Exhibit 99.3
Fortitude Mining Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands)
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Cash | $ | 9,995 | $ | 4,496 | ||||
| Digital assets | 3,413 | 77 | ||||||
| Deposits | 903 | 1,576 | ||||||
| Due from related party | 13 | 46 | ||||||
| Prepaid expenses and other current assets | 984 | 324 | ||||||
| Total current assets | 15,308 | 6,519 | ||||||
| Property and equipment, net | 39,646 | 59,938 | ||||||
| Deposits, net of current portion | 10,767 | 8,986 | ||||||
| Right-of-use assets | 2,812 | 1,732 | ||||||
| Intangible asset, net | 4,259 | — | ||||||
| Total assets | $ | 72,792 | $ | 77,175 | ||||
| Liabilities and stockholder’s / member’s equity | ||||||||
| Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 2,989 | $ | 2,648 | ||||
| Lease liabilities, current portion | 350 | 278 | ||||||
| Total current liabilities | 3,339 | 2,926 | ||||||
| Deferred tax liability | 4,172 | — | ||||||
| Lease liabilities, net of current portion | 2,454 | 1,420 | ||||||
| Total liabilities | 9,965 | 4,346 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholder’s / member’s equity: | ||||||||
| Member’s equity | — | 72,829 | ||||||
| Common stock, $0.0001 par value; 10,000,000 shares authorized; 5,000,000 issued and outstanding as of December 31, 2025 | 1 | — | ||||||
| Additional paid-in capital | 59,507 | — | ||||||
| Retained earnings | 3,319 | — | ||||||
| Total stockholder’s / member’s equity | 62,827 | 72,829 | ||||||
| Total liabilities and stockholder’s / member’s equity | $ | 72,792 | $ | 77,175 | ||||
Fortitude Mining Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands)
| Years Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues: | ||||||||
| Mining revenues, net (includes related party amounts of $58,091 and $61,364, respectively) | $ | 89,482 | $ | 81,780 | ||||
| Other revenue | 15 | — | ||||||
| Total revenues | 89,497 | 81,780 | ||||||
| Costs and expenses: | ||||||||
| Cost of revenues (exclusive of depreciation shown below) | 60,455 | 54,653 | ||||||
| Depreciation and amortization | 32,570 | 30,374 | ||||||
| General and administrative expenses | 9,936 | 7,997 | ||||||
| Loss on disposal of equipment, net | 2,600 | 2,767 | ||||||
| Impairment of mining equipment | — | 552 | ||||||
| Change in fair value of digital assets, net | 367 | (173 | ) | |||||
| Total operating expenses | 105,928 | 96,170 | ||||||
| Other income: | ||||||||
| Rental income - related party | 72 | 8 | ||||||
| Total other income | 72 | 8 | ||||||
| Loss before income taxes | (16,359 | ) | (14,382 | ) | ||||
| Income tax benefit | 3,683 | — | ||||||
| Net loss | $ | (12,676 | ) | $ | (14,382 | ) | ||
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Fortitude Mining Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
| Years Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (12,676 | ) | $ | (14,382 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 32,570 | 30,374 | ||||||
| Impairment of mining equipment | — | 552 | ||||||
| Loss on disposal of equipment, net | 2,600 | 2,767 | ||||||
| Mining revenues, net | (89,482 | ) | (81,780 | ) | ||||
| Other revenue | (15 | ) | — | |||||
| Proceeds from the sale of digital assets | 81,681 | 78,627 | ||||||
| Digital assets paid for services | 4,113 | 3,249 | ||||||
| Change in fair value of digital assets, net | 367 | (173 | ) | |||||
| Stock-based compensation | 95 | 339 | ||||||
| Deferred income taxes | (3,065 | ) | — | |||||
| Change in operating assets and liabilities: | ||||||||
| Deposits | 2,863 | (1,022 | ) | |||||
| Due from related party | 33 | (46 | ) | |||||
| Prepaid expenses and other current assets | (660 | ) | (164 | ) | ||||
| Right-of-use assets | 329 | 274 | ||||||
| Accounts payable and accrued expenses | 341 | 645 | ||||||
| Lease liabilities | (303 | ) | (264 | ) | ||||
| Net cash provided by operating activities | 18,791 | 18,996 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (9,570 | ) | (37,379 | ) | ||||
| Deposits on property and equipment | (7,004 | ) | (1,449 | ) | ||||
| Proceeds from disposal of property and equipment | 230 | 716 | ||||||
| Aurora acquisition | (6,305 | ) | — | |||||
| Net cash used in investing activities | (22,649 | ) | (38,112 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Capital contributions from Parent | 9,357 | 2,936 | ||||||
| Net investment from Parent | — | 20,676 | ||||||
| Net cash provided by financing activities | 9,357 | 23,612 | ||||||
| Net increase in cash | 5,499 | 4,496 | ||||||
| Cash, beginning of year | 4,496 | — | ||||||
| Cash, end of year | $ | 9,995 | 4,496 | |||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest | $ | — | $ | — | ||||
| Cash paid for taxes | $ | — | $ | — | ||||
| Non-cash investing and financing activities: | ||||||||
| Capitalizations of deposits to property and equipment | $ | 1,449 | $ | 10,293 | ||||
| Deferred tax liability contributed from Parent | $ | 7,237 | $ | — | ||||
| Property and equipment contributed from Parent | $ | 459 | $ | — | ||||
| Hosting deposit applied to Aurora acquisition purchase price | $ | 1,584 | $ | — | ||||
| Right-of-use assets obtained in exchange for lease liabilities | $ | 1,409 | $ | — | ||||
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