New Era Energy & Digital (NUAI) Q2 2026 earnings summary

Executive summary

• Executed a strategic pivot in late 2025 from legacy natural gas operations to focus on developing data center campuses for AI hyperscalers, with the flagship Texas Critical Data Centers LLC (TCDC) project in Ector County, Texas, targeting over 1 GW of compute capacity and phased power delivery starting as early as end of 2027.

• Acquired the remaining 50% interest in TCDC for $70 million, funded through a mix of cash, equity, and a senior secured convertible promissory note, which was fully repaid in April 2026.

• Raised significant capital through an underwritten public offering ($93.4 million net proceeds plus $14.1 million from option exercise), a $20 million initial draw on a $290 million term loan facility, and $26.3 million from warrant exercises.

Financial highlights

• For the three months ended June 30, 2026: revenue was $36,497, down 82.5% year-over-year; net loss was $20.4 million, compared to $3.6 million in Q2 2025.

• For the six months ended June 30, 2026: revenue was $551,084, up 2.9% year-over-year; net loss was $31.3 million, compared to $6.9 million in the prior year period.

• General and administrative expenses surged to $16.1 million in Q2 2026 (up 950% year-over-year), driven by stock-based compensation, legal, professional fees, a legal settlement, and a contract termination fee.

• Operating expenses increased sharply due to impairment charges ($250,000 in Q2; $625,000 YTD), higher accretion expense, and increased stock-based compensation.

Outlook and guidance

• Management expects cash requirements of $25–30 million over the next twelve months, with potential increases if binding agreements with data center users are executed.

• Near-term capital expenditures for the flagship project could range from $50–300 million, with total project costs potentially exceeding $15 billion over time.

• Liquidity is expected to be supported by a mix of tenant prepayments, project-level debt, and strategic equity capital.