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Olenox faces $22.9 million working-capital gap as it ramps off-grid mining
Preliminary results show July production valued at about $1.16 million at Aug. 21 spot prices, while the balance sheet listed $26.26 million of current liabilities and only $1.21 million cash.
Energy company Olenox Industries, which acquired Bitcoin miner CS Digital Ventures in May, disclosed preliminary July production of 15.13 BTC, with a gross value of about $1.16 million using the Aug. 21 Bitcoin spot price of $76,371.25, according to CryptoSlate.
Olenox reported $1.21 million of cash and $26.26 million of current liabilities at June 30, leaving working capital of roughly negative $22.9 million. Its quarterly filing also raised concerns about going-concern risk, citing losses, negative working capital, and negative operating cash flows, and noting it had no committed sources of additional financing at June 30.
Operationally, the company said its average operational hashrate was 1.02 EH/s, or 64% of the fleet’s economic capacity, attributing variation to summer heat, low-power-mode operation, and normal equipment availability. It also said the figures were preliminary and unaudited.
Olenox said it may need to delay or curtail planned activities if it cannot obtain capital when needed, and it flagged new fixed obligations from the acquisition. The CS Digital deal included $16 million of unsecured promissory notes with 10% annual interest, interest-only payments starting in August 2026, and maturity in May 2029, implying about $1.6 million of simple annual interest based on the stated principal.
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