Big Digital Energy (BGDE) Q2 2026 earnings summary

Executive summary

• New management took control in April, rebranded the company, expanded the board, and now owns about 29% of common stock, aligning interests with shareholders.

• Completed a $15M Series D Preferred Stock raise and a $10.8M warrant, supporting working capital and liquidity.

• Acquired Cleburne, Texas powered site and Hood County site via joint venture, adding significant capacity.

• Entered a joint mining agreement with Six Thirty AI and a non-binding LOI with Tensor IQ for a 17 MW AI/HPC campus targeting $546M in lease revenue over 15 years.

• Regained Nasdaq compliance, resolved legacy issues, and terminated the poison pill/shareholder rights plan.

Financial highlights

• Q2 2026 revenue was $6.2M, up 28% quarter-over-quarter but down 35% year-over-year.

• Colocation revenue was $3.5M (stable QoQ), energy management revenue was $2.6M (up 120% QoQ), and digital asset mining revenue was $0.03M.

• Net loss for Q2 2026 was $7.4M, with adjusted EBITDA loss of $4.4M.

• Gross margin for Q2 2026 was 26%, with gross profit of $1.6M.

• Cash and cash equivalents at June 30, 2026 were $16.3M; stockholders' equity was $12.4M.

Outlook and guidance

• Transitioning from Bitcoin mining to AI/HPC infrastructure, focusing on monetizing underutilized assets.

• LOI with Tensor IQ targets a 17 MW AI/HPC campus at Hood County, aiming for $546M in lease revenue over 15 years, with service targeted for Q2 2027.

• Management expects continued cash flow growth as more machines are deployed and AI contracts materialize.

• Northland Capital Markets engaged to evaluate financing alternatives for AI/HPC growth.

• Additional capital will be required to meet debt obligations and fund growth.