ANY

DarkHorse Technologies Inc.

NASDAQ · FINANCIALS · FINANCE SERVICES

1.93

−0.10 −4.93%

USD · close Oct 22

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MKT CAP $16.8MP/E —DIV YIELD —FCF YIELD -127.90%REV TTM $9.7M −10.3%NET INCOME −$32.3MNET CASH $2.8M52W 1.60 – 3.09SEC XBRL · TTM TO Invalid Date

How ANY rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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words, now 16,195

New in FY2025

Protection of Bitcoin Assets Our share of Bitcoin mined from our pool is initially received by us in wallets we control, which are maintained by BitGo Trust Company, Inc.
(“BitGo”), a U.S.-based digital assets exchange.
Bitcoin held in cold storage is reconciled monthly and associated with unique blockchain addresses, with their activity recorded on the blockchain.
For security reasons, BitGo does not disclose the geographic location of its cold storage wallets to its customers.
Our custody agreement with BitGo provides that BitGo will obtain and maintain at its sole expense insurance coverage in such types and amounts as are commercially reasonable for the custodial services provided under the custody agreement.
We do not carry additional insurance coverage on our bitcoin holdings.
Further, we are not aware of any insurance providers or other third parties having inspection or other verification rights associated with digital assets held in storage.
Bitcoin we mine or hold for our own account may be subject to loss, theft or restriction on access.
Hackers or malicious actors may launch attacks to steal, compromise or secure bitcoins, such as by attacking the bitcoin network source code, exchanges, miners, third-party platforms (including BitGo), cold and hot storage locations or software, or by other means.
We may be in control and possession of substantial holdings of Bitcoin, and as we increase in size, we may become a more appealing target of hackers, malware, cyberattacks or other security threats.
“Cybersecurity” of this Annual Report on Form 10-K.
Industry Trends Bitcoin market prices have historically been volatile, and fluctuations in Bitcoin prices continue to materially influence the economics of Bitcoin mining and the availability of capital within the industry.
Periods of elevated Bitcoin prices have historically enabled mining companies, including publicly traded operators, to access equity and debt capital markets to fund infrastructure expansion, equipment purchases, and operational growth.
These capital inflows, together with continued improvements in mining hardware efficiency, have contributed to sustained increases in global network hashrate.
As network hashrate has grown, mining difficulty has increased accordingly, resulting in greater competition among miners and increasing the importance of operational efficiency, access to low-cost and reliable energy sources, and prudent capital management.
Competitive pressures are expected to persist, particularly during periods in which higher Bitcoin prices incentivize additional network participation.
In addition to changes in Bitcoin prices, miner revenues are influenced by the composition of block rewards, which consist of both the fixed block subsidy and transaction fees paid by network users.
Transaction fee levels have historically been volatile and are largely dependent on overall network usage and demand for block space.
Increased adoption of Bitcoin and evolving on-chain activity have periodically resulted in higher transaction fees, which are paid directly to miners and supplement the block subsidy earned upon successfully validating a block.
Following the April 2024 halving event, which reduced the block subsidy to 3.125 BTC per block, transaction fees may represent a more meaningful component of total miner revenue over time; however, the magnitude and consistency of such fees remain uncertain and may fluctuate significantly.
The Bitcoin mining industry has also continued to evolve structurally, with many operators increasingly emphasizing the value of their underlying power infrastructure and data center capabilities.
Access to scalable energy capacity has become a primary competitive differentiator, and certain mining companies have begun exploring or implementing diversification strategies, including high-performance computing, artificial intelligence, and data center hosting applications that leverage existing infrastructure.
While these initiatives may provide opportunities to diversify revenue streams and improve asset utilization, they also introduce additional operational, capital, and market risks.
As a result, the Bitcoin mining industry is increasingly characterized as a capital-intensive digital infrastructure sector operating at the intersection of energy markets, data center development, and digital asset production.
Employees As of December 31, 2025, we had four employees, two of which were full time.
In the event that the price of Bitcoin or the demand for trading Bitcoin declines, our business, operating results, and financial condition would be adversely affected.
Significant disruption in the cryptocurrency market may harm our reputation.
The price of Bitcoin has increased and decreased significantly during recent periods, and various Bitcoin related companies filed for bankruptcy or otherwise restructured.
Bitcoin mining operations require a substantial amount of power and can only be successful, and ultimately profitable, if the costs we incur, including for electricity, are lower than the revenue we generate from our operations.
We believe that we are not engaged in the business of investing, reinvesting, or trading in securities, and we do not hold ourselves out as being engaged in those activities.
Although we do not mine in New York, it is possible that other states may create similar laws that could have a material adverse effect on our business, financial condition and results of operations.
Our miners are designed to mine Bitcoin and may not be readily adaptable to other uses, a sustained decline in Bitcoin value could adversely affect our business and results of operations.
We have invested substantial capital in acquiring miners using ASIC chips designed specifically to mine Bitcoin using the 256-bit secure hashing algorithm (“SHA-256”) as efficiently and as rapidly as possible based on our assumption that we will be able to use them to mine Bitcoin and generate revenue from our operations.
Therefore, our Bitcoin mining operations focus exclusively on mining Bitcoin, and our Bitcoin mining revenue is based on the value of Bitcoin we mine.
Accordingly, if the value of Bitcoin declines and fails to recover, for example, because of the development and acceptance of competing blockchain platforms or technologies, including competing cryptocurrencies which our miners may not be able to mine, the revenue we generate from our Bitcoin mining operations will likewise decline.
Moreover, because our miners use these highly specialized ASIC chips, we may not be able to successfully repurpose them in a timely manner, if at all, to other uses, following a sustained decline in Bitcoin value or if the Bitcoin blockchain stops using SHA-256 for solving blocks.
This would result in a material adverse effect on our business and could potentially impact our ability to continue as a going concern.
Currently, our Bitcoin is not held for long periods of time and it is generally sold in order to fund our operations.
We may not have adequate sources of recovery if our Bitcoin holdings are lost, stolen or destroyed.
We rely on BitGo to facilitate the custody of our Bitcoin.

and 36 more.

Gone since FY2024

Industry Trends During 2024 and 2023, the Bitcoin mining industry experienced record growth as the price of Bitcoin increased from the lows seen in early 2023.
The rising Bitcoin price created renewed opportunities for public companies to access capital markets to fund growth, leading to unprecedented expansion in mining operations.
As a result, the size of provisioned hash calculation services on the network increased, as measured by total hashrate.
We expect competition within the mining industry to persist as long as Bitcoin prices remain elevated or continue to rise.
The price of Bitcoin increased during the first quarter of 2024 due to a new source of demand, the eleven Bitcoin spot Exchange Traded Funds (“ETFs”), which were approved to begin trading by the SEC on January 11, 2024.
One such ETF earned recognition as the fastest ETF ever to surpass $10 billion in assets under management since its launch.
The ETFs, as investment vehicles, provide a new access point for investors to gain exposure to Bitcoin through more traditional methods.
The Bitcoin mining industry recently experienced an increase in transaction fees on the Bitcoin network, as well as an increase in overall demand for Bitcoin.
Various protocols on the Bitcoin network gained popularity during 2023, and at various times temporarily resulted in a significant increase in the transaction fees paid to add a certain Bitcoin transaction to the blockchain.
These transaction fees are volatile in nature but are paid directly to miners and are representative of public interest in transacting in Bitcoin.
Transaction fees are packaged with the block subsidy issued by the Bitcoin network to combine for the total reward paid to miners upon solving a block.
Employees As of December 31, 2024, we had four employees, two of which were full time.
In the event that the price of Bitcoin or the demand for trading Bitcoin decline, our business, operating results, and financial condition would be adversely affected.
Significant disruption in the cryptocurrency market, such as those experienced in the second half of 2022, may harm our reputation.
During the second half of 2022, the price of Bitcoin decreased significantly and various Bitcoin related companies filed for bankruptcy or otherwise restructured.
Our Bitcoin mining operations require a substantial amount of power and can only be successful, and ultimately profitable, if the costs we incur, including for electricity, are lower than the revenue we generate from our operations.
We believe that we are not engaged in the business of investing, reinvesting, or trading in securities, and we do not hold ourself out as being engaged in those activities.
Although we do not mine in New York (we mine Bitcoin in Missouri, Texas and Iowa) it is possible that other states may create similar laws that could have a material adverse effect on our business, financial condition and results of operations.
Banks and financial institutions may not provide banking services, or may cut off services, to businesses that engage in cryptocurrency-related activities or that accept cryptocurrency as payment, including financial institutions of investors in our common shares.
A number of companies that engage in cryptocurrency-related activities have been unable to find banks or financial institutions that are willing to provide them with bank accounts and other services.
Similarly, a number of companies and individuals or businesses associated with cryptocurrency may have had and may continue to have their existing bank accounts closed or services discontinued with financial institutions in response to government action.
We also may be unable to obtain or maintain these services for our business.
The difficulty that many businesses that provide cryptocurrency-related activities have and may continue to have in finding banks and financial institutions willing to provide them services may be decreasing the usefulness of cryptocurrency as a payment system and harming public perception of cryptocurrency, and could decrease their usefulness and harm their public perception in the future.
Further, we have been directly and indirectly impacted by certain of the recent bankruptcies in the cryptocurrency space, and may in the future be directly or indirectly impacted by any future bankruptcies in the cryptocurrency space.
For example, we were adversely impacted by the December 2022 bankruptcy of Core Scientific, with whom we previously entered into a Sub-License and Delegation Agreement.
In addition, on June 3, 2022, we entered into a Master Agreement with Compute North LLC for co-location, management and other services of certain of our mining equipment for an initial term of five years.
Compute North filed for bankruptcy in September 2022.
As a result, we recorded provisions for losses on deposits due to vendor bankruptcy filings in the amounts of $8.5 million for the year ended December 31, 2023 as a result of those two vendors filing for Chapter 11 bankruptcy.
Currently, our Bitcoin is not held for long periods of time and it is generally sold nearly immediately in order to fund our operations.
There is no guarantee that price fluctuations of cryptocurrency will compensate for the reduction in mining reward.
The value of cryptocurrency may be subject to pricing risk and has historically been subject to wide swings.
Cryptocurrency market prices, which have historically been volatile and are impacted by a variety of factors (including those discussed below), are determined primarily using data from various exchanges, over-the-counter markets, and derivative platforms.
Management has projected that based on our recurring losses, negative cash flows from operating activities, and our hashing rate at December 31, 2024, cash on hand may not be sufficient to allow us to continue operations and there is substantial doubt about our ability to continue as a going concern within 12 months from the date of issuance of our financial statements if we are unable to raise additional funding for operations.
Included in our working capital is an investment in equity securities that we can liquidate as needed to assist in funding our operations.
In an effort to mitigate these risks we expect to take steps to lower our cost of mining and also refresh our mining fleet to increase our mining efficiency.
Significant changes from our current forecasts, including but not limited to: (i) shortfalls from projected mining earning levels; (ii) increases in operating costs; (iii) decreases in the value of cryptocurrency; and (iv) if we do not maintain compliance with the requirements of The Nasdaq Capital Market (“Nasdaq”) and/or we do not maintain our listing with Nasdaq could have a material adverse impact on our ability to access the level of funding necessary to continue its operations at current levels.
We may see continued losses during 2025 and as a result of these and other factors, we may not be able to achieve, sustain or increase profitability in the near future.
Any such new hire may require a significant transition period prior to making a meaningful contribution.
We have made a number of acquisitions in the past and we may make acquisitions in the future.
Our ability to identify complementary assets, products or businesses for acquisition and successfully integrate them could affect our business, financial condition and operating results.

and 26 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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