1. Like a Newmont (NEM) or Barrick Gold (GOLD), but they 'mine' Bitcoin rather than physical gold.

2. Similar to a specialized data center operator like Equinix (EQIX) or Digital Realty Trust (DLR), but specifically focused on powering and hosting Bitcoin mining operations.

• Digital Asset Management Platform: Offers an enterprise-grade platform for institutional clients to securely manage, trade, and custody various digital assets like cryptocurrencies and NFTs.
• Web3 Infrastructure & Development Services: Provides tools and services to enable businesses to build, deploy, and integrate blockchain-based applications and decentralized technologies.
• Blockchain Advisory & Strategy: Delivers consulting services to help enterprises understand, plan, and execute their blockchain and digital asset strategies.

Empery Digital (EMPD) operates primarily as a cryptocurrency mining company. Its core business involves generating revenue by successfully mining digital assets, such as Bitcoin, from various blockchain networks. In this model, the "revenue" is derived from block rewards and transaction fees paid by the decentralized network protocol itself, rather than from traditional sales of a product or service to specific customers or client companies.

Therefore, Empery Digital does not have "major customers" in the conventional sense of companies or individuals directly purchasing its mining services or products. The company's output is newly minted cryptocurrency, which it then typically holds or sells on various cryptocurrency exchanges to monetize its operations.

However, if the question is interpreted to identify the ultimate buyers in the market where Empery Digital sells its mined digital assets, these can be broadly categorized as follows:

• Retail Investors and Individual Holders: A significant portion of cryptocurrency demand on exchanges comes from individual investors who purchase digital assets for investment, speculation, or long-term holding. These individuals access cryptocurrencies through various trading platforms.

• Institutional Investors and Funds: A growing segment of the market includes hedge funds, asset management firms, family offices, and corporations that acquire digital assets for portfolio diversification, strategic investments, or treasury management. While these are often "companies," Empery Digital typically sells into the broader market rather than directly to specific named institutional clients as "major customers" for its mining output.

• Traders and Arbitrageurs: Professional and individual traders who engage in short-term trading strategies, market making, and arbitrage across different exchanges also constitute a major segment of buyers, constantly providing liquidity and driving volume in the cryptocurrency markets.

Given the nature of its business, Empery Digital does not directly "serve" these categories of customers with its mining operations; rather, they represent the diverse participants in the global cryptocurrency market who ultimately acquire the digital assets that EMPD produces and sells.

John Kim Co-Chief Executive Officer/Director

John Kim has been the CEO of Empery Digital (formerly Volcon) since early 2024, specifically February 2024. Within one year, he reconstructed the company, cleared all its debts, launched new products, and raised capital. He is the founder of Super73 (acquired by Tiger Global) and U-Life (acquired by LG Electronics). He received his MA in Design from Stanford University.

Ryan Lane Co-Chief Executive Officer/Chairman

Ryan Lane is a founder and principal of Empery Asset Management, established in 2008, which makes negotiated direct investments in public companies. He has deployed billions of dollars in thousands of capital markets transactions over the last two decades. Empery Asset Management, on average, has generated approximately 22% net annual returns for investors in its fund. Ryan's expertise across capital structure and capital markets allows him to design and negotiate bespoke structural solutions for companies. He is also a co-founder of Empery Digital.

Greg Endo Executive Vice-President, Chief Financial Officer and Principal Accounting Officer

Greg Endo has served as Empery Digital's Chief Financial Officer since June 2021. Prior to joining the Company, he worked for over 26 years at Deloitte & Touche LLP. From August 2006 until his retirement in September 2020, he was an audit and advisory partner, advising public and private companies in the manufacturing, technology, and real estate industries. He has assisted clients with merger and acquisition transactions, equity and debt financings, IT implementations, and business process design and controls. Greg is a certified public accountant in Texas.

Tim Silver Chief Operating Officer

Tim Silver is a portfolio manager at Empery Asset Management. He is a capital markets expert with extensive experience executing direct financings across the capital structure and establishing systems and processes for reliable fund management. Previously, Tim worked in M&A and Strategic Advisory at Lazard. He received his BA from Colgate University in Mathematical Economics and his MBA from Columbia Business School.

Eduardo Salcedo-Lopez Chief Technology Officer

Eduardo Salcedo-Lopez is approaching a decade in the Powersports Industry. Since joining Empery Digital, he has led the Stag product development effort from concept to production and managed the broader Engineering department. Eduardo previously served as a product development lead for Shield Restraint Systems. He attended Purdue University where he received a Bachelor's degree in Motorsports Engineering, followed by an MS in Mechanical Engineering.

The public company Empery Digital (EMPD) faces several key risks, primarily stemming from its strategic pivot to a Bitcoin treasury company alongside its existing electric vehicle (EV) powersports business. The most significant risks include:

1. High Volatility of Bitcoin and Correlation of Stock Price: Empery Digital has adopted a Bitcoin treasury strategy, holding a substantial amount of Bitcoin. Consequently, the company's stock price is highly correlated to the inherently volatile price of Bitcoin and other cryptocurrencies. Significant fluctuations or a decline in Bitcoin's value directly impact EMPD's net asset value and overall investment appeal.
2. Unprofitable Legacy EV Business and Operational Challenges: Despite the company's pivot towards a Bitcoin treasury, its underlying EV business, specifically e-bikes, continues to be unprofitable, experiencing declining revenues and "bleeding cash". This ongoing operational unprofitability, coupled with potential liquidity challenges if Bitcoin's price underperforms, presents a substantial risk to the business.
3. Capital Impairment Risks and Potential Shareholder Dilution: Empery Digital has engaged in a leveraged share repurchase program that has been described as "poorly timed," leading to increased debt and a loss in value as both Bitcoin and EMPD shares declined. The company's strategy of opportunistically issuing equity and repurchasing shares, particularly with an unproven business model, carries the risk of further capital impairment and potential dilution for existing shareholders.

• Increased global regulatory scrutiny and potential bans or restrictions on Proof-of-Work mining in various jurisdictions.
• Accelerating pace of Bitcoin network difficulty growth, leading to compressed profit margins due to reduced Bitcoin rewards per unit of hash power.
• Increasing volatility and cost of energy, particularly clean energy, directly impacting operational expenses for energy-intensive mining operations.

Empery Digital (EMPD) operates in two primary markets: digital asset management with a focus on a Bitcoin treasury strategy, and the electric off-road powersport vehicle market.

Digital Asset Management (Bitcoin Treasury Strategy)

Empery Digital's core strategy, adopted in July 2025, is a Bitcoin treasury strategy, with the goal of becoming a leading, low-cost, capital-efficient, and globally trusted aggregator of Bitcoin. This involves actively managing digital assets through blockchain technology to accumulate Bitcoin and maximize Bitcoin per share. The company aims to operate as a global aggregator of Bitcoin. The overall cryptocurrency market, which underpins the addressable market for digital asset management with a focus on Bitcoin, is global. While a specific addressable market size for a "Bitcoin treasury strategy" is not readily available as a distinct market segment, the broader cryptocurrency market size represents the environment in which this strategy operates.

Electric Off-Road Powersport Vehicles (Empery Mobility)

Empery Digital, operating under the brand Empery Mobility, designs, develops, and sells electric off-road powersport vehicles in the United States. Their product offerings include electric two-wheeled e-bikes and motorcycles, four-wheeled utility terrain vehicles (UTVs), and golf carts, along with associated upgrades and accessories.

Due to the specialized nature of Empery Digital's Bitcoin treasury strategy and the relatively recent pivot to this focus, and given the prompt's constraints, it is not possible to provide a specific, quantifiable addressable market size for their main products or services at this time. Therefore, the market size information is null.

Empery Digital (EMPD) is undergoing a significant strategic shift, transitioning from primarily an all-electric powersports company to one focused on a Bitcoin treasury strategy, while also continuing its electric vehicle operations. The expected drivers of future revenue growth over the next 2-3 years stem from both these areas.

1. Growth in Bitcoin Holdings and Value Appreciation: Empery Digital has adopted a Bitcoin treasury strategy, aiming to become a leading, low-cost, capital-efficient, and globally trusted aggregator of Bitcoin. The company has made substantial investments, acquiring over 4,026.71 BTC for approximately $473 million as of August 2025. As a primary treasury asset, an increase in the value of Bitcoin and the expansion of its holdings are expected to drive future financial performance.
2. Expansion and Sales of Electric Powersports Vehicles (Empery Mobility): Despite the strategic focus on Bitcoin, Empery Digital continues to operate its electric powersports brand, Empery Mobility, which produces electric off-road vehicles like e-bikes, motorcycles, four-wheeled utility terrain vehicles, and golf carts. Revenue from these products, such as Brats, HF1s, MN1-Adventurers, and MN1-Tradesman, was reported in Q2 2025. Future revenue growth can be driven by increasing sales volume, expanding product lines, or entering new markets for these electric vehicles.
3. Strategic Partnerships and Collaborations in Electric Mobility: Empery Digital has engaged in strategic initiatives such as an "Asset Transfer and Strategic Equity Partnership with Venom-EV". Such partnerships could lead to new avenues for revenue generation, potentially through joint ventures, licensing agreements, or expanded distribution channels for Empery Mobility's electric vehicle offerings.

Share Repurchases

• Empery Digital has a $150 million share repurchase program.
• As of October 31, 2025, the company has repurchased 10,160,795 shares at an average price of $7.42 per share under this program.
• Approximately $76 million remains available for future repurchases as of October 31, 2025.

Share Issuance

• Empery Digital (formerly Volcon Inc.) expanded its at-the-market (ATM) equity sales to $1 billion, effective July 31, 2025, indicating flexibility for future capital raises.
• Volcon Inc. had a $27.2 million convertible senior notes offering.
• A reverse 1-for-8 stock split was completed on June 11, 2025.

Inbound Investments

• In July 2025, Volcon Inc. (now Empery Digital) received approximately $473.4 million in funding from various investors, including Empery Asset Management, FalconX, Pantera, Borderless, RK Capital Management, and Relayer Capital Lp.
• The company secured a $50 million Master Repurchase Agreement and expanded borrowing facilities, including an uncommitted revolving credit agreement for up to $75 million, primarily to fund share repurchases and its Bitcoin treasury strategy.

Outbound Investments

• Empery Digital adopted a Bitcoin treasury strategy in July 2025 and acquired approximately 4,051.90 BTC for an aggregate purchase price of around $476 million by August 18, 2025.
• On October 16, 2025, Empery Digital divested the Volcon brand (excluding its e-bike, the Brat) to Venom EV, LLC in exchange for a non-dilutable 10% equity position in Venom's reorganized Delaware corporation.

Capital Expenditures

• In the last 12 months (prior to November 2025), capital expenditures were -$261,263.
• Empery Digital, after rebranding in July 2025, shifted its business focus from electric off-road powersport vehicles to a Bitcoin treasury strategy and digital asset management, with its e-power-sports business operating under an asset-light model as Empery Mobility.