NASDAQ: TWAV
TaoWeave, Inc.CIK 0000746210 · SIC 7370 · Computer & Data Processing
We are a public company focused on the Bittensor ecosystem, a decentralized, open-source protocol that coordinates the development and deployment of artificial intelligence (“AI”) models. Our principal asset is TAO, Bittensor’s native cryptocurrency, which we accumulate and stake on the Bittensor… About this business →
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TaoWeave raises capital via SAFE and debt financing, enters tech partnership with Manako Labs
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TaoWeave announces Q1 2026 financial results in press release
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revenue $707,000, net income $1.7M. TaoWeave pivots to Bittensor staking, ends Mezzanine product line, strips MD&A detail
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revenue $2.4M, net income -$6.4M. TaoWeave pivots from video collaboration to crypto treasury, deploying into TAO tokens
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Latest financial statements
From 10-Q filed Aug 7, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 522 | 592 | 1,229 | 1,214 |
| Cost of revenue | 248 | 364 | 485 | 737 |
| Gross profit | 274 | 228 | 744 | 477 |
| Operating expenses: | ||||
| Research and development | — | 3 | — | 6 |
| Sales and marketing | — | 6 | 7 | 14 |
| General and administrative | 1,115 | 902 | 2,137 | 1,831 |
| Total operating expenses | 1,115 | 911 | 2,144 | 1,851 |
| Operating loss | (841) | (683) | (1,400) | (1,374) |
| Other (expense) income, net | ||||
| Interest income, net | 13 | 47 | 19 | 73 |
| Realized loss on digital assets, net | (166) | — | (114) | — |
| Unrealized (loss) gain on digital assets, net | (2,295) | 31 | (97) | 31 |
| Total other (expense) income, net | (2,448) | 78 | (192) | 104 |
| Loss before income taxes | (3,289) | (605) | (1,592) | (1,270) |
| Income tax expense | 1 | — | 1 | 7 |
| Net loss | (3,290) | (605) | (1,593) | (1,277) |
| Preferred stock dividends | 4 | 13 | 8 | 25 |
| Net loss attributable to common stockholders | (3,294) | (618) | (1,601) | (1,302) |
| Net loss attributable to common stockholders per share: | ||||
| Basic and diluted net loss per share | (0.84) | (0.38) | (0.41) | (0.86) |
| Weighted-average number of shares of Common Stock: | ||||
| Basic and diluted | 3,913,471 | 1,613,483 | 3,913,471 | 1,514,829 |
Condensed Consolidated Balance Sheets
(In thousands, except shares, par value, and stated value)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 735 | 2,258 |
| Digital assets | 4,709 | 5,395 |
| Accounts receivable, net | 5 | 138 |
| Prepaid expenses and other current assets | 267 | 424 |
| Total current assets | 5,716 | 8,215 |
| Intangible assets, net | 58 | — |
| SAFE investment | 1,000 | — |
| Other assets | 2 | 4 |
| Total assets | 6,776 | 8,219 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 106 | 112 |
| Accrued expenses and other current liabilities | 1,176 | 1,061 |
| Deferred revenue | 2 | 13 |
| Total current liabilities | 1,284 | 1,186 |
| Total liabilities | 1,284 | 1,186 |
| Commitments and contingencies (see Note 13) | ||
| Stockholders’ equity: | ||
| Preferred stock Series F, convertible; $0.0001 par value; $180,000 stated value; 42,000 shares authorized, 150 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | — | — |
| Common stock; $0.0001 par value; 150,000,000 shares authorized, 3,571,590 shares issued, and 3,571,401 outstanding as of June 30, 2026 and December 31, 2025 | — | — |
| Treasury Stock, 189 common shares | (181) | (181) |
| Additional paid-in capital | 245,895 | 245,843 |
| Accumulated deficit | (240,222) | (238,629) |
| Total stockholders’ equity | 5,492 | 7,033 |
| Total liabilities and stockholders’ equity | 6,776 | 8,219 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (1,593) | (1,277) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Bad debt recovery | — | (18) |
| Amortization expense | 2 | — |
| Stock-based expense | 166 | — |
| Non-cash revenue from digital assets | (191) | (2) |
| Unrealized net loss (gain) on digital assets | 97 | (31) |
| Realized net loss on sale of digital assets | 114 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 133 | 190 |
| Prepaid expenses and other current assets | (9) | (114) |
| Other assets | 2 | 1 |
| Accounts payable | (6) | 17 |
| Accrued expenses and other current liabilities | 107 | 522 |
| Deferred revenue | (11) | (5) |
| Net cash used in operating activities | (1,189) | (717) |
| Cash flows from investing activities: | ||
| Purchases of digital assets | (506) | (1,650) |
| Proceeds from the sale of digital assets | 1,172 | — |
| Investment in Manako Labs, Ltd. | (1,000) | — |
| Net cash used in investing activities | (334) | (1,650) |
| Cash flows from financing activities: | ||
| Proceeds from private placement, net of issuance costs | — | 6,925 |
| Proceeds from exercise of common stock warrants, net of costs | — | 1,272 |
| Net cash provided by financing activities | — | 8,197 |
| (Decrease) increase in cash | (1,523) | 5,830 |
| Cash and cash equivalents at beginning of period | 2,258 | 4,965 |
| Cash and cash equivalents at end of period | 735 | 10,795 |
| Supplemental disclosures of cash flow information: | ||
| Reconciliation of cash and cash equivalents | ||
| Cash | 735 | 10,295 |
| Current certificates of deposit | — | 500 |
| Total cash and cash equivalents | 735 | 10,795 |
| Non-cash investing and financing activities: | ||
| Common warrant issuance | 60 | 335 |
| Series F Preferred Stock conversion | — | 19 |
| Series F Preferred Stock dividends | 8 | 25 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except share and per share data); (In thousands, except shares, par value, and stated value); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About TaoWeave, Inc.
Source: Item 1 (Business) from the 10-K filed March 20, 2026. Description as filed by the company with the SEC.
Item 1. Business
Overview
We are a public company focused on the Bittensor ecosystem, a decentralized, open-source protocol that coordinates the development and deployment of artificial intelligence (“AI”) models. Our principal asset is TAO, Bittensor’s native cryptocurrency, which we accumulate and stake on the Bittensor network to generate yield in the form of additional TAO tokens. Our goal is to provide public-market investors with economic exposure to the Bittensor ecosystem.
During the year ended December 31, 2025, we deployed approximately $8.7 million to acquire approximately 24,128 TAO tokens through purchases executed via BitGo Trust Company, Inc. (“BitGo”) and the Kraken exchange (“Kraken”, and together with BitGo, the “TAO Custodians”). As of December 31, 2025, we held approximately 24,665 TAO tokens, inclusive of approximately 544 TAO earned through staking rewards during the period. All of our TAO is staked.
Since our private placement financing in June 2025 (the “2025 Private Placement”), we have also been evaluating opportunities to participate more directly in the Bittensor network, including potential investments in or partnerships with teams operating subnets on the platform. During 2025, we conducted due diligence on a number of subnet projects to assess their viability, technology, and potential alignment with our strategy. As of the date of this Report, we have not entered into any binding commitments with respect to subnet investments or partnerships, and no assurance can be given that any such opportunities will be pursued or, if pursued, will be completed on terms favorable to the Company or at all.
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We also operate legacy businesses centered around our patented Mezzanine™ product line and managed services for video collaboration and network solutions. In conjunction with our 2025 Private Placement, we began transitioning our focus from these legacy operations to the Bittensor ecosystem.
Background on Bittensor and TAO
Bittensor is a decentralized network, built on a dedicated Layer 1 blockchain called “Subtensor” using the Substrate framework, that creates an open marketplace for AI. The network is organized into independent sub-networks called “subnets,” each focused on a specific type of AI task such as text generation, image recognition, or data analysis. Within each subnet, independent contributors (commonly referred to as “miners”) produce AI outputs, and other participants (commonly referred to as “validators”) evaluate the quality of that work. An on-chain algorithm called Yuma Consensus aggregates validator evaluations across the network and allocates newly minted TAO rewards accordingly—a process commonly referred to as “Proof-of-Intelligence.” Contributors who produce higher-quality outputs earn more TAO; validators who evaluate accurately also earn more TAO.
TAO serves three functions within the network: it is the unit of value used to reward participants, the staking asset that determines a participant’s influence and share of rewards, and the token used to pay transaction fees on the Subtensor blockchain.
TAO has a fixed supply cap of 21,000,000 tokens. New TAO is emitted as rewards to network participants at a rate that declines over time through periodic “halving” events, similar in structure to Bitcoin’s supply schedule. The first halving occurred in December 2025, reducing daily emissions from approximately 7,200 TAO to approximately 3,600 TAO. As of the filing of this Report, TAO’s circulating supply was approximately 10.8 million tokens with a market capitalization of approximately $3.0 billion, according to publicly available sources. Circulating supply is dynamic: daily emissions are partially offset by tokens consumed through subnet registration and other protocol mechanisms.
Our Cryptocurrency Asset Strategy
Our current primary activity is accumulating and staking TAO. We have adopted a long-only TAO accumulation policy under which we allocate substantial portions of our available cash to purchase TAO with the goal of maximizing TAO holdings per outstanding common share. As of December 31, 2025, approximately 66% of our total assets (including cash) were held in TAO. We intend to continue allocating substantial portions of our excess cash to TAO without a formal cap on the percentage of assets invested.
We do not hedge our TAO exposure and do not hold any other digital assets. We have not sold any TAO since inception of our digital asset strategy. All TAO is staked as soon as trade settlement permits, and we currently spread staking across both of our TAO Custodians. There are significant risks associated with our concentrated, unhedged position in a single digital asset. We have not implemented any hedging strategies to date, and there can be no assurance that any such strategies will be implemented or, if implemented, effective. See “