AIB Data Centers (AIB) Investor presentation summary

Business model and strategy

• Focuses on developing AI-optimized data centers using a power-first approach, converting existing powered land and brownfield sites into high-performance colocation facilities.

• Targets midmarket projects (≤150 MW per site), avoiding direct competition with hyperscalers and enabling faster leasing, delivery, and lower community friction.

• Secures utility agreements before construction, ensuring power availability in a market with significant grid constraints and long interconnection queues.

• Employs a modular build strategy and early supply chain commitments to compress delivery timelines to 9-10 months per project.

• Utilizes modified NNN leases where tenants provide their own GPUs, reducing hardware risk and enabling long-term, credit-backed contracts.

Market environment and growth opportunity

• U.S. data center power demand is projected to grow at a 21% CAGR, with grid additions lagging at 2-3% annually, leading to a projected power shortfall.

• North American data center vacancy is at 1%, and powered land parcel prices are rising sharply.

• Hyperscalers are expected to spend over $1 trillion on data center development by 2030.

• The company has a pipeline of 570 MW across six active sites, with 65 MW energized and 140 MW under development.

Financial performance and outlook

• Q1 2026 revenue was $4.9M (+9% YoY), with a gross margin of 12% (down from 27% YoY) due to higher energy costs.

• Adjusted EBITDA for Q1 2026 was $(0.2)M, down from $0.8M in Q1 2025, reflecting energy cost pressures and higher public company expenses.

• Pro forma cash at quarter-end was $60.4M, with total assets of $36.3M and stockholders' equity of $27.2M.

• Analyst consensus expects a revenue inflection in FY2027, with projected revenue of $127.3M and adjusted EBITDA of $12.1M.

• Market cap per operating MW is significantly below sector median ($3M vs. $38M), indicating a valuation gap.