Fortitude Provides Second Quarter 2026 Financial and Operating Highlights (Form 8-K)

Fortitude Provides Second Quarter 2026 Financial and Operating Highlights

Fortitude reported strong financial performance with revenue of $20.9 million and Adjusted EBITDA of $8.5 million

Continued momentum in core mining operations with approximately 33,646 ZEC mined during the quarter at an average realized hash rate of 4.0 GSol/s, with recent site and fleet expansions bringing the owned-and-operated power portfolio to 60+ MW

Fortitude purchased approximately $1,000,000 of HeartSciences common stock in a private placement, with the proposed business combination expected to close in H2 2026

FAIRPORT, N.Y.--(BUSINESS WIRE)--Fortitude 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.

"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."

"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."

Q2 Financial and Operating Highlights

Key financial and operational highlights for the quarter include:

Proposed Business Transaction

As 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.

Fortitude Investment in HeartSciences

On 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, 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's commitment to a successful close.

Following the Subscription, Fortitude owns approximately 9.4%² 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.

About Fortitude

Fortitude, 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.

For more information, visit www.fortitudemining.com and follow Fortitude on X at @FortitudeCrypto

About HeartSciences

HeartSciences is a healthcare information technology company advancing the use of ECG/EKGs through the integration of artificial intelligence. HeartSciences' MyoVista Insights™ 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.

For more information, please visit: www.heartsciences.com and follow HeartSciences on X @HeartSciences.