Blockchain Digital (NYSE: AIB) details ambitious AI data center growth plan
Rhea-AI Filing Summary
Blockchain Digital Infrastructure, Inc. furnished an investor presentation detailing its AI-focused data center strategy and recent Q1 2026 performance. The company positions itself as a pure-play AI data center developer with about 40 MW live and cash-flowing, ~90 MW under development, and a 395 MW pipeline by 2027.
Management highlights a $400M+ total contract value LOI for 20 MW of build-to-suit capacity and a multi-site U.S. footprint targeting power-constrained markets. For Q1 2026, revenue reached $4.9 million, up 9% year over year, but gross margin compressed to 12% from 27% as energy procurement costs rose faster than pricing.
Adjusted EBITDA turned to a loss of $0.2 million and net loss was $0.3 million, though operating cash flow was positive. Total assets grew to $36.3 million and stockholders’ equity to $27.2 million, driven largely by a reverse merger that added identifiable intangibles and recapitalized the balance sheet.
Positive
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Negative
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Insights
High-growth AI data center strategy, but near-term margins are pressured by rising power costs.
The presentation frames Blockchain Digital Infrastructure as an AI data center developer with ~40 MW operating, significant U.S. pipeline capacity, and a $400M+ LOI that supports future contracted revenue. The reverse merger materially enlarged assets and equity, giving a cleaner public-company structure.
Financially, Q1 2026 shows 9% revenue growth to $4.913M, but gross margin fell to 12% as energy costs climbed while pricing stayed nearly flat. Adjusted EBITDA swung to a $0.153M loss and net loss was $0.273M, underscoring sensitivity to power costs.
Management outlines an ambitious ~715 MW long-term capacity plan and a GP/LP capital model with sizable promoted economics. Execution will depend on funding roughly $9.9B of projected capex and managing power procurement; subsequent company filings and project milestones will clarify how rapidly this strategy converts into stabilized cash flows.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
GP/LP development model financial
build-to-suit lease financial
PUE technical
reverse merger financial
NNN leases financial
UNITED STATES
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Item 7.01 Regulation FD Disclosure.
On May 19, 2026, BlockchAIn Digital Infrastructure, Inc. (the “Company”) released an investor presentation (the “Investor Presentation”) containing information regarding the Company’s financial position, business and operations that management of the Company intends to use from time to time in investor communications and conferences. A copy the Investor Presentation is attached hereto as Exhibit 99.1.
The information contained in the Investor Presentation is summary information that is intended to be considered in the context of the Company’s filings with the Securities and Exchange Commission (“SEC”) and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in the Investor Presentation, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.
The information in this Item 7.01, including Exhibit 99.1, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section, and shall not be deemed to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing. By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.
Forward-Looking Statements
This Current Report on Form 8-K and the Presentation furnished as Exhibit 99.1 contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results may differ materially due to a number of factors, including those set forth in the Company’s filings with the SEC, including the Company’s recent Annual Report on Form 10-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Investor Presentation, May 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 19, 2026 | ||
| BLOCKCHAIN DIGITAL INFRASTRUCTURE, INC. | ||
| By: | /s/ Jerry Tang | |
| Name: | Jerry Tang | |
| Title: | Chief Executive Officer and President | |
2
Exhibit 99.1
BlockchAIn Digital Infrastructure Inc. Power First Compute Infrastructure Investor Presentation May 2026 NYSE: AIB
Forward-Looking Statements BlockchAIn | NYSE: AIB This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expectations, plans and prospects of BlockchAIn Digital Infrastructure, Inc. (AIB), such as anticipated financial performance, growth strategy, data center development, power capacity, and potential commercial opportunities. These statements are based on current assumptions and are subject to risk and uncertainties that could cause actual results to differ materially, including AIB's ability to execute its business plan, secure and develop infrastructure and power resources, enter into definitive agreements, and general economic, market, regulatory and business conditions as well as the risks described in AIB's filings with the U.S. Securities and Exchange Commission. This presentation and any oral statements made in connection with this presentation shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This communication is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. No Representations and Warranties This presentation is for informational purposes only and does not purport to contain all of the information that may be required to evaluate a possible investment decision with respect AIB or any of its subsidiaries. The recipient agrees and acknowledges that this presentation is not intended to form the basis of any investment decision by the recipient and does not constitute financial investment, tax or legal advice. No representation or warranty, express or implied, is or will be given by AIB or any of its respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information (including as to the accuracy, completeness or reasonableness of statements, estimates, targets, projections, assumptions or judgments) in this presentation or in any other written, oral or other communications transmitted or otherwise made available to any party in the course of its evaluation of a possible investment and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. The recipient also acknowledges and agrees that the information contained in this presentation is preliminary in nature and is subject to change, and any such changes may be material. AIB disclaims any duty to update the information contained in this presentation.
3 T A B L E O F C O N T E N T S Presentation Overview 0 1 Company Overview Market opportunity, solution platform, and strategic positioning 0 2 Operating Footprint Site pipeline, infrastructure, and differentiation 0 3 Growth & Economics Platform economics, valuation, investment thesis 0 4 Capital Structure GP/LP development model, 10 MW site example 0 5 Financial Statements Q1 Results 2026 as filed in Form 10-Q 0 6 Summary & Focus Forward Affirmation of the road ahead BlockchAIn | NYSE: AIB
4 1 Company Overview Platform, solution platform, and strategic positioning BlockchAIn | NYSE: AIB
BlockchAIn | NYSE: AIB C O R P O R A T E O V E R V I E W The Pure-Play AI Data Center Developer, Powered by Secured Energy ~40 MW Live & Cash-Flowing ~90 MW Under Development ~395 MW Pipeline by 20279 $400M+ TCV LOI executed for build-to-suit capacity Power-First Infrastructure ESA-backed sites, grid-tied for available generation and transmission. AI-Optimized Design 150 kW/rack liquid cooling, N+1 redundancy, 9–10 month delivery. Owner-Agnostic Platform Tenants bring their own GPUs — NNN leases, no hardware risk Possibly the only sub-$100M cap AI data center company with a 395 MW power pipeline
COMPANY OVERVIEW | MARKET BACKDROP & AIB RESPONSE BlockchAIn | NYSE: AIB THE MARKET BACKDROP Why power-secured infrastructure is the defining constraint of the AI era 21% Data Center Power Demand CAGR 11% U.S. Grid Share by 2030 $720B Grid Investment Needed U.S. DATA CENTER CAPACITY (GW) 2023 10 GW 2024 12 GW 2025 15.5 GW 2030E 95 GW Grid additions growing at ~2-3% annually vs 21% demand CAGR Source: JLL North America DC Report YE2025; Goldman Sachs Research 2026 AIB'S RESPONSE · SINCE LISTING MARCH 2026 March 17, 2026 NYSE American Listing BlockchAIn commences trading under AIB on NYSE American. March 17, 2026 20 MW LOI — $400M+ TCV LOI with global cloud provider for build-to-suit facility — proof of contracted demand against secured power. March 31, 2026 · FY2025 Results FY2025 Financial Results $18.5M revenue, $1.7M Adj. EBITDA, zero traditional debt, 79% of total assets in property, equipment, and goodwill. May 12, 2026 Key Construction Appointment Christopher Iannacone named Director of Construction Execution — former Amazon Director of PM, 3+ GW of data center oversight. May 15, 2026 · Q1 2026 Results Q1 2026 Financial Results Revenue +9% YoY, operating cash flow tripled, $27.2M stockholders equity, zero traditional debt.
BlockchAIn | NYSE: AIB NYSE: AI C O M P A N Y O V E R V I E W Path to Success: 3 keys Drive Every Decision at BlockchAIn 0 1 — P O W E R Power We secure executed utility agreements before breaking ground — targeting markets with available generation and transmission capacity, the critical bottleneck limiting AI growth. 0 2 — P I P E L I N E Pipeline 25 MW of signed non-binding LOIs, which could translate into $500M+ in potential long-term contract value — demand is outpacing capacity. 0 3 — P E O P L E People Our team has delivered 3GW+ of data center construction and closed $256M+ in hyperscale deals — with deep expertise across power, capital markets, and real estate to execute at scale.
L E A D E R S H I P Seasoned Management Team Note: References to third-party companies reflect the prior professional experience of certain management, not affiliation with AIB BlockchAIn | NYSE: AIB Jerry Tang Chief Executive Officer Senior executive at a top 20 global bank with $40B+ in deals Gary Heitz VP of Sales $256M+ hyperscale deals, 40MW+ sold — former Google and Dell sales executive Jolienne Halisky Chief Financial Officer CPA with 20+ years of senior finance roles at Deloitte, Siemens Energy, and Weatherford Eyal Rozen Chief Operating Officer Former Head of Sales, Nebius EMEA — AI cloud infrastructure Amanda Klier Director of Operations Tax Attorney at Deloitte (REIT transactions); former GE Capital Real Estate and GE Energy Christopher Iannacone Director of Construction Execution 3GW+ of data center construction for AWS $40B+ TOTAL INFRA REAL ESTATE TRANSACTIONS 3GW+ TOTAL DATA CENTER CONSTRUCTION EXPERIENCE
9 2 Operating Footprint Site pipeline, infrastructure, and differentiation BlockchAIn | NYSE: AIB
10 Path to Growth P I P E L I N E & O P E R A T I N G F O O T P R I N T BlockchAIn | NYSE: AIB LIVE (CLT01) 40 MW Operational & Cash-Flowing Current: 20 MW transitioning to AI data halls, with ~25 MW additional upgrade capacity Pipeline: 100 MW AI GPU hosting site expected to be ready Q2 2028 BUILDING (MSP) 25 MW Site Owned, Interconnection In Progress Current: OBC-owned site targeting 25 MW of power delivery by Q4 2026 PIPELINE 395 MW Three Sites in Active Development DFW01: 20 MW data mining site in due diligence — Q4 2026 DFW02: 75 MW AI GPU hosting site at LOI redline — Q3 2027 DFW03: 200 MW AI GPU hosting opportunity, early engagement — Q3 2028 CLT02: 100 MW capacity site for AI GPU hosting — Q2 2028 Trajectory: ~460 MW total contracted + pipeline capacity across three regions (US)
O P E R A T I N G F O O T P R I N T AI-Optimized, Modular Data Centers CLT01 ~50 MW Energized & Contracted | Cash Flowing MSP 25 MW | Site Owned | Interconnection In Progress BUILDING Modular construction for phased deployment Designed for liquid-cooled AI workloads Supports high rack densities and upgrades Reduces build time and execution risk Early positioning in underserved power regions Cash-flowing base with expansion optionality BlockchAIn | NYSE: AIB LIVE CLT01 UNDER LOI 25 MW | CLT01 Site Conversion | Energized
NYSE: AIB A I D A T A C E N T E R · C L T - 0 1 Up to 65MW turn-key AI colocation campus B U I L T - I N A D V A N T A G E S ■Clean, reliable, low-cost utility power supported by strong regional baseload generation ■Up to 65 MW utility capacity in advanced utility coordination ■Pre-zoned for industrial / data center use; permits in weeks, not months ■Outside flood zones; low seismic-risk region ■Carrier-neutral connectivity with multiple fiber providers 65 MW Utility Load $0.07/kWh Firm Electricity Cost 150+ kW Max Rack Density 1.3 PUE Annual Average BlockchAIn | NYSE: AIB O P E R A T I N G F O O T P R I N T
BlockchAIn | NYSE: AIB NYSE: AIB E X E C U T I O N I N F R A S T R U C T U R E The Power of Execution Three integrated capabilities that compress timelines, reduce risk, and deliver at scale. 9–10 M O N T H S A V G . Power Network ■Fast-path to deliverable MW via pre- screened sites ■Executed ESAs with utility counterparties ■High execution certainty from day one ■Redundant-feed, substation-ready design 9 M O N T H S B A S E - C A S E Modular Build ■10 MW modular data halls — deploy in phases ■Pre-engineered structure; parallel civil work ■Equipment procurement locked before NTP ■9–12 month delivery vs. 18+ months for traditional builds 8 K E Y V E N D O R S S E C U R E D Supply Chain ■Long-lead electrical equipment secured early ■Transformer & generator LOIs at site selection ■Mitigate procurement risk & protect timelines ■Domestic vendor relationships at scale Source: BlockchAIn management; Uptime Institute; McKinsey Global Institute
14 3 Growth & Economics Platform economics, valuation, and investment thesis BlockchAIn | NYSE: AIB
G R O W T H T R A J E C T O R Y Long-Term Capacity Optionality C U R R E N T ~50 MW ~50 MW operating (SC) 2 0 2 6 - 2 0 2 7 T A R G E T S +305 MW Modular AI hosting additions across identified power markets +25 MW in development (MN) 2 0 2 8 — 2 0 3 0 +715 MW AI hosting across power markets, subject to permitting and return thresholds Portfolio evolves toward balanced, multi-tenant compute infrastructure BlockchAIn | NYSE: AIB
O P E R A T I N G F O O T P R I N T | P P R A I B · M A R K E T C A P P E R O P E R A T I N G M E G A W A T T Valuation Gap Sector median: $38M/MW | AIB today: <$1M/MW METHODOLOGY: Operating MW = energized capacity per latest 10-Q/10-K/earnings release. Market caps × May 13, 2026 close. Contracted/planned MW excluded. BlockchAIn | NYSE: AIB C O H O R T · $ M P E R E N E R G I Z E D O P E R A T I N G M W ( a s c e n d i n g ) MEDIAN · $38M BlockchAIn AIB $1M Hut 8 HUT $17M IREN IREN $24M Core Scientific CORZ $36M TeraWulf WULF $38M Cipher Mining CIFR $42M Applied Digital APLD $45M CoreWeave CRWV $50M MW SOURCES — AIB: Q1 2026 earnings (May 15, 2026) · HUT: Q4 & FY2025 results (Feb 25, 2026) · IREN: Full Year FY2025 results · CORZ: FY2025 10-K (Dec 31, 2025) · WULF: Q4 2025 investor presentation (Feb 2026) · CIFR: Q3 2025 business update · APLD: FY2025 10-K (May 31, 2025) · CRWV: Q1 2026 results (May 7, 2026). Market caps × Yahoo Finance May 13, 2026 closing price.
INVESTMENT THESIS Capitalizing on the structural deficit in AI-ready data center capacity Massive Demand Imbalance Global data center investment has reached $443B annually. AI-related debt issuance exceeded $200B in 2025 with $250-300B projected for 2026 from hyperscalers alone. Execution-Ready Portfolio Multi-site portfolio by 2030: Development sites with power procurement progress, land control, and entitlement processes underway. Advancement is phased based on power access, permitting progress, and capital discipline. Advanced Customer Pipeline LOI executed for build-to-suit capacity with long-term contracted rates and annual escalators. Initial 10-year term contemplated, with extension options. BlockchAIn | NYSE: AIB G R O W T H S T R A T E G Y Source: Moody's, S&P, public REIT filings (Digital Realty, Equinix).
18 4 BlockchAIn | NYSE: AIB Preliminary Capital Structure Illustrative Financials and Capital Deployment Strategy ~715 MW Pipeline Capacity ~$9.9B 5-Year CapEx 20x EBITDA Target Multiple
VALUE CREATION WATERFALL $9.9B CapEx → $21.7B Stabilized EV → $11.8B Value Created → GP/LP Split BlockchAIn | NYSE: AIB 2.2x EV Multiple on CapEx $9.9B → $21.7B $11.8B Total Value Created Stabilized EV less Total CapEx $4.8B Total GP Value (All 4 Fee Layers) Promote + Land + Dev + Operating $9.9B Total CapEx $21.7B Stabilized EV (20x) $11.8B Value Created $8.2B LP Share (70%) $3.5B GP Promote (30%) ◆9 Sites | 715 MW Pipeline ◆20x Stabilized EBITDA ◆8% LP Pref Hurdle ◆30% GP Carry Above Hurdle BlockchAIn | NYSE: AIB
FOUR-LAYER GP FEE STRUCTURE LAYER 1 Land Acquisition Fee $600K per MW acquired at site sourcing $429M 8.9% of total One-Time LAYER 2 Developer Fee 5% of construction cost during 9-12 month build $496M 10.3% of total One-Time LAYER 3 Recap Promote 30% of value created over 8% LP pref hurdle $3.5B 73.2% of total One-Time LAYER 4 Operating Fee 5% of ongoing operating revenue $367M 7.6% of total Recurring BlockchAIn | NYSE: AIB $9.9B CAPEX | 9 sites: 715 MW | GP-LP Waterfall ~$4.8B BlockchAIn | NYSE: AIB BlockchAIn | NYSE: AIB
B L O C K C H A I N 10 MW Site GP / LP Economics 10 MW Capacity $118.4M Total Project Cost 20x EBITDA Multiple FOR ILLUSTRATIVE PURPOSES ONLY
Project Parameters — 10 MW AI Data Center PROJECT SPECIFICATIONS Capacity 10 MW Construction Cost $10M / MW Total Project Cost $118.4M Revenue Rate $148 / kW / month Annual Revenue $17.8M Power Rate $0.0522 / kWh PUE ~1.3x (AI optimized) Contract Type NNN Build-to-Suit Lease Term 10 yr + 2×7 yr renewal EBITDA Margin ~50% Stabilized EBITDA $8.9M / yr TARGET CAPITAL STACK Senior Debt (55%) $65.1M Sub Debt or Pref Equity (20%) $23.7M GP / Common (25%) $29.6M Total Project Cost: $118.4M Total Project Cost ($118.4M) = $100M hard construction + $11M GP fees (land + dev) + $3M soft costs/contingency + $1.2M financing fees + $3.2M IDC. Sub debt and pref equity are alternatives; final tranche structure subject to lender and LP terms.
4-Layer GP Fee Structure — 10 MW Site 01 Land Acquisition Fee At Site Control $600K × MW acquired $6.0M One-time / triggered at site sourcing 02 Developer Fee During Construction (12–18 mo) 5% × Construction CapEx $5.0M One-time / recognized monthly during build 03 Recap Promote At Stabilization & Recapitalization 30% promoted carry on value created at stabilization $17.8M One-time / largest value driver 04 Operating Fee Ongoing (life of asset) 5% × Annual Operating Revenue $0.9M/yr Recurring / $8.9M over 10 years Promote calculation assumes 3-year period to stabilization (construction + lease-up). Promote shown gross of any LP return hurdle; actual promote structure subject to LP agreement terms. FOR ILLUSTRATIVE PURPOSES ONLY
Value Creation Waterfall — 10 MW Site $118.4M Debt + Investment Total Project Cost LP $41.4M $59.2M Value Generated $177.6M 20× EBITDA Stabilized Value GP $17.8M 30% GP + 70% LP Recap Promote VALUE CREATION SUMMARY Total Project Cost $118.4M Stabilized EBITDA $8.9M / yr Stabilized Value (20×) $177.6M Value Created $59.2M MOIC (Construction / Project) 1.78× / 1.50× Total Project Cost ($118.4M) includes hard construction ($100M), GP fees ($11M), soft costs ($3M), financing fees ($1.2M), and IDC ($3.2M). MOIC shown on both bases: 1.78× on hard construction ($177.6M ÷ $100M) and 1.50× on total project cost ($177.6M ÷ $118.4M). Promote shown as 30% of value created at stabilization, gross of any LP return hurdle (actual structure subject to LP agreement). FOR ILLUSTRATIVE PURPOSES ONLY
Economics Summary — 10 MW Site AIB earns across four layers — one-time development fees, a promoted carry at stabilization, and long-duration operating income. $6.0M Land Acquisition Fee One-time at site control $5.0M Developer Fee One-time during construction $17.8M Recap Promote One-time at stabilization $8.9M Operating Fee (10yr) 5% of rev / recurring TOTAL AIB GP VALUE — 10 MW SITE $37.7M One-time fees (Land + Dev + Promote) $28.8M Recurring (10-yr operating fee) $8.9M GP economics as % of Project Cost 32% Gross MOIC on asset 1.50× Confidential. Illustrative figures based on model assumptions. Total Project Cost ($118.4M) includes hard construction ($100M), GP fees ($11M), soft costs ($3M), financing fees ($1.2M), and IDC ($3.2M). Promote shown as 30% of value created at stabilization, gross of any LP return hurdle (actual structure subject to LP agreement). No GP fund has been established. Legal structure to be finalized with counsel.
26 6 Financial Statements Q1 2026 for Period ending March 31, 2026 BlockchAIn | NYSE: AIB
F I R S T Q U A R T E R 2 0 2 6 • I N V E S T O R U P D A T E Q1 2026 Results at a Glance Q1 2026 | Three months ended March 31, 2026 R E V E N U E $4.9M +9% YoY ($4.5M in Q1 2025) G R O S S M A R G I N 12% vs. 27% in Q1 2025 (energy cost headwind) A D J U S T E D E B I T D A $(0.2)M vs. $0.8M in Q1 2025 O P E R A T I N G C A S H F L O W $1.3M +$0.9M YoY (vs. $0.4M) N E T ( L O S S ) / I N C O M E $(0.3)M vs. net income of $0.5M | EPS $(0.01) C A S H O N H A N D $1.3M vs. $15K at Dec 31, 2025 T O T A L A S S E T S $36.3M +110% vs. $17.3M at year-end 2025 S T O C K H O L D E R S ' E Q U I T Y $27.2M vs. $7.9M at year-end 2025 O P E R A T I O N A L H I G H L I G H T S B I L L A B L E E N E R G Y V O L U M E 77 GWh +7% YoY (72 GWh in Q1 2025) O P E R A T I N G C A P A C I T Y 40 MW 200 MW under contract C U S T O M E R M I X 2 customers Diversified from 1-anchor (Blue Ridge) in Q1'25 Source: BlockchAIn Digital Infrastructure, Inc. — Form 10-Q filed May 14, 2026 (quarter ended March 31, 2026). NYSE American: AIB
F I N A N C I A L D E T A I L • C O N D E N S E D B A L A N C E S H E E T Summary Balance Sheet Q1 2026 | Three months ended March 31, 2026 Mar 31, 2026 (unaudited) vs. Dec 31, 2025 (audited) (US$ thousands) Mar 31, 2026 Dec 31, 2025 Δ $ Δ % ASSETS Cash $1,252 $15 +$1,237 n/m Other current assets $2,429 $3,454 ($1,025) -30% Total current assets $3,681 $3,470 +$211 +6% Property and equipment, net $8,623 $8,865 ($242) -3% Intangibles & goodwill $23,829 $4,851 +$18,978 +391% Other non-current assets $125 $82 +$43 +52% Total assets $36,257 $17,268 +$18,990 +110% LIABILITIES & EQUITY Total current liabilities $8,691 $8,728 ($37) — Long-term liabilities $389 $680 ($292) -43% Total liabilities $9,080 $9,408 ($329) -3% Total stockholders' equity $27,177 $7,859 +$19,318 +246% Total liabilities & stockholders' equity $36,257 $17,268 +$18,990 +110% W H A T M O V E D T H E B A L A N C E S H E E T Reverse merger added intangibles $19.0M of identifiable intangibles recognized at the close of the SGN business combination (March 16, 2026); previously none on the balance sheet. Equity recapitalized Common stock & APIC of $27.5M created upon recapitalization of One Blockchain members' equity and issuance to SGN holders and the Maxim advisory pool. Cash position rebuilt Cash rose from $15K to $1.3M, reflecting $0.3M acquired in the reverse merger and $1.3M generated by operating activities in Q1. Operating obligations stable Total liabilities decreased modestly to $9.1M; current obligations were essentially flat period-over-period. Source: BlockchAIn Digital Infrastructure, Inc. — Form 10-Q filed May 14, 2026 (quarter ended March 31, 2026). NYSE American: AIB
F I N A N C I A L D E T A I L • C O N D E N S E D S T A T E M E N T S O F O P E R A T I O N S Summary P&L Q1 2026 | Three months ended March 31, 2026 Three months ended Mar 31, 2026 vs. Mar 31, 2025 Revenue grew 9% on customer-mix diversification, but gross margin compressed to 12% (vs. 27%) as per-kWh energy procurement costs rose from ~$0.046 to ~$0.056 while average billing remained at ~$0.064/kWh. The quarter also absorbed $1.2M of business-combination transaction costs (substantially offset by $1.3M reimbursement). (US$ thousands, except %, EPS, shares) Q1 2026 Q1 2025 Δ $ Δ % Revenue $4,913 $4,500 +$414 +9% Cost of revenues ($4,343) ($3,273) +$1,070 +33% Gross profit $570 $1,226 -$657 -54% Gross margin 12% 27% -15 pp Depreciation & amortization ($250) ($163) +$87 +53% Selling, general & administrative ($597) ($637) -$40 -6% Total operating costs ($5,191) ($4,073) +$1,117 +27% Operating (loss) / income ($277) $426 -$704 n/m Other income, net $4 $62 -$58 -93% Net (loss) / income ($273) $489 -$762 n/m Basic & diluted EPS (US$) $(0.01) $0.01 Weighted avg shares (basic & diluted) 37,646,133 37,646,133 — — O P E R A T I O N A L D R I V E R S What's behind the P&L P E R - k W h E C O N O M I C S Q1 2026 Q1 2025 Avg. billing rate $0.064 $0.063 Avg. energy cost $0.056 $0.046 Implied spread $0.008 $0.017 Spread compressed -53% YoY as energy procurement cost rose ~22% while average billing held ~flat. 77 GWh billed to customers, +7% vs. 72 GWh in Q1 2025. UTILITY TRUE -UP Q1'26 recorded a $263K expense vs. a $292K credit in PY Source: BlockchAIn Digital Infrastructure, Inc. — Form 10-Q filed May 14, 2026 (quarter ended March 31, 2026). NYSE American: AIB
F I N A N C I A L D E T A I L • N O N - G A A P M E A S U R E Adjusted EBITDA Q1 2026 | Three months ended March 31, 2026 Three months ended Mar 31, 2026 vs. Mar 31, 2025 B R I D G E : Q 1 2 0 2 5 → Q 1 2 0 2 6 A D J U S T E D E B I T D A ( U S $ t h o u s a n d s ) 0 $806K Q1 2025 Adjusted EBITDA +$414K Revenue growth -$1,070K Energy cost pressure (COGS) -$302K Higher public-co SG&A Q1 2026 Adjusted EBITDA R E C O N C I L I A T I O N T O N E T ( L O S S ) / I N C O M E (US$ thousands) Q1 2026 Q1 2025 Δ $ Note Net (loss) / income ($273) $489 -$762 GAAP starting point + Depreciation & amortization $250 $163 +$87 Non-cash; useful-life-based ± Transaction costs, net of reimbursement ($125) $216 -$341 Q1'26: $1,205 costs offset by $1,330 reimb. – Other (income) / expense ($4) $5 -$9 Below-the-line items – (Gain) on asset sales $— ($68) +$68 Non-recurring Adjusted EBITDA (non-GAAP) ($153) $806 -$958 -119% YoY Source: BlockchAIn Digital Infrastructure, Inc. — Form 10-Q filed May 14, 2026 (quarter ended March 31, 2026). NYSE American: AIB -$153K
M A N A G E M E N T C O M M E N T A R Y • O U T L O O K Strategic Highlights & Forward Focus Q1 2026 | Three months ended March 31, 2026 A F O U N D A T I O N A L Q U A R T E R Q1 2026 marked our debut as a public company and the close of a multi-year strategic repositioning — from a single-tenant hosting operator into a diversified digital-infrastructure platform aligned to the AI and HPC compute cycle. Public-Company Milestone Completed business combination - commenced trading on NYSE American as "AIB" on March 17. Customer Diversification Restructured tenancy following the Antbox acquisition: revenue is no longer dependent on a single anchor Pivot to HPC / AI Workloads We expect HPC's longer-term contract profile to deliver more stable, predictable revenue and reduce exposure to bitcoin price volatility over time. Margin recovery via energy-cost management | HPC conversion and AI build-out | Remediation of identified material weaknesses post-combination Source: BlockchAIn Digital Infrastructure, Inc. — Form 10-Q filed May 14, 2026 (quarter ended March 31, 2026). NYSE American: AIB Capacity Pipeline & Power Runway ~200 MW of additional documented power pipeline Multi-year capacity runway aligned to HPC and AI demand.
BlockchAIn Company BlockchAIn Digital Infrastructure Inc. Investor Relations Chris Tyson Executive Vice President MZ Group - MZ North America 949-491-8235 AIB@mzgroup.us oneblockchain.ai/investors NYSE: AIB