Armistice Capital, LLC and Steven Boyd report beneficial ownership of common stock of PowerCompute, Inc. as of June 30, 2026. They report beneficial ownership of 83,769 shares, representing 9.99% of the company’s common stock.
The shares are directly held by Armistice Capital Master Fund Ltd., for which Armistice Capital serves as investment manager with voting and investment power under an Investment Management Agreement. Voting and dispositive power over all 83,769 shares is reported as shared, with no sole voting or dispositive power. The Master Fund has the right to receive dividends and sale proceeds on these securities.
PowerCompute, Inc. reported Q2 2026 total revenue of $2.1 million, up 9.8% year-over-year and roughly flat sequentially, driven mainly by higher Bitcoin production. The company mined 27.9 Bitcoin at an average value of about $72,000, versus 18.4 Bitcoin a year earlier, but lower Bitcoin prices compressed economics.
Mining margin declined to 29.0% from 41.0% in Q2 2025, and fair value adjustments on digital assets and receivables produced losses of about $3.0 million in Q2 2026 versus a $3.8 million gain a year ago. Net loss was $4.6 million for the quarter and Core EBITDA loss was $2.8 million. As of June 30, 2026, cash was $0.9 million and Bitcoin holdings totaled 318.6 BTC, valued at approximately $18.6 million. After quarter-end, the company refinanced $18 million of debt into a new Arch Lending facility at about 2% APR, secured by 307 BTC, replacing prior loans at 12%. The company also rebranded to PowerCompute and initiated a proof-of-concept in high-performance computing and AI infrastructure using its 26 MW of owned power capacity.
PowerCompute, Inc. has a significant shareholder group consisting of Mitchell P. Kopin, Daniel B. Asher and Intracoastal Capital LLC. As of June 30, 2026, they report beneficial ownership of 1,551,590 shares of common stock through two Intracoastal-held warrants. This represents a stake of approximately 8.2% of the outstanding common stock, based on 17,352,281 shares outstanding plus the shares underlying those two warrants. A third warrant for 30,000 shares is excluded from this calculation due to a 4.99% blocker provision that limits additional exercisability.
PowerCompute, Inc. entered into a new Bitcoin-backed loan facility with ChainFi Inc. d/b/a Arch Lending through its subsidiary US Digital Mining and Hosting Co, LLC. The company borrowed $18,127,131.88 in an initial 30‑day non-recourse, collared “Collar Loan” secured by 307 Bitcoin, bearing interest at 2.0% per annum, and used the proceeds to repay previously disclosed bridge loans and earlier facilities totaling about $18 million.
The loan automatically rolls every 30 days unless either party gives non-renewal notice; at each rollover, the interest rate and Bitcoin price collar reset based on market conditions. At maturity, if the Bitcoin reference price is below the floor, the borrower may walk away, repay and recover collateral, or roll the loan by curing the shortfall. The filing amends an earlier report to correct the stated aggregate amount borrowed from “$18,127.88” to $18,127,131.88.