CalEthos, Inc. filings document the company’s early-stage development of a Physical Infrastructure-as-a-Service platform for the data center industry. Its reports describe plans to integrate behind-the-meter onsite power plants with pre-permitted, construction-ready data center sites that include utilities and fiber connectivity for hyperscalers, neocloud, colocation providers, and data center developers.
The company’s 8-K disclosures focus on material definitive agreements, natural gas purchase and fuel management arrangements, reservation-fee obligations, project-related financing, promissory notes, warrants, related-party funding, corporate governance, and capital-structure matters. These filings also record how CalEthos finances and contracts around its proposed power and data center infrastructure development activities.
CalEthos, Inc. executive Michael Campbell reported a sale of 300,000 shares of common stock on a recent insider trading form. The Form 4 shows that on 12/10/2025, a transaction coded "J" involved disposing of 300,000 shares. The explanation states these shares were sold to a third-party lender in exchange for a loan made to Campbell.
After this transaction, 8,554,199 shares of CalEthos common stock were reported as beneficially owned indirectly. These shares are held by M1 Advisors LLC, where Campbell is a principal member. He disclaims beneficial ownership of these securities except to the extent of his pecuniary interest, meaning he only acknowledges an economic stake rather than full ownership of all the reported shares.
CalEthos, Inc. reported Q3 results showing no revenue and a net loss of $658,000. The company abandoned its Imperial County data center project, recording $4.58 million in abandoned project costs year‑to‑date, which drove a sharp swing to a stockholders’ deficit of $(2.44) million from equity of $4.32 million at year‑end 2024.
Total assets fell to $287,000 as of September 30, 2025, largely after removing previously capitalized development costs. Cash was $274,000. Liabilities increased to $2.73 million, including convertible debentures (net) of $1.57 million and related‑party notes payable (net) of $471,000. Working capital showed a $(876,000) deficit. The company disclosed substantial doubt about its ability to continue as a going concern.
Management formed TerraVolt Infrastructure to pursue an Infrastructure‑as‑a‑Service platform for powered land and data center infrastructure in more favorable jurisdictions. Financing during the nine months included $965,000 of net cash from debt, with no revenues recognized.