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Here are 1-3 brief analogies for TaoWeave (TWAV):

• A Charles Schwab for the Hong Kong market.
• Similar to a Fidelity Investments, but primarily serving clients in Hong Kong.
• A Raymond James focused on diversified financial services for the Hong Kong market.

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• Yarn: TaoWeave produces various types of spun yarns, serving as fundamental raw materials for further textile manufacturing.
• Fabric: The company manufactures a diverse range of fabrics, including woven, knitted, and functional textiles for apparel and industrial applications.
• Garments: TaoWeave produces finished apparel and clothing products, often specializing in functional wear and uniforms.

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Major Customers of TaoWeave (TWAV)

TaoWeave (TWAV) primarily operates on a business-to-business (B2B) model, providing comprehensive enterprise resource planning (ERP) systems, e-commerce solutions, cloud services, and various other IT and digital transformation services.

Its major customers are predominantly companies within the Formosa Plastics Group, a large Taiwanese conglomerate. As a part of this group, TaoWeave serves these entities by developing and implementing their digital infrastructure and operational technology needs. While TaoWeave also aims to expand its client base to other external enterprises, particularly in the manufacturing, healthcare, and retail sectors, the most significant and consistently identifiable major customers are the constituent companies of its parent group.

The major customer companies that benefit from TaoWeave's solutions include:

• Formosa Plastics Corporation (TWSE: 1301)
• Nan Ya Plastics Corporation (TWSE: 1303)
• Formosa Chemicals & Fibre Corporation (TWSE: 1326)
• Formosa Petrochemical Corporation (TWSE: 6505)

These companies are key industrial players within Taiwan and represent the core business for TaoWeave's enterprise solutions and IT services.

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Peter Holst, Chief Executive Officer, President and Director

Peter Holst has over 28 years of experience in the collaboration and communications industry. He has served as CEO of Oblong Inc. (now TaoWeave, Inc.) since January 2013. Prior to joining Oblong, Mr. Holst was the CEO of Affinity VideoNet. He also served as the President and Chief Operating Officer of Raindance Communications, where he oversaw its sale to West Corporation in 2006. Earlier in his career, he held roles at LyncStar Communications and AutoSkill International.

David C. Clark, Chief Financial Officer, Treasurer, Principal Accounting Officer and Corporate Secretary

David C. Clark brings over 25 years of experience in finance and accounting. He joined Oblong Inc. (now TaoWeave, Inc.) as CFO in 2013. His previous roles include serving as acting CFO and VP Finance at Allos Therapeutics, where he was part of the management team that transitioned the company to a commercial stage and led four public equity offerings raising over $270 million. Mr. Clark also served as CFO and VP Finance at Seurat Company (formerly XOR Inc.), which was acquired by Fair Isaac Corp. in 2003. He began his career as an Audit Manager at PwC and also served as CFO, Secretary & Treasurer at Affinity VideoNet, Inc.

Sam Moore, SVP IT & Operations

Sam Moore supports the IT and Operations Teams at TaoWeave. Before joining Oblong (now TaoWeave), he was the VP of IT for Intrado, where he led Global IT Operations, NOC, and Incident Command functions. Mr. Moore was also an early employee, investor, and key contributor at Raindance Communications, bringing over 20 years of leadership experience in deploying and optimizing IT infrastructure.

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1. Volatility of Digital Assets and Exposure to the Decentralized AI Sector
   TaoWeave's business model is built around its exclusive dedication to Bittensor (TAO) tokens, a digital asset within a decentralized network for machine intelligence. The company's strategy involves acquiring, securely holding, and staking TAO tokens to provide investors with exposure to the Bittensor ecosystem and the decentralized AI sector. Consequently, the value of TaoWeave's treasury and its overall financial performance are directly and significantly exposed to the inherent volatility of digital asset prices and the evolving dynamics and uncertainties of the decentralized AI market.
2. Exposure to International Trade Tariffs and Global Supply Chain Dependencies
   TaoWeave has been assessed with an "Average Resilient" Tariff Resilience Score of 5 out of 10, indicating a moderate vulnerability to international trade tariffs. The company's technology products depend on global supply chains, making it susceptible to the impacts of tariff changes, which have affected the company in the past. While TaoWeave has some pricing power and alternative supplier strategies, industry-specific exemptions are limited, posing a continuous risk due to global supply chain dependencies and the balance of imports and exports.

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The addressable markets for TaoWeave's (TWAV) main products or services are within the decentralized artificial intelligence (AI) and blockchain AI sectors.

TaoWeave, Inc. has recently transitioned its business to operate as a digital asset treasury company solely focused on Bittensor (TAO), a decentralized network for machine intelligence. The company aims to provide public equity investors with regulated, exchange-traded exposure to the Bittensor ecosystem and the broader decentralized AI sector through its strategy of acquiring, holding, and staking TAO tokens.

Estimates for the addressable markets related to this focus include:

• The global market for AI-focused cryptocurrencies, including Bittensor, is projected by one analyst to reach a valuation of $1.8 trillion by 2025. This growth is attributed to the increasing synergy between blockchain and AI.
• The global blockchain AI market size was valued at USD 550.70 million in 2024 and is anticipated to grow to approximately USD 4,338.66 million by 2034, demonstrating a compound annual growth rate (CAGR) of 22.93% (global).
• Another report estimates the global blockchain AI market to be valued at USD 0.7 billion in 2025, with a projection to reach USD 5.2 billion by 2035, growing at a CAGR of 22.9% (global).
• Specifically for North America, the blockchain AI market size was USD 286.36 million in 2024 and is expected to reach around USD 2277.80 million by 2034, with a CAGR of 23.04%.
• Within the United States, the blockchain AI market size was USD 200.45 million in 2024 and is projected to grow to approximately USD 1609.64 million by 2034, at a CAGR of 23.16%.

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For TaoWeave (TWAV), a public company that has recently pivoted to a digital asset treasury strategy exclusively focused on Bittensor (TAO) tokens, the expected drivers of future revenue growth over the next 2-3 years are intrinsically linked to the performance and expansion of the Bittensor ecosystem.

1. Appreciation of TAO Token Value: TaoWeave's core strategy involves acquiring and holding Bittensor (TAO) tokens as its primary reserve asset. Consequently, an increase in the market price of TAO tokens would directly contribute to the company's asset value and, by extension, its revenue through potential sales or reported gains on its digital asset holdings. The upcoming TAO halving, expected around December 14, 2025, which will reduce daily token emissions, is anticipated to be a positive catalyst for TAO's price due to increased scarcity.
2. Revenue Generation from Staking TAO Tokens: TaoWeave actively stakes its TAO token holdings. Staking allows token holders to earn rewards for validating transactions on the Bittensor blockchain network, effectively generating a yield on their digital assets. As TaoWeave continues to increase its TAO holdings, as evidenced by its recent increase to 24,382 tokens, the revenue generated from staking rewards is expected to grow.
3. Growth and Adoption of the Bittensor Decentralized AI Ecosystem: TaoWeave provides investors with exposure to the Bittensor ecosystem and the emerging decentralized AI sector. The overall growth, utility, and adoption of Bittensor's decentralized network for machine intelligence, including the successful development and expansion of its various subnets, will drive demand for TAO. This broader ecosystem growth is a fundamental driver for both the value of TAO and the potential for increased staking rewards.
4. Expansion into New Decentralized AI Applications and Subnets: The Bittensor network operates as a decentralized network of subnets, each serving as an incentive-driven AI marketplace with various applications, from natural language processing to decentralized GPU rental. The introduction of "Dynamic TAO" has enabled subnets to become directly investible, leading to a substantial expansion of their total market capitalization. As new, successful decentralized AI applications and subnets emerge and gain traction within the Bittensor ecosystem, it could further enhance the value and utility of TAO, benefiting TaoWeave's holdings and staking revenue.

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Share Repurchases

• TaoWeave, then Oblong, Inc., announced an authorization of a stock buyback program on April 22, 2025.
• A tranche update on this equity buyback plan was noted on August 14, 2025.

Share Issuance

• TaoWeave's net issuance of preferred stock for the trailing twelve months ended in September 2025 was $0.00 million, indicating no net issuance or buyback of preferred shares during that period.

Inbound Investments

• On June 6, 2025, Oblong (now TaoWeave) secured $7.5 million in funding directed towards AI-driven ventures.

Outbound Investments

• TaoWeave's core strategy, adopted in June 2025, centers on acquiring, securely holding, and staking Bittensor (TAO) tokens as its primary treasury reserve asset.
• As of November 12, 2025, TaoWeave reported holdings of 21,943 TAO tokens, with an estimated market value of approximately $8.0 million.
• Over the 30 days leading up to December 10, 2025, TaoWeave increased its TAO holdings to 24,382 tokens, reflecting a continued focus on its TAO-exclusive treasury strategy.
• Prior to this, Oblong, Inc. deployed $8 million in fully staked TAO to capitalize on the decentralized AI surge and expanded its Bittensor holdings with a $1.65 million acquisition on July 15, 2025.