AVAX One Technology Ltd. (NASDAQ: AVX) reduced its convertible debt balance to approximately $970,000 as of September 30, 2026, down from a higher level earlier in the year, according to a press release issued by the company.

During the third quarter of 2026, approximately $7.1 million of convertible debentures were converted into common shares, approximately $7.4 million of debt was repaid, and $0.4 million of debt was redeemed into common shares. In total, the company eliminated more than $14.9 million in debt during the quarter.

The company also continued share repurchases during the quarter, buying back 333,500 shares as adjusted to reflect a one-for-twelve reverse stock split effected on June 15, 2026. Common shares outstanding rose to approximately 9,987,248 as of September 30, 2026, compared with approximately 7,363,270 as of June 30, 2026.

"Q3 marked another period of strong progress for AVAX One, highlighted by a significant reduction in our outstanding convertible debt and continued execution under our share repurchase program," said Pete Wylie, Interim Chief Executive Officer and Chief Operating Officer of AVAX One.

AVAX One describes itself as a digital infrastructure company that maintains a strategic Avalanche digital asset treasury, operates bitcoin mining facilities, and develops modular data centers.