v3.26.1
Organization (Tables)
 12 Months Ended
Dec. 31, 2025
Organization [Abstract]  
Schedule of Company’s Principal Subsidiaries

As of the date of this report, the details of the Company’s principal subsidiaries are as follows:

 

Entity   Date of
incorporation/
acquistion		   Place of
incorporation		   Percentage of
direct or indirect
ownership by the
Company		   Principal activities
            Direct    
            2025   2024    
Subsidiaries:                    
Finfront Holding Company (“Finfront”)    July 22, 2021   Cayman Islands   100%   100%   Investment holding
                     
Ethereal Tech Pte. Ltd. (“Ethereal Singapore”)   October 22, 2021   Singapore   100%   100%   Provision of cloud mining services
                     
Ethereal Tech US Corporation (“Ethereal US”)   December 15, 2021  

United States

(“US”)

   100%   100%   Provision of self-mining activities and mining equipment sales
                     
Ethereal Tech ME Limited   August 20, 2024   United Arab Emirates (“UAE”)   100%   100%   Provision of cloud mining services, miner hosting services and mining equipment sales
                     
Finfront Tech Company    June 28, 2024   Cayman Islands   100%   100%   Investment holding
                     
Cloudmap Tech Group Limited    June 11, 2024   Hong Kong Special Administrative Region (“HK”)   100%   100%   Provision of self-mining activities
                     
Uni-Titan LLC   February 19, 2025   US   51%   -   Provision of miner hosting services and hosting capacity leasing services
                     
Stella Aegis Limited   October 19, 2025   HK   100%   -   Dormant
Schedule of Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes the finalized allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed as of February 19, 2025:

 

   As of
February 19,
2025		 
Assets    
Cash and cash equivalents   1,135 
Accounts receivable   449 
Other receivables   2,893 
Other current assets   23 
Property and equipment   9,947 
Goodwill   4,235 
Total assets   18,682 
      
Liabilities     
Accounts payable   1,311 
Other current liabilities   31 
Total liabilities   1,342 
Net asset of Uni-Titan   17,340 
      
Minus: fair value of non-controlling interests   5,393 
Total purchase consideration   11,947 
Schedule of Pro-Forma Financial Information The following unaudited pro forma financial information summarizes the combined results of operations for the Company and Uni-Titan, as if the companies were combined as of January 1, 2024.
   Year ended December 31, 
   2025   2024 
         
Revenue   479,422    485,804 
Net income   (32,084)   59,153 
Schedule of Warrant Activity

Warrant activity during the year ended December 31, 2025 and 2024, was as follows:

 

   Number of  

Weighted Average

Exercise Share Price

  

Total Intrinsic

Value

  

Weighted Average

Remaining

Contractual Life

 
   Warrants   $   $   (in years) 
                 
Outstanding as of February 29, 2024   7,176,389*   11.50    
    -
    5.00*
Issued, exercised or cancelled   
-
    
-
    
-
    - 
Outstanding as of December 31, 2024   7,176,389    11.50    
-
    4.17 
Cancelled   (173,756)   
-
    
-
    - 
Outstanding as of December 31, 2025   7,002,633    11.05    
-
    3.17 

 

*The data have been retroactively restated to reflect the current capital structure of the Company.
Schedule of Assumptions Used in Valuing the Warrants

Following are the assumptions (Level 3 significant unobservable inputs) used in valuing the Warrants on February 29, 2024 (non-recurring basis):

 

   As of
February 29, 2024
(the Closing
Date)		 
     
Risk-free interest rate   4.26%
Remaining expected term (in years)   5.00 
Expected volatility   27.51%
Stock price on valuation date  $6.03 
Exercise price  $11.50 
Expected dividend rate   
-
%