$GREEL

Vulcan Infrastructure & Power Inc.

CIK:0001844971|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Total revenue	$ 3,385	$ 12,861	$ 24,219	$ 32,103
OPERATING COSTS AND EXPENSES:
Selling, general and administrative	3,917	3,106	7,830	5,882
Depreciation and amortization	1,103	3,179	3,764	6,310
Loss (gain) on digital assets	1,063	(2,098)	2,684	(1,110)
Loss (gain) on sale of assets	(1,227)	218	(1,165)	355
Gain on insurance proceeds	0	0	0	(399)
Total operating costs and expenses	13,025	16,256	38,410	37,887
Operating loss	(9,640)	(3,395)	(14,191)	(5,784)
OTHER INCOME (EXPENSE), NET:
Interest expense, net	(301)	(758)	(468)	(3,613)
Loss on liquidation of subsidiary	0	0	0	(348)
Gain on settlement of related party liability	28	0	65	0
Other income, net	14	1	111	19
Total other expense, net	(259)	(757)	(292)	(3,942)
Loss from operations before income taxes	(9,899)	(4,152)	(14,483)	(9,726)
Benefit from income taxes	(2)	(34)	(2)	(44)
Net loss	(9,897)	(4,118)	(14,481)	(9,682)
Comprehensive Loss
Net loss	(9,897)	(4,118)	(14,481)	(9,682)
Reclassification of foreign currency translation adjustment realized upon liquidation of foreign subsidiary	0	0	0	348
Comprehensive loss	$ (9,897)	$ (4,118)	$ (14,481)	$ (9,334)
Net loss per share:
Basic (in dollars per share)	$ (0.58)	$ (0.27)	$ (0.88)	$ (0.66)
Diluted (in dollars per share)	$ (0.58)	$ (0.27)	$ (0.88)	$ (0.66)
Weighted Average Shares Outstanding
Basic (in shares)	17,136,000	15,246,000	16,548,000	14,596,000
Diluted (in shares)	17,136,000	15,246,000	16,548,000	14,596,000
Datacenter hosting
REVENUE:
Total revenue	$ 390	$ 6,036	$ 756	$ 11,865
OPERATING COSTS AND EXPENSES:
Cost of revenue	800	6,577	1,680	12,768
Cryptocurrency mining
REVENUE:
Total revenue	1,685	4,235	3,487	8,461
OPERATING COSTS AND EXPENSES:
Cost of revenue	2,738	2,963	5,980	6,045
Power and capacity
REVENUE:
Total revenue	1,310	2,590	19,976	11,777
OPERATING COSTS AND EXPENSES:
Cost of revenue	$ 4,631	$ 2,311	$ 17,637	$ 8,036

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net loss	$ (14,481)	$ (9,682)
Adjustments to reconcile net loss from operations to net cash flow from operating activities:
Depreciation and amortization	3,764	6,310
Accretion (amortization) of debt discount (premium)	101	(738)
Loss (gain) on sale of assets	(1,165)	355
Stock-based compensation expense	1,112	921
Revenues from digital assets production	(3,487)	(8,461)
Gain on settlement of related party liability	(65)	0
Loss (gain) on digital assets	2,684	(1,110)
Gain on insurance proceeds	0	(399)
Loss on liquidation of subsidiary	0	348
Changes in operating assets and liabilities:
Accounts receivable	1,639	258
Emissions and carbon offset credits	(6,269)	2,376
Prepaids and other assets	(458)	964
Income tax receivable	456	(103)
Accounts payable	1,305	(1,087)
Accrued emissions	(106)	887
Accrued expenses	(886)	(206)
Contract liabilities	203	(1,478)
Related party payables	322	1,621
Other	(413)	(1,299)
Net cash flow used for operating activities	(15,744)	(10,523)
INVESTING ACTIVITIES:
Purchases of and deposits for property and equipment	(168)	(2,460)
Proceeds from sale of assets	65	733
Proceeds from insurance claim	0	399
Proceeds from sale of digital assets	1,253	9,222
Net cash flow provided by investing activities	1,150	7,894
FINANCING ACTIVITIES:
Net share settlement of equity awards	(139)	0
Repayments of debt	(1,642)	(2,593)
Net cash flow used for financing activities	(1,781)	(2,593)
CHANGE IN CASH AND CASH EQUIVALENTS	(16,375)	(5,222)
CASH AND CASH EQUIVALENTS - beginning of period	19,572	8,619
CASH AND CASH EQUIVALENTS - end of period	$ 3,197	$ 3,397

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 3,197	$ 19,572
Digital assets	6,027	6,477
Accounts receivable	315	1,954
Prepaid expenses and current other assets	2,000	1,542
Emissions and carbon offset credits	12,204	4,748
Income tax receivable	56	512
Total current assets	23,799	34,805
LONG-TERM ASSETS:
Property and equipment, net	12,011	15,694
Other long-term assets	2,558	2,156
Long-term assets held for sale	900	900
Total assets	39,268	53,555
CURRENT LIABILITIES:
Accounts payable	3,255	1,950
Accrued emissions expense	15,150	15,256
Accrued expenses	2,429	3,310
Current portion of long-term debt	34,752	40,008
Contract liabilities	2,523	2,320
Related party payables	162	164
Total current liabilities	58,271	63,008
LONG-TERM LIABILITIES:
Long-term debt, net of current portion	4,729	3,078
Environmental liabilities	31,032	31,032
Other long-term liabilities	2,725	2,741
Total liabilities	96,757	99,859
COMMITMENTS AND CONTINGENCIES (NOTE 10)
STOCKHOLDERS’ DEFICIT:
Preferred stock, par value $0.0001, 20,000,000 shares authorized, none outstanding	0	0
Common stock, par value $0.0001, 500,000,000 shares authorized, 18,019,743 and 15,801,997 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	341,441	338,145
Accumulated deficit	(398,932)	(384,451)
Total stockholders’ deficit	(57,489)	(46,304)
Total liabilities and stockholders’ deficit	$ 39,268	$ 53,555