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Cathedra Bitcoin Announces Second Quarter 2025 Financial Results

Toronto, Ontario--(Newsfile Corp. - August 27, 2025) - (Block Height: 911,961) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) ("Cathedra", the "Company", "we" or "us"), a leading developer and operator of digital infrastructure assets across North America, today announces its financial results for the three months ended June 30, 2025.

Highlights

• Total revenue reached C$5.2 million.

• The Company recorded a net loss of C$4.2 million, primarily driven by an unrealized foreign exchange loss of $2.3 million, resulting from the revaluation of intercompany balances denominated in U.S. dollars to Canadian dollars. This non-cash accounting adjustment reflects currency volatility and its impact on financial obligations.

• Subsequent events:

  • Leadership Transition: Effective July 10, 2025, Joel Block was appointed Chief Executive Officer and Chairman of the Board of Directors of the Company (the "Board"), bringing extensive industry expertise and operational leadership to the Company. Concurrently, Antonin Scalia and Thomas Armstrong stepped down from their executive and Board roles, transitioning to advisory positions to support transition efforts.

  • Debt Repayment: The Company successfully prepaid its US$2.56 million loan by liquidating approximately 21.5 bitcoin, capitalizing on favorable bitcoin price appreciation at the time of liquidation. Cathedra retained approximately 28.9 bitcoin to bolster its working capital position.

  • Data Center Expansion: On July 22, 2025, Cathedra executed a long-term lease agreement to develop a new 15-megawatt (MW) data center, which management expects to increase the Company's online power capacity by approximately 50%, further enhancing its operational scale and efficiency.

  • Infrastructure Development: The Company has continued to advance its pipeline of high-potential sites, including the previously announced 10-MW center project in Tennessee, reinforcing its commitment to expanding its bitcoin mining infrastructure.

Management Commentary

"The past few months have been a pivotal period for Cathedra, as we capitalized on favorable market conditions to strengthen our financial position and advance our strategic objectives," said Joel Block, CEO of Cathedra. "We took decisive action to prepay existing indebtedness, funded by liquidation of approximately 21.5 bitcoin, which had appreciated by more than 50% since the loan's inception. The prepayment allows Cathedra to retire the debt efficiently while retaining 28.9 bitcoin to further strengthen its balance sheet. This move enhances our financial flexibility and positions us to pursue high-impact growth initiatives aimed at driving long-term shareholder value."

Block continued, "In parallel, we executed a new lease agreement to develop an additional 15 MW of power capacity, which, if successfully developed, will expand our portfolio by nearly 50%. Our experienced team quickly mobilized, starting development in August 2025 and we expect this site to be fully online by October 2025. This initiative underscores our commitment to scaling energy infrastructure to meet growing demand for bitcoin mining and hosting services. We are also refining our power strategy across the portfolio to optimize efficiency and reduce costs, ensuring Cathedra remains competitive in a dynamic market. Since my appointment, the management team has rigorously reviewed our operations, strategy, and opportunities, with a focus on building a resilient, growth-oriented company through disciplined capital management and strategic expansion."

About Cathedra

Cathedra develops and operates digital infrastructure assets across North America. The Company hosts bitcoin mining clients across its portfolio of three data centers (30 MW total) in Tennessee and Kentucky and recently developed and sold a 60-MW data center in North Dakota, a joint venture in which Cathedra held a minority interest, closing of which is anticipated to occur in the second half of 2025. Cathedra also operates a fleet of proprietary bitcoin mining machines at its own and third-party data centers, producing approximately 400 PH/s of hash rate. Cathedra is headquartered in Vancouver and its subordinate voting shares trade on the TSX Venture Exchange under the symbol CBIT and in the OTC market under the symbol CBTTF.

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Cautionary Statement

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Forward-looking information contained in this news release includes but is not limited to information concerning: the development of its new 15-MW data center, the impact of such site on the Company's online power capacity and the timing of such development; general infrastructure development; the timing and likelihood of the Company's sale of its North Dakota data center ; and other statements regarding future plans and objectives of the Company. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made. The Company has also assumed that no significant events occur outside of its normal course of business.

Additionally, these forward-looking statements may be affected by risks and uncertainties in the business of Cathedra and general market conditions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Cathedra's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Cathedra believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: an inability successfully integrate the Kungsleden business on terms which are economic or at all; a failure to realize the expected benefits of the business plan to develop and operate high-density compute infrastructure for bitcoin mining and/or other potential end markets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the potential adverse impact on the Company's profitability; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; future capital needs and the ability to complete current and future financings, as well as capital market conditions in general; volatile securities markets impacting security pricing unrelated to operating performance; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation and the costs associated with compliance; unanticipated costs; changes in market conditions impacting the average revenue per MWh; and the risks and uncertainties associated with foreign markets. Additionally, the forward-looking statements contained herein may be affected by risks and uncertainties in the business of Cathedra and general market conditions. Please see the Company's management information circular dated June 18, 2024 which is available for view the Company's SEDAR+ profile on . Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

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