GPUSNYSEOil & Gas Field Machinery & EquipmentUS GAAP · USD

Hyperscale Data, Inc.

Hyperscale Data, Inc. is a U.S.-based holding company that is transitioning toward a focused AI data center and Bitcoin infrastructure model. Through Sentinum, it operates GPU-based AI compute infrastructure and Bitcoin mining assets, while also retaining a portfolio of legacy and strategic businesses under Ault Capital Group pending a planned divestiture.

Revenue102m USD
−4.3 %y/y
Operating profit (EBIT)-62.3m USD
−9.3 %y/y
EBIT margin-61.0%
−7.6 ppy/y
Net income-66.4m USD
−18.1 %y/y
Free cash flow-87.1m USD
−259.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200m USD2020: 24 m USD2020: EBIT -6.0 m USD20202021: 52 m USD2021: EBIT -18 m USD20212022: 118 m USD2022: EBIT -139 m USD20222023: 135 m USD2023: EBIT -149 m USD20232024: 107 m USD2024: EBIT -57 m USD20242025: 102 m USD2025: EBIT -62 m USD2025102-62
RevenueOperating profit (EBIT)

Business

Share of revenue
AI data center and Bitcoin mining28 %

Sentinum's GPU compute infrastructure, crypto mining operations, and related digital asset activities.

Energy services47 %

Crane rental and related services used by oil and gas exploration and project customers.

Hospitality and real estate19 %

Hotel operations and commercial real estate lease income within the AGREE platform.

Electronics and industrial products7 %

TurnOnGreen sales and related commercial electronics activity.

Fintech and other investments4 %

Lending, trading, and other corporate investment-related revenue streams.

Products

Reported · share of revenue
44.5%20.9%19.8%13.1%FY2025100 %
  • Crane Operations44.5 %
  • Digital Assets Mining20.9 %
  • Hotel and Real Estate Operations19.8 %
  • Other13.1 %
  • Lending and Trading Activities1.7 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves a mixed customer base that reflects its holding-company structure: AI/compute users, Bitcoin network participants, oil and gas operators, hotel guests, electronics buyers, and financial counterparties. In the near term, management expects the business to become more concentrated around AI data center and Bitcoin infrastructure after the planned divestiture of ACG.

AI compute customers

Enterprises and workloads that buy GPU-based compute capacity from Sentinum for AI processing.

Bitcoin mining economics

Revenue is driven by mined Bitcoin and hosted mining economics tied to network difficulty and Bitcoin price.

Oil and gas operators

Customers renting cranes and related equipment for exploration and project activity.

Hospitality and real estate users

Hotel guests and real estate tenants generating occupancy, ADR, and lease revenue.

Financial services counterparties

Borrowers, trading counterparties, and investment partners in lending and trading activities.

Strategy

Management is repositioning the company toward a narrower AI data center and Bitcoin infrastructure platform while monetizing non-core assets. The stated plan is to divest ACG, support subsidiary growth where value can be realized, and use transactions such as sales, offerings, or secondary market monetizations to maximize stockholder value.

Divest non-core ACG businessesShort term

A simpler structure should allow management to focus capital and attention on the core AI/Bitcoin platform.

Build AI data center and Bitcoin infrastructureMedium term

This is the intended post-divestiture core and the main source of future operating leverage.

Monetize portfolio assets for stockholder valueMedium term

The company uses sales, offerings, and secondary transactions to realize value from investments and subsidiaries.

Geography

Q2/2026

The company is headquartered in the United States and its disclosed operating footprint is primarily domestic. Its business exposure is shaped more by end-market cycles than by international revenue concentration, with oil and gas, Bitcoin, and AI infrastructure all influenced by U.S. operating conditions and global commodity/technology trends.

North America75 %
Middle East21 %
Europe4.2 %

Share of the revenue the company reports by geography.

Risks

The company faces execution risk in completing the planned divestiture and in shifting from a diversified holding structure to a focused infrastructure model. It also has meaningful exposure to Bitcoin price and mining difficulty, oil and gas project cycles, and control weaknesses that can affect revenue recognition and crypto-asset accounting.

Sorted by severity
Bitcoin mining revenue volatilityHigh

Mining economics depend on Bitcoin price, network difficulty, and halving-driven reward changes.

Exposure: Sentinum crypto mining operations

Oil and gas demand cyclicalityHigh

Crane operations depend on exploration and project starts, which fall when crude prices or sentiment weaken.

Exposure: Energy crane operations

Internal control weaknessesHigh

Management disclosed ineffective controls over revenue recognition, crypto assets, and IT change management.

Exposure: Financial reporting and crypto asset processes

Divestiture execution riskMedium

The company expects to separate ACG, but timing and completion are uncertain.

Exposure: Corporate structure and future strategy

Accounting

Judgemental items
Revenue recognition across multiple business models

The company records revenue from mining, crane rentals, hotel operations, lending/trading, and product sales, each with different timing and judgment.

Impact: Can materially affect quarterly comparability and reported margins

Crypto asset and mining accounting

Mining revenue, crypto holdings, and related IT systems require careful valuation and control over completeness and accuracy.

Impact: Affects revenue, asset carrying values, and volatility in results

Fair value and trading gains/losses

Lending and trading activities include realized and unrealized gains on equity securities.

Impact: Can cause significant swings in other income and net earnings

Impairment and disposal accounting

The company has recorded impairment charges and gains/losses on deconsolidation or asset sales.

Impact: Can create one-time gains or losses that distort underlying performance

Publicly listed companies with a comparable business focus.

Last updated: 28/04/2026