olivLaw · US equity research
Hyperscale Data, Inc. GPUS
Oil & Gas Field Machinery & Equipment · SIC 3533 · Vertical: Oil & Gas Field Machinery & Equipment (SIC 3533)
Hyperscale Data is an AI data center company anchored by Bitcoin mining that is shifting its infrastructure toward AI compute for enterprise customers. It reported preliminary first-half 2026 revenue of about 80 million USD, up about 57 percent, which puts its transition in focus.
At the close of 04 Nov 2026, Hyperscale Data, Inc. (GPUS) stock was 0.16 USD (−5.00% on the day), with market capitalisation 247.1 k USD, dividend yield 3,720.44%, beta 1.17, 52-week range 0.13–2.00 USD. Latest reported quarter (Q2 2026): revenue of 34.8 m USD (+34.8% YoY), net income of -19.4 m USD, diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.4
- weak (30–45)
- Bollinger (20, 2)
- 0.12 – 0.20
- in the upper half of the band · %B 0.52 · band width 51.8%
- SMA 50 / 200
- 0.23 / 0.80
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.9% | −1.1% | +2.0 pp | — |
| 3 months | −73.1% | −0.5% | −72.6 pp | — |
| 6 months | −75.2% | +4.4% | −79.5 pp | — |
| Year to date | −82.1% | +12.3% | −94.4 pp | — |
| 1 year | −90.8% | +13.5% | −104.3 pp | +16.2% |
| 3 years | −100.0% | +76.4% | −176.4 pp | +36.7% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31.1 m | 19.4 m | 25.0 m | 25.9 m | 24.3 m | 26.9 m | 44.1 m | 34.8 m |
| Cost of revenue | 22.5 m | — | — | — | — | — | — | — |
| Gross profit | 8.5 m | 1.3 m | 5.3 m | 6.1 m | 6.3 m | 3.9 m | 15.1 m | 8.8 m |
| Research & development | 4.6 m | 6.2 m | 129.0 k | 112.0 k | 1.6 m | 3.0 m | 4.8 m | 4.3 m |
| Operating income | -24.6 m | -9.1 m | -6.4 m | -10.1 m | -14.1 m | -31.7 m | -21.3 m | -23.1 m |
| Depreciation & amortisation | 7.9 m ≈ | 4.8 m | 5.2 m | 4.8 m ≈ | 4.8 m ≈ | 5.1 m | 6.4 m | 4.6 m ≈ |
| Interest expense | 7.8 m | 1.8 m | 3.8 m | 7.7 m | 3.1 m | 1.6 m | 6.5 m | 3.9 m |
| Pre-tax income | -31.8 m | -4.3 m | -4.7 m | -17.5 m | -13.3 m | -29.8 m | -29.9 m | -19.0 m |
| Income tax | 52.0 k | 9.0 k | 59.0 k | -129.0 k | 251.0 k | 72.0 k | 216.0 k | -24.0 k |
| Net income | -25.5 m | -445.0 k | -4.2 m | -19.1 m | -13.0 m | -30.1 m | -30.0 m | -19.4 m |
| Diluted EPS | -24.82 | -0.39 ≈ | -0.98 | -2.66 | -0.39 | -0.10 ≈ | -0.09 | -0.05 |
| Operating cash flow | 3.7 m ≈ | -9.2 m | -4.0 m | -3.1 m ≈ | -17.8 m ≈ | -37.7 m | -193.0 k | -9.7 m ≈ |
| Capex | 1.1 m ≈ | 66.0 k | 2.9 m | 397.0 k ≈ | 2.8 m ≈ | 18.5 m | 10.6 m | 6.7 m ≈ |
| Dividends paid | 1.3 m ≈ | 1.4 m | 2.0 m | 2.2 m ≈ | 2.2 m ≈ | 2.2 m | 2.5 m | 2.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.2 m | 22.4 m | 23.9 m | 52.4 m | 117.6 m | 134.8 m | 106.7 m | 102.1 m |
| Revenue YoY | +166.9% | −17.6% | +6.7% | +119.5% | +124.5% | +14.6% | −20.9% | −4.3% |
| Net income | -32.2 m | -32.9 m | -29.4 m | -23.3 m | -181.8 m | -231.0 m | -56.2 m | -66.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -0.42 | -0.74 | -2,192.47 | -68.09 | -0.83 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -118.7% | -147.2% | -123.2% | -44.4% | -154.6% | -171.3% | -52.7% | -65.0% |
| Free cash flow | -19.3 m | -10.4 m | -11.8 m | -213.7 m | -72.8 m | -20.2 m | -24.2 m | -87.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.1 m USD
- Financial debt
- 83.1 m USD
- Net debt
- 70.0 m USD
- Equity
- 125.9 m USD
- Total assets
- 313.7 m USD
- Debt / equity
- 0.66x
- Current ratio
- 0.76x
- ROE
- -103.8%
- ROA
- -24.8%
- FCF margin
- -85.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 23.9 m | 52.4 m | 117.6 m | 134.8 m | 106.7 m | 102.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Cost of revenue | 16.4 m | 23.9 m | 67.0 m | 125.4 m | — | — | SEC (XBRL)· 16 Apr 2024verified |
| Gross profit | 7.5 m | 28.5 m | 50.7 m | 24.8 m | 24.2 m | 21.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Research & development | 1.8 m | 2.0 m | 2.8 m | 4.4 m | 11.0 m | 4.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | -6.0 m | -18.4 m | -139.5 m | -149.3 m | -57.0 m | -62.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | — | 3.5 m | 14.7 m | 28.0 m | 24.4 m | 19.8 m | SEC (XBRL)· 15 Apr 2026verified |
| EBITDA | — | -14.9 m ≈ | -124.8 m ≈ | -121.3 m ≈ | -32.5 m ≈ | -42.4 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Interest expense | 9.6 m | 1.9 m | 37.3 m | 44.3 m | 20.7 m | 16.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Pre-tax income | -30.1 m | -22.9 m | -188.4 m | -240.6 m | -61.7 m | -65.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | -24.0 k | 130.0 k | -4.5 m | 348.0 k | 56.0 k | 253.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Net income | -29.4 m | -23.3 m | -181.8 m | -231.0 m | -56.2 m | -66.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | — | -0.42 | -0.74 | -2,192.47 | -68.09 | -0.83 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | — | — | 30.0 k | 106.0 k | 903.0 k | 90.7 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 18.7 m | 15.9 m | 7.9 m | 6.1 m | 4.5 m | 13.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Receivables | 3.9 m | 6.5 m | 19.6 m | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
| Inventories | 3.4 m | 5.5 m | 22.0 m | 1.8 m | 1.8 m | 4.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 34.4 m | 109.6 m | 196.3 m | 62.4 m | 58.4 m | 129.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Property, plant & equipment, net | 2.1 m | 174.0 m | 146.8 m | 195.7 m | 144.4 m | 142.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Goodwill | 9.6 m | 10.1 m | 27.9 m | 295.0 k | 295.0 k | 10.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 4.4 m | 4.0 m | 34.8 m | 4.0 m | 1.8 m | 13.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 75.6 m | 490.3 m | 561.5 m | 299.2 m | 220.8 m | 313.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 7.0 m | 6.9 m | 20.0 m | 32.6 m | 59.5 m | 39.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Short-term debt | — | — | 12.9 m | 910.0 k | 19.6 m | — | SEC (XBRL)· 20 May 2025verified |
| Long-term debt | — | — | 144.2 m | 31.1 m | 96.7 m | 83.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Current liabilities | 21.9 m | 81.9 m | 225.3 m | 139.8 m | 215.5 m | 170.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 26.5 m | 145.1 m | 337.5 m | 240.3 m | 218.7 m | 187.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | 49.1 m | 228.5 m | 224.0 m | 56.7 m | 2.1 m | 125.9 m | SEC (XBRL)· 15 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -11.2 m | -61.7 m | 26.5 m | -5.4 m | -19.4 m | -62.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 582.0 k | 152.0 m | 99.3 m | 14.7 m | 4.8 m | 24.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | -11.8 m ≈ | -213.7 m ≈ | -72.8 m ≈ | -20.2 m ≈ | -24.2 m ≈ | -87.1 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | -7.8 m | -333.5 m | -158.6 m | -29.5 m | 3.2 m | -70.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | 37.3 m | 397.9 m | 124.1 m | 37.0 m | 25.8 m | 156.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Dividends paid | 18.0 k | 18.0 k | 393.0 k | 1.4 m | 5.3 m | 8.6 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 247.1 k USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -50.8% | 0 (vs peers) | 21% |
| Net margin · Quality | -71.0% | 0 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.6% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.0x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -42,058.1% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3,720.4% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HYPERSCALE DATA, INC. (GPUS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 102.1 m USD in 2025; YoY growth -4.3%; net margin -71.0%; ROE -159.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 3,720.4%
What contradicts it
- ROIC: -50.8%
- Net margin: -71.0%
- Revenue CAGR 3Y: -4.6%
- Interest coverage: -6.0x
- Current ratio: 0.6x
- FCF yield: -42,058.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Machinery & Equipment (SIC 3533) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BKRBaker Hughes Company | 49.5 bn | 17.1 | 15.1% | 10.1% | −0.3% | −1% / +48% |
| FTITechnipFMC plc | 25.1 bn | 20.3 | 38.6% | 12.0% | +9.4% | +43% / +211% |
| NOVNov Inc. | 6.4 bn | 45.2 | 2.3% | 1.6% | −1.4% | +17% / −4% |
| WFRDWeatherford International plc | 6.2 bn | 15.3 | 23.0% | 8.6% | −10.8% | +15% / −5% |
| WHDCactus, Inc. | 4.3 bn | 23.6 | 14.7% | 12.0% | −4.5% | +35% / +37% |
| DNOWDnow Inc. | 2.8 bn | — | -12.4% | -4.9% | +18.8% | +10% / +54% |
| INVXInnovex International, Inc. | 1.8 bn | 37.1 | 4.5% | 4.8% | +48.0% | +16% / +15% |
| FETForum Energy Technologies, Inc. | 845.3 m | 28.8 | 9.8% | 3.5% | −3.1% | +135% / +238% |
| OISOil States International, Inc | 510.2 m | — | -16.8% | -16.5% | −3.4% | +35% / +24% |
| OMSEOMS Energy Technologies Inc. | 167.2 m | 3.3 | 43.5% | 22.0% | unavailable | −16% / unavailable |
| LSELeishen Energy Holding Co., Ltd. | 75.4 m | 55.4 | 2.9% | 2.6% | −30.0% | −14% / unavailable |
| DTIDrilling Tools International Corporation | 52.9 m | — | -2.5% | -2.0% | +3.4% | −38% / −56% |
| STAKSTAK Inc. | 27.5 m | 71.5 | 2.9% | 1.5% | +13.2% | +202% / unavailable |
| GPUSHyperscale Data, Inc. | 247.1 k | — | -159.8% | -71.0% | −4.3% | −91% / −100% |
| FLOCFlowco Holdings Inc. | — | 17.7 | 12.5% | 6.4% | +41.9% | +15% / unavailable |
| SEISolaris Energy Infrastructure, Inc. | — | — | 8.4% | 7.2% | +98.7% | +20% / +573% |
1- and 3-year price returns: for GPUS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hyperscale Data is an AI data center company anchored by Bitcoin mining that is shifting its infrastructure toward AI compute for enterprise customers. It reported preliminary first-half 2026 revenue of about 80 million USD, up about 57 percent, which puts its transition in focus.
SWOT
Strengths
- The company has a long-term AI colocation contract and an already operating mining infrastructure, which allows a gradual transition. Revenue growth in the first half of 2026 indicates a broader operating base.
- The hybrid structure, combining mining and AI compute on one platform, offers flexibility as demand and prices shift in each market. The Gresham reconsolidation adds defense revenue with institutional customers.
- The company has shown access to several forms of funding, including at-the-market programs and credit lines, which can cover short-term capital needs.
Weaknesses
- Debt is spread across several instruments with restrictive terms and multiple guarantees, and a covenant breach could trigger cascading effects among creditors.
- The company has frequently financed itself through convertible instruments and share sales, which has caused significant dilution for existing shareholders.
- The organizational structure is complex, with many subsidiaries, and management depends on a few key individuals, which adds operational and governance risk.
Opportunities
- If customers exercise the right of first offer for additional AI capacity, the contract value could rise substantially, changing the company's revenue profile.
- Completing the Ault Capital divestiture in 2027 could focus the company on AI and Bitcoin infrastructure, simplifying the structure and clarifying how the business is valued.
- Rising demand for AI compute could allow capacity expansion in Michigan and the attraction of further long-term colocation contracts.
Threats
- A fall in the Bitcoin price could reduce mining revenue and the value of pledged collateral, affecting the company's borrowing capacity.
- If financing becomes more expensive or harder to obtain, data center construction could be delayed, and customer contracts could be affected.
- The insolvency of some subsidiaries, such as Avalanche and Eco Pack, shows that subsidiaries can leave consolidation, and the risk of losing control over other entities remains.
Risks
- Secured debt and restrictive covenantshigh
Loans are secured by significant assets, and a covenant breach could allow lenders to demand early repayment and enforce their security 1.
- Shareholder dilutionhigh
At-the-market programs, convertible instruments and preferred stock issuances can significantly dilute existing shareholders, affecting value per share 12.
- Dependence on the Bitcoin pricemedium
Mining and collateral depend on the Bitcoin price, which can fluctuate widely, and a decline could affect revenue and financing capacity at the same time 1.
- Execution of the Michigan projectmedium
The colocation contract requires delivery of capacity phases on target dates, and delays in construction or power delivery could bring contractual consequences 2.
- Dependence on management and structural complexitymedium
The company depends on a few key individuals and on a structure with many subsidiaries, several of which have left consolidation in the past through bankruptcy or liquidation 1.
Investment thesis
What would need to be true (bull case)
- If the Gresham reconsolidation and the growth at Ault Lending hold, revenue could reach the guidance set for 2026 and could exceed the preliminary 2027 figure 3.
- The Michigan contract, with its extension options, could turn the company into a long-term AI colocation operator with recurring revenue 2.
- If the Ault Capital divestiture is completed, the company could remain a focused AI and Bitcoin infrastructure operator with a simpler structure 2.
What would break the thesis
- Secured debt and restrictive covenants could limit the company's flexibility, and a fall in the Bitcoin price could reduce the value of its collateral 1.
- Financing through share programs and convertible instruments could dilute existing shareholders and could keep pressure on value per share 12.
- If the Michigan project is delayed or the customer does not meet its obligations, the 2027 revenue outlook might not be achieved 3.
What to watch
- Preliminary 2027 Adjusted EBITDA guidance and the assumptions behind the revenue outlookAugust 2026
- Quarterly report on Form 10-Q for the second quarter of 2026Q2 2026
- Progress on delivery of the first 10 MW phase in MichiganQ3 2026
- Completion of the Ault Capital Group divestiture2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Through its subsidiary Sentinum, the company operates a data center that combines NVIDIA GPU clusters for AI compute with Bitcoin mining in what it describes as a unified parallel compute model 2. Through Ault Capital Group, it holds a diversified portfolio of businesses, from lending and trading to hotels, crane rental, AI software and defense electronics 1. Management describes the planned 2027 divestiture of Ault Capital as the step after which the company would operate as a focused AI and Bitcoin infrastructure business 2.
The current focus is the AI colocation agreement in Dowagiac, Michigan, under which subsidiary Alliance Cloud Services will deliver about 20 MW in phases to one customer 2. The company reconsolidated Gresham Worldwide in November 2025 after its exit from Chapter 11, and Gresham's defense and aerospace operations are now part of the group 1. Management attributed first-half 2026 revenue growth mainly to the Gresham reconsolidation and to the Ault Lending financial services business 3.
The funding structure is complex: in recent months the company used at-the-market share sales, convertible notes secured by Bitcoin and a prepaid advance 12. Together with its secured debt, these sources define how far the company can finance data center construction, and they are the points an investor can follow closely 1.
Segments
Sentinum (AI data centers and Bitcoin mining)
The core segment combines Bitcoin mining with colocation and hosting for AI on the same infrastructure. The company deployed about 6800 S19j miners at an outside hosting provider, with a 70 percent share of earned Bitcoin to Sentinum after initial fees are recovered 1. The 20 MW Michigan contract pushes the orientation toward AI, with a total contract value of about 1.2 billion USD over the base term 2.
Gresham Worldwide (defense and aerospace)
Gresham operates through Enertec, Relec and Microphase, supplying electronic components and power systems for defense and aerospace. It emerged from Chapter 11 on November 28, 2025 and was reconsolidated, and it is named as the main driver of first-half 2026 revenue growth 13.
Market context
The market the company targets is AI compute colocation, where long-term contracts with large customers and available power capacity are decisive. The 20 MW Michigan contract, with extension options, points to demand for this kind of capacity 2. Another market factor is the Bitcoin price, which affects mining revenue and the value of collateral; the company pledged Bitcoin worth 16.0 million USD as collateral 1.
The Bitcoin mining market is less predictable, and mining competes for power and equipment with AI projects, which could shift resource allocation if demand for AI compute rises 1. The company notes in its quarterly report that all of these processes depend on financing and project execution 2.
Trends
- Demand for AI compute in data centerstailwind
Demand for AI capacity makes high-performance colocation an attractive market, and the Michigan contract suggests large customers are seeking dedicated long-term capacity 2. If demand stays high, the company could convert more of its available MW into similar contracts.
- Volatility of the Bitcoin priceheadwind
Mining revenue and collateral value depend on the Bitcoin price, which can swing widely, and the company has pledged Bitcoin as collateral for loans 1. A price decline could reduce both revenue and borrowing capacity.
- Cost and availability of capitalmixed
The company has financed itself through share sales at low prices, convertible notes and higher-cost advances, which raises questions about dilution and the cost of debt 12. If access to capital improves, construction plans could be accelerated.
- Energy and grid regulationmixed
The hosting agreement allows the provider to curtail load during periods of high grid demand and redirect power, with net profits split 1. Energy rules could influence both costs and selling opportunities.
Competitive position
The company competes in AI colocation with data center operators offering high-density capacity and with mining companies redirecting their infrastructure. The source documents do not name specific competitors explicitly, so the competitive profile rests on the business categories the company itself describes 12.
In defense and aerospace, Gresham competes with specialized electronic component suppliers, and in crane rental Circle 8 competes with regional construction and oilfield operators 1. The company's edge is the combination of available power and hybrid operation, but the sources offer no quantitative comparison with rivals.
- AI colocation data center operators
High-density colocation providers for AI customers, comparable to the company's Michigan contract; the sources do not name them.
- Bitcoin mining companies shifting toward AI
Mining operators reconfiguring their sites for AI compute, as the company is, and competing for power and customers.
- Defense and aerospace electronics suppliers
Makers of components and power systems in the same niche as Enertec, Relec and Microphase within Gresham.
- Crane rental operators
Regional crane companies serving construction and oilfield markets, where Circle 8 operates.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- RadeonSI & RADV Now Enabling D16 Support For GFX8 Era GPUsPhoronix · 03 Nov 2026 · EN
- WiCi: Connecting GPUs over WiFiHacker News · 01 Nov 2026 · EN
- Darkbloom, which allowed Mac users to rent out their GPUs for AI inference, warns of low payoutsThe Register · 30 Oct 2026 · EN
- Fiber lasts decades, GPUs last three years: the AI boom isn't the dot-com boom [video]Hacker News · 30 Oct 2026 · EN
- Hugging Face malware campaign returns to hijack GPUs for crypto miningBleepingComputer · 29 Oct 2026 · EN
- Grace Blackwell needs a new scheduler: 27% more usable GPUs from the same racksHacker News · 29 Oct 2026 · EN
- AMD's ROCm HRX Loom v0.1 Released For Targeting AMD CPUs, GPUs & NPUsPhoronix · 29 Oct 2026 · EN
- 45,000 Nvidia Blackwell GPUs Cleared for Kazakhstan Data CenterOil Price · 27 Oct 2026 · EN
- Mesa 27.0 Switching To Kraid Compiler By Default For Arm Mali GPUsPhoronix · 26 Oct 2026 · EN
- Nouveau-DKMS Aims For Better NVIDIA Open-Source Experience On Old GPUsPhoronix · 26 Oct 2026 · EN
- Musk says SpaceX raised $40 billion in debt for GPUsCNA (Channel NewsAsia) · 25 Oct 2026 · EN
- Google ML Drift Accelerates On-Device AI Inference Across Diverse GPUsInfoQ · 25 Oct 2026 · EN
- Mesa RADV Change Satisfies More Steam Play Games On Aging AMD GFX8 GPUsPhoronix · 22 Oct 2026 · EN
- To help world gorge on GPUs, Nvidia brings cash bucket to fatten wafer-thin supply chainThe Register · 22 Oct 2026 · EN
- Tens of thousands of Nvidia GPUs sit idle in Meta's Prometheus supercluster, just waiting for a failureThe Register · 20 Oct 2026 · EN
- Shared GPUs without shared latency: Priority-aware serving in Red Hat AIRed Hat Blog · 20 Oct 2026 · EN
- RADV Promotes VK_EXT_host_image_copy To Enabled By Default For RDNA1 GPUsPhoronix · 19 Oct 2026 · EN
- Presentation: Exploding GPUsInfoQ · 16 Oct 2026 · EN
- Microsoft’s new AI chip makes it less reliant on Nvidia’s GPUsThe Verge · 12 Oct 2026 · EN
- Nvidia GPUs are everywhere. Here are the ways companies are accessing themCNBC — Top News · 10 Oct 2026 · EN
SEC filings
- Current report20 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report13 Oct 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report18 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report04 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report20 Aug 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report19 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report19 Aug 2026
- Current report13 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 Aug 2026Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hyperscale Data, Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hyperscale Data, Inc. · 19 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hyperscale Data, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.