Hyperscale Data (GPUS) Q2 2025 earnings summary

Executive summary

• Total revenue for Q2 2025 was $25.9M, up 45% year-over-year, driven by improved lending/trading and stable hotel/crane operations.

• Net loss attributable to common stockholders for Q2 2025 was $21.3M, an improvement from $35.2M in Q2 2024.

• Crypto mining revenue declined 45% year-over-year due to the April 2024 Bitcoin halving and increased mining difficulty, partially offset by higher Bitcoin prices.

• Gross margin improved to 24% in Q2 2025 from -21% in Q2 2024, mainly due to positive lending/trading results.

Financial highlights

• Q2 2025 revenue: $25.9M (+45% YoY); six-month revenue: $50.9M (-9% YoY).

• Q2 2025 net loss: $21.3M; six-month net loss: $27.4M.

• Q2 2025 gross profit: $6.1M vs. gross loss of $3.8M in Q2 2024.

• Q2 2025 EPS: $(2.66) vs. $(38.17) in Q2 2024.

• Cash and cash equivalents at June 30, 2025: $5.9M; restricted cash: $21.3M.

Outlook and guidance

• Management expects existing cash and equivalents will not fund operations for the next 12 months; additional capital raises are anticipated.

• Divestiture of Ault Capital Group expected in Q1 2026, shifting focus to data centers and digital assets.