Fortitude Mining reports $21M Q2 revenue and plots public listing via reverse merger

Fortitude Mining Holdings had a busy second quarter. The company pulled in $20.9 million in revenue while simultaneously engineering a path to the public markets, announcing a merger with HeartSciences Inc., a Nasdaq-listed AI medical technology company, on July 23, 2026.

The net loss for the quarter came in at roughly $9.5 million, a widening from the $4.6 million loss posted in Q1 2026. Revenue, at least, is moving in the right direction: Q1 brought in $19.2 million, so the sequential uptick shows the mining operation is scaling.

The reverse merger playbook

HeartSciences trades on Nasdaq under the ticker HSCS. By merging with it in an all-stock deal, Fortitude gets immediate access to public market infrastructure. The deal is expected to close in the second half of 2026.

Digital Currency Group is among Fortitude’s early-stage venture backers.

What Fortitude actually does

Fortitude is a Zcash miner, founded in 2024, with a pitch built around low-cost, vertically integrated production. Vertical integration in mining means the company handles its own hardware management in-house rather than outsourcing it, and the company has also secured long-term power contracts to keep costs down.

The full-year 2025 numbers provide some useful context. Fortitude posted $89.5 million in revenue for the year against a net loss of $12.7 million.

The Q2 2026 loss of $9.5 million in a single quarter is notably larger than the quarterly average implied by the 2025 full-year figure.

Reading the broader trend

What makes this particular deal worth watching is the counterparty. HeartSciences is an AI medical technology firm. For investors currently holding HSCS shares, the merger represents a fundamental change in what they own: a position in an AI cardiology diagnostics company becomes, post-merger, a position in a Zcash mining operation.

Fortitude’s revenue trajectory, growing from roughly $89.5 million across 2025 to a quarterly run rate that implies a higher annualized figure in 2026, gives the bulls something to work with. The widening net losses are the part that requires more explanation.