# EDGAR Filing Document

**Accession Number:** 0001001601
**File Stem:** 0001493152-26-021724
**Filing Date:** 2026-5
**Character Count:** 92650
**Document Hash:** d73adb10d16567346ec5ad16dcabdcbc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-021724.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001493152-26-021724

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MGT CAPITAL INVESTMENTS, INC.
- **CENTRAL INDEX KEY:** 0001001601
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 134148725
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32698
- **FILM NUMBER:** 26953865

**BUSINESS ADDRESS:**
- **STREET 1:** 540 MONTREAL AVE
- **STREET 2:** SUITE 133
- **CITY:** MELBOURNE
- **STATE:** FL
- **ZIP:** 32935
- **BUSINESS PHONE:** (914) 630-7430

**MAIL ADDRESS:**
- **STREET 1:** 540 MONTREAL AVE
- **STREET 2:** SUITE 133
- **CITY:** MELBOURNE
- **STATE:** FL
- **ZIP:** 32935

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MGT CAPITAL INVESTMENTS INC
- **DATE OF NAME CHANGE:** 20070117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEDICSIGHT INC
- **DATE OF NAME CHANGE:** 20021113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HTTP TECHNOLOGY INC
- **DATE OF NAME CHANGE:** 20001016

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended March 31, 2026**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ______________ to ______________**

**Commission file number: 001-32698**

**MGT CAPITAL INVESTMENTS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **13-4148725** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**<u>540 Montreal Ave. Suite 133, Melbourne, FL 32935</u>**

(Address of principal executive offices)

**<u>(914) 630-7430</u>**

(Registrant's telephone number, including area code)

Shares registered pursuant to section 12(b) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S–T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b–2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Exchange Act).

Yes ☐ No ☒

As of May 7, 2026, there were 5,165,670,903 shares of the registrant's Common stock, $0.001 par value per share, issued and outstanding.

**MGT CAPITAL INVESTMENTS, INC.**

**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [PART I. FINANCIAL INFORMATION](#a_001) |  |
| &nbsp;&nbsp;&nbsp;[Item 1. Financial statements](#a_002) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#a_003) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025](#a_004) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statements of Changes in Stockholders' Deficit (Unaudited) for the three months ended March 31, 2026 and 2025](#a_005) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025](#a_006) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to the Unaudited Condensed Financial Statements](#a_007) | 5 |
| &nbsp;&nbsp;&nbsp;[Item 2. Management's discussion and analysis of financial condition and results of operations](#a_008) | 15 |
| &nbsp;&nbsp;&nbsp;[Item 3. Quantitative and qualitative disclosures about market risk](#a_009) | 21 |
| &nbsp;&nbsp;&nbsp;[Item 4. Controls and procedures](#a_010) | 21 |
| [PART II. OTHER INFORMATION](#a_011) |  |
| &nbsp;&nbsp;&nbsp;[Item 1. Legal proceedings](#a_012) | 22 |
| &nbsp;&nbsp;&nbsp;[Item 1A. Risk factors](#a_013) | 22 |
| &nbsp;&nbsp;&nbsp;[Item 2. Unregistered sales of equity securities and use of proceeds](#a_014) | 22 |
| &nbsp;&nbsp;&nbsp;[Item 3. Defaults upon senior securities](#a_015) | 22 |
| &nbsp;&nbsp;&nbsp;[Item 4. Mine safety disclosures](#a_016) | 22 |
| &nbsp;&nbsp;&nbsp;[Item 5. Other information](#a_017) | 22 |
| &nbsp;&nbsp;&nbsp;[Item 6. Exhibits](#a_018) | 22 |
| [Signatures](#a_019) | 23 |

---

I

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**MGT CAPITAL INVESTMENTS, INC.**

**BALANCE SHEET**

**(Dollars in thousands, except per-share amounts)**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
|  | **(Unaudited)** | |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $218 | $103 |
| &nbsp;&nbsp;&nbsp;Other current assets | 6 | 3 |
| **Total current assets** | 224 | 106 |
| Non-current assets |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, at cost, net | - | - |
| **Total assets** | $224 | $106 |
| **Liabilities and Stockholders' Deficit** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $409 | $458 |
| &nbsp;&nbsp;&nbsp;Accounts payable - related party | 45 | 45 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 302 | 333 |
| &nbsp;&nbsp;&nbsp;Note payable, related party | 15 | 15 |
| &nbsp;&nbsp;&nbsp;Common stock to be issued | 360 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1131 | 1211 |
| Non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Convertible note payable, net of unamortized discount of $39 <br>and $44 | 1181 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2312 | 2387 |
| Commitments and Contingencies (Note 8) |  |  |
| **Stockholders' Deficit** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; 10,000,000,000 shares authorized; 5,015,670,903 and 4,640,670,903 shares issued and outstanding at March 31, 2026 and December 31, 2025. | 5016 | 4641 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 419815 | 419815 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (426919) | (426737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (2088) | (2281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Stockholders' Deficit** | $224 | $106 |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

**MGT CAPITAL INVESTMENTS, INC.**

**STATEMENTS OF OPERATIONS**

**(Dollars in thousands, except per-share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months ended March 31,** | **For the Three Months ended March 31,** |
|  | **2026** | **2025** |
| **Revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Bitcoin mining | $- | $29 |
| &nbsp;&nbsp;&nbsp;Hosting services | - | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | - | 87 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue |  | 78 |
| &nbsp;&nbsp;&nbsp;General and administrative | 152 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 152 | 251 |
| **Operating loss** | (152) | (164) |
| **Other non-operating income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (25) | (50) |
| &nbsp;&nbsp;&nbsp;Accretion of debt discount | (5) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-operating expense | (30) | (50) |
| **Net loss** | $(182) | $(214) |
| **Per-share data** |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted, net loss per share | $(0.00) | $(0.00) |
| &nbsp;&nbsp;&nbsp;Basic and diluted, weighted average number of common shares outstanding | 4954282014 | 2490670903 |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

**MGT CAPITAL INVESTMENTS, INC.**

**STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025**

**(Dollars in thousands, except per-share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Preferred Stock | Preferred Stock | Common Stock | Common Stock | | | |
|  | Shares | Amount | Shares | Amount | Additional<br> Paid-In<br>Capital | Accumulated<br>Deficit | Total Stockholders'<br>Deficit |
| Balance at January 1, 2025 | 650000 | $1 | 2490670903 | $2491 | $421538 | $(426518) | $(2488) |
| &nbsp;&nbsp;&nbsp;Net loss | - | - | - | - | - | (214) | (214) |
| Balance at March 31, 2025 | 650000 | $1 | 2490670903 | $2491 | $421538 | $(426732) | $(2702) |
| Balance at January 1, 2026 |  | $- | 4640670903 | $4641 | $419815 | $(426737) | $(2281) |
| &nbsp;&nbsp;&nbsp;Sale of common stock underlying equity purchase agreement for cash |  |  | 375000000 | 375 |  |  | 375 |
| &nbsp;&nbsp;&nbsp;Net loss | - | - | - | - | - | (182) | (182) |
| Balance at March 31, 2026 | - | $- | 5015670903 | $5016 | $419815 | $(426919) | $(2088) |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

**MGT CAPITAL INVESTMENTS, INC.**

**STATEMENTS OF CASH FLOWS**

**(Dollars in thousands, except per-share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** <br> **March 31,** | **For the Three Months Ended** <br> **March 31,** |
|  | **2026** | **2025** |
| **Cash Flows From Operating Activities** |  |  |
| Net loss | $(182) | $(214) |
| &nbsp;&nbsp;&nbsp;**Adjustments to reconcile net loss to net cash used in operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of debt discount | 5 |  |
| &nbsp;&nbsp;&nbsp;**Change in operating assets and liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (49) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (31) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposit | - | (45) |
| **Net cash used in operating activities** | (260) | (131) |
| **Cash Flows From Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of stock under equity purchase agreement | 375 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of stock under lease agreement |  | 100 |
| &nbsp;&nbsp;&nbsp;Proceeds from loans payable | - | 26 |
| **Net cash provided by financing activities** | 375 | 126 |
| Net change in cash and cash equivalents | 115 | (5) |
| Cash and cash equivalents, beginning of period | 103 | 6 |
| Cash and cash equivalents, end of period | $218 | $1 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $16 | $13 |
| &nbsp;&nbsp;&nbsp;Cash paid for income tax | $- | $- |
| **Non-cash investing and financing activities** |  |  |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

**MGT CAPITAL INVESTMENTS, INC.**

**NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**(Dollars in thousands, except per–share amounts)**

**Note 1. Organization and Basis of Presentation**

**<u>Organization and Business</u>**

MGT Capital Investments, Inc. ("MGT" or the "Company") is a Delaware corporation incorporated in 2000. MGT was originally incorporated in Utah in 1977. MGT's corporate office is in Melbourne, Florida. MGT has historically operated in the Bitcoin mining and hosting industry. During the year ended December 31, 2025, the Company's operations consisted of both hosting services for third-party miners and self-mining activities at its facility in LaFayette, Georgia. Revenue was generated from (i) a fixed-fee hosting contract with one customer and (ii) the mining of Bitcoin using Company-owned machines, the proceeds of which were converted to U.S. dollars shortly after receipt.

During the year, the Company's mining activity also included the use of approximately 115 third party-owned miners that management considered abandoned. The Company offered third-party owners of miners a hosting service whereby MGT operated and maintained miners for a fixed monthly fee. All miners, both Company-owned and hosted, were housed in a modified shipping container on property owned by the Company in Georgia. On March 15, 2025, the Company's lease with its primary hosting customer expired and the Company discontinued its own self-mining activities. As of March 31, 2026 and May 7, 2026, the Company continued to own 35 Antminer S19 Pro miners with the capability of providing approximately 3 Petahashes per second ("PH/s") of hash power for self-mining. These miners were placed in storage pending evaluation of redeployment alternatives.

The Company's business model has historically been dependent on the economics of digital asset mining, including the price of Bitcoin, network difficulty, electricity costs, and access to competitively priced power. Following the cessation of mining operations, management's focus has shifted to preserving liquidity and evaluating strategic alternatives to monetize or repurpose its existing assets and to identify new business opportunities.

Following the cessation of its digital-asset mining operations in March 2025 and the sale of its LaFayette, Georgia facility in May 2025, the Company currently does not have any active revenue-generating operations. Management has continued to actively manage its remaining assets, including its cryptocurrency mining equipment and corporate infrastructure, while pursuing new business opportunities and potential acquisitions. Management intends to redeploy the Company's resources toward operating businesses or investments in sectors aligned with its historical expertise in digital assets, financial technology, and data infrastructure.

**<u>Basis of presentation</u>**

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10–Q and Rule 8 of Regulation S–X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these statements. These unaudited condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10–K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission ("SEC") on March 17, 2026. Operating results for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ended December 31, 2026.

**<u>Disposition of Hosting Facility – ASC 205-20 Classification Assessment</u>**

As of March 31, 2025, management was evaluating strategic alternatives for the Company's mining and hosting facility in LaFayette, Georgia following the expiration of the Company's primary hosting agreement earlier in the month. While the Company engaged in preliminary discussions with potential counterparties, no approved plan of sale existed at March 31, 2025, multiple alternatives were still being evaluated, and the Board of Directors did not approve a plan to sell the facility until April 1, 2025. Accordingly, the disposal group did not meet the criteria for classification as held for sale under ASC 205-20-45-1E as of March 31, 2025, because management had not committed to a plan to sell and the criteria requiring a sale to be probable within one year were not met.

The Company completed the sale of the facility and related infrastructure in May 2025. Management has evaluated the requirements of ASC 205-20 and concluded that the sale does not meet the criteria for discontinued operations and has been presented within continuing operations for all periods presented. Management continues to evaluate strategic alternatives; however, no decision has been made to discontinue any business line, and the Company remains an active corporate entity pursuing new opportunities.

**<u>Inflation</u>**

Electricity and other prices are vulnerable to inflation which may increase the Company's mining costs and operating expenses including the cost of new state-of-the-art miners.

**Note 2. Going Concern and Management's Plans**

The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2026, the Company had incurred significant operating losses since inception and continues to generate losses from operations. For the three months ended March 31, 2026, the Company had a net loss of $182 and cash used in operating activities of $260. As of March 31, 2026, the Company had an accumulated deficit of $426,919, cash and cash equivalents of $218, and our working capital deficit was $907.

Since January 2023, the Company has secured $2,675 in working capital through the issuance of a convertible note, the sale of equity and warrants, proceeds from the sale of assets and related party notes. In addition, management has made modifications to simplify our capital structure and extend maturities of our debt to provide additional financial and strategic flexibility. The Company will require additional funding to grow its operations. Management intends to continue raising capital through debt and equity as opportunities arise to meet our on-going working capital needs. Further, depending upon operational profitability, the Company may also need to raise additional funding for ongoing working capital purposes. There can be no assurance however that the Company will be able to raise additional capital as and when needed, or at terms deemed acceptable, if at all.

Following the cessation of its digital-asset mining operations in March 2025 and the sale of its LaFayette, Georgia facility in May 2025, the Company currently does not have any active revenue-generating operations. In addition, there have been management changes and the Company will require additional funding to re-establish and grow its operations. The Company has addressed this by raising $675 in its equity offering that expired on January 29, 2026. The Company recognizes that it will need to raise additional capital beyond this offering and has initiated an additional equity offering of $500 that it has undertaken to support near-term working capital needs while it is continuing its strategic and operational review. While new leadership is overseeing strategic and financing initiatives, there can be no assurance that the Company will be able to raise additional capital when needed to support these efforts, or at terms deemed acceptable, if at all.

Such factors raise substantial doubt about the Company's ability to sustain operations for at least one year from the issuance of these unaudited condensed financial statements. The accompanying unaudited condensed financial statements do not include any adjustments related to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

**Note 3. Summary of Significant Accounting Policies**

**<u>Use of estimates and assumptions and critical accounting estimates and assumptions</u>**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and also affect the amounts of revenues and expenses reported for each period. Actual results could differ from those which result from using such estimates. Management utilizes various other estimates, including but not limited the valuation allowance for deferred tax assets. The results of any changes in accounting estimates are reflected in the financial statements in the period in which the changes become evident. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period that they are determined to be necessary.

**<u>Cash and cash equivalents</u>**

The Company considers all highly liquid instruments with an original maturity of three months or less when acquired to be cash equivalents. The Company's combined accounts were $218 and $103 as of March 31, 2026 and December 31, 2025, respectively. Accounts are insured by the FDIC up to $250 per financial institution. The Company has not experienced any losses in such accounts with these financial institutions. As of March 31, 2026 and December 31, 2025, the Company had $0 and $0, respectively, in excess over the FDIC insurance limit.

**<u>Crypto Assets</u>**

Effective January 1, 2025, the Company adopted ASU 2023-08, Accounting for and Disclosure of Crypto Assets (ASC 350-60), which requires eligible crypto assets to be measured at fair value with changes in fair value recognized in net income. The Company applied the new guidance prospectively and recognized no cumulative-effect adjustment to beginning retained earnings, as no crypto assets were held at December 31, 2024. The adoption did not have a material impact on any accounting or disclosure items with the adoption of ASU 2023-08.

Under this policy, crypto assets are included in current assets on the balance sheet and are measured at fair value using quoted market prices as of the balance sheet date. Changes in fair value are recorded in Other income (expense) in the statements of operations. Sales of crypto assets are included within investing activities in the statements of cash flows, and any realized gains or losses are recognized based on the first-in, first-out (FIFO) method.

Historically, the Company received Bitcoin as non-cash consideration from participation in third-party mining pools in exchange for providing computing power used in the mining process. Bitcoin rewards earned from mining activities were recognized as revenue under ASC 606 at fair value at the time the reward was confirmed by the mining pool operator.

For the periods ended March 31, 2026 and 2025, the Company converted all crypto assets received from mining activities to U.S. dollars shortly after receipt and did not hold any crypto assets at March 31, 2026 or December 31, 2025; therefore, adoption of ASU 2023-08 did not have a material impact on the Company's financial statements.

The Bitcoin Blockchain and the cryptocurrency reward for solving a block is subject to periodic incremental halving. Halving is a process designed to control the overall supply and reduce the risk of inflation in cryptocurrencies using a Proof-of-Work consensus algorithm. At a predetermined block, the mining reward is cut in half, hence the term "Halving." A Halving for bitcoin occurred in April 2024, with a revised reward payout of 3.125 Bitcoin per block. Many factors influence the price of Bitcoin and potential increases or decreases in prices in advance of or following a future halving is unknown.

The following table presents the activities of digital currencies for the periods ended March 31, 2026, and December 31, 2025:

---

| | |
|:---|:---|
| **Crypto assets at January 1, 2025** | $- |
| Additions from mining activities | 29 |
| Realized gain on sale of crypto assets |  |
| Sales of crypto assets | (29) |
| **Crypto assets at December 31, 2025** |  |
| Additions from mining activities |  |
| Realized gain on sale of crypto assets |  |
| Sales of crypto assets | - |
| **Crypto assets at March 31, 2026** | $- |

---

**<u>Property and Equipment</u>**

Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight–line method on the various asset classes over their estimated useful lives, which range from one to ten years when placed in service. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition.

**<u>Leases</u>**

The Company accounts for its leases under ASC 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the balance sheet as both a right of use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company's incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred.

**<u>Segment reporting</u>**

The Company operates as a single reportable segment focused on digital currency data center operations, which consisted of two primary revenue-generating activities during the period: (i) self-mining of Bitcoin and (ii) hosting services provided to third-party customers. These activities were conducted at the Company's facility located in the United States. Management evaluates financial performance and allocates resources on a consolidated basis, and therefore the Company is managed as a single reporting segment under ASC 280.

The Chief Operating Decision Maker ("CODM"), identified as the Company's Interim Chief Executive Officer & Chief Financial Officer, regularly reviews revenue, cost of revenues and operating income(loss), as the primary measure of segment performance and capital allocation.

The following tables present segment revenue and gross profit (loss), including the significant expense items reviewed by the CODM, for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | For the Three Months Ended March 31, | For the Three Months Ended March 31, |
|  | 2026 | 2025 |
| Total revenues | $- | $87 |
| Less: Cost of revenues |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 29 |
| &nbsp;&nbsp;&nbsp;Electricity and other expenses |  | 49 |
| &nbsp;&nbsp;&nbsp;General and administrative | 152 | 173 |
| Operating loss | $(152) | $(164) |

---

The following table reconciles operating loss reviewed by the CODM to net loss for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | For the Three Months Ended March 31, | For the Three Months Ended March 31, |
|  | 2026 | 2025 |
| Operating loss reviewed by CODM | $(152) | $(164) |
| Other expense | (30) | (50) |
| &nbsp;&nbsp;&nbsp;Net loss | $(182) | $(214) |

---

**<u>Revenue recognition</u>**

*General*

The Company recognizes revenue in accordance with Accounting Standards Codification 606, *Revenue from Contracts with Customers ("ASC 606")*. ASC 606 establishes a principles-based framework for recognizing revenue that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. As of March 2025, the Company ceased all active revenue-generating operations related to cryptocurrency mining and hosting activities. Accordingly, the following policies primarily relate to historical and comparative periods presented in these financial statements and any limited residual activities during the fiscal year ended December 31, 2025.

*Crypto asset mining (Historical and Comparative)*

The Company recognizes revenue under ASC 606. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

● Step 1: Identify the contract with the customer

● Step 2: Identify the performance obligations in the contract

● Step 3: Determine the transaction price

● Step 4: Allocate the transaction price to the performance obligations in the contract

● Step 5: Recognize revenue when the Company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606's definition of a "distinct" good or service (or bundle of goods or services) if both of the following criteria are met: The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

● Variable consideration

● Constraining estimates of variable consideration

● The existence of a significant financing component in the contract

● Noncash consideration

● Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

The Company earns Bitcoin mining revenue from two primary sources: the operation of its owned miners and the operation of third-party owned miners that the Company has concluded are subject to abandonment. Historically, the Company participated in third-party operated digital asset mining pools in which it contributed computing power in exchange for a proportional share of cryptocurrency rewards generated by the pool. The Company has entered into digital asset mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company's enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. The Company's performance obligation under these agreements was the continuous provision of computing power to the mining pool operator. In exchange, the Company received non-cash consideration in the form of Bitcoin representing its proportional share of the total cryptocurrency rewards earned by the mining pool during the applicable period. The Company's share was based on the proportion of computing power the Company contributed to the mining pool relative to the total computing power contributed by all mining pool participants.

In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are recorded as a component of cost of revenues), for successfully adding a block to the Blockchain. The terms of the agreement provide that neither party can dispute settlement terms after thirty-five days following settlement. The Company's fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.

Providing computing power to solve complex cryptographic algorithms in support of the Bitcoin Blockchain (in a process known as "solving a block") is an output of the Company's ordinary activities. The provision of providing such computing power is the only performance obligation in the Company's agreements with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.

Fair value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt. In 2023, the FASB issued ASU 2023-08, which addresses the accounting and disclosure requirements for certain crypto assets. The new guidance requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The ASU's amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years. There was no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, prior to the issuance of ASU 2023-08 and management has exercised significant judgment in determining the appropriate accounting treatment for the current year. The Company evaluated the impact of ASU 2023-08 and determined that the standard did not have a material impact on its financial statements.

*Hosting Revenues*

We receive revenues from third parties renting capacity at our facility and from hosting miners owned by others. Under these agreements, the Company provided hosting services that included supplying electrical power, infrastructure support, monitoring, and operational maintenance for third-party mining equipment located within the Company's facilities. The Company recognized $0 and $58 from these sources during the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2025, one customer accounted for 100% of hosting revenue. After a hosting agreement expires, the Company no longer recognizes hosting revenue for the related miners.

**<u>Gain (Loss) on Modification/Extinguishment of Debt</u>**

In accordance with ASC 470, a modification or an exchange of debt instruments that adds or eliminates a conversion option that was substantive at the date of the modification or exchange is considered a substantive change and is measured and accounted for as extinguishment of the original instrument along with the recognition of a gain or loss. Additionally, under ASC 470, a substantive modification of a debt instrument is deemed to have been accomplished with debt instruments that are substantially different if the present value of the cash flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows under the terms of the original instrument. A substantive modification is accounted for as an extinguishment of the original instrument along with the recognition of a gain or loss. The Company's debt modifications in 2025 did not result in any gain or loss.

**<u>Income taxes</u>**

The Company accounts for income taxes in accordance with ASC 740, "Income Taxes". ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes and established for all the entities a minimum threshold for financial statement recognition of the benefit of tax positions and requires certain expanded disclosures. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company's assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management's opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

**<u>Income (loss) per share</u>**

Basic income (loss) per share is calculated by dividing net income (loss) applicable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share is calculated by dividing the net income (loss) attributable to common shareholders by the sum of the weighted average number of common shares outstanding plus potential dilutive common shares outstanding during the period. Potential dilutive securities, comprised of convertible debt are not reflected in diluted net income (loss) per share because their inclusion would not have resulted in additional dilution, based on the impact of the change in derivative liability and related adjustments to net income for the period.

Accordingly, the computation of diluted loss per share for the three months ended March 31, 2026 excludes 1,220,240,000 shares issuable upon the conversion of convertible notes payable and the computation of diluted loss per share for the quarter ended March 31, 2025, excludes 600 million shares issuable upon the conversion of outstanding preferred shares.

**<u>Fair Value Measure and Disclosures</u>**

ASC 820 "Fair Value Measurements and Disclosures" provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

● Level 1 Quoted prices in active markets for identical assets or liabilities.

● Level 2 Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly.

● Level 3 Significant unobservable inputs that cannot be corroborated by market data.

As of March 31, 2026, and December 31, 2025, our financial instruments consisted primarily of cash and cash equivalents, other current assets, accounts payable, and accrued expenses and other payables. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

**<u>Management's evaluation of subsequent events</u>**

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the review, other than what is described in Note 11– Subsequent Events, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.

**<u>Recent accounting pronouncements</u>**

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements, other than those disclosed below.

In March 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)*, which requires public companies to provide expanded annual disclosures of certain natural expense categories. The guidance is effective for annual periods beginning after December 15, 2026, with early adoption permitted. While the Company previously indicated an intent to early adopt this guidance, it has elected to defer adoption until the mandatory effective date. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial statements and related disclosure

In November 2024, the FASB issued ASU 2024-04, *Induced Conversions of Convertible Debt Instruments***,** which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. The guidance is effective for fiscal years beginning after December 15, 2025. The Company adopted this guidance effective January 1, 2026. Based on the Company's current debt structure and the absence of induced conversion activity during the period, the adoption of this standard did not have any impact on the Company's financial position, results of operations, or cash flows.

**Note 4. Property and Equipment**

Property and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | As of | As of |
|  | March 31,<br> 2026 | December 31,<br> 2025 |
| Land | $- | $- |
| Computer hardware and software |  |  |
| Bitcoin mining machines | 70 | 70 |
| Infrastructure |  |  |
| Containers | - | - |
| &nbsp;&nbsp;&nbsp;Property and equipment, gross | 70 | 70 |
| Less: Accumulated depreciation | (70) | (70) |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | $- | $- |

---

The Company recorded depreciation expense of $0 and $29 for the three months ended March 31, 2026 and 2025, respectively.

**Note 5. Note Payable**

*September 2025 Note*

On September 22, 2025, the Company entered into a Secured Exchange Note Exchange Agreement with its existing Note holder, pursuant to which the parties agreed to exchange the Company's outstanding notes (the "Prior Note"). As of the exchange date, the Prior Note had an outstanding principal balance of $1,220, bore interest at 8% per annum, and was scheduled to mature on December 31, 2025. Under the Exchange Agreement, the holder surrendered the Prior Note in exchange for (i) a new secured convertible promissory note (the "September 2025 Note") issued in the principal amount of $1,220, bearing interest at 8% per annum and maturing on December 31, 2027, and (ii) 500,000,000 shares of the Company's common stock. The equity consideration was valued at $0.0001 per share, resulting in a fair value of $50 as of the issuance date. The September 2025 Note is convertible into common shares at $0.001 per share. The Company recorded interest expense of $25 for the three months ended March 31, 2026 for this note. The Company recorded interest expense of $50 for the Prior Note for the three months ended March 31, 2025.

The Company reviewed the transaction under ASC 470-50 and concluded that the revised terms do not constitute a substantial modification. Accordingly, the transaction is accounted for as a modification of the existing November 2024 Note. The value of the equity in the transaction was $50 and recorded as a debt discount in accordance with ASC 470. The conversion feature added by the modification was determined to be non-substantive under ASC 470. No gain or loss was recognized as a result of the modification. The note continues to be carried at its previous amortized cost basis, adjusted for the $50 debt discount, which will be amortized over the remaining term of the note. For the three months ended March 31, 2026, the Company recorded $5 in accretion of debt discount. As of March 31, 2026, the carrying value of the Note was $1,181, net of unamortized discount of $39.

The September 2025 Note is classified as a long-term liability on the Company's balance sheet, as the maturity date exceeds one year from the reporting date. As of March 31, 2026, there are 1,220,240,000 potentially dilutive shares of common stock issuable upon the conversion of this note. These shares were excluded from the computation of diluted net loss per share for the three months ended March 31, 2026, as their inclusion would have been anti-dilutive.

*Note Payable – Related Party*

On August 1, 2023 a former executive loaned the Company $15. The note bears interest at an annual rate of 4.43%. A maturity date has not yet been set. For the three months ended March 31, 2026 and 2025, respectively, the Company recorded $0.1 and $0.1 of interest expense in respect of this note.

**Note 6. Leases**

The Company is not a party to any leases. As a result, the Company did not record rent expense for the three months ended March 31, 2026 and 2025.

**Note 7. Common Stock and Preferred Stock**

**<u>Common stock</u>**

*Common Stock Issuances*

In January 2026, the Company issued 375,000,000 shares of common stock to accredited investors that participated in a private placement for an aggregate of $375. The issuance was exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D thereunder. These share issuances were part of an offering by the Company initiated in December 2025 that raised $675 in total and closed on January 29, 2026.

**<u>Preferred stock</u>**

The Company had no preferred stock outstanding on March 31, 2026 or December 31, 2025.

**Note 8. Commitments and Contingencies**

**<u>Bitcoin Production Equipment and Operations</u>**

On March 16, 2023, the Company entered into a partnership agreement (the "Partnership Agreement") and a property lease agreement (the "Lease Agreement", and together with the Partnership Agreement, collectively, the "Agreement") with another cryptocurrency mining company ("Tenant"). Pursuant to the Lease Agreement, the Company agreed to lease to Tenant portions of the Company's six acre mining facility in Lafayette, GA in increments of up to 10 spaces that are 40 feet in length and eight feet in height each ("Spaces"), together with related utilities access including electricity of up to one megawatt ("MW") per Space, for deploying mining equipment, in exchange for rental payments of $5 per Space per month (provided the Spaces are powered) and payment of the electricity costs and deposit requirements arising from the Spaces. In connection with the Lease Agreement, Tenant agreed to make an initial deposit of $229 for the initial electricity deployment for five MW.

In connection with the Partnership Agreement, the Company agreed to issue Tenant 500,000 shares of its common stock per month for each rented Space (the "Monthly Issuances") and to issue an additional annual share issuance equal to 100% of the aggregate Monthly Issuances for that year (the "Annual Issuances," and together, the "Issuances"). The Agreements had a term of 24 months commencing on April 1, 2023.

The Company determined the transaction should be accounted for on a net basis, and the fair value of the equity should be recorded as a direct deduction from rental revenue. The Company determined that the share issuances would be treated as lease incentives and ASC 842-10-30-5 requires lease incentives to be recorded as a reduction of fixed payments when determining lease payments. The Company concluded that the equity portion of the agreement should be recorded at fair value on the grant date. Upon recording the equity at fair value at the time of issuance and taking into consideration that revenue should be reduced by the fair value of equity, the Company determined that the fair value of the equity exceeds the total cash to be received based on the fair value of the contract at the date of issuance, resulting in a contract loss at inception.

The Company applied the guidance under ASU 2021-05 and determined that it would be appropriate to account for the entire loss at commencement and recognize that loss as a future equity commitment. The loss is based on the difference between the amount of cash to be received under the contract and the fair value of the stock to be issued under the contract. As the lease commenced on April 1, 2023, the Company began accounting for the lease on that date. At lease inception, the Company recorded a lease incentive loss of $184 and recorded an operating lease liability in the corresponding amount. The lease liability was reduced over the lease term period in conjunction with the issuance of the shares.

During the three months ended March 31, 2025, the Company received $113, reduced the lease liability by $20, issued 0 shares of common stock, and recorded 56,000,000 shares of common stock to be issued. At March 31, 2026, the Company recorded a liability of $360 for 88,000,000 shares of common stock potentially issuable under the Agreements. These shares have yet to be issued pending administrative closeout of the contract and mutually agreeable releases.

**<u>Legal proceedings</u>**

The Company is not a party to any material legal proceedings, and to management's knowledge, no such proceedings have been threatened. From time to time, the Company may be involved in routine litigation or claims that arise in the ordinary course of business; however, management does not believe that any such matters will have a material effect on the Company's financial position, results of operations, or cash flows.

**Note 9. Employee Benefit Plans**

The Company maintains defined contribution benefit plans under Section 401(k) of the Internal Revenue Code covering substantially all qualified employees of the Company (the "401(k) Plan"). Under the 401(k) Plan, the Company may make discretionary contributions of up to 100% of employee contributions. During the three months ended March 31, 2026, and 2025, the Company made contributions to the 401(k) Plan of $1 and $0, respectively.

**Note 10. Related Party Transactions**

*Loans Payable – Related Party*

On August 1, 2023, a former executive loaned the Company $15. The loan bears interest at an annual rate of 4.43%. A maturity date has not yet been set. For the three months ended March 31, 2026, and 2025, respectively, the Company recorded $0.1 and $0.1 of interest expense in respect of this loan.

*Accounts Payable – Related Party*

During the year ended December 31, 2023, a former executive paid consultants reimbursable by the Company in the amount of $20, which are outstanding as of March 31, 2026. During the period ended March 31, 2025, an executive paid legal fee reimbursable by the company in the amount of $25, which are outstanding as of March 31, 2026.

**Note 11. Subsequent Events**

The Company has evaluated subsequent events through the date these unaudited condensed financial statements were available to be issued and determined that the following material events occurred after March 31, 2026:

On February 10, 2026, we initiated a common stock offering to raise up to $500 at $0.001 per share from accredited investors. The offering is exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D thereunder. Subsequent to March 31, 2026, we raised $150 and issued 150,000,000 shares of common stock. The offering will expire on July 31, 2026, or when the Company has raised $500 in aggregate.

**Item 2. Management's discussion and analysis of financial condition and results of operations**

*This Quarterly Report on Form 10–Q (this "Report") contains forward–looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward–looking statements. The statements contained herein that are not purely historical are forward–looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward–looking statements are often identified by the use of words such as, but not limited to, "anticipate," "estimates," "should," "expect," "guidance," "project," "intend," "plan," "believe" and similar expressions or variations intended to identify forward–looking statements. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward–looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward–looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled "Risk Factors" included in our Annual Report on Form 10–K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission ("SEC") on March 17, 2026, in addition to other public reports we filed with the SEC. The forward–looking statements set forth herein speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward–looking statements to reflect events or circumstances after the date of such statements.*

**<u>Overview</u>**

MGT historically operated in the Bitcoin mining and hosting industry. Our previous business model was dependent on the economics of digital asset mining, including the price of Bitcoin, electricity costs, and access to competitive hosting capacity. During the fiscal year ended December 31, 2025, our operations underwent a significant strategic transition resulting from the cessation of active mining operations and the sale of our primary operating facility.

Following the expiration of our primary hosting customer lease in March 2025, the Company discontinued all self-mining activities. On May 13, 2025, the Company completed the sale of its LaFayette, Georgia facility for $1.35 million. This sale included land, containers, and electrical infrastructure associated with our former hosting and mining operations. As a result of these developments, the Company currently does not have active revenue-generating operations. We continue to own approximately 35 Antminer S19 Pro miners, which have been relocated to storage pending management's determination of their future use or redeployment.

Management is currently engaged in an on-going active strategic review process to determine the Company's future direction. Our near-term priorities focus on the following core objectives:

● Maintaining Compliance: Prioritizing the resolution of delays in SEC periodic reporting to regain and maintain full reporting status and corporate good standing.

● Capital Formation and Liquidity: Raising appropriate capital to meet operating needs for a minimum of 12 months while actively managing remaining corporate infrastructure to minimize overhead.

● Market Position: Evaluating opportunities to enhance our equity market position, including potential exchange listings and broker-dealer quotation status.

● Strategic Alternatives: Identifying and executing new ventures, which may include potential mergers, acquisitions, or entry into alternative business lines that leverage our historical expertise in digital assets and technology infrastructure.

While we continue to evaluate various strategic options, including potential partnerships and business combinations, these discussions are exploratory and have not resulted in any binding agreements as of the date of this report. Management does not view MGT as a passive holding or investment entity, but rather as an operating public company in a strategic transition phase.

All dollar figures set forth in this Quarterly Report on Form 10-Q are in thousands, except per-share amounts.

**<u>Critical accounting policies and estimates</u>**

Our discussion and analysis of financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The notes to the unaudited condensed financial statements contained in this Quarterly Report describe our significant accounting policies used in the preparation of the unaudited condensed financial statements. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We continually evaluate our critical accounting policies and estimates.

We believe the critical accounting policies listed below reflect significant judgments, estimates and assumptions used in the preparation of our unaudited condensed financial statements.

*<u>Revenue Recognition</u>*

*General*

The Company recognizes revenue in accordance with Accounting Standards Codification 606, *Revenue from Contracts with Customers ("ASC 606")*. ASC 606 establishes a principles-based framework for recognizing revenue that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. As of March 2025, the Company ceased all active revenue-generating operations related to cryptocurrency mining and hosting activities. Accordingly, the following policies primarily relate to historical and comparative periods presented in these financial statements and any limited residual activities during the fiscal year ended December 31, 2025.

*Crypto asset mining (Historical and Comparative)*

The Company recognizes revenue under ASC 606. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

● Step 1: Identify the contract with the customer

● Step 2: Identify the performance obligations in the contract

● Step 3: Determine the transaction price

● Step 4: Allocate the transaction price to the performance obligations in the contract

● Step 5: Recognize revenue when the Company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606's definition of a "distinct" good or service (or bundle of goods or services) if both of the following criteria are met: The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

● Variable consideration

● Constraining estimates of variable consideration

● The existence of a significant financing component in the contract

● Noncash consideration

● Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

The Company earns Bitcoin mining revenue from two primary sources: the operation of its owned miners and the operation of third-party owned miners that the Company has concluded are subject to abandonment. Historically, the Company participated in third-party operated digital asset mining pools in which it contributed computing power in exchange for a proportional share of cryptocurrency rewards generated by the pool. The Company has entered into digital asset mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company's enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. The Company's performance obligation under these agreements was the continuous provision of computing power to the mining pool operator. In exchange, the Company received non-cash consideration in the form of Bitcoin representing its proportional share of the total cryptocurrency rewards earned by the mining pool during the applicable period. The Company's share was based on the proportion of computing power the Company contributed to the mining pool relative to the total computing power contributed by all mining pool participants.

In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are recorded as a component of cost of revenues), for successfully adding a block to the Blockchain. The terms of the agreement provide that neither party can dispute settlement terms after thirty-five days following settlement. The Company's fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.

Providing computing power to solve complex cryptographic algorithms in support of the Bitcoin Blockchain (in a process known as "solving a block") is an output of the Company's ordinary activities. The provision of providing such computing power is the only performance obligation in the Company's agreements with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.

Fair value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt. In 2023, the FASB issued ASU 2023-08, which addresses the accounting and disclosure requirements for certain crypto assets. The new guidance requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The ASU's amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years. There was no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, prior to the issuance of ASU 2023-08 and management has exercised significant judgment in determining the appropriate accounting treatment for the current year. The Company evaluated the impact of ASU 2023-08 and determined that the standard did not have a material impact on its financial statements.

*Hosting Revenues*

We receive revenues from third parties renting capacity at our facility and from hosting miners owned by others. Under these agreements, the Company provided hosting services that included supplying electrical power, infrastructure support, monitoring, and operational maintenance for third-party mining equipment located within the Company's facilities. The Company recognized $0 and $58 from these sources during the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2025, one customer accounted for 100% of hosting revenue. After a hosting agreement expires, the Company no longer recognizes hosting revenue for the related miners.

**<u>Recent accounting pronouncements</u>**

See Note 3 to our unaudited condensed financial statements appearing in Part I, Item 1 of this Report for Recent Accounting Pronouncements.

**<u>Results of operations</u>**

*<u>Three months ended March 31, 2026 and 2025</u>*

*Revenues*

Our revenues for the three months ended March 31, 2026 decreased by $87, or 100%, to $0, compared to $87 for the three months ended March 31, 2025. Our revenue is partly derived from cryptocurrency mining, which totaled $0 for the three months ended March 31, 2026 and $29 during the three months ended March 31, 2025. The decrease in revenues from mining activities for this period is due to the cessation of self-mining activities in March 2025.

We also receive revenues from third parties renting capacity at our facility and from hosting miners owned by others. The Company recognized $0 and $58 during the three months ended March 31, 2026 and 2025, respectively. The decrease in revenues for this period is due to expiration of our lease with our primary hosting customer in March 2025.

The Company's historical revenues have been derived from Bitcoin mining and hosting activities. The future revenue potential of these activities is inherently uncertain and is influenced by factors outside the Company's control, including: (i) the market price and volatility of Bitcoin; (ii) network difficulty and global hash-rate changes; (iii) the availability and cost of energy; (iv) regulatory developments affecting digital asset markets, mining activities, or the classification and custody of digital assets; and (v) general macroeconomic conditions.

In addition, following the expiration of our primary hosting agreement and the cessation of self-mining activities in March 2025, the Company has not generated revenue from digital currency operations. As of the date of this Report, the Company has not resumed mining or hosting activities, and future revenue will depend on the Company's ability to identify, pursue, and execute new business opportunities or re-establish operations in the digital asset sector or other industries. Given these factors, management is unable to reasonably estimate future revenue trends. The Company will continue to evaluate available strategic and operational opportunities as it progresses with its regulatory compliance efforts and capital planning initiatives.

*Operating Expenses*

Operating expenses for the three months ended March 31, 2026 decreased by $99 or 39%, to $152, as compared to $251 for the three months ended March 31, 2025. The decrease in operating expenses was primarily due to the cessation of self-mining and hosting activities in March 2025 resulting in a decrease in in cost of revenue of $78 and a decrease in general and administrative expenses of $21.

The decrease in cost of revenue of $78 or 100% to $0 for the three months ended March 31, 2026, as compared to $78 for the three months ended March 31, 2025 was primarily due to the cessation of mining and hosting activities at the LaFayette facility in March 2025. The decrease in general and administrative expenses of $21 or 12%, to $152 for the three months ended March 31, 2026, as compared to $173 for the three months ended March 31, 2025, was primarily due to decreases in consulting services of $66, offset by increases in legal fees of $8, payroll expenses of $18, investor relations of $1, administrative fees of $2 and insurance of $16.

*Other Income and Expense*

For the three months ended March 31, 2026, non–operating expense of $30 consisted of interest expense of $25 and accretion of debt discount of $5. During the comparable period ended March 31, 2025, non–operating expense of $50 consisted primarily of interest expense.

**<u>Liquidity and capital resources</u>**

*Sources of Liquidity*

We have historically financed our business through the sale of debt and equity interests.

On March 15, 2025, the Company's lease with its primary hosting customer expired, and the Company discontinued its own self-mining operations at the LaFayette, Georgia facility. The related lease and partnership arrangements ceased, and the Company's remaining self-mining equipment was placed in storage pending evaluation of redeployment alternatives.

On May 13, 2025, the Company completed the sale of its cryptocurrency mining and hosting facility located in LaFayette, Georgia to CSRE Properties LLC for $1,350. The sale included all structures, containers, and electrical infrastructure associated with prior hosting and mining operations. The Company used $662 of the proceeds to repay principal and accrued interest on its outstanding debt. The transaction generated a $676 gain on sale. The sale of the LaFayette facility provided critical liquidity used primarily to reduce outstanding indebtedness and stabilize the Company's financial position. Management determined that the disposal was a liquidity-driven event and not indicative of a strategic change in business direction as contemplated by ASC 205-20.

On September 22, 2025, the Company entered into a note exchange transaction with our secured lender. As part of the transaction, we issued a new secured convertible promissory note in the principal amount of $1,220 with a maturity date of December 31, 2027, in exchange for the surrender and cancellation of our prior secured note that was originally scheduled to mature on December 31, 2025. We also issued 500,000,000 shares of common stock as additional consideration to the lender. The Company accounted for this transaction as a modification of the existing secured note rather than an extinguishment under ASC 470-50; no gain or loss was recognized. This transaction extended our secured debt maturity by approximately two years, providing additional time to execute our operational plans and reducing short-term liquidity pressure. No cash was used to complete the transaction.

On September 23, 2025, we issued shares of our common stock to a director, our Interim CEO & CFO, and an employee. These issuances reduced accrued liabilities and resulted in non-cash compensation expense where applicable. Because our common stock carries a par value of $0.001, the par-value requirement resulted in corresponding adjustments to additional paid-in capital. These equity issuances did not require the use of cash and increased total stockholders' equity. These equity grants did not impact our cash position, as the obligations were satisfied through the issuance of common stock. The settlement of the director's accrued fees reduced current liabilities, and the compensation-related grants resulted in non-cash expenses recorded during the period. We continue to evaluate the use of equity-based arrangements, where appropriate, to conserve cash while aligning compensation with Company performance and service requirements.

On December 23, 2025, we initiated a common stock offering to raise up to $1,000 at $0.001 per share from accredited investors. The offering is exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D thereunder. The offering closed on January 29, 2026 with the company raising $675 and issuing a total of 675,000,000 common shares.

***Going Concern***

The accompanying unaudited condensed financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred operating losses since inception and continues to generate losses from operations. For the quarter ended March 31, 2026, the Company had a net loss of $182 and cash used in operating activities of $260. As of March 31, 2026, the Company had an accumulated deficit of $426,919, cash and cash equivalents of $218, and our working capital deficit was $907. Following the cessation of digital-asset mining operations in March 2025 and the sale of the LaFayette, Georgia facility in May 2025, the Company currently does not have active revenue-generating operations.

These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern for a period of at least one year from the date of the issuance of the unaudited condensed financial statements included in this report. Management's plans to mitigate these conditions include continuing to raise capital through debt and equity issuances and pursuing strategic initiatives, including potential business combinations or partnerships. However, there can be no assurance that the Company will be able to raise additional capital or execute these plans on acceptable terms, if at all. Since January 2023, we have raised approximately $2,675 through convertible notes, the sale of equity and warrants, proceeds from asset sales, and related-party financing. Management also implemented certain modifications to simplify our capital structure and extend debt maturities to provide additional near-term financial and strategic flexibility.

The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. For further information regarding the Company's ability to continue as a going concern and management's plans, see Note 2, "Summary of Significant Accounting Policies – Going Concern and Management's Plans," in the Notes to the Unaudited Condensed Financial Statements.

*<u>Cash Flows</u>*

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| | | |
|:---|:---|:---|
|  | Three Months ended<br> March 31, | Three Months ended<br> March 31, |
|  | 2026 | 2025 |
| Cash (used in) provided by |  |  |
| Operating activities | $(260) | $(131) |
| Investing activities |  |  |
| Financing activities | 375 | 126 |
| Net increase (decrease) in cash and cash equivalents | $115 | $(5) |

---

*<u>Operating activities</u>*

Cash used in operating activities for the three months ended March 31, 2026 primarily consisted of a net loss of $(182) offset by non-cash accretion of debt discount of $5, and increased by cash used by working capital of $(83).

Net cash used by operating activities was $260 for the three months ended March 31, 2026 as compared to net cash used in operating activities of $131 for the three months ended March 31, 2025. Cash used by operating activities for the three months ended March 31, 2025 primarily consisted of a net loss of $214 offset by depreciation of $29 and cash provided by working capital of $54.

*<u>Investing activities</u>*

Net cash used in investing activities was $0 and $0 for the three months ended March 31, 2026 and 2025 respectively.

*<u>Financing activities</u>*

During the three months ended March 31, 2026, cash provided by financing activities was $375 which consisted of proceeds from the sale of common stock under equity purchase agreements.

During the three months ended March 31, 2025, cash provided by financing activities was $126 which consisted of proceeds from common stock to be issued under lease agreement and proceeds from loans payable.

*<u>Off–balance sheet arrangements</u>*

As of March 31, 2026, we had no obligations, assets or liabilities which would be considered off–balance sheet arrangements. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off–balance sheet arrangements.

**Item 3. Quantitative and qualitative disclosures about market risk**

Not applicable.

**Item 4. Controls and procedures**

*Evaluation of Disclosure Controls and Procedures*

We maintain disclosure controls and procedures designed to ensure that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified under the rules and forms of the SEC. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that such information is accumulated and communicated to our management, including our Chief Executive Officer, as appropriate to allow timely decisions regarding required disclosures. As required by paragraph (b) of Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer (our principal executive officer and principal financial officer) carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based on this evaluation, our Interim Chief Executive Officer concluded that our disclosure controls and procedures (as defined in paragraph (e) of Rules 13a-15 and 15d-15 under the Exchange Act) were not effective as March 31, 2026 due to the following material weakness in our internal control over financial reporting: Our small number of employees does not allow for sufficient segregation of duties and independent review of duties performed.

*Limitations on Internal Control over Financial Reporting*

An internal control system over financial reporting has inherent limitations and may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design safeguards into the process to reduce, though not eliminate, this risk.

*Management's Quarterly Report on Internal Control over Financial Reporting*

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Internal control over financial reporting is a process used to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements for external purposes in accordance with generally accepted accounting principles in the United States. Internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of our financial statements in accordance with generally accepted accounting principles in the United States, and that our receipts and expenditures are being made only in accordance with the authorization of our board of directors and management; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Under the supervision and with the participation of our management, including our Chief Executive Officer (our principal executive officer and principal financial officer), we performed a complete documentation of the Company's significant processes and key controls, and conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Based on this evaluation, management concluded that our internal control over financial reporting was not effective as of March 31, 2026.

*Changes in Internal Control over Financial Reporting*

During the quarter ended March 31, 2026, there were no changes to internal control over financial reporting.

**PART II. OTHER INFORMATION**

**Item 1. Legal proceedings**

From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. During the period covered by this Report, there were no material changes to the description of legal proceedings set forth in our Annual Report on Form 10-K, for the fiscal year ended December 31, 2025, as filed with the SEC on March 17, 2026.

**Item 1A. Risk factors**

There are no additional risk factors other than those discussed in our Annual Report on Form 10–K, as filed with the SEC on March 17, 2025.

**Item 2. Unregistered sales of equity securities and use of proceeds**

In January 2026, the company issued 375,000,000 shares of common stock to accredited investors that participated in a private placement for an aggregate of $375. The issuance was exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D thereunder. The funds are being used as general working capital for the Company.

**Item 3. Defaults upon senior securities**

None.

**Item 4. Mine safety disclosures**

Not applicable.

**Item 5. Other information**

None.

**Item 6. Exhibits**

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| | |
|:---|:---|
| 31 | [Certification pursuant to Section 302 of the Sarbanes–Oxley Act of 2002 of Principal Executive Officer and Principal Accounting Officer\*](ex31.htm) |
| 32 | [Certification pursuant to Section 906 of the Sarbanes–Oxley Act of 2002 of Principal Executive Officer and Principal Financial Officer\*](ex32.htm) |
| 101.INS | Inline XBRL Instance Document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File\* |
| \* | Filed herewith |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | MGT CAPITAL INVESTMENTS, INC | MGT CAPITAL INVESTMENTS, INC |
| Date: May 7, 2026 | By: | */s/ Jonathan M. Pfohl* |
|  |  | Jonathan M. Pfohl<br>|
|  |  | Interim Chief Executive Officer & Chief Financial Officer |

---

## Ex-31

**Exhibit 31**

**CERTIFICATION PURSUANT TO SARBANES–OXLEY ACT OF 2002**

I, Jonathan M. Pfohl, certify that:

1. I have reviewed this quarterly report on Form 10–Q of MGT Capital Investments, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 7, 2026 | By: | */s/ Jonathan M. Pfohl* |
|  |  | Jonathan M. Pfohl<br>|
|  |  | Interim Chief Executive Officer & Chief Financial Officer |

---

## Ex-32

**Exhibit 32**

**CERTIFICATION PURSUANT TO SECTION 906<br> OF THE SARBANES–OXLEY ACT OF 2002**

In connection with the Quarterly Report of MGT Capital Investments, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2. the information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 7, 2026 | By: | */s/ Jonathan M. Pfohl* |
|  |  | Jonathan M. Pfohl<br>|
|  |  | Interim Chief Executive Officer & Chief Financial Officer |

---