Xtao Inc. · TSXV:XTAO.U
Xtao — Investor Presentation (2026)
35 slides from Xtao's investor presentation, 2026
Slide 1: Investor deck Winter 2026
Investor deck Winter 2026 TSXV: XTAO.U · OTC: XTAIF
Slide 2: Important notice
Important notice This presentation is for information purposes only and is not an offer to sell, or a solicitation of an offer to buy, any securities. It contains forward-looking information, which is subject to risks and assumptions that could cause actual results to differ materially, and non-IFRS
Slide 3: Contents
Contents 1 The business 2 The network 3 Our team 4 Disclaimer and appendices
Slide 4: Karia Samaroo, Founder & CEO message
“We believe AI should be open. It is becoming the infrastructure the world runs on, and today a handful of companies decide who can use it and how. Bittensor is the strongest answer we have seen: an open network where anyone can contribute intelligence, anyone can use it, and the best work is reward
Slide 5: xTAO in brief
xTAO in brief LEADING VALIDATOR · STAKING YIELD Q1 FY2027 REVENUE REVENUE ÷ OPERATING EXPENSES* TAO OWNED 8.0% † US$321K 2.7x ~63,242 τ Annualized, Q1 FY2027 Quarter ended June 30, 2026 1.8x on reported operating expenses As of Sept 25, 2026 Nominators on our validator 554 Custody BitGo Valuation 0.
Slide 6: The business
XTRo The business
Slide 7: Our priorities
Our priorities 1 Operate a best-in-class validator Infrastructure, security, uptime and yield versus peers. 2 Grow stake behind the validator More TAO staked through our validator, compounding with rewards. 3 Keep a liquidity reserve US$3.97M in cash, short-term investments and stablecoins at June 3
Slide 8: How xTAO makes money
How xTAO makes money 1 2 3 4 Stake Validate Earn Deploy Our ~63,242 TAO is staked through our own We run a validator that evaluates all 256 Our validator earns staking revenue in TAO, Fund operations, grow stake, and buy back validator. subnets, and stake our TAO on Bittensor’s continuously. shares
Slide 9: Our revenue covers operating costs 2.7x
Our revenue covers operating costs 2.7x Q1 FY2027 revenue of US$321K against US$121K of operating expenses.* *Q1 FY2027: quarter ended June 30, 2026. Operating expenses exclude US$53,532 of non-cash share-based compensation (US$174,628 as reported). Revenue is staking revenue earned in TAO, valued w
Slide 10: Our TAO holdings have grown >6x since March 2025
Our TAO holdings have grown >6x since March 2025 TAO OWNED BY XTAO CUMULATIVE REVENUE SINCE INCEPTION 60,260 63,242 US$1.25M Through June 30, 2026 41,538 10,032 MAR 2025 → JUN 2026, BY QUARTER MAR 25 AUG 25 DEC 25 MAR 26 JUN 26 SEP 26 Holdings: quarterly MD&A digital-asset tables (Mar 31, 2025; Sept
Slide 11: Annual staking revenue across yield and price scenarios
Annual staking revenue across yield and price scenarios YIELD \ PRICE $175 ~$275 (OCT 9) $375 $575 TAO OWNED ~63,242 τ 5% $0.55M $0.87M $1.19M $1.82M × LAST-QUARTER YIELD, ANNUALIZED* 6% $0.66M $1.04M $1.42M $2.18M 8.0% = TAO EARNED PER YEAR 7% $0.77M $1.22M $1.66M $2.55M ~5,060 τ 8%* $0.89M $1.39M
Slide 12: We believe xTAO is the best way to own TAO
We believe xTAO is the best way to own TAO TAO Synergies TaoWeave Grayscale Trust TAO directly NASDAQ NASDAQ OTCQX TRUST CRYPTO EXCHANGES TSXV · OTC VALUATION VALUATION VALUATION VALUATION VALUATION 0.82x 1.64x 0.81x 1.28x — EV / TAO EV / TAO EV / TAO Price / NAV, a 28% premium Direct exposure QUART
Slide 13: xTAO leads on adjusted operating margin
xTAO leads on adjusted operating margin COMPANY · ASSET ADJ. OPERATING MARGIN* CASH FLOW INCL. TOKEN CAPITAL STRUCTURE AND OBLIGATIONS INCOME* TAO-focused companies xTAO TAO +49.8% +US$0.16M No debt; no preferred shares. 28.6M common shares, 9.5M pre-funded warrants and 1.9M options at US$1.00 (out
Slide 14: Public TAO companies: potential dilution
Public TAO companies: potential dilution Historical scenario as at June 30, 2026 — assumes full exercise and conversion. xTAO A 1% holder would own 0.95%. +4.9% Options only, all out of the money. TAO Synergies A 1% holder could fall to 0.55%. +81.9% Convertible preferred, warrants and options. TaoW
Slide 15: A clean capital structure
A clean capital structure 38,031,285 common-equivalent shares, including pre-funded warrants. No debt. No preferred shares. Common, freely trading Common, founder lock-up Pre-funded warrants Common shares outstanding 28,552,195 COMMON-EQUIVALENT EQUITY VALUE Pre-funded warrants (convert automaticall
Slide 16: Designed for market cycles
Designed for market cycles 1 Capital & liquidity 2 Technology & custody 3 Regulatory US$3.97M in cash, short-term investments and Assets held with BitGo, a qualified custodian. Our Executive team and board experienced in digital assets, stablecoins at June 30, 2026, against quarterly cash validator
Slide 17: The network
The network
Slide 18: Jacob Steeves, Co-founder of Bittensor, statement
“We built Bittensor because ownership of AI should not be concentrated in the hands of a few companies. The technology inherent to machine learning is imitation — it reflects the people and incentives behind it, which is why it’s critical that networks like ours remain open, permissionless, and dece
Slide 19: Why decentralized AI, why now
Why decentralized AI, why now 1 2 3 4 Compute requirements are Hosted access is provider- Open-weight models have Bittensor is earning revenue rising controlled advanced An estimated US$50M+ in annualized Frontier-model training compute has Anthropic expanded regional restrictions in DeepSeek R1 (MI
Slide 20: An open network where AI models compete, get scored, and earn
An open network where AI models compete, get scored, and earn HOW IT WORKS Subnets Miners Validators TAO Markets that each produce one kind of AI: Independent operators who compete to The judges who score the work. xTAO The asset the network issues to reward coding, inference, data and more. supply
Slide 21: Barry Silbert quote on decentralized ownership of intelligence
“Just like the early days of Bitcoin, which fueled the development of a new form of transparent, borderless money, we’re moving from the digital ownership of assets to the decentralized ownership of intelligence.” Barry Silbert Founder & CEO, Digital Currency Group Source: DCG press release announci
Slide 22: Scarce by design
Scarce by design MAX SUPPLY HALVING CYCLE FIRST HALVING ISSUED STAKED 21M Same cap as Bitcoin ~4 yrs Issuance halves over time Dec 2025 ~7,200 → ~3,600 TAO / day 11.61M 11,608,546 TAO · Oct 11, 2026 ~64% Of issued TAO Staked Issued, not staked Not yet issued Shrinking new issuance Rewards for useful
Slide 23: US$50M+ estimated annualized subnet revenue
US$50M+ estimated annualized subnet revenue More than 40% month-over-month growth, according to SubConnect’s October 2, 2026 update. GPU rental marketplace AI inference Cloud compute US$1.40M Customer spend, Sept 10 – Oct 9, 2026 · 1,379 paying US$4.54M Estimated annualized platform revenue, based o
Slide 24: Our team
Our team
Slide 25: Karia Samaroo, Founder & CEO
Karia Samaroo Founder & CEO Karia is a technology entrepreneur and the Founder and CEO of xTAO. He previously founded WonderFi in 2021 and served as its CEO and Chairman. WonderFi was acquired by Robinhood in 2026 for C$250M. Karia was previously a corporate securities lawyer at Osler, Hoskin & Harc
Slide 26: Leadership, board and advisors
Leadership, board and advisors MANAGEMENT AND BOARD Victor Teixeira Ken Miyachi Mitchell Demeter CFO DIRECTOR DIRECTOR Formerly at KPMG and Cantor CEO of BitMind (Bittensor SN34). Co-founded Netcoins; set up the world’s Fitzgerald; fund principal at Contango. Previously NEAR Foundation and first Bit
Slide 27: Institutional partners
Institutional partners “xTAO has created an institutional product for Bittensor. We’re aligned on the vision and Research-driven technology firm focused on efficient capital allocation within the glad to be working alongside them.” Bittensor ecosystem. Co-founded by xTAO advisors Ala Shaabana and Da
Slide 28: Why xTAO
Why xTAO 8.0% 554 US$321K 2.7x THE VALIDATOR † Annualized staking yield from our Nominators delegating to our validator Revenue in Q1 FY2027 Revenue ÷ operating expenses* validator, Q1 FY2027 ~63,242 τ US$3.97M None 0.82x THE BALANCE SHEET TAO owned, up more than 6x since Cash, short-term investment
Slide 29: The future is open
The future is open Karia Samaroo Founder & Chief Executive Officer [email protected] TSXV: XTAO.U · OTC: XTAIF
Slide 30: Disclaimer and appendices
Disclaimer and appendices
Slide 31: Disclaimer
Disclaimer GENERAL NON-IFRS MEASURES This presentation has been prepared by xTAO Inc. (“xTAO” or the “Company”) for information This presentation refers to non-IFRS financial measures and ratios, including operating expenses purposes only. It is not an offer to sell, or a solicitation of an offer to
Slide 32: Key risk factors
Key risk factors A summary only. See the risk factors in our MD&A and other filings on SEDAR+. 1 TAO price 2 Network changes Our revenue, holdings and share price move with the price of TAO, which is volatile. Bittensor upgrades, such as Dynamic TAO and Root Reborn, can change how rewards are earned
Slide 33: Non-IFRS and other financial measures
Non-IFRS and other financial measures Management uses these measures to assess cost coverage, operating efficiency and valuation relative to TAO held. They are not standardized under IFRS. Measure Type Calculation (quarter ended June 30, 2026) Most comparable IFRS measure Operating expenses excl. sh
Slide 34: Sources and methodology
Sources and methodology XTAO FINANCIALS MARKET DATA Revenue US$321,454; operating expenses US$174,628 incl. US$53,532 share-based compensation; operating Oct 9, 2026 closes (secondary vendor quotes): TAO US$275.09; XTAO.U US$0.48; TAOX US$3.84; TWAV cash flow −US$161,438: interim financial statement
Slide 35: Sources and methodology (continued)
Sources and methodology (continued) ADJUSTED OPERATING MARGIN (OUR CALCULATION) OBLIGATIONS xTAO (−161,438 + 321,454) ÷ 321,454 = +49.8%. TaoWeave (−539,000 + 105,000) ÷ 522,000 = −83.1%. TAO Strategy: five perpetual preferred series; US$6.71B convertible-note principal at June 30. Strive: variable-