AgriFORCE Growing Systems Ltd. (AGRI): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that has completely flipped the script. AgriFORCE Growing Systems Ltd. isn't just tinkering with Ag-Tech anymore; they've made a hard pivot into the digital asset world, making their late-2025 strategy a fascinating case study. Honestly, when you see a company commit $80,000,000 to purchase AVAX tokens and then manage a treasury holding 7,220,216.61 AVAX while still running Bitcoin mining sites generating $525,914 in Q3 2025 revenue, you know the old model is gone. This Business Model Canvas breaks down exactly how AgriFORCE Growing Systems Ltd. is now balancing a massive digital asset treasury, energy-to-compute infrastructure, and their legacy purification tech-it's a complex, high-stakes strategy you need to see clearly.

AgriFORCE Growing Systems Ltd. (AGRI) - Canvas Business Model: Key Partnerships

Avalanche Foundation for the $80,000,000 AVAX token purchase

AgriFORCE Growing Systems Ltd. has executed a significant digital asset acquisition as part of its pivot to an Avalanche-focused entity, AVAX One.

Shareholder approval for the transaction was obtained with over 95% of voted shares in favor.

MOU with VASU International Payment Solutions for fintech integration

AgriFORCE Growing Systems Ltd. entered into a Memorandum of Understanding to integrate regulated payment services.

The partnership is designed to enable BTC-to-fiat conversion and cross-border payout capabilities.

Energy and gas suppliers for low-cost, off-grid natural gas power

The strategy involves securing low-cost energy for compute infrastructure, including partnerships for gas-to-power units.

• Strategic partnership with BlueFlare Energy™ Solutions Inc.
• Access to over 50 MW of secured natural gas across multiple sites in Alberta.
• BlueFlare Energy agreement secured energy cost at $0.045/kWh under a three-year term for a 4 MW installation.
• Alberta (Sturgeon Project): 1MW facility with a locked-in 3-year GSA at USD $0.04/kWh plus hosting at CAD $0.01/kWh.
• Ohio (Bald Eagle Project): 2MW and 3MW locations with a locked-in 2-year GSA and hosting at USD $0.04/kWh.
• Target hash power of 1 EH/s by Q1 2026.

UK-based distribution partner for European Radical Clean Solutions (RCS) sales

The Radical Clean Solutions (RCS) division, acquired in August 2024, utilizes this partner for European market penetration.

• Successful delivery of initial units from a major European purchase order in 2025.
• Units shipped to customers via the UK-based distribution partner.

AgriFORCE Growing Systems Ltd. (AGRI) - Canvas Business Model: Key Activities

Managing the 7.22 million AVAX digital asset treasury.

AgriFORCE Growing Systems Ltd. obtained shareholder approval on or about October 27, 2025, to complete a transaction supporting its transformation into a company focused on maximizing ownership of AVAX, the native token of the Avalanche network. The company plans to rebrand to AVAX One following the transaction close on or about October 30, 2025. The goal of the digital asset treasury strategy is to own more than $700 million worth of AVAX tokens. This strategy is backed by an anticipated successfully raised and shareholder-approved approximately $300 million Private Investment in Public Equity (PIPE). Further near-term capital raising activities aim to raise up to an additional $250 million through various measures.

Operating and scaling Bitcoin mining sites in Alberta and Ohio.

AgriFORCE Growing Systems Ltd. has deployed approximately 6 MW across its Alberta and Ohio sites, with exclusive access to over 50 MW of natural gas and potential expansion exceeding 100 MW. The company aims to increase its hash rate to 0.5 EH/s by the end of 2025. As of May 6, 2025, the company had successfully mined over five Bitcoin, generating nearly $500,000 in revenue in less than six months. By June 18, 2025, AgriFORCE had mined 7 BTC, valued at approximately $735,000 at that time. The Alberta facility alone contributes a hash rate of 33.62 PH/s. Following the installation of 500 S19j Pro Antminers at the second Ohio facility by May 9, 2025, the combined hash rate across all three facilities is estimated to reach 166.62 PH/s.

Here's a look at the specific hardware deployed at the Alberta site:

Deploying modular gas-to-power compute infrastructure.

The Berwyn, Alberta site, commissioned on June 17, 2025, is fully operational with a 425 kW BlueFlare Energy module actively generating Bitcoin daily. This deployment model focuses on converting stranded natural gas to computing power in weeks. The infrastructure is designed to be available for mining, AI computations, and other tasks.

Manufacturing and fulfilling orders for Radical Clean Solutions (RCS) units.

The Radical Clean Solutions (RCS) division, acquired in August 2024, saw the successful delivery of initial units from a major European purchase order in 2025. The company received its first two purchase orders from the Caribbean Basin for deployments in Barbados and St. Lucia. A new distribution agreement in South America was announced in March 2025. However, Radical Clean Solutions Ltd. formally terminated its asset purchase agreement with AgriFORCE Growing Systems Ltd. in May 2025.

Key financial data for the three months ending September 30, 2025, includes:

• Revenue: $525,914.
• Net Loss: $8.35 million.
• Total Assets: $16.50 million.
• Negative Cash Flow from Operating Activities: $2.33 million.

AgriFORCE Growing Systems Ltd. (AGRI) - Canvas Business Model: Key Resources

You're looking at the core assets AgriFORCE Growing Systems Ltd. (AGRI) is relying on to execute its strategy as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting the company's pivot.

The digital asset treasury, following the strategic shift and rebranding to AVAX One Technology Ltd., is now centered on the Avalanche ecosystem. As of November 23, 2025, the treasury holdings reached over 13.8 Million AVAX tokens. This accumulation is part of a larger goal to build a significant treasury in the native token of the Avalanche network.

The compute infrastructure, managed under the TerraHash Digital division, is a significant physical asset. AgriFORCE Growing Systems Ltd. currently operates three mining campuses across Alberta and Ohio, which collectively deliver roughly 6 MW of compute capacity. This capacity is strategically powered by natural gas systems, leveraging stranded energy sources.

Cost control for this energy-intensive operation is secured through long-term contracts. Specifically, the Ohio sites have locked-in 2-year Gas Supply Agreements (GSA) and hosting services at USD $\$0.04/\text{kWh}$. The Alberta facility also benefits from a locked-in GSA at USD $\$0.04/\text{kWh}$, though for a 3-year term, with an additional hosting service cost of CAD $\$0.01/\text{kWh}$.

The agricultural technology side of the business is anchored by proprietary Intellectual Property (IP). AgriFORCE Growing Systems Ltd. completed the acquisition of the IP from Manna Nutritional Group (MNG), which covers patent-pending technologies for naturally processing grain, pulses, and root vegetables. This IP underpins the un(Think) Food brand, aiming to produce low-starch, high-protein baking flour products, among others.

Here's a quick look at the quantifiable, hard assets driving the business:

To be defintely clear on the operational scale, consider the breakdown of the compute assets:

• The Alberta facility (Sturgeon Project) operates a 1MW facility.
• The Ohio sites (Bald Eagle Project) leverage onsite generators for 2MW and 3MW capacity across two locations.
• The combined operational capacity across all sites is approximately 6 MW.
• The company is targeting a hash rate of 1 EH/s by the end of Q1 2026.

The IP asset is critical for the legacy AgTech segment, which is intended to continue operating alongside the new digital asset focus. The MNG flour testing showed a product with over 30 times the fiber and 3 times the protein compared to conventional flour, with over 80% less starch.

Finance: review the current market value of the 13.8 Million AVAX holding against the $\$700$ Million target by end of Q4 2025.

AgriFORCE Growing Systems Ltd. (AGRI) - Canvas Business Model: Value Propositions

You're looking at the core value AgriFORCE Growing Systems Ltd. (AGRI), now transitioning to AVAX One Technology Ltd. (AVX) as of November 2025, offers its stakeholders. It's a pivot from pure Ag-Tech to an energy-first digital asset platform.

Direct, professionally-managed exposure to the Avalanche (AVAX) ecosystem.

This proposition is now crystallized under the new corporate identity. The company aims to be the premier institutional gateway to the onchain financial economy powered by the Avalanche blockchain network. The treasury strategy is a key component of this value delivery.

• AVAX One Technology Ltd. (AVX) treasury holdings reached over 13.8 Million AVAX as of November 23, 2025.
• The company announced authorization for a $40 Million Share Repurchase program in November 2025.

Converting stranded natural gas into energy-efficient, high-performance compute.

This is the engine driving the new strategy, monetizing energy resources that would otherwise be underutilized. The value is in securing energy to fuel digital capabilities, including Bitcoin mining, AI, and edge computing.

Here's the quick math on their current compute footprint as of their June 2025 strategy announcement:

The Q3 2025 revenue, which saw a substantial increase to $525,914 compared to $0 in Q3 2024, is partially attributed to these crypto asset production operations.

Integrated, sustainable data centers reusing waste heat for agriculture.

The long-term vision connects the digital infrastructure back to the original Ag-Tech focus. The company plans to integrate Bitcoin mining solutions with agricultural operations to reduce environmental impact. The acquisition of the Ohio facility on January 17, 2025, for $4.55 million, which included 900 S-19 J Pro Antminers, is part of building out this infrastructure.

• The Ohio facility purchased was a five MW Bitcoin mining facility.
• The company is focused on developing its intellectual property to provide the best solutions to help drive sustainable crops.

Advanced air and surface purification technology (Radical Clean Solutions).

This segment represents the core intellectual property development aspect of the original AgriFORCE™ Brands Division, focusing on plant-based ingredients like Awakened Flour™ and Awakened Grains™. While specific 2025 revenue figures for this division aren't explicitly broken out against the crypto revenue, the company continues to produce multi-ton batches of germinated grains.

The company's overall Net Loss for the three months ending September 30, 2025, was $8.35 million.

AgriFORCE Growing Systems Ltd. (AGRI) - Canvas Business Model: Customer Relationships

You're looking at a company that has fundamentally redefined its customer base through a major strategic pivot, so the relationships are now heavily weighted toward the capital markets.

Investor relations focused on the AVAX One digital asset narrative.

The core relationship is now with public market investors seeking regulated exposure to the Avalanche (AVAX) ecosystem. This is underpinned by a massive capital raise strategy announced on September 22, 2025, which involved a rebranding from AgriFORCE Growing Systems Ltd. (AGRI) to AVAX One Technology Ltd. (ticker AVX effective November 13, 2025).

The relationship is built on the promise of maximizing AVAX ownership per share, with the company aiming to accumulate up to $700 million worth of AVAX tokens. This strategy was validated by shareholder approval on October 27, 2025, for the initial funding component.

Key figures defining this relationship include:

• Planned total capital raise target: $550 million.
• Successfully closed Private Investment in Public Equity (PIPE) amount: $300 million.
• Additional near-term capital initiatives planned: up to $250 million.
• Staked assets securing the Avalanche network: more than $6.9 billion as of November 2025.

The company is positioning itself as the first NASDAQ-listed vehicle for this exposure, advised by figures associated with SkyBridge Capital and Coinbase Institutional.

Direct engagement with institutional finance and energy stakeholders.

Engagement with institutional finance is now centered on the digital asset strategy, though prior relationships in the energy/Ag-Tech space may inform the transition. The successful $300 million PIPE was led by Hivemind Capital. The advisory board includes veterans from Citi, Mastercard, and BlackRock.

Historical institutional involvement, prior to the full pivot, showed smaller positions:

The company's previous business involved energy-led technology through its TerraHash Digital division, building decentralized compute platforms powered by mobile, off-grid, natural gas systems.

Account management for large-scale RCS commercial/industrial clients.

The focus on large-scale RCS (Reusable Container System) commercial/industrial clients appears secondary to the digital asset strategy, though the legacy business continues to generate some revenue. The Q3 2025 revenue was reported at $525,914, which is an increase from $0 in Q3 2024. The Q2 2025 revenue was $0.45 million. This revenue increase is attributed to the sale of hydroxyl generating devices and digital assets from crypto asset production operations.

The company's total assets stood at $16.50 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

AgriFORCE Growing Systems Ltd. (AGRI) - Canvas Business Model: Channels

You're looking at how AgriFORCE Growing Systems Ltd. (AGRI), which is transitioning to AVAX One Technology Ltd. (AVX) as of November 2025, gets its offerings to market and secures capital.

Public Equity Investment Channel

The primary channel for public equity investment remains the NASDAQ Capital Market, trading under the ticker AGRI, with an announced corporate name change to AVAX One Technology Ltd. (NASDAQ: AVX) around November 12, 2025. This channel facilitated a significant capital raise through a Private Investment in Public Equity (PIPE) financing, which closed on November 5, 2025. Shareholders approved this transaction at the Annual Meeting on October 27, 2025. The PIPE financing raised approximately $300 million. Also, as of October 21, 2025, the company had 4,128,089 common shares issued and outstanding, and on the same date, entered a sales agreement allowing for the sale of common stock up to an aggregate offering price of $3,457,461.

The new digital asset treasury strategy also uses the public market access channel to provide investor exposure, with Treasury Holdings reaching over 13.8 Million AVAX tokens as of November 23, 2025.

International Distribution for Radical Clean Solutions (RCS) Units

Distribution for the Radical Clean Solutions (RCS) division units relies on established and developing international partnerships. Initial units from a major European purchase order were successfully delivered in 2025 through the company's UK-based distribution partner, establishing a foothold in Europe. The company also secured its first two purchase orders from the Caribbean Basin, one being a consignment order for deployment in Barbados and St. Lucia. Furthermore, a new distribution agreement was signed in South America, accompanied by the first purchase order for delivery there. The RCS division is actively expanding its market reach across Western Europe, Latin America, the Caribbean Basin and the Middle East. For sales into Mexico, the company continues to utilize its distributor, Commercializadora DESICO.

• UK-based distribution partner for European shipments.
• First two purchase orders received from the Caribbean Basin.
• Deployment planned in Barbados and St. Lucia.
• New distribution agreement signed in South America.
• Expansion interest noted in the Middle East.

Digital Infrastructure and Payment Gateway Access

The channel for future payment gateway infrastructure is being established through a strategic investment. AgriFORCE Growing Systems Ltd. entered a Memorandum of Understanding (MOU) to acquire a 4.49% minority equity stake in VASU International Payment Solutions Inc. This transaction, expected to close in early September 2025, was valued at $381,650 in cash and $740,850 in AgriFORCE stock, totaling $1.12 million. VASU is a Philippines-based Global Payment Services Provider holding an Operator of a Payment System (OPS) Registration. This move is intended to provide access to stablecoin-based payments infrastructure, including capabilities supporting dollar-pegged digital instruments, aligning with the recently signed GENIUS Act.

The direct sales force channel, historically used for large-scale digital infrastructure contracts, is now pivoting to support the digital finance ecosystem expansion facilitated by the VASU relationship. The company's prior focus included sales into the Mexican poultry industry via Commercializadora DESICO for Clean System solutions.

AgriFORCE Growing Systems Ltd. (AGRI) - Canvas Business Model: Customer Segments

You're looking at the customer base for AgriFORCE Growing Systems Ltd. as of late 2025, which, honestly, has seen a significant strategic shift toward digital assets, even as legacy clean technology segments remain active. The data reflects this pivot, so we'll look at the numbers driving each group.

Public market investors seeking pure-play Avalanche (AVAX) token exposure.

This segment is now central, following the corporate name change to AVAX One Technology Ltd. (AVX) around November 2025. You are targeting public market participants looking for a regulated gateway to the onchain economy via the Avalanche blockchain network.

• Treasury Holdings: Reached over 13.8 Million AVAX as of November 23, 2025.
• Strategy: Focus on AVAX accumulation and onchain yield to compound long-term value.

Institutional investors focused on digital asset and clean energy infrastructure.

This group is interested in the infrastructure that powers the digital asset strategy, specifically leveraging energy resources. The model inverts traditional development by converting stranded gas into compute power.

Here's a breakdown of the compute infrastructure supporting this segment:

Commercial and industrial clients requiring air/surface purification (RCS).

The Radical Clean Solutions (RCS) division continues to target clients needing air and surface purification using patent-pending hydroxyl generation systems. This technology is proven to eliminate 99.99+% of all major pathogens, viruses, mold, and volatile organic compounds (VOCs). While the digital pivot is clear, the RCS expansion into new geographies is still happening.

• Recent Sales Activity (March 2025): Secured first purchase orders in the Caribbean (Barbados and St. Lucia) and signed a new distribution agreement in South America.
• Revenue (9 months ended September 30, 2024): Generated $41,315 from the sale of RCS devices.
• Target Verticals: Healthcare, education, commercial business, storage facilities, and hospitality.

Energy companies with underutilized or stranded natural gas assets.

This group is an indirect customer/partner, as AgriFORCE Growing Systems Ltd. (AGRI) actively seeks to use their underutilized or stranded natural gas assets to power its modular compute environments. The model focuses on repurposing waste energy from flare gas-powered generators.

• Secured Resource: Access to over 50 MW of secured natural gas capacity across multiple sites in Alberta is a key resource for this strategy.
• Operational Agreements: Locked-in Gas Supply Agreements (GSA) are in place for operational sites, such as the 2-year GSA in Ohio and the 3-year GSA in Alberta, both tied to a rate of USD $0.04/kWh.

AgriFORCE Growing Systems Ltd. (AGRI) - Canvas Business Model: Cost Structure

You're looking at the cost side of the AgriFORCE Growing Systems Ltd. (AGRI) model as of late 2025, and honestly, the numbers show a company in a massive transition, shifting from Ag-Tech to a crypto-focused entity. The costs reflect this pivot heavily.

The overall operational burn rate is quite high. For the three months ending September 30, 2025, the company reported operating expenses totaling $9.510 million. This is a defintely significant outlay given the revenue picture for that period.

A major component of the capital structure involves the strategic shift announced in September 2025. AgriFORCE Growing Systems Ltd. plans to rebrand as AVAX One and pursue a substantial capital raise strategy. The plan is to raise approximately $550 million through a combination of a private investment in public equity (PIPE) of about $300 million and up to an additional $250 million through equity-linked instruments. The stated goal of this capital outlay is to build a treasury of more than $700 million worth of AVAX tokens.

When we look at the direct costs tied to the revenue-generating activities, specifically mining and RCS (presumably related to their existing business lines), the Cost of Revenue (CoR) for Q3 2025 was $282.3K. This is a key metric to watch against the new crypto-related revenue streams.

The corporate overhead, which includes General and Administrative (G&A) costs, is tied up in supporting the existing business and the massive corporate rebranding and restructuring efforts. While a specific Q3 2025 G&A figure isn't explicitly broken out in the same report as the total operating expenses, historical Selling, General & Administrative (SG&A) expenses for the Trailing Twelve Months (TTM) ending June 30, 2025, stood at $4.53 million. You need to keep an eye on how much of the total operating expense is being consumed by these corporate functions versus direct operational costs.

Here's a quick look at the key cost components we can pull from the latest available financial statements around that period:

The cost structure is clearly dominated by operating expenses, which you can see are significantly higher than the reported revenue for the quarter. The planned capital raise is intended to fund a massive asset acquisition, which will shift the balance sheet costs significantly toward investment holdings rather than traditional operating costs, though the existing business costs remain.

• High operating expenses in Q3 2025: $9.510 million.
• Cost of Revenue for mining/RCS: $282.3K in Q3 2025.
• Planned capital raise to acquire AVAX tokens: $550 million.
• Target AVAX treasury size: Over $700 million.
• G&A context: SG&A for TTM ending June 2025 was $4.53 million.

Finance: draft 13-week cash view by Friday.

AgriFORCE Growing Systems Ltd. (AGRI) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for AgriFORCE Growing Systems Ltd. as of late 2025, and honestly, the story is all about a major pivot. The numbers we have right now clearly show where the immediate cash is coming from, even as they set up the next big things.

The most concrete revenue stream right now is definitely from the digital asset side. For the three months ending September 30, 2025, AgriFORCE Growing Systems Ltd. reported total revenues of \$525,914. This surge is directly attributed to their investments in sustainable Bitcoin mining, which has started generating results. This mining operation, converting natural gas into high-performance compute solutions, is the current engine driving top-line numbers.

Here's a quick look at the financial context surrounding this revenue:

Beyond the immediate mining revenue, the business model anticipates income from other areas, though specific 2025 revenue figures aren't detailed for these yet. You should track these as potential future drivers:

• Sales of Radical Clean Solutions (RCS) purification units to commercial clients.
• Potential revenue from future AI and edge computing hosting services.

The company is actively building out the infrastructure for that compute power, aiming to expand its infrastructure to support AI and edge computing. This is part of their tri-pillar growth strategy, which also includes the Bitcoin treasury development. To fund this, they secured significant capital through financing activities. The successful closing of a PIPE Financing, approved for approximately \$300 million, marks a major cash influx. Plus, they have an active sales agreement in place to offer and sell common stock for up to \$3,457,461. It's clear they are using equity markets to fuel this transition.

Finance: draft 13-week cash view by Friday.