HeartSciences (HSCS) Investor presentation summary

Strategic positioning and business overview

• Operates as a leading Zcash miner with vertically integrated data centers and a focus on early-stage Proof-of-Work networks, spun off from Foundry Digital in 2024.

• Maintains a lean operating footprint, prioritizing capital allocation and operational flexibility to maximize returns across market cycles.

• Holds a significant Zcash mining fleet, with ongoing expansion in power infrastructure and machine procurement to support growth.

• Backed by DCG, leveraging deep industry relationships and capital for acquisitions and next-generation equipment.

• Pursues diversified growth through venture mining, exposure to other PoW ecosystems, and power infrastructure optionality.

Market opportunity and Zcash ecosystem

• Zcash offers enhanced privacy features and quantum-resistant technology, addressing growing global demand for financial privacy.

• Recent network improvements and product launches, such as the Zodl wallet and Robinhood listing, have increased Zcash accessibility and utility.

• Zcash market cap and shielded pool balances have grown in tandem, reflecting increased token utility.

• Zcash is positioned at an inflection point similar to Bitcoin in 2013/2014, with potential for exponential value creation.

• Fortitude’s early entry and scale provide a competitive edge in a less saturated, high-growth PoW ecosystem.

Financial performance and projections

• Reported ~$90 million gross revenue and ~$20 million adjusted EBITDA for FY2025, with no debt and significant cash and digital assets held.

• Illustrative financials show operating leverage, with profitability expected to outpace Zcash price appreciation under current market conditions.

• Maintains low Zcash cash COGS per coin ($70) and targets further reductions through infrastructure investments.

• Uses non-GAAP metrics such as Adjusted EBITDA and Adjusted General & Administrative Expense for performance evaluation.

• Financial projections are based on assumptions about miner deliveries, network hashrate, and power costs, and are subject to significant risks and uncertainties.