Big Digital Energy Announces Second Quarter 2026 Results
Rhea-AI Summary
Big Digital Energy (Nasdaq: BGDE) reported Q2 2026 revenue of $6.2 million, a 28% QoQ increase. Digital colocation revenue was $3.5 million, broadly flat QoQ, while energy management revenue rose to $2.6 million, a 120% QoQ increase. Digital assets mining contributed $0.03 million. The company recorded a net loss of $7.4 million and an Adjusted EBITDA loss of $4.4 million.
Big Digital reported approximately 129 MW of energized capacity, including capacity deployed under the Six Thirty AI agreement of about 75 MW. It acquired a powered site in Cleburne, completed the Hood County acquisition via a 50/50 JV with 10NetZero, and began ramping the Six Thirty AI colocation agreement.
Texas Load House, the JV with 10NetZero, signed a non-binding LOI with Tensor IQ for a planned 17 MW AI/HPC campus at Hood County, targeting in-service by Q2 2027, subject to definitive agreements and multiple conditions. Stockholders’ equity improved to $12.4 million from a prior deficit, and cash reached $16.3 million following equity, preferred stock and debt financing.
Positive
- Revenue $6.2M in Q2 2026, up 28% QoQ
- Energy management revenue $2.6M, up 120% QoQ
- Energized capacity ~129 MW, with ~75 MW under Six Thirty AI agreement
- Stockholders’ equity $12.4M at June 30, 2026 vs prior deficit of $(3.1)M
- Cash balance $16.3M at June 30, 2026 after $23.5M net financing inflows in six months
- Current liabilities reduced to $46.5M from $58.8M, improving balance-sheet profile
Negative
- Net loss $7.4M in Q2 2026 and $6.8M for six months
- Adjusted EBITDA loss $4.4M in Q2 2026 indicates ongoing operating losses
- Operating cash outflow $20.5M in first half 2026
- Interest expense $1.0M in Q2 2026, reflecting debt burden
- Share count increased to 5.65M from 3.62M, implying equity dilution
News Explained
At June 30, financing had increased common shares to 5.65 million and left $16.29 million cash, with Series D preferred stock outstanding.
Big Digital Energy’s Q2 results disclosure reports a
The release labels the Series D instrument convertible preferred stock; for the common issuance, the supplied definition says additional shares increase total share count and reduce an existing holder’s percentage ownership absent offsetting changes.
For the six months ended
At
Market reaction after Q2 2026 earnings report: BGDE -5.31% in the Aug 13 session
In the Aug 13 session, BGDE declined 5.31%, reflecting a notable negative market reaction. Argus tracked a peak move of +16.3% during that session. Our momentum scanner triggered 16 alerts that day, indicating notable trading interest and price volatility. Trading volume was very high at 4.5x the daily average, suggesting heavy selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 11 | AI infrastructure LOI | Positive | +6.6% | Tensor IQ LOI outlined a 17 MW AI infrastructure campus and potential lease-related revenue. |
| Jul 29 | Earnings call notice | Neutral | +19.5% | Company scheduled its second-quarter results release and earnings call for August 12. |
| Jul 20 | Site acquisition | Positive | -0.2% | Company completed the Hood County site acquisition through a 50/50 joint venture. |
| Jul 06 | AI site partnership | Positive | +9.4% | Company announced a 10NetZero joint venture and Hood County AI datacenter development plan. |
| Jun 17 | Nasdaq compliance | Positive | +16.3% | Nasdaq confirmed the company regained compliance with the stockholders’ equity requirement. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Historical reactions showed alignment with three positive announcements and divergence from one positive acquisition announcement; the neutral earnings-date notice also preceded a positive reaction.
Key Terms
adjusted ebitda financial
non-gaap financial measure financial
letter of intent regulatory
convertible preferred stock financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Revenues:
Completed Hood County Acquisition with 10NetZero to Advance AI and HPC Development
Entered into LOI with Tensor to Advance Planned 17 MW AI/HPC Campus at Hood County
MIDLAND, Pa., Aug. 12, 2026 (GLOBE NEWSWIRE) -- Big Digital Energy, Inc. (“We,” “Big Digital” or the “Company”) (Nasdaq: “BGDE”), a developer and operator of next-generation digital infrastructure, today announced financial results for the second quarter ended June 30, 2026.
Q2 2026 Financial Highlights
- Revenue:
$6.2 million ;28% QoQ increase- Digital Colocation Revenue:
$3.5 million ; broadly consistent QoQ - Energy Management Revenue:
$2.6 million ;120% QoQ increase - Digital Assets Mining Revenue:
$0.03 million
- Digital Colocation Revenue:
- Net Loss: (
$7.4) million - Adjusted EBITDA1 (Loss): (
$4.4) million - Stockholders' Equity:
$12.4 million
Q2 2026 Key Operating Metrics
- Energized Capacity: approximately 129 MW
- Capacity Deployed under Six Thirty AI Agreement: approximately 75 MW
CEO Commentary
“During the second quarter, we made meaningful progress repositioning Big Digital Energy for its next phase of growth,” said Phil Stanley, Chief Executive Officer. “Since assuming leadership, we have strengthened corporate governance, resolved numerous legacy matters, improved our balance-sheet position and enhanced alignment with shareholders, with members of management beneficially owning approximately
Mr. Stanley continued, “We are executing a clear strategy centered on acquiring, developing and monetizing powered infrastructure assets that we control for AI and high-performance computing markets. Today, our platform includes 129 megawatts of energized capacity, have begun ramping utilization under our Six Thirty AI colocation agreement and expanded our development portfolio through the Cleburne and Hood County acquisitions. While we advance toward higher-value AI and HPC deployments, we have also begun putting previously dormant assets back to work. By monetizing underutilized infrastructure through our colocation and mining initiatives, we are converting otherwise idle capacity into cash-flow generating infrastructure assets, creating a bridge that supports our transition while preserving the flexibility to redeploy that capacity into AI and HPC applications as those opportunities materialize.”
Mr. Stanley added, “As evidence of this, earlier this week, Texas Load House, our 50/50 joint venture with 10NetZero, entered a letter of intent with Tensor IQ that provides a framework to advance Hood County toward a customer-oriented AI infrastructure campus. Subject to definitive agreements and other conditions, the parties are planning an initial 17 MW deployment featuring 7,748 NVIDIA B300 GPUs, with the site targeted to be in service by the second quarter of 2027.”
Mr. Stanley concluded, “Our priorities remain clear: expand our portfolio of powered sites, advance development activities, establish strategic partnerships and secure the capital necessary to execute our AI strategy. During the quarter, we engaged Northland Capital Markets to evaluate a broad range of financing alternatives across our portfolio, including project- and site-level financing structures designed to maximize shareholder value. Together, we are actively pursuing numerous capital initiatives to fund our AI and HPC growth strategy while maintaining a disciplined approach to capital formation and minimizing unnecessary shareholder dilution. We believe the combination of powered infrastructure, operational execution and thoughtful capital formation positions Big Digital to capitalize on one of the most compelling opportunities in digital infrastructure today.”
Strategic & Business Updates
- Acquired the Cleburne, Texas powered site
- Completed the Hood County acquisition through a 50/50 joint venture with 10NetZero, adding 17 MW of energized capacity with a pathway to 111 MW of utility power and potential expansion to approximately 300 MW.
- Texas Load House, the Company’s 50/50 joint venture with 10NetZero, entered into a non-binding letter of intent with Tensor IQ relating to the planned Hood County AI infrastructure campus. Subject to execution of definitive agreements, financing, power availability, development, customer and other conditions, the LOI contemplates reserving and developing up to 17 MW of gross power capacity, an initial deployment of 7,748 NVIDIA B300 GPUs, and targets in-service timing in the second quarter of 2027. Based solely on indicative commercial terms in the non-binding LOI and assuming full utilization over the applicable term, the LOI contemplates potential aggregate power-lease-related revenue to TLH of approximately
$546 million over an initial 15-year term, with two 5-year extension options that, if exercised and fully utilized, could increase potential aggregate lease-related revenue to approximately$1.07 billion . These amounts are not contracted revenue and remain subject to significant conditions and risks. - Began ramping the Six Thirty AI colocation agreement, increasing utilization of previously dormant powered infrastructure.
- Engaged Northland Capital Markets to evaluate site-level financing alternatives and support the Company's AI and HPC growth initiatives.
Corporate & Governance Updates
- Made significant progress toward resolving legacy matters inherited from prior management.
- Expanded the Board of Directors with the appointment of independent directors, strengthening governance and oversight.
- Eliminated the Company's stockholder rights plan (poison pill), reflecting management's commitment to shareholder alignment.
- Regained compliance with Nasdaq's stockholders' equity listing requirement and continue to work toward maintaining full compliance with all applicable listing standards.
Earnings Call and Webcast Information:
Big Digital Energy will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of results followed by a question-and-answer period. To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.
Date: August 12, 2026
Time: 5:00 p.m. ET
Participant Call Links:
- Live Webcast: Link
- Dial-in Registration Link:
- A replay of the call will be archived at https://www.bigdigital.energy
Footnotes
1 Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles (“GAAP”) (a “Non-GAAP Financial Measure”). Please see “Non-GAAP Financial Measures” at the end of this press release for a reconciliation to net loss, the most directly comparable GAAP measure, and additional information regarding the limitations and use of this measure.
About Big Digital Energy, Inc.
Big Digital Energy, Inc. (Nasdaq: “BGDE”) is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. The Company provides services spanning artificial intelligence (“AI”), high-performance computing (“HPC”), digital assets (including Bitcoin mining), and other intensive compute applications. The Company delivers both self-mining operations and colocation/hosting for enterprise customers, with a vertically integrated infrastructure model built for scalability and efficiency.
A core part of the Company’s strategy is identifying and advancing sites positioned to support high-performance compute with the infrastructure required for long-term deployment. With approximately 129 megawatts of energized capacity and additional capacity under development, the Company is positioning itself as a competitive provider of digital infrastructure solutions to support the demand for AI data centers.
CAUTIONARY LANGUAGE ON FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the expected benefits of the joint venture, the deployment of assets, revenue growth, and the Company’s strategic initiatives. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “target,” “will,” “would,” “subject to,” and similar expressions.
These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. In addition, statements regarding the Tensor IQ letter of intent, the Hood County development project, projected lease-related revenue, anticipated GPU deployment, planned capacity, commercialization opportunities, customer demand, and targeted in-service dates are subject to significant risks and uncertainties, including, without limitation: the non-binding nature of the LOI; the possibility that definitive agreements are not negotiated, executed, or consummated on anticipated terms or at all; the creditworthiness, performance, and continued participation of Tensor IQ, 10NetZero, Texas Load House, or other counterparties. Important factors include, without limitation: the Company’s ability to continue as a going concern; the Company’s ability to maintain its Nasdaq listing; the need for and availability of additional financing; the Company’s ability to obtain any required stockholder approvals and to file and maintain the effectiveness of any required registration statements; availability and cost of power, grid interconnection and build-out timing; the feasibility, permitting, and development of any behind-the-meter generation; execution risks in developing AI/HPC digital infrastructure; market demand for AI/HPC and accelerated computing; evolving and uncertain regulation of digital assets, artificial intelligence, and high-performance computing; volatility in digital asset prices and reductions in mining incentives; and the other risks described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in other filings made with the SEC from time to time. Any forward-looking statements speak only as of the date of this report, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this report, except as required by law.
| Big Digital Energy, Inc. Condensed Balance Sheets (Unaudited) | ||||||||
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 16,290,273 | $ | 13,271,256 | ||||
| Prepaid expenses | 7,035,680 | 3,677,000 | ||||||
| Cryptocurrencies held for customers | - | 903,784 | ||||||
| Trade and other receivables, net | 9,441,721 | 9,642,423 | ||||||
| Total current assets | 32,767,674 | 27,494,463 | ||||||
| Property, plant and equipment, net | 20,342,584 | 22,580,313 | ||||||
| Derivative asset | 3,450,530 | 3,475,110 | ||||||
| Security deposits | 651,763 | 651,763 | ||||||
| Operating lease right-of-use asset, net | 2,536,535 | 3,240,017 | ||||||
| Total assets | $ | 59,749,086 | $ | 57,441,666 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Current liabilities: | ||||||||
| Trade and other payables | $ | 14,872,949 | $ | 32,077,138 | ||||
| Current portion of operating lease liability | 1,549,575 | 1,402,826 | ||||||
| Current portion of finance lease liability | 4,713 | 176,707 | ||||||
| Revolving line of credit and current portion of long-term loans | 30,050,174 | 25,184,363 | ||||||
| Total current liabilities | 46,477,411 | 58,841,034 | ||||||
| Operating lease liability, net of current portion | 826,997 | 1,718,423 | ||||||
| Total liabilities | 47,304,408 | 60,559,457 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ equity (deficit): | ||||||||
| Series D Convertible Preferred Stock, par value | 17 | - | ||||||
| Common stock, | 5,649 | 3,617 | ||||||
| Additional paid-in capital | 271,277,557 | 248,967,877 | ||||||
| Accumulated other comprehensive income | 382,127 | 365,450 | ||||||
| Accumulated deficit | (259,220,672 | ) | (252,454,735 | ) | ||||
| Total stockholders’ equity (deficit) | 12,444,678 | (3,117,791 | ) | |||||
| Total liabilities and stockholders’ equity (deficit) | $ | 59,749,086 | $ | 57,441,666 | ||||
| Big Digital Energy, Inc. Condensed Statements of Operations (Unaudited) | ||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues: | ||||||||||||||||
| Digital colocation revenue | $ | 3,505,814 | $ | 3,660,298 | $ | 7,016,843 | $ | 14,089,171 | ||||||||
| Energy management revenue | 2,613,936 | 5,130,712 | 3,803,790 | 8,195,587 | ||||||||||||
| Digital assets mining revenue | 33,469 | 742,173 | 152,889 | 1,062,798 | ||||||||||||
| Total revenues | 6,153,219 | 9,533,183 | 10,973,522 | 23,347,556 | ||||||||||||
| Less: Cost of revenues (excluding depreciation) | 4,544,735 | 5,599,553 | 8,358,544 | 13,489,996 | ||||||||||||
| Gross Profit | 1,608,484 | 3,933,630 | 2,614,978 | 9,857,560 | ||||||||||||
| Selling, general and administrative | 6,027,299 | 5,925,308 | 13,645,437 | 11,703,716 | ||||||||||||
| Stock based compensation | 677,043 | 978,261 | 1,103,405 | 3,078,765 | ||||||||||||
| Depreciation and amortization | 1,097,390 | 1,466,119 | 2,291,654 | 2,994,032 | ||||||||||||
| Change in fair value of derivative asset | 105,608 | 2,137,052 | 24,580 | (1,922,521 | ) | |||||||||||
| Total operating expenses | 7,907,340 | 10,506,740 | 17,065,076 | 15,853,992 | ||||||||||||
| Loss from operations | (6,298,856 | ) | (6,573,110 | ) | (14,450,098 | ) | (5,996,432 | ) | ||||||||
| Non-operating income (expense): | ||||||||||||||||
| Loss on foreign currency transactions | (36,994 | ) | (689,952 | ) | (401,425 | ) | (777,290 | ) | ||||||||
| Gain on legal settlements | - | - | 10,157,593 | - | ||||||||||||
| Interest expense | (1,011,808 | ) | (827,336 | ) | (1,967,906 | ) | (1,612,201 | ) | ||||||||
| Other income | 8,933 | 60,646 | 65,381 | 164,758 | ||||||||||||
| Other expenses | (7,095 | ) | (9,614 | ) | (7,095 | ) | (18,955 | ) | ||||||||
| Total non-operating income (expense), net | (1,046,964 | ) | (1,466,256 | ) | 7,846,548 | (2,243,688 | ) | |||||||||
| Loss before income taxes | (7,345,820 | ) | (8,039,366 | ) | (6,603,550 | ) | (8,240,120 | ) | ||||||||
| Income tax benefit (expense) | (29,920 | ) | 17,933 | (162,387 | ) | (92,176 | ) | |||||||||
| Net loss | $ | (7,375,740 | ) | $ | (8,021,433 | ) | $ | (6,765,937 | ) | $ | (8,332,296 | ) | ||||
| Net Loss per share, basic and diluted | $ | (1.33 | ) | $ | (7.93 | ) | $ | (1.30 | ) | $ | (8.54 | ) | ||||
| Weighted average number of shares outstanding | 5,555,868 | 1,011,630 | 5,215,344 | 975,823 | ||||||||||||
| Big Digital Energy, Inc. Condensed Statements of Cash Flows (Unaudited) | ||||||||
| For the six months ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (6,765,937 | ) | $ | (8,332,296 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 2,291,654 | 2,994,032 | ||||||
| Amortization of operating lease right-of-use asset | 701,201 | 627,398 | ||||||
| Foreign exchange loss | 422,827 | 743,835 | ||||||
| Stock based compensation | 1,103,405 | 3,078,765 | ||||||
| Non-cash interest expense | 1,959,660 | 1,597,880 | ||||||
| Unrealized (gain) loss on derivative asset | 24,580 | (1,922,521 | ) | |||||
| Loss on lease termination | 2,281 | 26,367 | ||||||
| Provision for doubtful accounts | - | 977,755 | ||||||
| Gain on legal settlements | (10,157,593 | ) | - | |||||
| Changes in operating assets and liabilities: | ||||||||
| Trade and other receivables | 200,702 | 2,267,735 | ||||||
| Operating lease liabilities | (736,461 | ) | (660,996 | ) | ||||
| Other current assets | (2,454,896 | ) | 934,392 | |||||
| Trade and other payables | (7,046,597 | ) | (4,921,330 | ) | ||||
| Net cash used in operating activities | (20,455,174 | ) | (2,588,984 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Capital expenditures | (22,273 | ) | (54,633 | ) | ||||
| Purchases of property, plant and equipment | (31,652 | ) | - | |||||
| Net cash used in investing activities | (53,925 | ) | (54,633 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from common share issuances | 7,180,124 | - | ||||||
| Payments of finance lease liabilities | (180,208 | ) | (206,588 | ) | ||||
| Proceeds from Series D Convertible Stock, net of share issuance cost | 14,028,200 | - | ||||||
| Proceeds from borrowings | 2,500,000 | - | ||||||
| Net cash provided by (used in) financing activities | 23,528,116 | (206,588 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 3,019,017 | (2,850,205 | ) | |||||
| Cash and cash equivalents at beginning of period | 13,271,256 | 6,089,837 | ||||||
| Cash and cash equivalents at end of period | $ | 16,290,273 | $ | 3,239,632 | ||||
| Supplemental disclosure of cash flow information | ||||||||
| Cash paid for interest | $ | 8,247 | $ | 14,321 | ||||
| Cash paid (received) for income taxes – Federal | $ | 358,000 | $ | (25,905 | ) | |||
| Cash paid for income taxes – State | $ | 286,375 | $ | - | ||||
Non-GAAP Financial Measures
Adjusted EBITDA
In addition to net loss and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) to monitor the financial health of our business. Adjusted EBITDA is defined as net loss, excluding (i) interest expense, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) share-based compensation, (v) remeasurement gains and losses such as fair value remeasurements on our digital assets, convertible notes, and SAFE notes, and (vi) impairments, restructuring charges, and business acquisition- or disposition-related expenses that we believe are not indicative of our core operating results. This non-GAAP financial information has limitations as an analytical tool when assessing our operating performance, is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.
The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and/or render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of core operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.
The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net loss:
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Reconciliation of non-GAAP Adjusted EBITDA: | ||||||||||||||||
| Net loss: | $ | (7,375,740 | ) | $ | (8,021,433 | ) | $ | (6,765,937 | ) | $ | (8,332,296 | ) | ||||
| Depreciation and amortization | 1,097,390 | 1,466,119 | 2,291,654 | 2,994,032 | ||||||||||||
| Stock based compensation | 677,043 | 978,261 | 1,103,405 | 3,078,765 | ||||||||||||
| Losses on foreign currency transactions | 36,994 | 689,952 | 401,425 | 777,290 | ||||||||||||
| Other non-operating income | (8,933 | ) | (60,646 | ) | (65,381 | ) | (164,758 | ) | ||||||||
| Other non-operating expenses | 1,018,903 | 836,950 | 1,975,001 | 1,631,156 | ||||||||||||
| Change in fair value of derivative asset | 105,608 | 2,137,052 | 24,580 | (1,922,521 | ) | |||||||||||
| Income tax (benefit) expense | 29,920 | (17,933 | ) | 162,387 | 92,176 | |||||||||||
| Provision for doubtful accounts | - | - | - | 977,755 | ||||||||||||
| Gain on legal settlements | - | - | (10,157,593 | ) | - | |||||||||||
| Adjusted EBITDA (non-GAAP) | $ | (4,418,815 | ) | $ | (1,991,678 | ) | $ | (11,030,459 | ) | $ | (868,401 | ) | ||||
CONTACT
Investor Relations: IR@bigdigital.energy
Partnerships: Partnerships@bigdigital.energy
Media and Press: mediarelations@bigdigital.energy
Website: www.bigdigital.energy
