The clean benchmark was the company’s July 21 quarterly outlook, not a published analyst consensus. Against that range, adjusted EBITDA came in just above the top end, while the GAAP net loss was slightly worse than expected. That makes this a narrow operational beat rather than a broad earnings surprise.
| Metric | Q2 2026 | Prior outlook / comparison | Read |
|---|---|---|---|
| Revenue | $48.6M | No quarterly range provided | — |
| Adjusted EBITDA | $37.6M | Prior outlook: $36.0M-$37.0M | Slightly above high end |
| Net loss | $(35.3)M | Prior outlook: $(35.0)M to $(34.0)M | Slightly below low end |
| Digital infrastructure leasing revenue | $43.8M | 90% of revenue; 0% year ago | Major mix shift |
| Operating cash flow, six months | $(25.9)M | $(71.3)M year ago | Improved, still negative |
| Cash and equivalents | $415.7M | $43.5M at Dec. 31, 2025 | Financing-supported liquidity |
The strategic transition is now visible in the reported numbers. Digital infrastructure leasing generated $43.8 million of second-quarter revenue, or 90% of the total, while cryptocurrency mining revenue fell to $4.8 million from $37.2 million a year earlier (Segment results).
Execution slightly exceeded the company’s own near-term bar, but the GAAP result did not. Adjusted EBITDA of $37.6 million topped the prior outlook’s $36 million-to-$37 million range, helped by the leasing mix; however, the $35.3 million net loss was modestly worse than the prior $(35 million)-to-$(34 million) range. The headline “beat” therefore rests on a non-GAAP measure that excludes cryptocurrency valuation swings, stock compensation, issuance costs and other items.
Liquidity improved sharply, but it was funded rather than generated. Cash ended the quarter at $415.7 million, supported by $400 million of financing proceeds from Series A preferred stock and warrants, while six-month operating cash flow remained negative $25.9 million (Cash Flow statement).
The full-year picture is unchanged, leaving the net read modestly positive rather than transformational. Management reaffirmed 2026 revenue of $190 million-$195 million, adjusted EBITDA of $137.5 million-$142.5 million and capital expenditures of $45 million-$60 million (Outlook). The Ward County expansion toward 700 MW remains dependent on ERCOT approval and two utility infrastructure projects, so the larger AI-infrastructure growth case is still execution- and permitting-dependent.
Read the original 8-K on SEC EDGAR ↗