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The company runs specialized Bitcoin-mining machines at its own Iowa facility and third-party hosting sites. All revenue comes from Bitcoin mining. It supplies computing power to mining pool operator Foundry Digital LLC, which pays it in Bitcoin based mainly on its contribution relative to the network’s total computing power. Payments reflect expected mining rewards and transaction fees, less pool fees, even when the pool does not successfully record a block. The company holds some Bitcoin and sells it when needed for operating cash rather than trading it regularly.
The business depends on Bitcoin’s price, mining rewards and the amount of competing computing power. Electricity and equipment costs must stay below the value of Bitcoin earned, making efficient machines, affordable power and reliable hosting central to the operation. The company also needs additional operating capital to keep the business running.
Permitting and power restrictions can limit mining sites. Evolving cryptocurrency rules could also restrict its ability to mine, hold or sell Bitcoin, potentially requiring changes to the business.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
DarkHorse's mining margins depend on efficient equipment and affordable power, with Foundry Digital providing the pool arrangement that pays its mining revenue.
Argo Blockchain plc competes with DarkHorse to earn Bitcoin rewards and transaction fees using efficient mining machines and low-cost power, with both relying on owned sites and third-party hosting. Argo's progress securing cheap renewable power and upgrading its fleet shows the cost benchmark DarkHorse faces.
American Bitcoin and DarkHorse both own mining machines, rely on third-party infrastructure and receive Bitcoin payments from pools for contributing computing power. American Bitcoin's fleet upgrades show the efficiency competition facing DarkHorse, but its emphasis on owning machines rather than facilities differs from DarkHorse's move toward owned sites.
CleanSpark and DarkHorse both earn Bitcoin with specialized mining machines and turn mined coins into funding for operations and equipment, tying their economics to mining efficiency and Bitcoin prices. Watch how much production CleanSpark uses to fund operations and capital spending; unlike DarkHorse, it also uses Bitcoin-linked trading contracts rather than relying only on direct sales.
MARA Holdings and DarkHorse compete for Bitcoin rewards with specialized mining fleets and are taking more control of facilities to improve mining margins. MARA's results from owning energy and mining infrastructure offer a comparison for DarkHorse's effort to reduce hosting dependence and mining costs through its own sites.
Bitdeer competes with DarkHorse by mining Bitcoin for its own account, while its own chips and SEALMINER machines also raise the industry's efficiency benchmark. Its A4 series, launched in April 2026 with efficiency as low as 9.45 joules per terahash, is a concrete benchmark for DarkHorse's fleet refresh.
HIVE Digital Technologies Ltd. and DarkHorse both supply computing power from specialized mining machines to pools that pay them for it, exposing their mining revenue to similar pressures. HIVE's revenue from selling mining computing power is the relevant comparison, rather than its separate business serving AI and graphics-rendering customers.
Cipher Digital and DarkHorse both contribute mining computing power to pools in exchange for Bitcoin rewards and transaction fees, making electricity costs central to their mining profits. Cipher's mining costs are the useful comparison for DarkHorse, while its development of high-performance computing facilities for large cloud tenants is a separate business direction.
Core Scientific and DarkHorse both operate mining equipment for their own account and compete on mining profitability and access to low-cost power. Core Scientific also builds facilities that house customers' power-intensive computing equipment, so its AI and high-density colocation developments should be distinguished from its mining operations when comparing it with DarkHorse.
BTC Digital Ltd. depends mainly on selling mining machines to operators whose buying appetite rests on mining profitability, the same economics that drive DarkHorse's fleet investment. Machine resale generated 72.5% of its revenue in the fiscal year ended December 31, 2025, making that revenue line a gauge of miners' equipment demand—not evidence that DarkHorse is a customer.
SAIHEAT Limited sells mining machines and cooling infrastructure to buyers investing in the equipment efficiency that also matters to DarkHorse's mining margins. Watch its equipment-sale revenue and its liquid-cooling products that recover mining waste heat for hot water; these show demand for mining upgrades, not a disclosed supply relationship with DarkHorse.
Cipher Digital Inc. earningsCIFR
Cipher Digital’s mining costs show whether power is squeezing miners’ margins, a pressure DarkHorse also faces with its hosted mining operations.
Read Cipher Digital’s mining costs against its mining revenue. If costs rise relative to revenue, power and hosting are taking a larger bite from miners’ margins, a pressure relevant to DarkHorse’s hosted operations. If costs stay contained and revenue covers them, the squeeze is milder; different sites and contracts mean Cipher’s costs are not DarkHorse’s costs.
Bitdeer Technologies Group earningsBTDR
Bitdeer’s machine-efficiency figures set a benchmark, and its report will show whether newer machines carry that advantage into mining operations—a bar DarkHorse’s refreshed fleet must meet.
Look for the efficiency Bitdeer reports for its machines and whether those machines are operating in its mining fleet. Joules per terahash measures electricity used for a unit of computing power; a lower figure means better efficiency. If newer machines show that advantage in operation, DarkHorse’s refreshed fleet faces a higher bar. If the report offers only product specifications, it does not show that the advantage has lowered mining costs in practice.
HIVE Digital Technologies Ltd. earningsHIVE
HIVE Digital Technologies sells mining computing power to pools, so its mining revenue shows how the same pool-based model is paying miners like DarkHorse.
Focus on HIVE’s Bitcoin-mining revenue, not revenue from serving AI or graphics-rendering customers. Strong mining revenue would suggest pool rewards and transaction fees are still supporting this kind of business; weaker revenue would point to pressure on pool-based mining that also matters to DarkHorse. Different scale and site conditions mean HIVE’s result does not establish DarkHorse’s revenue.
DarkHorse Technologies Inc. earningsThis company
DarkHorse gets all its revenue from Bitcoin mining, and this report will show whether its fleet refresh has improved Bitcoin production and direct mining costs.
Read Bitcoin production alongside direct mining costs. More Bitcoin with a lower direct cost per Bitcoin would suggest the fleet refresh and owned site are improving mining efficiency. If production remains weak and costs do not fall, the refresh has not yet offset the smaller block reward and hosting costs, leaving continued operations more dependent on cash and outside financing.
CLEANSPARK INC earningsCLSK
CleanSpark uses mined Bitcoin to fund operations and equipment, so its report shows how much miners may need to sell to cover those costs—a useful comparison for DarkHorse.
Read CleanSpark’s Bitcoin production and sales alongside operating and capital spending. If it must sell a large share of production to pay those bills, mining operations and expansion still depend on converting Bitcoin to cash, a trade-off DarkHorse also faces. If it covers spending while selling less, it has more room to retain Bitcoin. CleanSpark also uses Bitcoin-linked trading contracts, so its sources of cash are not identical to DarkHorse’s.
