Core Insights - Hyperscale Data, Inc. has been recognized as one of the top 100 global public Bitcoin treasury companies, ranking at 94, based on its holdings of 150 Bitcoin, while it currently owns approximately 382 Bitcoin, which would place it within the top 75 if other companies' holdings remain unchanged [1][2][3] Group 1: Company Strategy and Operations - The company has rapidly expanded its Bitcoin treasury strategy alongside its Bitcoin mining operations, indicating a strong commitment to digital assets [2] - Hyperscale Data operates Bitcoin mining facilities in Michigan and Montana, providing a diversified production footprint [3] - The company employs a disciplined dollar-cost averaging strategy, purchasing Bitcoin weekly regardless of market volatility, which supports its goal of building a significant corporate Bitcoin treasury [3] Group 2: Future Goals - The Executive Chairman expressed pride in the current achievement but emphasized a larger goal of reaching the top 10 in the global Bitcoin treasury rankings [3] Group 3: Company Structure and Divestiture - Hyperscale Data operates through its subsidiary Sentinum, Inc., which manages data centers for mining digital assets and offering colocation and hosting services [5] - The company anticipates a divestiture of its subsidiary Ault Capital Group, Inc. in the second quarter of 2026, which will allow it to focus on high-performance computing services and digital asset holdings [6]

Core Viewpoint - Hyperscale Data, Inc. has a Bitcoin treasury valued at approximately $72.5 million, representing about 94% of its market capitalization, and aims to accumulate Bitcoin equal to 100% of its market cap as part of a $100 million digital asset treasury strategy [1][3]. Bitcoin Holdings - The company's subsidiary, Sentinum, holds approximately 332.2516 Bitcoin, with a market value of about $31.3 million based on the Bitcoin price of $94,117 as of November 16, 2025 [2]. - The Bitcoin holdings consist of 48.9048 Bitcoin from mining operations and 283.3468 Bitcoin acquired in the open market, including 59.7600 Bitcoin purchased during the week ending November 16, 2025 [2]. Cash Allocation and Strategy - Hyperscale Data has allocated $41.25 million in cash for future Bitcoin purchases, employing a disciplined dollar-cost averaging strategy to mitigate short-term market volatility [3][4]. - The company plans to invest at least 5% of the allocated cash weekly, with actual amounts varying based on market conditions [4]. Market Position and Future Outlook - The company believes that recent Bitcoin price volatility validates its disciplined approach and positions it to capitalize on future price appreciation [4]. - Hyperscale Data will continue to provide weekly updates on its Bitcoin holdings as it progresses towards its $100 million digital asset treasury target [5]. Business Operations - Hyperscale Data operates a data center through its subsidiary Sentinum, focusing on mining digital assets and offering colocation and hosting services for AI ecosystems [6]. - The company is also involved in diverse industries through its other subsidiary, Ault Capital Group, Inc., which pursues growth by acquiring undervalued businesses and disruptive technologies [6][7].

Financing Activities - Hyperscale Data issued a convertible promissory note of $1.9 million on February 5, 2025, with a conversion price of $4.00 per share and an interest rate of 15% per annum [161]. - A convertible promissory note of $4.2 million was issued on March 14, 2025, with a conversion price based on the greater of $0.40 or 75% of the VWAP [163]. - Hyperscale Data entered into a securities purchase agreement to sell up to 50,000 shares of Series B Convertible Preferred Stock for a total of $50.0 million [166]. - Each share of Series B Preferred Stock has a stated value of $1,000.00 and offers a cumulative cash dividend of 15% per annum [167]. - A securities purchase agreement was made to sell up to 100,000 shares of Series H convertible preferred stock for a total of $100.0 million [176]. - Between August 29, 2025, and November 4, 2025, the company raised $125 million through the sale of 255.4 million shares of Class A common stock via an ATM offering [178]. - The A&R Forbearance Note issued in February 2025 has a principal amount of $3.5 million and accrues interest at 18% per annum [162]. Revenue Performance - Total revenue for the three months ended September 30, 2025, was $24.3 million, a decrease of 22% from $31.1 million in the same period of 2024 [196]. - Revenue from crane operations declined by $2.6 million, or 21%, to $9.7 million due to reduced demand from oil and gas customers [199]. - Revenue from crypto assets mining increased by $0.4 million, or 8%, to $5.7 million, driven by a 30% increase in self-mined Bitcoin revenue [198]. - AGREE's hotel operations revenues increased by $0.4 million, or 7%, for the three months ended September 30, 2025, compared to the same period in 2024 [200]. - Total revenue for the nine months ended September 30, 2025, was $75.2 million, a decrease of $12.0 million, or 14%, compared to $87.2 million in the same period in 2024 [223]. - Revenues from crypto assets mining decreased by $9.6 million, or 38%, to $15.6 million for the nine months ended September 30, 2025, compared to $25.2 million in the same period in 2024 [224]. - TurnOnGreen's revenues increased by $1.3 million, to $5.0 million for the nine months ended September 30, 2025, compared to $3.8 million in the corresponding period in 2024, a rise of 34% [229]. Net Loss and Impairments - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $15.3 million, compared to a net loss of $26.9 million in the same period of 2024 [196]. - A loss on impairment of property and equipment related to real estate assets of AGREE was recorded at $8.0 million for the year ended December 31, 2024 [186]. - Net loss available to common stockholders was $42.7 million for the nine months ended September 30, 2025, compared to a net loss of $59.7 million in the same period in 2024 [222]. Bankruptcy and Subsidiary Developments - The company anticipates that Gresham Worldwide, Inc. will emerge from bankruptcy on November 28, 2025, following a settlement agreement [173]. - The company anticipates GIGA will emerge from bankruptcy on November 28, 2025, following the confirmation of its bankruptcy plan [184]. - The company recognized a gain of $2.7 million related to the bankruptcy proceedings for a subsidiary during the three months ended September 30, 2025 [190]. - The company deconsolidated GIGA and recognized a gain of $2.0 million on deconsolidation included in net gain from discontinued operations [182]. Expenses and Margins - Gross margins decreased to 26% for the three months ended September 30, 2025, compared to 28% for the same period in 2024, primarily due to unfavorable margins from crypto asset mining activities [206]. - Research and development expenses decreased by $3.0 million for the three months ended September 30, 2025, due to reduced expenditures on the Bitnile social gaming platform [207]. - Selling and marketing expenses increased by $2.6 million, or 55%, to $7.4 million for the three months ended September 30, 2025, compared to $4.8 million in the same period in 2024 [208]. - Gross margins decreased to 24% for the nine months ended September 30, 2025, down from 26% for the same period in 2024, primarily due to unfavorable margins from crypto asset mining operations [231]. - Research and development expenses decreased by $3.0 million for the nine months ended September 30, 2025, due to reduced expenditures on the Bitnile social gaming platform [232]. - Selling and marketing expenses increased by $3.5 million, or 28%, to $16.0 million for the nine months ended September 30, 2025, driven by higher advertising and promotion costs [233]. - General and administrative expenses decreased by $3.3 million to $30.4 million for the nine months ended September 30, 2025, primarily due to the deconsolidation of AVLP and Eco Pack [234]. Cash Flow and Financial Position - Net cash used in operating activities totaled $24.8 million for the nine months ended September 30, 2025, compared to $10.2 million for the same period in 2024 [249]. - Net cash used in investing activities was $12.9 million for the nine months ended September 30, 2025, compared to $11.8 million for the same period in 2024 [250]. - Net cash provided by financing activities was $60.4 million for the nine months ended September 30, 2025, compared to $22.6 million for the same period in 2024 [251]. - As of September 30, 2025, cash and cash equivalents were $24.8 million, up from $4.5 million as of December 31, 2024 [248]. - The effective tax rate from continuing operations was a provision of 0.5% for the nine months ended September 30, 2025, compared to 0.1% for the same period in 2024 [247].

Core Viewpoint - Hyperscale Data, Inc. is proactively updating its Bitcoin treasury strategy due to increased volatility in the digital asset and AI markets, emphasizing transparency for stockholders [1][2]. Group 1: Bitcoin Treasury Update - For the week of November 10–14, the company purchased approximately 59.76 Bitcoin for $6,000,231.97, averaging $100,405.49 per Bitcoin as part of its dollar-cost-averaging strategy [2]. - The daily purchases included 18.85 BTC on November 10 for $2,000,306.02, 9.0 BTC on November 11 for $926,287.31, 5.0 BTC on November 12 for $509,062.50, 5.7 BTC on November 13 for $563,020.40, and 21.21 BTC on November 14 for $2,001,556.11 [2]. Group 2: Company Strategy and Operations - The company is committed to building a balance sheet anchored in Bitcoin while expanding its AI data center in Michigan [2]. - Hyperscale Data operates through its subsidiary Sentinum, Inc., which mines digital assets and provides colocation and hosting services for AI ecosystems [3]. - The company plans to divest Ault Capital Group, Inc. in the second quarter of 2026, focusing on data center operations and digital asset holdings post-divestiture [4]. Group 3: Shareholder Information - The company issued one million shares of Series F Exchangeable Preferred Stock to common stockholders, which will be exchanged for shares of ACG upon the divestiture [5][6].

Core Viewpoint - Hyperscale Data, Inc. emphasizes its commitment to a Bitcoin-anchored strategy, highlighting the company's strong financial position and future growth potential despite recent market corrections in Bitcoin and AI equities [2][4][9]. Financial Position - As of October 31, 2025, the estimated total assets of the company were approximately $330 million, with net assets around $150 million. The cash and Bitcoin holdings were valued at approximately $122 million, providing a solid foundation for growth [4]. - The company aims to achieve profitability on a consolidated basis in 2026 and beyond, leveraging its Bitcoin strategy alongside financial services assets [9]. Operational Strategy - The Executive Committee meets daily to oversee operations, capital allocation, and performance, ensuring responsible management of all company assets [10]. - The Michigan AI Data Center campus is a significant asset, currently providing 30 MW of power capacity, with plans to expand to 70 MW in the next 20 months and potentially up to 340 MW in the future [11][12]. Growth and Investment - The company has strengthened its mining operations with the acquisition of thousands of new Bitmain S21+ and S21 Pro Antminers, significantly increasing long-term Bitcoin production [15]. - The company plans to adopt a dollar-cost averaging strategy for Bitcoin purchases, aiming to grow its Bitcoin holdings beyond $100 million [21]. Leadership and Commitment - The company's largest stockholder, Ault & Company, Inc., holds approximately $55 million in preferred stock, and the leadership has no plans to sell shares, indicating a strong commitment to the company's future [14]. - The founder expresses regret over past decisions to sell Bitcoin and emphasizes a renewed focus on holding Bitcoin indefinitely as part of the company's strategy [19][20].

Core Insights - Hyperscale Data, Inc. has completed the purchase of Bitmain S21+ and S21 Pro Antminers, which will significantly enhance its Bitcoin mining operations and efficiency [1][2] - The company aims to acquire $100 million in Bitcoin through a combination of mining and market purchases as part of its digital asset treasury strategy [2][3] - The deployment of new miners is expected to increase daily Bitcoin production, strengthening the company's balance sheet and positioning it for growth in both digital assets and AI sectors [3][4] Company Operations - Hyperscale Data operates a data center through its subsidiary Sentinum, focusing on digital asset mining and providing colocation and hosting services for AI ecosystems [4] - The company is planning a divestiture of Ault Capital Group, which will allow it to concentrate on high-performance computing services and digital asset holdings [5] - ACG is involved in various industries, including AI software, social gaming, and private credit, while the company continues to support these operations until the divestiture occurs [5][6] Financial Strategy - The company has issued one million shares of Series F Exchangeable Preferred Stock to facilitate the divestiture process, allowing stockholders to exchange these shares for ACG shares [6] - As of October 31, 2025, Hyperscale Data reported estimated total assets of $1.02 per share and net assets of $0.47 per share, indicating a solid financial foundation [12]

Core Insights - Hyperscale Data, Inc. has increased its Bitcoin holdings to approximately 267.6862 Bitcoin, valued at around $75.25 million, which constitutes about 66% of the company's market capitalization as of November 9, 2025 [1][2][4] Company Strategy - The company aims to accumulate Bitcoin equal to 100% of its market capitalization as part of a broader $100 million digital asset treasury strategy [1][4] - Hyperscale Data has allocated $47.25 million in cash for its subsidiary Sentinum to purchase Bitcoin in the open market, employing a disciplined dollar-cost averaging strategy to mitigate short-term market volatility [3][4] Bitcoin Holdings Breakdown - As of November 9, 2025, Sentinum holds approximately 267.6862 Bitcoin, which includes 44.0994 Bitcoin from mining operations and 223.5868 Bitcoin acquired from the market, with a market value of about $28.0 million based on a Bitcoin price of $104,720 [2][4] Future Plans - The company plans to fully deploy the allocated cash into Bitcoin purchases over time, targeting at least 5% of the allocated cash for investment each week, although actual amounts may vary based on market conditions [4][5] - Hyperscale Data will continue to provide weekly updates on its Bitcoin holdings every Tuesday morning as it progresses towards its $100 million digital asset treasury target [5]

Core Insights - Hyperscale Data, Inc. has an estimated total asset value of $330 million, with cash and Bitcoin holdings of $122 million representing 37% of total assets and 97% of the company's market capitalization [1][2][3] Financial Position - As of October 31, 2025, the estimated net assets of the company are $150 million, equating to approximately $0.47 per share of Class A common stock [1] - The company has reduced its outstanding debt obligations by over $30 million year-to-date and invested $16 million in upgrading its Bitcoin mining fleet with 4,092 next-generation Bitmain S21+ miners [2][4] Market Valuation - Hyperscale Data's common stock has recently traded below $0.35 per share, which the company believes does not reflect its underlying asset value or growth potential [3][4] - The company anticipates that its Bitcoin holdings will exceed $100 million within the next quarter [4] Strategic Direction - The company is focused on expanding its Bitcoin treasury and building AI-optimized data center infrastructure [4] - Hyperscale Data expects to divest its subsidiary Ault Capital Group, Inc. in the second quarter of 2026, which will allow it to concentrate on high-performance computing services and digital asset holdings [7]

Core Insights - Hyperscale Data, Inc. has successfully completed its at-the-market equity program, raising $125 million by selling 255,490,454 shares of Class A common stock, which strengthens its balance sheet and accelerates growth initiatives [1][5][7] Company Overview - Hyperscale Data operates a large-scale AI data center and a vertically integrated Bitcoin mining platform, with its flagship campus located in Michigan, utilizing NVIDIA GPU servers and Bitmain Bitcoin miners [2][3] - The company also has Bitcoin mining operations in Montana, contributing to its overall network capacity [2] Strategic Positioning - The company emphasizes a hybrid compute architecture that combines AI and Bitcoin, positioning itself at the intersection of two growing demand curves [3] - The founder stated that the company is focused on building long-term value by holding Bitcoin and strategically growing its digital asset business [3] Bitcoin Holdings - Hyperscale Data expects its Bitcoin holdings to exceed $100 million within the next quarter, driven by ongoing purchases and network dynamics [4][5] - The company views Bitcoin as a core treasury asset rather than a trade, integrating its AI and Bitcoin infrastructures to create a long-duration growth platform [5] Financial Health - Following the completion of the ATM program, the company believes it is financially strong and strategically positioned for the next cycle of AI infrastructure growth, supported by an increasing Bitcoin reserve [5][7] - The company confirms compliance with NYSE American listing requirements and plans to fund continued growth through operating cash flow and strategic financing [7] Future Plans - Hyperscale Data anticipates the divestiture of its subsidiary Ault Capital Group in the second quarter of 2026, which will allow it to focus on high-performance computing services and digital asset holdings [10][11]

Core Insights - Hyperscale Data, Inc. has a Bitcoin treasury valued at approximately $73.5 million, representing about 61% of its market capitalization as of November 2, 2025 [1][2] - The company aims to accumulate Bitcoin equal to 100% of its market capitalization as part of a broader $100 million digital asset treasury strategy [1][4] Bitcoin Holdings - The subsidiary Sentinum, Inc. holds approximately 234.7157 Bitcoin, with a market value of around $26.0 million based on the Bitcoin price of $110,639 on November 2, 2025 [2] - Sentinum's Bitcoin holdings consist of 40.2189 Bitcoin from mining operations and 194.4968 Bitcoin acquired in the open market, including 36.3700 Bitcoin purchased in the week ending November 2, 2025 [2] Investment Strategy - Hyperscale Data has allocated $47.5 million in cash for Sentinum to invest in open-market Bitcoin purchases, employing a disciplined dollar-cost averaging strategy to mitigate short-term market volatility [3][4] - The company targets investing at least 5% of allocated cash each week, with actual amounts varying based on market conditions [4] Future Plans - The company plans to continue issuing weekly reports detailing its Bitcoin holdings as it progresses towards its $100 million digital asset treasury target [5] - Hyperscale Data expects to divest Ault Capital Group, Inc. in the second quarter of 2026, focusing on high-performance computing services and digital asset holdings post-divestiture [7]