminder, as we review our fourth quarter 2025 financial results, all comparisons and variance commentary refer to the prior year quarter unless otherwise specified. Total revenue for the fourth quarter of 2025 increased materially to $1.1 million compared to approximately $27,000 in the prior year fourth quarter, driven by the implementation of our new Avalanche digital asset treasury strategy, which generated approximately $607,000 in staking rewards in Q4 '25, coupled with a full quarter of Bitcoin mining in '25, which generated approximately $480,000 in revenue. Total operating expenses in Q4 '25 were $16.8 million compared to $2.1 million in Q4 '24. This increase was primarily driven by a $7.8 million non-cash unrealized loss on the market value of our digital assets as well as a $5.6 million non-cash impairment related to intellectual property related to a patent for fiber-rich flour we purchased in 2021. Excluding these noncash charges, operating expenses for the fourth quarter of '25 were $3.4 million. It's worth noting that the previously mentioned $3.4 million includes approximately $500,000 of certain onetime costs related to the pipe financing and strategic transformation implemented in the fourth quarter. These costs included items such as legal and professional fees as well as severance to former employees. Net loss for the fourth quarter of '25 was $16.6 million or $4.11 per diluted share compared to a net loss of approximately $1.9 million or $12.69 per diluted share in Q4 of '24. As of December 31, 2025, our cash and cash equivalents were $22.1 million compared to $490,000 as of 12/31/24. We believe this cash balance provides us with approximately 3 years of operating runway without the need to raise any external capital. As of December 31, '25, the last day of the fourth quarter, we held…

[Operator Instructions] Our first question comes from Devin Ryan with Citizens Bank.

This is Noah Katz on for Devin. First, I'd like to start off with a question on your M&A pipeline. Thanks for the color on your capital allocation priorities. You mentioned advancing opportunities to expand the footprint and generating cash flow for platform expansion. Can you talk about how the M&A search is going and what type of businesses you're interested in looking at on a deal profile and size level? And then off of that, what type of gaps are you trying to close on through these acquisitions?

So thank you for the question. First of all, we're not going to give specific numbers at this time. We're working on the strategy in conjunction with our Board and with Hivemind as our asset manager. Suffice it to say, we're looking at businesses that have a good strong history of operations and with positive EBITDA and looking for businesses in a price range that's relatively appropriate given the amount of cash that we have on hand and our desire to not further dilute the stockholdings of our current shareholders.

Okay. Makes sense. And then as a follow-up further on your capital allocation. We saw you completed the $3.3 million of share repurchases under the $40 million authorization. How do you prioritize between share repurchases and incremental Avalanche purchases? What would tilt you toward buybacks versus token buying?

Well, it really depends on where the market is. Right now, our stock is significantly undervalued in our opinion. So in those circumstances, obviously, it mitigates towards the repurchase of shares versus the purchase of Avalanche, but we have a very, very close conversation that goes on a periodic basis, at least once a week with our asset manager, and we make sure that what we're doing is consistent with our goals and with their advice given their expertise in the market.

Our next question comes from Bill Papanastasiou with Chardan Capital Markets.

I just wanted to touch on the M&A pipeline as well. Without getting too granular, can you speak to whether some of the targets that you're looking at are currently or could intersect with the Avalanche platform? Or are you looking at this more from the sense of a diversification play for your overall strategy?

At the moment, we're looking at various technologies and businesses that would benefit from being on the Avalanche platform. If you look at the evolution of blockchain, originally, there was only Bitcoin, which was one asset and one chain. Then there was a second level of evolution such as Ethereum, which is one chain and multiple assets. The beauty of Avalanche is it's multiple chains and multiple assets, both. So there's a lot of flexibility. And with using the L1 layer, you basically can customize for all sorts of issues, including cybersecurity, different permission levels and the speed with which transactions take place on the Avalanche blockchain, you can go through a complex set of transactions literally in under 1 second. A good example is what California did with transferring auto titles. A good part of the California DMV is now running on a technology that runs on Avalanche. And literally transferring titles used to take weeks and months in some parts of California, those same transactions now can be done in a matter of minutes. So any sort of business along those lines where there's a need to have speed combined with enhanced compliance and also the ability to really customize how it works are all targets that we'd like to look at and that we think are very well supported and uniquely supported by Avalanche.

Appreciate that color. That's really helpful. And then just as a follow-up, perhaps you could just touch on your Bitcoin mining operations, if it wasn't already touched upon. What -- where do they stand today? And do you see the company continuing to mine Bitcoin into the kind of medium to longer term?

Yes, we're going to continue to mine Bitcoin medium term at least. We're opportunistically looking at expanding on a very small scale, but maintaining profitability on a site-by-site location basis. So we do monitor the business. We're probably up to about 300 petahash in total in terms of our capacity. And we're just -- we're not going to invest a lot of money there, but we're doing it judiciously to maintain profitability.

This now concludes our question-and-answer session. I would like to turn the floor back over to Jolie for closing comments.

Thank you. As we look ahead, we remain focused on executing our strategy and scaling AVAX One as a leading institutional platform within the Avalanche ecosystem and the broader on-chain financial economy. We believe the foundation we've built, combined with a lean operating model and disciplined cost structure positions us to drive long-term growth and profitability, expand our digital asset treasury and deliver enduring and increasing value for our shareholders. Thank you all for joining us today and for your continued support and confidence in AVAX One's vision. We're proud of what we've accomplished over the past few months and are very optimistic about the opportunities ahead. We look forward to speaking with you again on our next earnings call.

Thank you, everyone.

Ladies and gentlemen, thank you for your participation. This concludes today's conference. Please disconnect your lines, and have a wonderful day.