Bitcoin Holdings - Hyperscale Data's Bitcoin treasury, including held Bitcoin and cash for future purchases, totaled approximately $75.5 million [1] - The Bitcoin treasury represents 97.5% of Hyperscale Data's market capitalization as of December 15 [1] - Hyperscale Data holds about 498.46 Bitcoin through its subsidiary Sentinum [1] - Hyperscale Data has allocated an additional $31.5 million in cash for future Bitcoin acquisitions [1]

Core Viewpoint - Hyperscale Data, Inc. has a significant Bitcoin treasury valued at approximately $75.5 million, representing about 97.5% of its market capitalization, as part of its strategy to accumulate Bitcoin equal to its market cap [1][4]. Group 1: Bitcoin Holdings and Strategy - The company's subsidiary, Sentinum, holds approximately 498.4633 Bitcoin, with a market value of around $44 million based on the Bitcoin price of $88,175 as of December 14, 2025 [2]. - Hyperscale Data has allocated $31.5 million in cash for future Bitcoin purchases, employing a disciplined dollar-cost averaging strategy to mitigate short-term market volatility [3][4]. - The company aims to invest at least 5% of the allocated cash weekly into Bitcoin, although actual amounts may vary based on market conditions [4]. Group 2: Future Plans and Reporting - The company plans to continue issuing weekly reports detailing its Bitcoin holdings as it progresses towards its $100 million digital asset treasury target [5]. - The divestiture of Ault Capital Group, expected in the second quarter of 2026, will position Hyperscale Data as a dedicated owner and operator of data centers and digital assets [8].

Core Viewpoint - Hyperscale Data, Inc. reported total assets of approximately $377 million and net assets of about $168 million as of November 30, 2025, indicating a strong balance sheet and potential undervaluation of its stock [1][4][5]. Financial Position - The estimated total assets of Hyperscale Data equate to approximately $1.17 per share of Class A common stock, while the estimated net assets equate to about $0.52 per share [1]. - The company's cash and Bitcoin holdings represent a significant portion of its total assets, reflecting a disciplined approach to digital asset management [2]. - Adjustments in assets, liabilities, and shares outstanding have been made, alongside additional cash proceeds and Bitcoin purchases, indicating ongoing investment in high-performance computing infrastructure [3]. Strategic Initiatives - The company is focused on accumulating digital assets, enhancing infrastructure, and executing strategic initiatives to create long-term value for stockholders [5]. - Hyperscale Data's Common Stock has historically traded below its perceived intrinsic value, suggesting potential for price appreciation as the market recognizes the company's asset value [4]. Business Operations - Through its subsidiary Sentinum, Inc., Hyperscale Data operates a data center that mines digital assets and provides colocation and hosting services for AI ecosystems and other industries [7]. - The company plans to divest Ault Capital Group, Inc. in the second quarter of 2026, which will allow it to focus on data center operations and digital asset holdings [8].

Core Viewpoint - Hyperscale Data, Inc. has a significant Bitcoin treasury valued at approximately $75 million, representing about 83% of its market capitalization, and aims to accumulate Bitcoin equal to 100% of its market cap as part of a broader digital asset treasury strategy [1][2][4]. Group 1: Bitcoin Holdings and Strategy - The company's subsidiary, Sentinum, holds approximately 451.8500 Bitcoin, with a market value of around $41 million based on the Bitcoin price of $90,405 as of December 7, 2025 [2]. - Hyperscale Data has allocated $34 million in cash for future Bitcoin purchases, employing a disciplined dollar-cost averaging strategy to mitigate short-term market volatility [3][4]. - The company plans to invest at least 5% of the allocated cash weekly into Bitcoin, with actual amounts varying based on market conditions [4]. Group 2: Future Plans and Operations - Hyperscale Data is committed to issuing weekly reports detailing its Bitcoin holdings as it progresses towards its $100 million digital asset treasury target [5]. - The company is preparing for the divestiture of its subsidiary Ault Capital Group, expected in the second quarter of 2026, which will allow it to focus on data center operations and digital asset holdings [7]. - The divestiture will involve an exchange of Series F Preferred Stock for shares of ACG, allowing stockholders to become shareholders of ACG upon completion [8].

Core Viewpoint - Hyperscale Data, Inc. has a significant Bitcoin treasury valued at approximately $72.25 million, which constitutes about 83% of its market capitalization as of December 1, 2025 [1] Group 1: Company Holdings - The company holds 421.6747 Bitcoin and $34.25 million in cash allocated for future Bitcoin purchases [1] - The total value of the company's Bitcoin treasury, including current holdings and cash, is based on the Bitcoin price as of November 30, 2025 [1] Group 2: Market Capitalization - The Bitcoin treasury represents approximately 83% of the company's market capitalization calculated from its stock price at the close of trading on December 1, 2025 [1]

Core Viewpoint - Hyperscale Data, Inc. has a Bitcoin treasury valued at approximately $70.5 million, representing about 77% of its market capitalization, and aims to accumulate Bitcoin equal to 100% of its market cap as part of a $100 million digital asset treasury strategy [1][4]. Group 1: Bitcoin Holdings - The company's subsidiary, Sentinum, holds approximately 382.9384 Bitcoin, with a market value of about $33.25 million based on the Bitcoin price of $86,805 as of November 23, 2025 [2]. - The Bitcoin holdings consist of 54.1415 Bitcoin from mining operations and 328.7968 Bitcoin acquired in the open market, including 45.4500 Bitcoin purchased during the week ending November 23, 2025 [2]. Group 2: Cash Allocation and Strategy - Hyperscale Data has allocated $37.25 million in cash for future Bitcoin purchases, employing a disciplined dollar-cost averaging strategy to mitigate short-term market volatility [3][4]. - The company targets investing at least 5% of the allocated cash each week, with actual amounts varying based on market conditions [4]. Group 3: Growth and Reporting - The growth of the digital asset treasury position is driven by both open-market purchases and self-mined Bitcoin [5]. - Hyperscale Data will issue weekly reports detailing its Bitcoin holdings as it progresses towards its $100 million digital asset treasury target [5].

Core Insights - Hyperscale Data, Inc. has been recognized as one of the top 100 global public Bitcoin treasury companies, ranking at 94, based on its holdings of 150 Bitcoin, while it currently owns approximately 382 Bitcoin, which would place it within the top 75 if other companies' holdings remain unchanged [1][2][3] Group 1: Company Strategy and Operations - The company has rapidly expanded its Bitcoin treasury strategy alongside its Bitcoin mining operations, indicating a strong commitment to digital assets [2] - Hyperscale Data operates Bitcoin mining facilities in Michigan and Montana, providing a diversified production footprint [3] - The company employs a disciplined dollar-cost averaging strategy, purchasing Bitcoin weekly regardless of market volatility, which supports its goal of building a significant corporate Bitcoin treasury [3] Group 2: Future Goals - The Executive Chairman expressed pride in the current achievement but emphasized a larger goal of reaching the top 10 in the global Bitcoin treasury rankings [3] Group 3: Company Structure and Divestiture - Hyperscale Data operates through its subsidiary Sentinum, Inc., which manages data centers for mining digital assets and offering colocation and hosting services [5] - The company anticipates a divestiture of its subsidiary Ault Capital Group, Inc. in the second quarter of 2026, which will allow it to focus on high-performance computing services and digital asset holdings [6]

Core Viewpoint - Hyperscale Data, Inc. has a Bitcoin treasury valued at approximately $72.5 million, representing about 94% of its market capitalization, and aims to accumulate Bitcoin equal to 100% of its market cap as part of a $100 million digital asset treasury strategy [1][3]. Bitcoin Holdings - The company's subsidiary, Sentinum, holds approximately 332.2516 Bitcoin, with a market value of about $31.3 million based on the Bitcoin price of $94,117 as of November 16, 2025 [2]. - The Bitcoin holdings consist of 48.9048 Bitcoin from mining operations and 283.3468 Bitcoin acquired in the open market, including 59.7600 Bitcoin purchased during the week ending November 16, 2025 [2]. Cash Allocation and Strategy - Hyperscale Data has allocated $41.25 million in cash for future Bitcoin purchases, employing a disciplined dollar-cost averaging strategy to mitigate short-term market volatility [3][4]. - The company plans to invest at least 5% of the allocated cash weekly, with actual amounts varying based on market conditions [4]. Market Position and Future Outlook - The company believes that recent Bitcoin price volatility validates its disciplined approach and positions it to capitalize on future price appreciation [4]. - Hyperscale Data will continue to provide weekly updates on its Bitcoin holdings as it progresses towards its $100 million digital asset treasury target [5]. Business Operations - Hyperscale Data operates a data center through its subsidiary Sentinum, focusing on mining digital assets and offering colocation and hosting services for AI ecosystems [6]. - The company is also involved in diverse industries through its other subsidiary, Ault Capital Group, Inc., which pursues growth by acquiring undervalued businesses and disruptive technologies [6][7].

Financing Activities - Hyperscale Data issued a convertible promissory note of $1.9 million on February 5, 2025, with a conversion price of $4.00 per share and an interest rate of 15% per annum [161]. - A convertible promissory note of $4.2 million was issued on March 14, 2025, with a conversion price based on the greater of $0.40 or 75% of the VWAP [163]. - Hyperscale Data entered into a securities purchase agreement to sell up to 50,000 shares of Series B Convertible Preferred Stock for a total of $50.0 million [166]. - Each share of Series B Preferred Stock has a stated value of $1,000.00 and offers a cumulative cash dividend of 15% per annum [167]. - A securities purchase agreement was made to sell up to 100,000 shares of Series H convertible preferred stock for a total of $100.0 million [176]. - Between August 29, 2025, and November 4, 2025, the company raised $125 million through the sale of 255.4 million shares of Class A common stock via an ATM offering [178]. - The A&R Forbearance Note issued in February 2025 has a principal amount of $3.5 million and accrues interest at 18% per annum [162]. Revenue Performance - Total revenue for the three months ended September 30, 2025, was $24.3 million, a decrease of 22% from $31.1 million in the same period of 2024 [196]. - Revenue from crane operations declined by $2.6 million, or 21%, to $9.7 million due to reduced demand from oil and gas customers [199]. - Revenue from crypto assets mining increased by $0.4 million, or 8%, to $5.7 million, driven by a 30% increase in self-mined Bitcoin revenue [198]. - AGREE's hotel operations revenues increased by $0.4 million, or 7%, for the three months ended September 30, 2025, compared to the same period in 2024 [200]. - Total revenue for the nine months ended September 30, 2025, was $75.2 million, a decrease of $12.0 million, or 14%, compared to $87.2 million in the same period in 2024 [223]. - Revenues from crypto assets mining decreased by $9.6 million, or 38%, to $15.6 million for the nine months ended September 30, 2025, compared to $25.2 million in the same period in 2024 [224]. - TurnOnGreen's revenues increased by $1.3 million, to $5.0 million for the nine months ended September 30, 2025, compared to $3.8 million in the corresponding period in 2024, a rise of 34% [229]. Net Loss and Impairments - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $15.3 million, compared to a net loss of $26.9 million in the same period of 2024 [196]. - A loss on impairment of property and equipment related to real estate assets of AGREE was recorded at $8.0 million for the year ended December 31, 2024 [186]. - Net loss available to common stockholders was $42.7 million for the nine months ended September 30, 2025, compared to a net loss of $59.7 million in the same period in 2024 [222]. Bankruptcy and Subsidiary Developments - The company anticipates that Gresham Worldwide, Inc. will emerge from bankruptcy on November 28, 2025, following a settlement agreement [173]. - The company anticipates GIGA will emerge from bankruptcy on November 28, 2025, following the confirmation of its bankruptcy plan [184]. - The company recognized a gain of $2.7 million related to the bankruptcy proceedings for a subsidiary during the three months ended September 30, 2025 [190]. - The company deconsolidated GIGA and recognized a gain of $2.0 million on deconsolidation included in net gain from discontinued operations [182]. Expenses and Margins - Gross margins decreased to 26% for the three months ended September 30, 2025, compared to 28% for the same period in 2024, primarily due to unfavorable margins from crypto asset mining activities [206]. - Research and development expenses decreased by $3.0 million for the three months ended September 30, 2025, due to reduced expenditures on the Bitnile social gaming platform [207]. - Selling and marketing expenses increased by $2.6 million, or 55%, to $7.4 million for the three months ended September 30, 2025, compared to $4.8 million in the same period in 2024 [208]. - Gross margins decreased to 24% for the nine months ended September 30, 2025, down from 26% for the same period in 2024, primarily due to unfavorable margins from crypto asset mining operations [231]. - Research and development expenses decreased by $3.0 million for the nine months ended September 30, 2025, due to reduced expenditures on the Bitnile social gaming platform [232]. - Selling and marketing expenses increased by $3.5 million, or 28%, to $16.0 million for the nine months ended September 30, 2025, driven by higher advertising and promotion costs [233]. - General and administrative expenses decreased by $3.3 million to $30.4 million for the nine months ended September 30, 2025, primarily due to the deconsolidation of AVLP and Eco Pack [234]. Cash Flow and Financial Position - Net cash used in operating activities totaled $24.8 million for the nine months ended September 30, 2025, compared to $10.2 million for the same period in 2024 [249]. - Net cash used in investing activities was $12.9 million for the nine months ended September 30, 2025, compared to $11.8 million for the same period in 2024 [250]. - Net cash provided by financing activities was $60.4 million for the nine months ended September 30, 2025, compared to $22.6 million for the same period in 2024 [251]. - As of September 30, 2025, cash and cash equivalents were $24.8 million, up from $4.5 million as of December 31, 2024 [248]. - The effective tax rate from continuing operations was a provision of 0.5% for the nine months ended September 30, 2025, compared to 0.1% for the same period in 2024 [247].

Core Viewpoint - Hyperscale Data, Inc. is proactively updating its Bitcoin treasury strategy due to increased volatility in the digital asset and AI markets, emphasizing transparency for stockholders [1][2]. Group 1: Bitcoin Treasury Update - For the week of November 10–14, the company purchased approximately 59.76 Bitcoin for $6,000,231.97, averaging $100,405.49 per Bitcoin as part of its dollar-cost-averaging strategy [2]. - The daily purchases included 18.85 BTC on November 10 for $2,000,306.02, 9.0 BTC on November 11 for $926,287.31, 5.0 BTC on November 12 for $509,062.50, 5.7 BTC on November 13 for $563,020.40, and 21.21 BTC on November 14 for $2,001,556.11 [2]. Group 2: Company Strategy and Operations - The company is committed to building a balance sheet anchored in Bitcoin while expanding its AI data center in Michigan [2]. - Hyperscale Data operates through its subsidiary Sentinum, Inc., which mines digital assets and provides colocation and hosting services for AI ecosystems [3]. - The company plans to divest Ault Capital Group, Inc. in the second quarter of 2026, focusing on data center operations and digital asset holdings post-divestiture [4]. Group 3: Shareholder Information - The company issued one million shares of Series F Exchangeable Preferred Stock to common stockholders, which will be exchanged for shares of ACG upon the divestiture [5][6].