New Era Energy & Digital (NUAI) Q3 2026 earnings summary

Executive summary

• Strategic focus shifted from legacy oil and gas to HPC data-center development; TCDC is a 493-acre campus designed for over 1 GW of compute.

• A 20-year PPA with Luminant secures 200 MW minimum and up to 207 MW of firm power; availability is expected in Q3 2027 and initial service in Q4 2027.

• A non-binding LOI with a leading global technology company covers Phases 1 and 2; Phase 1 lease negotiations are advanced and Phase 2 documentation is in drafting.

• Development shifted to self-execution rather than a potential JV, which management and the prospective tenant view as a lower-risk path.

• Senior development, engineering, construction, operations and legal capabilities expanded with hires experienced at hyperscale projects.

Financial highlights

• Q3 2026 revenue was $147,674, down 7.4% YoY; operating loss was $17.2M versus $4.2M, and net loss was $16.6M versus $5.8M.

• 9M 2026 revenue was $698,758, up 0.5% YoY; operating loss was $43.7M versus $8.1M, and net loss was $47.9M versus $12.7M.

• Q3 G&A rose to $16.6M from $3.7M; 9M G&A rose to $41.8M from $7.2M, driven by stock compensation, staffing and professional costs, plus one-time costs in 9M.

• At Sept. 30, cash and equivalents were $117.6M, restricted cash was $20.0M, working capital surplus was $136.7M and total assets were $228.6M.

• At Oct. 31, cash was $187M, including $49M unrestricted and $138M restricted; outstanding debt was $20M and fully cash-collateralized.

Outlook and guidance

• Phase 1 power availability is expected in Q3 2027, with initial ready-for-service targeted for Q4 2027; modular deployment lighting-up is targeted for September.

• Phase 2 plans call for ~550 MW of behind-the-meter generation; turbine deliveries are expected in Q4 2027 and Q1 2028, and a standard TCEQ air-permit application has been filed.

• Phases 1 and 2 represent ~757 MW gross planned capacity; Phase 3 layout and density remain under evaluation, with the campus anticipated to scale above 1 GW.

• Expected cash requirements for the next 12 months are $50M–$60M; Phase 1 capex is estimated at $150M–$400M after binding tenant terms or definitive agreements.

• The PPA’s minimum-quantity fixed annual obligation is ~ $110M in contract year one, excluding gas-indexed charges and pass-through costs; TCDC may terminate without liability if delivery has not begun by Dec. 31, 2027.