BITMINE IMMERSION TECHNOLOGIES, INC.
For the period ended Aug 31, 2026. Filed Nov 10, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Nov 10, 2026
BMNR$18.08-2.8%Stored close · as of Nov 10, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-08-31; filed 2025-11-21.
0001493152-25-024679
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-08-31; filed 2026-11-10.
0001628280-26-072846
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 58 previous paragraphs and 123 current paragraphs.
30 unchanged; 12 reworded; 81 added; 16 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 17 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (81)
Current report
•Revenue from staking and validation. During the fiscal year ended August 31, 2026, revenue from staking and validation was $121.4 million, while there was no revenue from staking and validation in the fiscal year ended August 31, 2025. The increase was a result of the Company initiating native staking in November 2025, with the intent for staking to become a primary yield generation strategy of the Company during the current fiscal year. Further, the Pier Two acquisition accounted for $10.8 million in staking revenue for the year ended August 31, 2026.
Current report
•Revenue from self-mining. During the fiscal year ended August 31, 2026, revenue from self-mining was $1.4 million, compared to $3.1 million in the fiscal year ended August 31, 2025. The Company is maintaining its small
Current report
BTC mining operations. However, mining revenue declined partially due to the suspension of self-mining operations during relocation in the year ended August 31, 2026.
Current report
•Revenue from consulting. During the fiscal year ended August 31, 2026, revenue from consulting was $0.6 million, compared to $0.2 million in the fiscal year ended August 31, 2025. All of the consulting revenue in 2026 was derived from the Company's consulting agreement with KULR Technology Group, Inc., under which the Company is obligated to provide various operational, maintenance and consulting services from May 16, 2025 to May 15, 2026. After completion of this contract, the Company does not expect to generate any further revenue from this source.
Current report
•Revenue from leasing. During the fiscal year ended August 31, 2026, revenue from the leasing of miners was $1.5 million, as compared to $1.9 million during the fiscal year ended August 31, 2025. This was due to less activity within its leasing contracts with KULR Technology Group, Inc. for the year ended August 31, 2026. After completion of this contract, the Company does not expect to generate any further revenue from this source.
Current report
•Revenue from the sale of mining equipment. During the fiscal year ended August 31, 2026, there was no revenue from the sale of mining equipment, as compared to $0.8 million during the fiscal year ended August 31, 2025. The revenue recognized during the fiscal year ended August 31, 2025 was primarily related to the sale of ten transformers.
Current report
In addition, cost of sales as a percentage of revenue decreased during the fiscal year ended August 31, 2026 primarily due to the expansion of the Company's staking and validation operations as this revenue stream is less cost intensive compared to self-mining, leasing, and sale of mining equipment.
Current report
•General and administrative expenses. General and administrative expenses were $376.9 million in the fiscal year ended August 31, 2026, compared to $361.1 million in the fiscal year ended August 31, 2025. The increase is primarily related to ETH custodian fees related to treasury operations and treasury management associated with the strategy to shift to staking revenue being the primary source of revenue. Part of the increase in general and administrative expenses was due to the increase in both employee and Board member monetary and stock-based compensation, and other corporate overhead expenses incurred in connection with the Company's expansion of operations and strategic initiatives. These increases were partially offset by the absence of a non-recurring warrant expense recognized during fiscal 2025, as well as lower bank and custody fees during fiscal 2026.
Current report
•Unrealized loss (gain) from the digital assets holdings. The Company's unrealized loss (gain) from the digital assets holdings was a loss of $6,229.1 million for the fiscal year ended August 31, 2026, as compared to an unrealized gain of $805.0 million for the fiscal year ended August 31, 2025. This is related to changes in the fair value of our digital asset holdings. As part of the digital asset treasury operations, the Company started acquiring ETH in addition to its BTC holdings especially during the last quarter of fiscal year 2025. The unrealized loss is a result of the downward movement in prices of digital assets during fiscal year 2026.
Current report
•Change in fair value of warrant liability. The Company recognized a gain of $257.9 million during the fiscal year ended August 31, 2026. This gain reflects the change in fair value of the liability classified warrants in the current fiscal year, which is presented in other income within the consolidated statements of operations and comprehensive income (loss). See "Note 8. Stockholders' Equity" of the Consolidated Financial Statements for additional information.
Current report
•Loss on derivative contracts, net. Loss on derivative contracts, net were $143.7 million in the fiscal year ended August 31, 2026. This was primarily due to derivative strategies the Company entered into during fiscal year 2026. There were no open derivative contracts as of August 31, 2026. The Company had no derivative related activity during the fiscal year ended August 31, 2025.
Current report
•Issuance costs related to warrant offering. Issuance costs related to warrant offering were $9.4 million in fiscal year ended August 31, 2026. These costs were incurred in connection with the offering of warrants completed during the current fiscal year. There was no corresponding offering or related costs in the prior year.
Current report
•Change in the fair value of equity method investment. The Company recognized an unrealized loss of $22.9 million during the fiscal year ended August 31, 2026. This loss reflects the change in fair value of investment in equity shares of Eightco. The Company did not have any equity method investments in the prior year. See "Note 6. Investments and Notes Receivables" of the Consolidated Financial Statements for additional information.
Current report
•Interest income (expense), net. During the fiscal year ended August 31, 2026, the Company had interest income of $12.5 million, as compared to an interest expense of $0.2 million during the fiscal year ended August 31, 2025. The 2025 interest expense related to the debt during the fiscal year ended August 31, 2025, which was extinguished during the fiscal 2025. The interest income was earned in relation to higher average bank balance due to ATM offerings, RDO, Preferred stock offerings.
Current report
•Other income (expense). The Company recognized other income (expense) of $0.6 million during the fiscal year ended August 31, 2026, as compared to $3.1 million during the fiscal year ended August 31, 2025. The decrease was primarily attributable to losses recognized in the prior year on the extinguishment of debt related to the Company's Hash Rate Sale Agreement and Luxor financings, as well as losses recognized on the disposal of equipment and the Company's investment in the Roc Mining joint venture.
Current report
During the fiscal year ended August 31, 2026, the Company recognized an income tax benefit of $92.3 million compared to an income tax expense of $92.3 million for the fiscal year ended August 31, 2025. This was primarily attributable to the reversal of the deferred tax liabilities, as a result of reversal of unrealized gains on digital assets holdings recognized in prior periods (due to significant unrealized losses on digital asset holdings in fiscal year 2026). The unrealized losses resulted in the recognition of deferred tax assets, against which the Company recorded a 100% valuation allowance.
Current report
Non-GAAP Financial Measures
Current report
The following tables present Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Earnings Per Share (“EPS”). These are non-U.S. GAAP financial measures within the meaning of Regulation G dictated by the Securities and Exchange Commission. Adjusted EBITDA is defined as EBITDA excluding the impact of certain non-cash items for the period presented. Adjusted EPS is defined as EPS in accordance with US GAAP excluding the impact of certain non-cash items for the period presented.
Current report
The Company uses Adjusted EBITDA and Adjusted EPS in explaining its results to shareholders and the investment community and in its internal evaluation and management of its businesses. The Company’s management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the Company’s performance using the same tools that management uses to evaluate the
Current report
Company’s past performance, (b) permit investors to compare the Company with its peers, and (c) provide consistent period-to-period comparisons of the results.
Current report
While the Company believes that these measures are useful in evaluating the Company’s performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these measurements may differ from similar measures presented by other companies. A reconciliation of Adjusted EBITDA and Adjusted EPS is detailed below.
Current report
The reconciliation of Adjusted EBITDA for the years ended August 31, 2026 and 2025 is as follows:
Current report
(1) Stock based compensation represents the non-cash expense recorded for the Company's restricted stock units and restricted stock awards. This includes the impact of the modification that occurred during the year ended August 31, 2026 as well the vesting of existing awards.
Current report
(2) Represents a non-cash charge recorded during the period to reduce the carrying value of certain assets to their estimated fair value.
Current report
(3) Represents the change in fair value of the company's held investment in Eightco's common stock for the year ended August 31, 2026.
Current report
(4) Represents one-time costs incurred in connection with the issuance of warrants for the year ended August 31, 2026.
Current report
(5) Represents the change in fair value of the company's liability classified warrants for the year ended August 31, 2026.
Current report
(6) Warrant Expense represents non-recurring and non-cash cost associated with the Strategic Advisor Agreement.
Current report
(7) Represents non-recurring charges incurred in connection with the early settlement of the Company's line of credit from IDI and the Hash Rate Sale Agreement.
Current report
(8) Removes the impact of unrealized changes in fair value of our digital asset holdings from net income.
Current report
(9) Represents one time capital raising, advisory, legal and other consulting fees incurred during the period.
Current report
The reconciliation of Adjusted EPS for the year ended August 31, 2026 and 2025 is as follows:
Current report
(1) Stock based compensation represents the non-cash expense recorded for the Company's restricted stock units and restricted stock awards. This includes the impact of the modification that occurred during the year ended August 31, 2026 as well the vesting of existing awards.
Current report
(2) Represents a non-cash charge recorded during the period to reduce the carrying value of certain assets to their estimated fair value.
Current report
(3) Represents the change in fair value of the company's held investment in Eightco's common stock for the year ended August 31, 2026.
Current report
(4) Represents one-time costs incurred in connection with the issuance of warrants for the year ended August 31, 2026.
Current report
(5) Represents the change in fair value of the company's liability classified warrants for the year ended August 31, 2026.
Current report
(6) Warrant Expense represents non-recurring and non-cash cost associated with the Strategic Advisor Agreement.
Current report
(7) Represents non-recurring charges incurred in connection with the early settlement of the Company's line of credit from IDI and the Hash Rate Sale Agreement.
Current report
(8) Removes the impact of unrealized changes in fair value of our digital asset holdings from net income.
Showing the first 40 of 81 passages. Open the source sections for the rest.
Removed paragraphs (16)
Previous report
During fiscal year 2025, our expense from income taxes primarily related to an increase in our deferred tax liability related to the unrealized built-in gain on our ETH holdings relative to fiscal year 2024.
Previous report
Business expansion. Following our July 2025 financings, we pivoted to a services-led model and reduced proprietary mining exposure, including by redeploying/retiring less-efficient machines, concentrating hashrate at lower-cost sites and phasing capex. In the second half of calendar 2025, we further reduced exposure to halving-driven volatility by pivoting to a services-led, capital-light model and by winding down new proprietary mining investments. We discuss the implications for liquidity, capital needs and accounting estimates under “Liquidity and Capital Resources” and “Critical Accounting Estimates.”
Previous report
This reduces direct exposure to network difficulty and power prices but increases reliance on client demand for advisory and leasing services. We expect services mix and pricing to be key drivers of variability.
Previous report
Ethereum market dynamics. ETH price levels influence client activity and the value of any ETH held in treasury. Increased adoption or volatility can raise demand for advisory services; conversely, sustained price declines could dampen client spending.
Previous report
Capital markets and liquidity. We believe our June and July 2025 transactions, shelf registration and ATM Program provide flexibility to access equity capital opportunistically to support working capital and selective investments aligned with a capital-light strategy. Adverse market conditions or unfavorable industry sentiment could constrain our ability to raise capital on acceptable terms.
Previous report
Regulatory environment. Evolving U.S. and foreign regulations related to digital assets, data center operations, financial markets and custody may impose new compliance obligations or restrictions.
Previous report
The IDI obligations were addressed via restructuring as disclosed in the Company’s Registration Statement on Form S-1 and the Company’s Registration Statement on Form S-3ASR. We also expanded related party disclosures to include the largest aggregate principal outstanding and amounts of principal and interest paid under the IDI line during the applicable periods.
Previous report
Net cash used in operating activities was $4,149 for the fiscal year ended August, 31 2025, compared to $30 for the fiscal year ended August 31, 2024. The increase in operating cash outflow was primarily due to an increase in general and administrative expenses which were driven by increased compensation costs. This increase in cash outflow was offset by an increase in cash received from the Company’s revenue generating activities.
Previous report
Net cash used in investing activities was $7,432,009 for the fiscal year ended August, 31 2025, compared to $67 for the fiscal year ended August 31, 2024. The increase in investing cash outflow was almost entirely driven by the $7,433,131 purchase of ETH. This amount was offset by proceeds from the sale of ETH and BTC.
Previous report
Net cash provided by financing activities was $7,947,659 for the fiscal year ended August, 31 2025, compared to $325 for the fiscal year ended August 31, 2024. This increase was primarily driven by the $7,717,761 of proceeds received from the Company’s ATM offering and $230,290 of proceeds received from the Company’s private placement and prefunded warrants. Refer toNote 10 – Stock-Based Compensation within the financial statements for further details regarding these offerings.
Previous report
ASU 2023-08, Intangibles-Goodwill and Other Digital Assets: Accounting for and Disclosure of Digital Assets. In fiscal year 2025, we account for eligible digital assets at fair value with changes in fair value recognized in net income, consistent with ASU 2023-08. We present digital assets separately on the balance sheet and disclose changes in their carrying amounts. This accounting may increase the volatility of our reported results relative to prior impairment-based accounting.
Previous report
Digital assets—impairment recognition. We recognize digital assets received from operations pursuant to ASC 606 and subsequently account for the assets under our policy supported by applicable GAAP. Management monitors digital asset balances for impairment indicators and measures impairment when required. The carrying amount is subject to market price volatility, and our estimates of impairment depend on the timing and frequency of measurement. We performed analyses, including those requested by the SEC staff, to assess the materiality of alternative impairment measurement methods and concluded that differences were not material for the periods presented. Key inputs include observable market prices and timing of acquisitions/disposals.
Previous report
Revenue recognition—services and equipment leasing. Under ASC 606, we identify our customer, performance obligations and transaction price for consulting/advisory services, and equipment/container leasing. Revenue is recognized as services are provided (over time) or upon transfer of control (point-in-time) for equipment leasing. For leasing arrangements within the scope of ASC 842, we assess lease classification and recognize lease income over the lease term. Estimates include variable consideration (e.g., success-based fees), collectability, and principal-versus-agent considerations.
Previous report
Property and equipment—useful lives, impairment and recoverability. We depreciate miners, containers and related site equipment over estimated useful lives of 2–10 years. With our shift to a capital-light model, we evaluate long-lived assets for impairment when indicators arise (e.g., reduced utilization or obsolescence) and assess recoverability at the asset group level. Key inputs include expected service lives, secondary market values and expected cash flows from any continued use or disposition.
Previous report
Fair value of derivative liabilities and financing instruments. Certain financing arrangements contain embedded features accounted for as derivatives measured at fair value with changes recognized in earnings. We estimate fair value using market-based models that require assumptions about volatility, discount rates and probability-weighted outcomes.
Previous report
Collectability of receivables; warranty and returns for equipment sales. Where we provide services or sell equipment on credit, we assess collectability considering customer creditworthiness, collateral and payment history, and we establish allowances for expected credit losses based on historical experience and current conditions. For equipment transactions with warranty obligations, we estimate reserves based on observed failure rates, supplier warranties and repair logistics.
Reworded paragraphs (12)
Previous wording
The following discussion and analysis should be read together with our audited financial statements and the related notes included elsewhere in this Annual Report on Form 10-K and with our interim financial statements incorporated by reference. This MD&A is intended to provide investors with an understanding of our results of operations, financial condition, liquidity and capital resources, and critical accounting estimates through the eyes of management. It includes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements due to a number of factors, including those discussed under “Risk Factors” and elsewhere in this Annual Report on Form 10-K. The numbers below are presented in thousands except for percentages as well as share and per share amounts.
Current wording
The following discussion and analysis should be read together with our audited financial statements and the related notes included elsewhere in this Annual Report on Form 10-K and with our interim financial statements incorporated by reference. Further, for discussion and analysis on activity between 2024 and 2025, please refer to our 2025 Annual Report filed November 21, 2025. This MD&A is intended to provide investors with an understanding of our results of operations, financial condition, liquidity and capital resources, and critical accounting estimates through the eyes of management. It includes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements due to a number of factors, including those discussed under “Risk Factors” and elsewhere in this Annual Report on Form 10-K. The numbers below are presented in millions except for percentages as well as share and per share amounts.
Previous wording
We are a digital asset focused company. Beginning in the third calendar quarter of 2025, management expanded its existing digital asset business to primarily focus on the Ethereum blockchain and ETH as the digital asset. This included expanding toward an asset light operating model centered on Ethereum adjacent services (including advisory) and disciplined digital asset treasury management. Our results are now driven primarily by operating efficiency in a lower capex model and Ethereum market conditions, including their impact on client activity and the value of any ETH held in our treasury.
Current wording
We are a digital asset focused, blockchain infrastructure technology company. Beginning in the third calendar quarter of 2025, management expanded its existing digital asset business to primarily focus on the Ethereum blockchain and ETH as the digital asset. This included expanding toward an asset light operating model centered on Ethereum adjacent services (including advisory) and disciplined digital asset treasury management. Our results are now driven primarily by operating efficiency in a lower capex model, and Ethereum market conditions, including their impact on client activity, staking rewards generated from ETH holdings and the value of any ETH held in our treasury.
Previous wording
In June and July 2025, we strengthened our liquidity through an underwritten public offering of common stock, private placements, and the establishment of our ATM Program permitting sales of up to $20,000,000 of our common stock from time to time. We also uplisted our common stock to the NYSE American in June 2025.
Current wording
In June and July 2025, we strengthened our liquidity through an underwritten public offering of common stock, private placements, and the establishment of our ATM Program permitting sales of up to $24.5 billion of our common stock from time to time. During the fiscal year ended August 31, 2026, we sold 395.1 million shares of common stock under the ATM Program for aggregate gross proceeds of $13,201.5 million and net proceeds of $12,940.8 million. We also uplisted our common stock to the NYSE American in June 2025. On April 9, 2026, we further uplisted our common stock to the New York Stock Exchange. In June 2026, we issued 3,500,000 shares of Redeemable Preferred Stock at $80.00 per share and received gross proceeds of $280.0 million and net proceeds of $271.5 million after issuance costs. We used the proceeds for the purchase of ETH, to invest in our Moonshots portfolio, to make grants to critical participants in the Ethereum ecosystem and for general working capital.
Previous wording
Our operating model is now anchored by our ETH Treasury Strategy and capital-light ecosystem services. The key drivers of our results include (i) ETH market conditions, which affect the value of our holdings and the economics of any staking or staking-adjacent activities; (ii) client demand for Ethereum-adjacent services, including advisory; (iii) security, custody and compliance expenditures necessary to support institutional-grade treasury operations; and (iv) access to capital to opportunistically acquire ETH and invest in enabling infrastructure.
Current wording
Our operating model is now anchored by our ETH Treasury Strategy and capital-light ecosystem services. The key drivers of our results include (i) ETH market conditions, which affect the value of our holdings and the economics of any staking or staking-adjacent activities; (ii) security, custody and compliance expenditures necessary to support institutional-grade treasury operations; and (iii) access to capital to opportunistically acquire ETH and invest in enabling infrastructure.
Previous wording
Liquidity considerations. Our liquidity planning considers ETH price volatility, potential impairment charges under applicable accounting policies, the liquidity profile of any staked positions and our ability to access capital markets through our shelf registration and at-the-market program. We intend to maintain sufficient liquidity to support operations, regulatory compliance, and security investments, while seeking opportunities to increase ETH holdings when market conditions are attractive.
Current wording
Liquidity considerations. Our liquidity planning considers ETH price volatility, the liquidity profile of any staked positions, and our ability to access capital markets through our shelf registration and at-the-market program. We intend to maintain sufficient liquidity to support operations, regulatory compliance, and security investments, while seeking opportunities to increase ETH holdings when market conditions are attractive.
Previous wording
Key performance drivers include ETH market conditions and staking economics; client demand for advisory services; and access to capital under our shelf and ATM Program. We focus on treasury security and liquidity, sizing of staking or staking adjacent activities, and maintaining flexibility to rebalance positions as risk return or regulatory contexts evolve. Given our pivot to an asset light, ETH focused model, energy use metrics from prior mining operations are no longer decision useful and have been excluded from MD&A.
Current wording
Key performance drivers include ETH market conditions and staking economics; staking revenue and staking as a service; share price performance; our ability to create and enhance shareholder value; and access to capital under our shelf and ATM Program. We focus on treasury security and liquidity, sizing of staking or staking adjacent activities, and maintaining flexibility to rebalance positions as risk return or regulatory contexts evolve. Given our pivot to an asset light, ETH focused model, energy use metrics from prior mining operations are no longer deemed useful, are immaterial and have been excluded from MD&A.
Previous wording
During the fiscal year ended August 31, 2025, revenues were $6,095, compared to $3,310 during the fiscal year ended August 31, 2024. The increase in revenue was a result of the following:
Current wording
During the fiscal year ended August 31, 2026, revenues were $124.8 million, compared to $6.1 million during the fiscal year ended August 31, 2025. The increase in revenue was a result of the following:
Previous wording
Major components of cost of sales include rent to house mining and hosting equipment, electricity, depreciation, and supplies. During the fiscal year ended August 31, 2025, cost of sales were $5,785, compared to $3,473 during the fiscal year ended August 31, 2024. The increase in cost of sales was a result of the following:
Current wording
Major components of cost of sales include rent to house mining and hosting equipment, electricity, depreciation, and supplies. During the fiscal year ended August 31, 2026, cost of sales was $18.3 million, compared to $5.8 million during the fiscal year ended August 31, 2025. The increase in cost of sales was primarily attributable to costs associated with the Company's staking and validation operations. The Company initiated native staking in November 2025, with the intent for staking to become a primary yield generation strategy of the Company during the current fiscal year, resulting in increased cost of sales associated with staking. This was partially offset by the Company continuing its strategy of winding down its proprietary self-mining exposure and deferring new site buildouts during the fiscal year ended August 31, 2026 and the costs incurred during the fiscal year ended August 31, 2025.
Previous wording
During the fiscal year ended August 31, 2025, the Company incurred $3,339 in other expenses, as compared to other expenses of $845 in the fiscal year ended August 31, 2024, which was driven by:
Current wording
During the fiscal year ended August 31, 2026, the Company recognized other income of $93.8 million, as compared to other expense of $3.3 million in the fiscal year ended August 31, 2025, which was driven by:
Previous wording
As of August 31, 2025, the Company had $511,999 in cash on hand and working capital of $503,045. Our primary sources of liquidity during and subsequent to the period included:
Current wording
As of August 31, 2026, the Company had $545.1 million in cash on hand and working capital of $528.1 million. Our primary sources and uses of liquidity during the period included:
Previous wording
Our liquidity is now less sensitive to network difficulty and power price volatility than under a mining-centric model, though BTC price levels can influence client demand and the value of any BTC held in treasury. We mitigate liquidity risks by (i) maintaining a flexible cost structure aligned with services activity, (ii) limiting new capex commitments, and (iii) preserving access to equity capital via our shelf and ATM facilities. We believe, based on our current operating plan, expected cash on hand, anticipated operating cash flows and access to capital under our shelf/ATM, that we will have sufficient liquidity to fund operations for at least the next 12 months. Beyond 12 months, our ability to fund growth and meet obligations will depend on market conditions, client demand for services, and access to capital on acceptable terms.
Current wording
Our liquidity is less sensitive to network difficulty and power price volatility under our current model although BTC price levels can influence client demand and the value of any BTC held in treasury. We mitigate liquidity risks by (i) maintaining a flexible cost structure aligned with services activity, (ii) limiting new capex commitments, and (iii) preserving access to equity capital via our shelf and ATM facilities. We believe, based on our current operating plan, expected cash on hand, anticipated operating cash flows and access to capital under our shelf/ATM, that we will have sufficient liquidity to fund operations for at least the next 12 months. Beyond 12 months, our ability to fund growth and meet obligations will depend on market conditions, client demand for services, and access to capital on acceptable terms.
Previous wording
*Off-balance sheet arrangements and commitments.*We do not have material off-balance sheet arrangements as defined by Item 303. Legacy commitments under power, site control and joint-venture agreements are being evaluated in light of our strategic shift; any remaining obligations (e.g., minimums or deposits) are included in our liquidity planning. We do not expect to enter into new long-term power purchase or build-to-suit arrangements absent clear, low-risk returns.
Current wording
Off-balance sheet arrangements and commitments. We do not have material off-balance sheet arrangements as defined by Item 303. We do not expect to enter into new long-term power purchase or build-to-suit arrangements absent clear, low-risk returns.