Sphere 3D outlines 50 MW AI data pivot
Rhea-AI Filing Summary
Sphere 3D Corp. (ANY), doing business as DarkHorse Technologies, released an investor presentation outlining a transition from a legacy Bitcoin-mining footprint to a power-first digital infrastructure platform focused on AI and high-performance computing (HPC). The company highlights 50 MW of operating capacity across Kentucky and Tennessee within the TVA region, an identified 100+ MW expansion pipeline, and an all-in power cost of about $49/MWh.
The strategy emphasizes retrofitting existing energized sites into 10–50 MW modular AI data centers, using offsite-manufactured data halls and battery-backed, closed-loop cooling. Management presents an illustrative “revenue ladder” showing how the same megawatt could earn more when converted from mining/hosting to AI-oriented uses, while stressing this is not guidance. The presentation also describes a potential 50 MW “Truckstop” flagship project, subject to zoning and approvals, and discloses that 10,569,496 common shares were issued and outstanding as of September 11, 2026, alongside additional warrants, options and RSUs.
Positive
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Filing Explained
The filing documents a conditional AI/HPC plan—not contracted revenue, completed conversions, or an effective name and ticker change.
The September 14, 2026 Form 8-K furnishes an investor presentation under Regulation FD; the information is not treated as filed under Section 18 of the Exchange Act. It presents a conditional AI/HPC conversion plan, not a reported completed conversion or contracted-revenue event.
The presentation expressly says the company has no contracted AI/HPC revenue. It also states that planned capacity depends on site control, permits, utility service, financing, and other conditions.
The 50 MW operating figure is separated from the 100+ MW pipeline, so the pipeline is not current operating capacity. The legal-name change and reserved DRK ticker also remain subject to the Ontario-to-British Columbia continuance, Nasdaq procedures, and other conditions; until then, the shares trade as ANY.
The stated execution checkpoints are a first anchor AI/HPC customer and a funded conversion at a selected site; neither is reported here as completed.
8-K Event Classification
Key Figures
Key Terms
AI/HPC technical
total site power technical
interconnection queue technical
powered land market
hyperscaler market
Restricted Stock Units financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What strategic shift does Sphere 3D Corp. (ANY) describe in this presentation?
How much operating power capacity does ANY report and where is it located?
What power cost does Sphere 3D (ANY) highlight for its operations?
What does the Truckstop project represent in Sphere 3D’s (ANY) plans?
How does Sphere 3D (ANY) characterize its valuation versus peers in the deck?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
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Item 7.01 Regulation FD Disclosure.
On September 14, 2026, Sphere 3D Corp. (the “Company”) posted on its website an investor presentation regarding its business and certain operative initiatives. A copy of the investor presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information contained in this Item 7.01, including Exhibit 99.1 attached hereto, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, except to the extent expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Investor Presentation, dated September 14, 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, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: September 14, 2026
| SPHERE 3D CORP. | ||
| By: | /s/ Joel Block | |
| Joel Block | ||
| Chief Executive Officer | ||
2
Exhibit 99.1
INVESTOR PRESENTATION AI infrastructure in the places others overlook. SEPTEMBER 2026 BLACKJACK 30 MW total (planned) ROCKWOOD 10 MW total BRICKYARD 15 MW total TRUCKSTOP 50 MW total (planned) ILLUSTRATIVE SITE CONCEPTS / TOTAL SITE POWER 01
Disclaimer No Offer or Solicitation. This presentation has been prepared by Sphere 3D Corp., doing business as DarkHorse Technologies (the "Company"), for informational and discussion purposes only. It does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of the Company, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Confidentiality. This presentation is confidential and is furnished solely for the use of the recipient. It may not be reproduced, redistributed, quoted or disclosed, in whole or in part, to any other person without the prior written consent of the Company. Forward-Looking Statements. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and forward-looking information within the meaning of applicable Canadian securities laws. These include, without limitation, statements regarding the Company's strategy, business plan, pipeline and development roadmap; operating, planned and total site power capacity, energization and construction timelines; proposed development projects and related substations, which remain subject to site control, zoning, regulatory, utility and other approvals; the potential conversion of sites to artificial intelligence or high-performance computing use, none of which is contracted; anticipated customers, tenants, contracts and revenue mix; completion of announced asset sales and divestitures; capital requirements, financing structures and use of proceeds; power costs and availability; and the expected effectiveness of the Company's name change and related change of ticker symbol. Words such as "may," "will," "expect," "plan," "anticipate," "target," "project," "believe," "estimate," "potential," "planned," "concept" and "pipeline" identify forward-looking statements, although not all forward-looking statements contain such words. These statements rest on assumptions the Company believes reasonable but which may prove incorrect, and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially, including those described under "Risk Factors" in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, available at www.sec.gov. Forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update or revise them except as required by applicable law. Illustrative Information; No Guidance. Certain information, including per-megawatt revenue ranges, unit economics, capacity figures, pipeline estimates, cost metrics and valuation comparisons, is illustrative and presented for discussion purposes only. It does not constitute guidance, a projection, a forecast, or a representation or warranty as to future results, rests on assumptions that are inherently uncertain, and is subject to change without notice. The Company has no contracted artificial intelligence or high-performance computing revenue. Nothing herein should be relied upon as a promise or representation as to future performance. Site Information and Total Site Power. Sites are identified by internal project names. "Total site power" combines currently operating capacity with planned or potential capacity that is not energized, not contracted and, in certain cases, not yet subject to executed site control or utility agreements, and should not be read as existing operating capacity. Planned capacity is subject to site control, permitting, zoning, utility service, interconnection, equipment availability, financing and other conditions, any of which may prevent it from being realized on the anticipated timeline or at all. Concept Renderings. Images of facilities in this presentation are AI-generated concept renderings prepared for illustrative purposes. They do not depict existing, constructed, permitted or approved facilities, are not architectural or engineering drawings, and do not represent final site layouts, terrain, access, structures or equipment. All concepts remain subject to site, utility, supplier, permitting and engineering review and are expected to change. Valuation and Peer Comparisons. Comparisons to other companies, including market capitalization per megawatt and similar metrics, are presented for context only. Capacity definitions, disclosure conventions, asset mix, contract status, capital structure and business models vary materially among the companies referenced, and such comparisons may not be meaningful. Nothing herein constitutes a recommendation to buy, sell or hold any security, an opinion as to the value of any security, or investment, legal, accounting or tax advice. Recipients should conduct their own analysis and consult their own advisors. Third-Party and Industry Information. Market, industry and other information attributed to third-party research, publications, governmental bodies, utilities and news sources has been obtained from sources believed to be reliable, but the Company has not independently verified it and makes no representation or warranty as to its accuracy or completeness. Statements attributed to third parties, including public officials and utilities, reflect the statements of those parties and are not endorsements of the Company, its business or its securities. Financial Information. Financial information herein is unaudited unless otherwise indicated and is qualified in its entirety by the Company's financial statements and related notes contained in its filings with the Securities and Exchange Commission. Company Name and Ticker Symbol. The Company is Sphere 3D Corp., doing business as DarkHorse Technologies. Shareholders have approved a change of the Company's legal name to DarkHorse Technologies Inc., which will become effective upon the Company's continuance from Ontario to British Columbia. The Company has reserved the Nasdaq ticker symbol "DRK," and the change of ticker symbol remains subject to Nasdaq procedures and other conditions. Until those changes become effective, the Company's common shares continue to trade on the Nasdaq Capital Market under the symbol "ANY." Trademarks. Trade names, trademarks and service marks appearing herein are the property of their respective owners. DISCLOSURES INVESTOR PRESENTATION / SEPTEMBER 2026 02
Investment Summary – Building the Platform 01 Secured and Growing Power 50 MW operating across TVA plus a 100+ MW pipeline; energized sites skip multi-year interconnection queues. 02 Hidden Value in Existing Assets Legacy Bitcoin mining footprint is expected to create an infrastructure base to convert select sites to higher-value AI/HPC without greenfield delays. 03 Value/Multiple Expansion Through AI Conversion Illustrative revenue ladder implies the same MW has the potential to move from ~$0.4–1.0M/MW-yr mining/hosting to ~$1.6–2.4M as an AI powered shell and potentially higher GPU compute. 04 Valuation Disconnect We believe current equity value appears to reflect legacy mining economics, with limited credit for energized power, conversion optionality and pipeline upside. $0.43M market cap per MW vs. $1.25M small-cap peer median and $4.40M industry median. 05 Built for Inference 10–50 MW modular facilities target atomizable, latency- sensitive inference demand that hyperscale campuses may overlook. 06 Near-Term Catalysts First anchor AI/HPC customer and funded site conversion (selected site) are the next milestones; selected site conversions and contracted revenue mix can validate the platform. Power-first platform with existing energized assets, AI/HPC conversion optionality and identifiable execution milestones. Illustrative economics are not guidance. See Revenue Ladder slide for assumptions and context. INVESTMENT CASE INVESTOR PRESENTATION / SEPTEMBER 2026 03
Valuation Disconnect – Market Cap per MW DarkHorse trades at $0.43M per MW, roughly one-third of the small-cap peer median and a fraction of AI/HPC-weighted names. Market Cap / MW = market capitalization ÷ latest disclosed operating, active, developed or managed MW; definitions vary by company. Medians exclude DRK. Market caps as of Sep 8, 2026. DarkHorse 50 MW per company disclosure. Source: company filings, StockAnalysis, Every Megawatt. Market capitalization per MW, $M, log scale Trading below small-cap peers $0.43M/MW vs. $1.25M small-cap median (VIP, CAN, SLNH, HIVE) and $4.40M all-peer median. We believe there is potential to re-rate the $/MW multiple Contracted AI/HPC tenants and funded conversions. Both are DarkHorse's next milestones. What we believe the gap reflects AI/HPC-weighted names at $17–73M/MW are paid for contracted compute and tenants, not energized power alone. $0.43M $0.46M $0.98M $1.51M $1.92M $2.34M $6.46M $17.27M $22.83M $45.83M $72.65M DarkHorse (DRK) Vulcan Infra. & Power (VIP) Canaan (CAN) Soluna (SLNH) HIVE Digital (HIVE) Bitdeer (BTDR) Riot Platforms (RIOT) Hut 8 (HUT) IREN (IREN) Applied Digital (APLD) WhiteFiber (WYFI) INVESTMENT CASE INVESTOR PRESENTATION / SEPTEMBER 2026 04
01 DarkHorse overview INVESTOR PRESENTATION / SEPTEMBER 2026 05
Power-First Digital Infrastructure Platform 50 MW Operating Capacity 100+ MW Potential Expansion Pipeline 4 Data Centers Power Footprint Across Energy-Rich Regions: KY, TN Selective AI / HPC Conversion Active opportunities Competitive Economics ~$49/MWh All-In-Power Cost Our strategic focus is to monetize smaller, power- advantaged sites where speed, availability, and modular deployment can matter PLATFORM INVESTOR PRESENTATION / SEPTEMBER 2026 06
P L A T F O R M · T H E D A R K H O R S E A P P R O A C H We already own what the queue can't produce Bitcoin mining was the entry point. It left DarkHorse with energized megawatts, utility relationships, and modular build muscle. Exactly the inputs an AI factory needs. T H E O R I G I N · H O W W E G O T T H E P O W E R 2022 Cathedra begins operating bitcoin-mining loads in rural TVA communities: low-cost modular builds, deep utility relationships. JUN 2026 Cathedra Bitcoin and Sphere 3D (Nasdaq: ANY) combine, pairing energized sites with a NASDAQ listed platform and capital-markets access. TODAY 50 MW operating across KY & TN (TVA) · 100+ MW pipeline · ~$49/MWh all-in power cost. NEXT Rebranding to DarkHorse: one platform converting overlooked, power-advantaged sites into AI factories. T H E P L A Y B O O K · P O W E R I N T O C O M P U T E 01 Retrofit energized sites Convert existing bitcoin-mining sites, with power contracts, interconnection and billing history already in hand, plus selective greenfield adjacent to secured power. Energized today beats a 4 to 7 year interconnection queue. 02 Prefab, modular builds Data halls manufactured offsite and assembled onsite, compressing time-to-energization and easing skilled- labor constraints in smaller markets. Closed-loop cooling and battery backup, no diesel sprawl. 03 Sub-50 MW, inference-first Right-sized 10–50 MW AI factories in the range hyperscale overlooks: capital-efficient footprints matched to atomizable, latency-sensitive inference demand. The megawatt is the ingredient. Compute is the product. INVESTOR PRESENTATION / SEPTEMBER 2026 07
P L A T F O R M · P O R T F O L I O O V E R V I E W 50 MW operating. 100+ MW in sight A S S E T S T A T E G R I D S T A T U S C U R R E N T M W E X P A N D A B L E T O P l a n n e d U s e Brickyard 15 MW total Kentucky TVA OPERATING 15 MW - AI Inference Hosting Blackjack 30 MW total* Kentucky TVA OPERATING 15 MW 30 MW total (planned) AI Inference Hosting Benjamin Kentucky TVA OPERATING 10 MW - AI Inference Hosting Rockwood 10 MW total Tennessee TVA OPERATING 10 MW - AI Inference Hosting Truckstop 50 MW total* Kentucky TVA PIPELINE - 50 MW total (planned) Flagship AI factory · large, anchor client PLATFORM TOTAL 50 MW 100+ MW pipeline Excludes Hawkeye (Iowa, 8 MW). Truckstop pipeline project; pending zoning & approvals. Site data per company disclosures (darkhorse.inc / DarkHorse.com), Aug 2026. * Total site power includes planned capacity for Blackjack and Truckstop. Current MW shows operating capacity. INVESTOR PRESENTATION / SEPTEMBER 2026 08 TBD TN / KY TVA PIPELINE - 50 MW total (planned) Pipeline site under evaluation
Leadership Built for the Infrastructure Transition Tim Hanley | Chairman Deloitte & Touche, former Senior Partner; audit, risk & operational leadership Kurt Kalbfleisch | CFO | Director PubCo Finance + Governance Tom Masiero | Head of Strategy Power Development & Infrastructure Tiah Reppas | CAO Accounting & Reporting Former CFO of US Bitcoin Corp. Led the company's merger with Hut 8 and previously led the $750M Ionic Digital spin-out from the Celsius bankruptcy process. Member of YPO 20+ years of executive leadership experience at multiple NASDAQ-listed companies; former Sphere 3D CEO/CFO and now CFO of the combined company Former Co-founder / COO of Great American Mining, sold to Crusoe Energy; helped grow Kungsleden's power capacity under management to an expected 90 MW 20+ years of public accounting experience; provides financial controls and reporting continuity during the post-combination transition Independent Directors Joel Block | CEO | Director Capital Markets + Digital Infrastructure Operator Nicholas Gates | Independent Director Priority Power, power & energy infrastructure; capital markets and governance Marcus Dent | Independent Director Ten31 & TFTC, Bitcoin investing and free-markets media (known as 'Marty Bent') The DarkHorse team unites public-company finance, energy development, and digital-infrastructure operating experience. TEAM INVESTOR PRESENTATION / SEPTEMBER 2026 09
A Best-In-Class Technical Advisory Bench EA Advisors adds site-level technical diligence, hyperscale design perspective, and access to experienced design/build/operator networks as DRK evaluates AI/HPC monetization across its portfolio. Prior company experience of EA Advisors principals; shown for context only and does not imply current commercial relationships, endorsements, or partnerships with DarkHorse Michael Sweeney Senior Advisor Senior data-center architect bridging hyperscale and AI infrastructure. Currently AI Factory Architect at Phaidra, with prior architecture leadership across the world's largest cloud and modular-data-center programs. Phaidra · Microsoft · Salesforce · Oracle · Silent-Aire · Dell Alexis Stobbe Founder & Managing Partner Industry veteran spanning data-center design, critical power, and commercial leadership. Founder of EA Advisors, leading the firm's technical and operating diligence. Jacobs · Anord Mardix · Compass Datacenters Jason Okroy Senior Advisor Co-founded and led Salute Mission Critical, a global data-center services platform for hyperscale, colocation, and edge operators, scaling it as CEO through major international expansion. Salute Mission Critical TEAM INVESTOR PRESENTATION / SEPTEMBER 2026 10
02 Market opportunity INVESTOR PRESENTATION / SEPTEMBER 2026 11
MACRO · THE RACE FOR POWERED LAND Everyone needs powered land. Few have it 01 · THE DE MAND 3.2 Quadrillion AI tokens processed monthly by Google alone (May 2026) Inference has gone vertical. Google's token volume is up ~330× in 24 months, and Goldman Sachs projects a further 70× rise in monthly volume by 2030. Every token needs an energized megawatt behind it. → 02 · THE BUI LD 780 GW Of announced U.S. data center projects, vs. ~759 GW of total U.S. peak load Only ~1/3 of the disclosed pipeline is in active development, and interconnection waits in core markets now run 4–7 years. → 03 · THE WALL 200+ U.S. counties with data center moratoriums or restrictive zoning in force $130B of projects were blocked or delayed in Q1 2026 alone as opposition groups doubled to 833 across 49 states. The constraint is not capital or chips. It is powered land that communities will approve. THE OPPORTUNI TY · WHY DARKHORSE Powered land that is energized, permitted, and welcomed is the scarcest asset in AI. DarkHorse already holds it: 50 MW energized today across TVA, a 100+ MW pipeline, and host communities that want the next build. 50 MW ENERGIZED TODAY 100+ MW PIPELINE Sources: Google I/O 2026; Goldman Sachs Research (May 2026); Aurora Energy Research; Wood Mackenzie (Mar 2026); Sightline Climate via Bloomberg; Data Center Watch Q1 2026; Dimetrics U.S. moratorium tracker (Aug 2026). INVESTOR PRESENTATION / SEPTEMBER 2026 12
Demand For Power Continues to Accelerate Source: Morgan Stanley Research Estimates for GOOGL, AMZN, META, MSFT, and ORCL Hyperscaler Capex Growth Projections $261B $449B $805B $1,116B 2024A 2025A 2026E 2027E Hyperscaler Demand Rapidly Outgrowing Power Supply Global DC capacity demand 82 GW → 219 GW by 2030 (McKinsey). AI is ~70% of 2030 data-center demand. AI token volume compounding alongside the power capacity ramp, Google +20× YoY. Global Data Center Capacity Demand (GW) 2.7× growth by 2030 Source: McKinsey, 'The cost of compute' (Apr 2025). AI ~70% of 2030 demand. 82 219 2025 2030 DarkHorse's Unique Position in the Market Hyperscaler capex is racing toward ~$1,116B in 2027, powered land and interconnection agreements remain a bottleneck. DarkHorse has 50 MW operational accelerating the timeline for energization of AI workloads. Capital-efficient 10–15 MW HPC footprints absorb inference demand fast. MARKET OPPORTUNITY INVESTOR PRESENTATION / SEPTEMBER 2026 13
Fastest Growing Data Center Markets in the US 64% of new US data-center construction is in secondary/frontier markets 18% data centers as a share of TVA industrial load in 2025, projected to double by 2030 4–7 yrs typical U.S. grid-interconnection queue in core markets, energized TVA sites skip the line WHY WE BELIEVE SMALL & ENERGIZED WINS Inference is atomizable & latency-sensitive, favors regional 10–15 MW sites. DarkHorse's TVA power is live today, not stuck in a 4 to 7 year interconnection queue. 0 4 8 12 Existing (GW) Under construction (GW) Source: JLL North America Data Center Report Year-end 2025 Source: JLL North America Data Center Report MARKET OPPORTUNITY INVESTOR PRESENTATION / SEPTEMBER 2026 14
03 Development pipeline INVESTOR PRESENTATION / SEPTEMBER 2026 15
DEVELOPMENT / SITE CONCEPTS Four sites. AI infrastructure concepts. Blackjack 30 MW Total site power (planned) Modular conversion with battery storage Rockwood 10 MW Total site power Modular conversion with battery storage Brickyard 15 MW Total site power Modular conversion with battery storage Truckstop 50 MW Total site power (planned) Building concept with battery storage AI-generated concept renderings. Subject to site, utility, supplier and engineering review. INVESTOR PRESENTATION / SEPTEMBER 2026 16
COMMUNI TY · VALUE-ADD Development that pays its way The backlash screens out developers who extract. DarkHorse builds the case for yes into the project itself: tax base, grid value, and shared infrastructure. WHY THE COMMUNI TY WI NS ($38M) T AX B ASE The host community's real-property assessments fell nearly $38M last year, with negative new growth. A data center adds high-value commercial tax base on minimal acreage. ↓ rates T HE GRI D The local utility's general manager told city council the projects pay for all required electric infrastructure and could help the utility avoid future rate increases. ~3 yrs AL RE ADY L OCAL DarkHorse's team has run a ~15 MW flexible compute site at the existing local substation for ~3 years. A known operator in town, not a stranger asking for trust. TRUCKSTOP 50 MW total site power (planned) A 50 MW pipeline project, anchored by a new substation DarkHorse pays for. 50 MW Proposed data center development, in the sub-50 MW class DarkHorse targets 65 MW New utility substation built for the project 15 MW Of the new substation's capacity reserved for other utility customers and local growth $8–10M Substation investment funded by DarkHorse, not utility ratepayers • TVA can serve the added load with no impact to the local utility's ~13,000 existing customers. • Full published taxes from day one, with no abatements requested. • The existing 15 MW mining site converts to AI compute; closed-loop cooling and battery backup. Sources: local public records and company disclosures (July-August 2026). Truckstop project pending zoning and approvals. INVESTOR PRESENTATION / SEPTEMBER 2026 17
04 Execution and capitalization INVESTOR PRESENTATION / SEPTEMBER 2026 18
Phased Operating Plan 1 2 3 Optimize Integrate Cathedra Stabilize the platform Preserve mining + hosting revenue base Complete site-level readiness review Qualify & Convert Identify sites suitable for AI / HPC Advance active HPC / AI opportunities Secure first anchor customer / pilot Define capex, timeline, and economics Underway Underway Underway Finance & Scale Fund site expansion via capital-efficient structures Advance pipeline toward 100+ MW Grow contracted revenue mix Lower cost of capital through execution DarkHorse's near-term plan is to optimize its existing power footprint, qualify selected sites for higher-value compute, and use strategic capital to scale where customer demand and site economics justify the build EXECUTION INVESTOR PRESENTATION / SEPTEMBER 2026 19
E C O N O M I C S · T H E R E V E N U E L A D D E R The megawatt is the ingredient. Compute is the product We buy energized, overlooked power in the 10–50 MW range hyperscale ignores, put it to work the day we own it, then climb every megawatt up a revenue ladder. Mining pays the bills. AI factories can change the company. O N E M E G A W A T T · F O U R W A Y S T O E A R N Same power. A different order of magnitude of revenue. ASIC hosting MINERS PAY FOR POWER + UPTIME ~$0.4M / MW-YR · THE BASELINE Bitcoin self-mining SELF-MINING MACHINES, SELF MARGIN ~$0.5–1M / MW-YR · ~2X · RIDES HASHPRICE AI powered shell LEASED TO A COMPUTE OPERATOR ~$1.6–2.4M / MW-YR · 4–6X · $130–200/KW-MO IT AI factory · GPU compute COMPUTE SOLD BY THE HOUR ~$7–15M / MW-YR · 20X+ Illustrative industry ranges at sustained utilization · not guidance · bar scale compressed for legibility · figures: finance / IR to lock 1 Implies ~$1.33–$2.85 / GPU-HR (~750 GPUs/MW IT · 80% utilization) INVESTOR PRESENTATION / SEPTEMBER 2026 20 1
Capital Strategy 01 Capital Need Growth capital to fund identified site development and expansion, sized to the near-term pipeline and tied to milestones 02 Preferred Structures JV, project-level SPV, structured preferred, or milestone-based convertible preferred 03 Partner Profile Infrastructure capital, strategic operators, AI / HPC capital, family offices. Patient capital aligned to multi-year value creation Use of Proceeds Data Center Acquisitions Power-secured sites or development rights Selective Site Expansion (Capex) Expand existing power footprint HPC / AI Conversion Cooling upgrades; customer-specific fit-out Working Capital Only where tied to project execution What Capital Unlocks • Converts pipeline into contracted capacity • Bridges site readiness to revenue • Allows DarkHorse to retain upside without excessive common equity dilution • Creates follow-on financing path after milestones are achieved CAPITAL INVESTOR PRESENTATION / SEPTEMBER 2026 21
Investment Summary – Building the Platform 01 Secured and Growing Power 50 MW operating across TVA plus a 100+ MW pipeline; energized sites skip multi-year interconnection queues. 02 Hidden Value in Existing Assets Legacy Bitcoin mining footprint is expected to creates an infrastructure base to convert select sites to higher-value AI/HPC without greenfield delays. 03 Value/Multiple Expansion Through AI Conversion Illustrative revenue ladder implies the same MW has the potential to move from ~$0.4–1.0M/MW-yr mining/hosting to ~$1.6–2.4M as an AI powered shell and potentially higher GPU compute. 04 Valuation Disconnect We believe current equity value appears to reflect legacy mining economics, with limited credit for energized power, conversion optionality and pipeline upside. $0.43M market cap per MW vs. $1.25M small-cap peer median and $4.40M industry median. 05 Built for Inference 10–50 MW modular facilities target atomizable, latency- sensitive inference demand that hyperscale campuses may overlook. 06 Near-Term Catalysts First anchor AI/HPC customer and funded site conversion (selected site) are the next milestones; selected site conversions and contracted revenue mix can validate the platform. Power-first platform with existing energized assets, AI/HPC conversion optionality and identifiable execution milestones. Illustrative economics are not guidance. See Revenue Ladder slide for assumptions and context. INVESTMENT CASE INVESTOR PRESENTATION / SEPTEMBER 2026 22
05 Appendix INVESTOR PRESENTATION / SEPTEMBER 2026 23
Fully Diluted Shares Outstanding APPENDIX INVESTOR PRESENTATION / SEPTEMBER 2026 24 Fully Diluted Series I Preferred Shares Series H Preferred Shares Stock Options Restricted Stock Units Unexercised Warrants Shares Issued and Outstanding Common Shares and Equivalents at September 11, 2026 10,569,496 10,569,496 Common Shares 120,154 120,154 2022, 2026 Common Share Purchase Warrants1 873,643 873,643 2025 Common Share Purchase Warrants2 1,666,661 1,666,661 2026 Common Share Purchase Warrants3 1,411,573 1,411,573 Restricted Stock Units 48,551 48,551 Stock Options 2,300 2,300 Series H Preferred Shares 1,387,117 1,387,117 Series I Preferred Shares 16,079,495 1,387,117 2,300 48,551 1,411,573 2,660,458 10,569,496 Total 1. Each common share purchase warrant is entitled to purchase one share of common shares at a weighted average exercise price of $103.10. 2. Each common share purchase warrant is entitled to purchase one share of common shares at an exercise price of $9.40. 3. Each common share purchase warrant is entitled to purchase one share of common shares at an exercise price of $3.50.
APPENDIX / SITE CONCEPT Blackjack 30 MW total site power (planned) Modular conversion concept with battery storage. AI-generated concept rendering. Layout, terrain, access and equipment remain subject to engineering. INVESTOR PRESENTATION / SEPTEMBER 2026 25
APPENDIX / SITE CONCEPT Rockwood 10 MW total site power Compact modular conversion concept with battery storage. AI-generated concept rendering. Layout, terrain, access and equipment remain subject to engineering. INVESTOR PRESENTATION / SEPTEMBER 2026 26
APPENDIX / SITE CONCEPT Brickyard 15 MW total site power Modular conversion concept with separate battery storage. AI-generated concept rendering. Layout, terrain, access and equipment remain subject to engineering. INVESTOR PRESENTATION / SEPTEMBER 2026 27
APPENDIX / SITE CONCEPT Truckstop 50 MW total site power (planned) Two-story building concept with battery storage. AI-generated concept rendering. Layout, terrain, access and equipment remain subject to engineering. INVESTOR PRESENTATION / SEPTEMBER 2026 28