Executive Summary

Q3 2024 total revenue was $12.32M, up 9% YoY, driven by strong colocation ($9.52M, +222% YoY) and energy management ($1.96M, +33% YoY), while digital assets self-mining revenue declined to $0.83M .
Sequentially, total revenue fell vs Q2 ($13.11M) and Q1 ($18.77M) as self-mining revenue moderated despite robust colocation growth .
Strategic catalysts: signed a 20 MW AI/HPC colocation agreement tied to NVIDIA GPUs with potential ~$92M in the first two years and ~$285M cumulative over six years; extended and expanded capacity (Ohio to 24 MW) with total capacity expected to reach ~153 MW upon completion .
No earnings call transcript or published consensus estimates were available to assess beats/misses; management emphasized carbon‑free energy strategy and PJM market positioning as long-term demand drivers .

What Went Well and What Went Wrong

What Went Well

Colocation revenue accelerated: Q3 colocation reached $9.52M (+222% YoY), reflecting multi‑customer ramp and execution in enterprise-grade deployments .
AI/HPC expansion: 20 MW agreement tied to NVIDIA GPUs with potential ~$92M revenue in first two years and ~$285M across six years; non‑binding LOI to expand to 144 MW indicates optionality and future scale .
Capacity footprint: lease extension in Ohio (24 MW, term through April 2033) and Midland lease through September 2036 support a path to ~153 MW total capacity upon completion in PJM—North America’s largest competitive wholesale power market .
- Management: “We are pleased to report strong execution and strategic expansion...” and a “carbon‑free and sustainable energy approach, including nuclear power” positioning the platform for enterprise compute demand .

What Went Wrong

Sequential revenue decline: Q3 revenue of $12.32M trailed Q2 ($13.11M) and Q1 ($18.77M) as self‑mining revenue contracted to $0.83M vs $3.25M in Q2 despite strength in colocation .
Limited disclosure on margins/EPS: Press materials did not provide EPS or margin metrics for Q3, constraining profitability analysis and estimate comparisons .
Execution risk ahead of 2025 AI/HPC deployment: revenue potentials are subject to ramp timing and biennial rate updates; the 144 MW expansion remains an LOI and is non‑binding .

Financial Results

Revenue vs Prior Periods

Metric	Q1 2024	Q2 2024	Q3 2024
Total Revenue ($USD Millions)	$18.77	$13.11	$12.32
YoY Growth (%)	145%	24%	9%

Segment Revenue Breakdown

Segment ($USD Millions)	Q1 2024	Q2 2024	Q3 2024
Digital Colocation	$8.23	$8.13	$9.52
Energy Management	$2.47	$1.73	$1.96
Digital Assets Mining	Not disclosed; 140 BTC produced	$3.25	$0.83

Notes: Q1 disclosed BTC production (140 BTC) but not mining revenue; Q2 disclosed both BTC (49) and mining revenue; Q3 disclosed mining revenue .

KPIs and Operational Metrics

KPI	Q1 2024	Q2 2024	Q3 2024
Midland Operating Capacity (MW)	Announced plan to expand by 20 MW to 120 MW	Completed expansion to 120 MW	Lease tenure extended through Sept 2036
Total Operating Capacity (MW)	—	~129 MW	129 MW current; expected ~153 MW upon completion
Monthly Revenue (Selected)	—	July: ~$3.94M	Aug: ~$4.44M
Monthly Colocation Revenue	—	July: ~$2.75M	Aug: ~$3.43M
Monthly Energy Mgmt Revenue	—	July: ~$0.75M	Aug: ~$0.79M
Monthly Self‑Mining Revenue	—	July: ~$0.44M	Aug: ~$0.22M
Miners (Count)	—	~41,530 miners	—

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance/Disclosure	Change
Formal Financial Guidance (Revenue/EPS/Margins)	FY/Q3 2024	None provided	None provided	Maintained (no formal guidance)
AI/HPC 20 MW Contract Revenue Potential	First 2 years	N/A	~$92M potential in first two years; deployment expected Q1 2025	New disclosure
AI/HPC 20 MW Contract Cumulative	6-year term	N/A	~$285M cumulative potential over 6 years	New disclosure
Capacity	Near‑term	~129 MW	Expected ~153 MW upon completion; Ohio lease 24 MW (term through Apr 2033); Midland lease extended to Sept 2036	Raised/extended

Note: Revenue potentials are subject to capacity ramp timing and biennial rate updates per agreement terms .

Earnings Call Themes & Trends

No Q3 2024 earnings call transcript was available; themes below reflect company press releases.

Topic	Previous Mentions (Q1 2024)	Previous Mentions (Q2 2024)	Current Period (Q3 2024)	Trend
AI/HPC initiatives	Exploring growth; planning capacity expansion	Expanded into AI/HPC; executed 20 MW agreement to host NVIDIA GPUs	Reiterated expansion; 20 MW agreement with ~$92M first two years and ~$285M cumulative potential; LOI to 144 MW	Accelerating
Capacity footprint (PJM)	Plan to expand Midland +20 MW to 120 MW	Completed Midland expansion to 120 MW; total ~129 MW	Ohio lease (24 MW, 9‑year term); Midland lease through 2036; path to ~153 MW total	Expanding
Energy management execution	+461% YoY revenue to $2.47M	+70% YoY to $1.73M	+33% YoY to $1.96M	Growth moderating
Digital assets mining	140 BTC produced (revenue not disclosed)	49 BTC; $3.25M self‑mining revenue	$0.83M self‑mining revenue	Declining
Sustainability and power strategy	Carbon‑free energy approach referenced	—	Emphasis on nuclear/carbon‑free; PJM exposure highlighted	Increasing emphasis
Customer ramp/enterprise mix	Additional colocation customer; expanded to 82 MW	New enterprise colocation agreement; multi‑asset expansion	“Robust enterprise‑grade digital colocation” across multiple customers	Broadening

Management Commentary

“We are pleased to report strong execution and strategic expansion, delivering 222% year‑over‑year revenue growth in our digital colocation business and 33% year‑over‑year revenue growth in our energy management business... We continue to prioritize our carbon‑free and sustainable energy approach, including nuclear power, which positions us to address the critical compute capacity needs of our enterprise customers...” — Rahul Mewawalla, CEO & President .
“Our expansion into Ohio further increases our footprint in the PJM market, the largest wholesale electric market in North America... We are extremely proud of our Carbon‑Free energy approach, including nuclear energy... We also look forward to our continuing to partner and collaborate with innovative AI and HPC colocation customers to power the future of AI.” .
“We’re very excited to sign this AI/HPC colocation services agreement... We expect the overall AI and HPC infrastructure market to grow to over $200 billion by 2030 and we continue to execute our growth strategy with our expansion into this market.” .

Q&A Highlights

No Q3 2024 earnings call transcript was available; therefore Q&A themes and clarifications cannot be assessed for this period [ListDocuments returned 0 for earnings-call-transcript within Q3 window].

Estimates Context

Wall Street consensus estimates (S&P Global/Capital IQ) were unavailable due to retrieval limits at the time of analysis; as a result, we cannot assess beats/misses vs consensus for Q3 2024. Values would be retrieved from S&P Global if available.

Where estimates may need to adjust:

Given strong colocation growth (+222% YoY) and the announced AI/HPC contract potential as deployment begins in 2025, future consensus may need to reflect mix shift toward higher‑visibility colocation/AI/HPC revenues and lower reliance on self‑mining, which has declined sequentially .

Key Takeaways for Investors

Mix shift underway: colocation and energy management strength offset weaker self‑mining; Q3 colocation $9.52M and energy $1.96M vs mining $0.83M .
Sequential revenue pressure relates to lower self‑mining revenue despite operational capacity growth; Q3 $12.32M vs Q2 $13.11M and Q1 $18.77M .
Structural capacity catalysts: Ohio 24 MW lease, Midland lease to 2036, and path to ~153 MW total capacity within PJM support AI/HPC ramp readiness .
AI/HPC contract optionality: 20 MW agreement (~$92M first two years; ~$285M over six years) plus LOI to 144 MW offers scale and potential higher‑margin recurring revenue streams starting with expected Q1 2025 deployment .
Sustainability positioning: emphasis on carbon‑free/nuclear energy aligns with enterprise compute demand narratives and may be a differentiator in power‑constrained markets .
Disclosure gap risk: absence of EPS/margin metrics and no call transcript limits near‑term profitability visibility; monitor upcoming filings for detailed financials and 2025 ramp specifics .
Near‑term trading focus: watch monthly updates and execution milestones (site buildouts, customer deployments) ahead of the 20 MW AI/HPC go‑live timeline; PJM market exposure is a recurring theme in positioning .

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