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We are a public company focused on the Bittensor ecosystem, a decentralized, open-source protocol that coordinates the development and deployment of artificial intelligence ( AI ) models. Our principal asset is TAO, Bittensor s native cryptocurrency, which we accumulate and stake on the Bittensor network to generate yield in the form of additional TAO tokens.
The business is unprofitable at the operating level (-121.54% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.5%, essentially flat. This is a business that needs a catalyst.
Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3M
▲ +2.5% YoY
Net Income (TTM)
-$4M
▼ -57.2% YoY
Op. Margin
-112.21%
▲ +55.2pp YoY
ROIC
-24.28%
▲ +27.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▲ +11.5% YoY
Op. Cash Flow (TTM)
-$3M
▲ +11.5% YoY
Net Debt
-$2M
Net Cash Position
Cash & Equiv.
$2M
5Y CAGR: -30.8%
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