PowerCompute (PWCM) Q2 2026 earnings summary

Executive summary

• Transitioned to include AI and HPC infrastructure, leveraging 26 MW of owned power across Oklahoma and Mississippi, while maintaining Bitcoin mining as a primary business.

• Rebranded as PowerCompute, Inc. with a new ticker, reflecting a strategic shift and began trading under the new name on July 22, 2026.

• Deployed initial GPU servers for AI/HPC, launched a proof-of-concept at the Oklahoma facility, and began marketing capacity to AI customers via Vast.ai.

• Maintained approximately 22 MW for Bitcoin mining, with flexibility to allocate up to 11 MW to HPC at the Columbus site.

• Long-term AI/HPC revenue opportunity estimated at $20–$50 million annually, but realization depends on capital, contracts, and execution.

Financial highlights

• Q2 2026 revenue was $2.1 million, up 9.8% year-over-year from $1.9 million in Q2 2025, but flat sequentially.

• Net loss for Q2 2026 was $4.6 million, compared to net income of $0.1 million in Q2 2025; Core EBITDA loss was $2.8 million versus income of $2.6 million a year ago.

• Mined 27.9 Bitcoin in Q2 2026, up from 18.4 in Q2 2025, with a treasury of 318 Bitcoin valued at $18.6 million as of June 30, 2026.

• Mining margin was 29% in Q2 2026, down from 41% in Q2 2025, impacted by lower Bitcoin prices.

• Operating expenses rose to $6.0 million in Q2 2026 from $1.5 million in Q2 2025, mainly due to fair value losses on digital assets and higher mining costs.

Outlook and guidance

• No formal guidance; long-term AI/HPC revenue potential is illustrative and not a forecast.

• Near-term focus is on validating the AI/HPC model, learning from the pilot, and converting power infrastructure into contracted compute revenue.

• Management has not concluded that its plans will mitigate substantial doubt about the ability to continue as a going concern within the next year.