Hyperscale Data delays 10‑Q; 9M revenue $75M, down 14%

Hyperscale Data, Inc. (GPUS) filed a Form 12b-25 (NT 10‑Q), notifying a late filing for the quarter ended September 30, 2025, citing that compiling, disseminating and reviewing required information would have required unreasonable effort or expense.

Rhea-AI Filing Summary

Hyperscale Data, Inc. (GPUS) filed a Form 12b-25 (NT 10‑Q), notifying a late filing for the quarter ended September 30, 2025, citing that compiling, disseminating and reviewing required information would have required unreasonable effort or expense.

The company anticipates a significant change in results: revenue was approximately $75 million for the nine months ended September 30, 2025, down 14% from $87 million a year earlier. Loss from operations was approximately $31 million versus a $48 million loss in the prior-year period, and estimated net loss available to common stockholders was approximately $43 million versus $60 million.

Segment details: digital assets mining revenue decreased by approximately $9 million, primarily due to the April 2024 Bitcoin halving. Lending and trading revenue was approximately $2 million versus $5 million. Circle 8 Crane Services contributed approximately $35 million (down 5% from $37 million). Hotel and real estate revenue was approximately $15 million (up 7% from $14 million). Operating expenses decreased to approximately $58 million from $71 million, driven by lower impairments (about $20 million), general and administrative (about $4 million) and R&D (about $3 million), partially offset by higher selling and marketing (about $3 million). The company indicated all other required periodic reports were filed.

Insights

Equity analyst — disclosure and special situations

Late 10‑Q with preliminary 9M figures: revenue down, losses narrowed.

Hyperscale Data reported via NT 10‑Q that it could not file the quarter’s report without unreasonable effort or expense. It flagged a significant change: nine‑month revenue of $75 million (down 14%) and loss from operations of $31 million versus a $48 million loss last year. Estimated net loss available to common stockholders was $43 million versus $60 million.

Drivers include a roughly $9 million drop in digital asset mining tied to the April 2024 Bitcoin halving, lending/trading of $2 million (vs $5 million), Circle 8 Crane Services at $35 million (down 5%), and hotel/real estate at $15 million (up 7%). Operating expenses fell to $58 million from $71 million, primarily on lower impairments and reduced G&A and R&D, partially offset by higher selling and marketing.

The filing indicates all other periodic reports were timely. Actual impacts will depend on the forthcoming 10‑Q detail; timing for that filing isn’t specified in this excerpt.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Hyperscale Data (GPUS) file an NT 10‑Q?

It stated the 10‑Q for the quarter ended September 30, 2025 could not be filed on time because compiling, disseminating, and reviewing required information would have required unreasonable effort or expense.

Did GPUS indicate a significant change in results?

Yes. It disclosed approximately $75 million in nine‑month revenue (down 14% from $87 million) and an estimated net loss available to common stockholders of about $43 million versus $60 million.

What drove GPUS’s year‑over‑year revenue changes?

A roughly $9 million decrease in digital asset mining (primarily due to the April 2024 Bitcoin halving), lending/trading of about $2 million (vs $5 million), Circle 8 Crane at $35 million (down 5%), and hotel/real estate at $15 million (up 7%).

How did operating expenses change for GPUS?

Operating expenses were approximately $58 million for the nine months ended September 30, 2025, down from about $71 million, mainly due to lower impairments (~$20 million), reduced G&A (~$4 million) and R&D (~$3 million), partially offset by higher selling and marketing (~$3 million).

Were GPUS’s other periodic reports current?

Yes. It indicated all other required periodic reports over the prior 12 months had been filed.

What was GPUS’s nine‑month loss from operations?

Approximately $31 million for the nine months ended September 30, 2025, compared to a loss of about $48 million for the prior‑year period.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/14/2025 - 04:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 12b-25

Commission File Number: 001-12711

NOTIFICATION OF LATE FILING

¨ Form 10-K	¨ Form 20-F	¨ Form 11-K	ý Form 10-Q
¨ Form 10-D	¨ Form N-CEN	¨ Form N-CSR

For Period Ended: September 30, 2025

¨ Transition Report on Form 10-K		¨ Transition Report on Form 11-K
¨ Transition Report on Form 20-F		¨ Transition Report on Form 10-Q

For the Transition Period Ended: _______________________________________

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the item(s) to which the notification relates: ________________________

PART I

REGISTRANT INFORMATION

Full name of registrant	Hyperscale Data, Inc.
Address of principal executive office	11411 Southern Highlands Parkway, Suite 190
City, state and zip code	Las Vegas, NV 89141

PART II

RULE 12b-25 (b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25 (b), the following should be completed. (Check box if appropriate.)

x			(a)		The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
			(b)		The subject annual report, semi-annual report, transition report on Form10-K, Form 20-F, Form11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
			(c)		The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III

NARRATIVE

State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

The compilation, dissemination and review of the information required to be presented in the Form 10-Q for the fiscal quarter ended September 30, 2025 has imposed requirements that have rendered timely filing of the Form 10-Q impracticable without undue hardship and expense to the registrant.

Part IV

Other Information

(1) Name and telephone number of person to contact in regard to this notification

Kenneth S. Cragun		(949)		444-5464
(Name)		(Area Code)		(Telephone Number)

(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).

x Yes     ¨ No

(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

x Yes     ¨ No

If so: attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

The Registrant’s revenue was approximately $75 million for the nine months ended September 30, 2025, a decrease of 14% from the $87 million for the nine months ended September 30, 2024. The Registrant’s loss from operations was approximately $31 million for the nine months ended September 30, 2025, compared to approximately $48 million for the nine months ended September 30, 2024.

The Registrant had a decrease in its digital assets mining operations of approximately $9 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, due primarily to the April 2024 Bitcoin halving event that occurred on the Bitcoin network. Revenue for the nine months ended September 30, 2025 included revenue from lending and trading activities of approximately $2 million, compared to $5 million for the nine months ended September 30, 2024. Revenue for the nine months ended September 30, 2025 included approximately $35 million from its majority owned subsidiary, Circle 8 Crane Services, LLC, a decrease of 5% from $37 million for the nine months ended September 30, 2024. The Registrant had approximately $15 million in revenue from its hotel and real estate operations an increase of 7% from $14 million for the nine months ended September 30, 2024.

The Registrant’s operating expenses decreased to approximately $58 million for the nine months ended September 30, 2025, representing a decrease of approximately $23 million, compared to approximately $71 million for the nine months ended September 30, 2024. The decrease in operating expenses was due to an approximate $20 million decrease in impairment of goodwill and intangible assets, an approximate $4 million decrease in general and administrative expenses, an approximate $3 million decrease in research and development expenses, partially offset by an approximate $3 million increase in selling and marketing expenses due to higher advertising and promotion costs. The decrease in general and administrative expenses was primarily driven by the deconsolidation of Avalanche International Corp. and Eco Pack Technologies Limited, the completion and wind-down of Ault Disruptive Technologies Corporation following the full redemption of its public shares, and a reduction in stock-based compensation expense.

The Registrant’s estimated net loss available to common stockholders was approximately $43 million for the nine months ended September 30, 2025, compared to approximately $60 million for the nine months ended September 30, 2024.

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HYPERSCALE DATA, INC.

(Name of Registrant as Specified in Charter)

Has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: November 14, 2025		/s/ Kenneth S. Cragun
		By: Kenneth S. Cragun
		Title:  Chief Financial Officer

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