Big Digital Energy (BGDE) Q3 2026 earnings summary

Executive summary

• Strategy shifted from powered sites toward AI/HPC development, while Bitcoin mining monetizes underused capacity; priorities include securing sites, customers, partners, and disciplined financing.

• Hood County advanced into design and commercial discussions; Texas Load House acquired 30 acres, and a non-binding Tensor IQ LOI contemplates up to 17 MW for an AI/HPC campus.

• Portfolio includes 169 MW of operating capacity and access to a Six Thirty AI development pipeline of nearly 600 MW.

Financial highlights

• Q3 revenue was $8.7M, up 41% QoQ; gross profit was $4.5M versus $8.6M in Q3 2025, and operating loss was $5.5M versus operating income of $1.6M.

• Net loss was $6.5M versus net income of $0.3M in Q3 2025; basic and diluted loss per share was $1.13. Adjusted EBITDA loss was $3.4M versus income of $2.7M.

• Energy management revenue was $6.1M, up 132% QoQ; digital colocation revenue was $2.4M, down 30%; digital assets mining revenue was $0.2M, up 374%.

• Cash was $3.1M at Sept. 30 versus $16.3M at June 30; the decline was primarily driven by the approximately $10M Hood County acquisition. Stockholders’ equity was $8.5M versus $12.4M.

• Average monthly operating cash burn fell to $850K in Q3 from $3.4M in H1 2026; the improvement pace accelerated 50% from the start to the close of Q3.

Outlook and guidance

• Target is cash-basis break-even by year-end; management also expects positive operating cash flow in Q1 2027.

• Management expects to execute a Hood County lease by Q4-end; initial availability is targeted for Q2 2027, with timing subject to change.

• Priorities include converting frameworks into definitive agreements, securing customers and financing, forming commercial relationships, and bringing additional powered infrastructure under control.

• Hood County’s 111 MW expansion path is subject to ERCOT validation; a load study was approved to reach 74 MW, with additional capacity potentially supplied by behind-the-meter generation.