\nFortitude Mining Holdings, Inc. (“Fortitude”), a vertically-integrated digital asset mining platform anchored in Zcash, today provided financial and operating highlights for the three-month period ended June 30, 2026.<\/p>\n
\n“This was a strong quarter for Fortitude and a clear demonstration of the momentum building in our vertically-integrated strategy,” said Andrea Childs, CEO of Fortitude. “We mined approximately 33,646 ZEC at an average operating hash rate of 4.0 GSol\/s. As we work to advance toward the public markets via our proposed business combination with HeartSciences, we remain thrilled about the opportunity ahead and our ability to execute on it.”<\/p>\n
\n“Fortitude delivered a strong cash-flowing quarter in Q2, generating $20.9 million in revenue driven by continued ZEC hashprice and hashrate performance across our fleet,” added Erik Ellingson, CFO of Fortitude. “This translated into robust operating cash flow indicated by adjusted EBITDA of $8.5 million, reinforcing the strength of our ZEC-focused mining strategy as we continue to prepare to close our proposed business combination with HeartSciences.”<\/p>\n
Q2 Financial and Operating Highlights<\/b><\/p>\n
\nKey financial and operational highlights for the quarter include:<\/p>\n
- \n
- \nQuarterly revenue of $20.9 million<\/p>\n<\/li>\n
- \nAdjusted EBITDA1<\/sup> of $8.5 million<\/p>\n<\/li>\n
- \nZEC average operating hash rate 4.0 GSol\/s<\/p>\n<\/li>\n
- \nZEC mined of approximately 33,646<\/p>\n<\/li>\n
- \nTotal controlled power capacity of 60+ MW across seven sites<\/p>\n<\/li>\n<\/ul>\n
Proposed Business Transaction<\/b><\/p>\n
\nAs previously announced on June 23, 2026, Fortitude and HeartSciences Inc. (Nasdaq: HSCS) (“HeartSciences”) an AI-powered medical technology company, entered into a definitive agreement providing for a proposed business combination (the “Proposed Transaction”). The Proposed Transaction is intended to bring a leading vertically-integrated Zcash mining platform to the public markets, and is expected to close in H2 2026.<\/p>\n
Fortitude Investment in HeartSciences<\/b><\/p>\n
\nOn August 12, 2026, Fortitude and HeartSciences entered into a subscription agreement pursuant to which Fortitude purchased an aggregate of 411,522 shares of HeartSciences’ common stock in a private placement (the “Subscription”), at a negotiated VWAP of $2.43 per share1<\/sup>, a 22% premium to the closing price of HeartSciences’ common stock on August 12, 2026. The Subscription supports HeartSciences’ operating expenses in the period leading up to the expected closing of the Proposed Transaction and reflects Fortitude\u2019s commitment to a successful close.<\/p>\n
\nFollowing the Subscription, Fortitude owns approximately 9.4%2<\/sup> of HeartSciences’ issued and outstanding common stock. The shares issued to Fortitude in the Subscription are ordinary shares of HeartSciences’ common stock, without any additional rights or preferences. Additionally, the exchange ratio under the merger agreement relating to the Proposed Transaction is unchanged, and Fortitude will not receive any additional shares at the closing of the Proposed Transaction as a result of the Subscription. The investment is intended to strengthen the balance sheet of HeartSciences and reflects Fortitude’s continued conviction in the Proposed Transaction and its ability to close.<\/p>\n
[1] Represents the 30 trading day Volume Weighted Average Price for HeartSciences common stock through August 11, 2026.<\/i><\/p>\n
[2] The percentages reported herein are based upon HeartSciences’ outstanding shares of Common Stock as reported in the HeartSciences Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) on August 18, 2026.<\/i><\/p>\n
About Fortitude<\/b><\/p>\n
\nFortitude, currently wholly-owned by DCG, is an institutional-scale, vertically integrated venture mining platform operating across the Proof-of-Work ecosystem and anchored in Zcash. Fortitude pairs self-mining operations with an owned data center footprint, a diversified power portfolio backed by competitive long-term contracts, and disciplined capital allocation to identify and scale high-conviction opportunities in emerging Proof-of-Work ecosystems, beginning with its leadership position in the Zcash network. Fortitude is led by an experienced team of operators, capital markets professionals, and digital asset specialists with a track record of identifying and scaling high-conviction opportunities and building privacy-preserving digital asset infrastructure.<\/p>\n
\nFor more information, visit www.fortitudemining.com<\/a> and follow Fortitude on X at @FortitudeCrypto<\/a><\/p>\n
About HeartSciences<\/b><\/p>\n
\nHeartSciences is a healthcare information technology company advancing the use of ECG\/EKGs through the integration of artificial intelligence. HeartSciences\u2019 MyoVista Insights\u2122 Platform is a device-agnostic, next-generation ECG management system designed to improve clinical efficiency and decision-making. Its MyoVista wavECG device is designed to deliver conventional ECG functionality while supporting on-device AI-enabled solutions.<\/p>\n
\nFor more information, please visit: www.heartsciences.com<\/a> and follow HeartSciences on X @HeartSciences<\/a>.<\/p>\n
Cautionary Note Regarding Forward-Looking Information<\/b><\/p>\n
\nThis press release contains forward-looking statements. These forward-looking statements generally can be identified by the use of words such as \u201caim,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cdesign,\u201d \u201cplan,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cgoal,\u201d “intend,” and other words of similar meaning, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, express or implied statements relating to Fortitude and its expectations concerning the timing of the Proposed Transaction and the expectation that the Proposed Transaction will bring Fortitude to the public markets and its expectations around HeartSciences\u2019 use of proceeds from the Subscription. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements.<\/p>\n
\nThese forward-looking statements are based on management\u2019s current expectations and assumptions as of the date of this press release and are subject to a number of known and unknown risks, uncertainties, and other factors that could cause actual results to di\ufb00er materially from those expressed or implied by such statements, including, without limitation, the following: the risk that the Proposed Transaction may not be completed on the anticipated timeline or at all; the failure to satisfy the conditions to the closing of the Proposed Transaction, including obtaining the requisite approval of the HeartSciences shareholders; market, macroeconomic, or other conditions that could adversely a\ufb00ect either HeartSciences or Fortitude, or the combined company; risks related to the integration of the two companies and the management of a newly public company; risks relating to Fortitude\u2019s operations and business, including the highly volatile nature of the price of Zcash and other cryptocurrencies; and risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally. Additional factors that may cause actual results to di\ufb00er materially from those expressed or implied by the forward-looking statements in this press release are discussed in the preliminary proxy statement on Schedule 14A, filed by HeartSciences with the SEC on July 27, 2026, in connection with the Proposed Transaction, HeartSciences\u2019 2026 Annual Report on Form 10-K, filed with the SEC on July 23, 2026, and other reports filed with the SEC from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements. Each of HeartSciences and Fortitude expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. All forward-looking statements are made as of the date of this press release.<\/p>\n
Non-GAAP Financial Measures<\/b><\/p>\n
EBITDA & Adjusted EBITDA<\/i><\/b><\/p>\n
\nFortitude has presented certain financial measures in this press release that are not recognized under U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d). Specifically, Fortitude has presented \u201cEBITDA\u201d and \u201cAdjusted EBITDA\u201d (each as further described below). References to \u201cEBITDA<\/b>\u201d mean earnings before interest, taxes, depreciation and amortization and \u201cAdjusted EBITDA<\/b>\u201d means EBITDA, adjusted for non-recurring transaction related expenses, including advisory, legal, accounting, and regulatory fees, non-recurring litigation related expenses, realized gain\/losses on disposal of equipment. Fortitude uses non-GAAP measures in its operational and financial decision making and believes that such non-GAAP numbers are more representative of the performance of the business and thus instructive for its strategic planning. Specifically, with respect to Adjusted EBITDA, Fortitude believes it is useful to exclude certain items in order to allow for period-over-period comparisons on a more consistent basis and to focus on what Fortitude regards to be a more meaningful indicator for evaluating the underlying operating performance of the business. Fortitude believes that these non-GAAP financial measures, while not a substitute for GAAP financial measures, provide investors with (i) an improved ability to evaluate its underlying performance and (ii) greater transparency of the key performance metrics used by Fortitude\u2019s management with respect to operational and financial decision making. In evaluating Adjusted EBITDA, you should be aware that in the future Fortitude may incur expenses that are the same as or similar to some of the adjustments in such presentation. The non-GAAP financial measures presented herein are provided as supplemental information to Fortitude\u2019s performance measures calculated in accordance with GAAP and should not be considered in isolation or as a substitute for GAAP. Non-GAAP measures have limitations as an analytical tool. Some of these limitations are: (i) Adjusted EBITDA excludes certain transaction-related expenses, non-recurring legal expenses we have incurred, such as litigation costs and one-time accounting charges, gain\/losses on disposal of equipment (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and the cash requirements for such replacements are not reflected in Adjusted EBITDA; (iii) the omission of the amortization expense associated with Fortitude\u2019s intangible assets further limits the usefulness of Adjusted EBITDA; and (iv) Adjusted EBITDA does not include the payment of taxes, which is a necessary element of Fortitude\u2019s operations. Because of these limitations, such non-GAAP measures should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Fortitude\u2019s management compensates for these limitations by not viewing the non-GAAP measures in isolation and specifically by using other GAAP measures to measure Fortitude\u2019s operating performance. Further, non-GAAP financial measures do not have any standardized meaning prescribed under GAAP and therefore may not be comparable to other issuers. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, Fortitude\u2019s results of operations as determined in accordance with GAAP.<\/p>\n
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