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BlockchAIn Reports First Quarter 2026 Financial Results
Revenue Increased 9% Year-Over-Year to $4.9 Million
Net Cash Provided by Operating Activities More Than Tripled to $1.3 Million
Stockholders’ Equity Increased to $27.2 Million Following Business Combination
NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) -- BlockchAIn Digital Infrastructure, Inc. (NYSE American: AIB) (“BlockchAIn” or the “Company”), a developer and operator of digital infrastructure focused on artificial intelligence (“AI”) and high-performance computing (“HPC”) workloads, today reported financial results for the first quarter ended March 31, 2026.
“BlockchAIn enters its first quarter as a public company with a stronger balance sheet and a broader customer base,” said Jerry Tang, Chief Executive Officer of BlockchAIn. “AI compute demand continues to accelerate across hyperscalers, enterprises, sovereigns, and private capital-backed platforms — while power, electrical equipment, and deployment-ready capacity remain industry-wide bottlenecks. BlockchAIn's energized infrastructure, scalable power access, and deployment flexibility position us to capture that demand.
“Our priorities are clear: convert announced opportunities into definitive agreements, execute our HPC and AI infrastructure strategy, and scale existing assets and planned expansions to drive long-term stockholder value.”
First Quarter 2026 and Recent Operational Highlights
- Announced the appointment of Eyal Rozen as Chief Operating Officer, bringing more than 25 years of leadership experience across AI, cloud computing, and cybersecurity to support the Company’s execution and growth strategy.
- Announced an AI-focused initiative to repurpose the Company’s existing 40 MW data center campus for next-generation AI, HPC, and data-intensive workloads.
- Entered into a strategic collaboration with Power and Data Management LLC to support a multi-site data center development pipeline.
- Announced a strategic collaboration with Super Micro Computer, Inc. to support the Company’s AI infrastructure platform and U.S. data center development pipeline.
- Signed a non-binding LOI with an international private equity firm contemplating the potential development of up to a 5 MW AI infrastructure deployment, which, if fully implemented, could represent more than $100 million over a proposed initial 10-year total contract value (“TCV”).
- Completed the previously announced Business Combination with shares commencing trading on the NYSE American under the ticker symbol “AIB.”
- Signed a second non-binding LOI with a global cloud infrastructure provider contemplating the potential development of up to a 20 MW build-to-suit data center lease which, if fully implemented, could represent more than $400 million over a proposed initial 10-year TCV.
- Continued diversifying the Company’s customer base and advancing its strategic transition.
- Increased total billable energy volume to approximately 77 GWh in the first quarter of 2026, compared to approximately 72 GWh in the prior-year period.
- Hosted a virtual investor webinar with executive management to discuss the Company’s NYSE listing, commercial progress, infrastructure strategy, and strategic collaborations.
- Announced participation in the 16th Annual LD Micro Invitational Conference, including a presentation by CFO Jolienne Halisky and CEO Jerry Tang along with one-on-one investor meetings.
First Quarter 2026 Financial Results
- Revenue of $4.9 million compared to $4.5 million in the prior-year period, reflecting continued customer diversification, improved billable energy volume.
- Cost of revenues of $4.3 million compared to $3.3 million in the prior-year period, primarily reflecting higher per-kWh energy procurement costs and higher billable volume of GWh.
- Gross profit of $0.6 million, with gross margin of approximately 12%, compared to $1.2 million and approximately 27% in the prior-year period. This is reflective of the higher energy procurement costs and lower contract billing rate.
- Total costs and operating expenses were $5.2 million for the first quarter of 2026, compared to $4.1 million in the prior-year period, primarily reflecting a $1.0 million increase in cost of revenues driven by higher per-kWh energy procurement costs.
- Operating loss of $0.3 million, compared to operating income of $0.4 million in the prior-year period.
- Net loss of $0.3 million, or $(0.01) per basic and diluted share, compared to net income of $0.5 million, or $0.01 per basic and diluted share, in the prior-year period.
- Adjusted EBITDA loss of $0.2 million, compared to Adjusted EBITDA of $0.8 million in the prior-year period.
- Net cash provided by operating activities of $1.3 million, an increase of $0.9 million, or more than 200%, compared to $0.4 million in the prior-year period.
- Cash and cash equivalents increased to $1.3 million as of March 31, 2026, compared to less than $0.1 million as of December 31, 2025.
- Total stockholders’ equity of $27.2 million as of March 31, 2026, compared to $7.9 million as of December 31, 2025, primarily reflecting equity consideration issued in connection with the Business Combination.
- No traditional indebtedness as of March 31, 2026.
“Our first quarter results reflect the underlying resilience of our operating model through a quarter that included our transition to public company status,” said Jolienne Halisky, Chief Financial Officer of BlockchAIn. “Revenue increased 9% year-over-year, net cash provided by operating activities more than tripled, and we ended the quarter with $27.2 million of stockholders’ equity and no traditional debt. The near-breakeven net loss of $0.01 per share reflects the underlying operating profile of the business during a period that included non-cash and transaction-related items associated with the Business Combination. Our financial priorities for the remainder of 2026 are disciplined cost management, continued customer diversification, and prudent capital allocation. We also look forward to sharing more of our story with investors during our presentation at the 16th Annual LD Micro Invitational Conference on Tuesday, May 19, 2026.”
Note About Non-GAAP Financial Measures
Adjusted EBITDA is a key factor in how we assess the operating performance of our data center and develop growth strategies and expansion decisions. We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on asset sales, depreciation, amortization, and transaction costs as presented below:
| Reconciliation of GAAP Net Loss to Adjusted EBITDA | ||||||||||||
| Three Months Ended March 31, |
Change |
|||||||||||
| 2026 | 2025 |
$ |
||||||||||
| NET (LOSS)/INCOME | $ | (273,198 | ) | $ | 488,778 | $ | (761,976 | ) | ||||
| Add/(Deduct): | ||||||||||||
| Other (income) expense | (4,128 | ) | 5,360 | (9,488 | ) | |||||||
| Depreciation and amortization | 250,101 | 163,172 | 86,929 | |||||||||
| Transaction costs | 1,204,573 | 216,011 | 988,562 | |||||||||
| Reimbursement of transaction costs | (1,330,000 | ) | - | (1,330,000 | ) | |||||||
| (Gain) loss on asset sales | - | (67,714 | ) | 67,714 | ||||||||
| ADJUSTED EBITDA | $ | (152,652 | ) | $ | 805,607 | $ | (958,259 | ) | ||||
Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. We have presented non-GAAP financial measures to provide investors with an additional tool to evaluate our results of operations in a manner that focuses on what management believes to be our core, ongoing business operations.
Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in our Consolidated Financial Statements, which have been prepared in accordance with GAAP.
Our primary non-GAAP financial measure is adjusted EBITDA, which excludes depreciation and amortization expense as these do not reflect our current or future cash spending levels to support our business. In addition, depreciation is also based on the estimated useful lives of our data center assets. These estimates could vary from actual performance of the asset, are based on historical costs incurred to build out our data center and are not indicative of current or expected future capital expenditures. Therefore, we exclude depreciation and amortization in computing Adjusted EBITDA. We also exclude gain or loss on asset sales as it represents profit or loss that is not meaningful in evaluating the current or future operating performance. Additionally, we exclude transaction costs and related reimbursement to enhance the comparability of our financial results to our historical operations. The transaction costs and reimbursement relate to expenses we incurred in connection with the Business Combination transaction with Signing Day Sports, including advisory, legal, accounting, valuation, and other professional or consulting fees. Such charges generally are not relevant to assessing our long-term performance. In addition, the frequency and amount of such charges vary significantly based on the size and timing of the transactions. Management believes items such as impairment charges, gain or loss on asset sales and transaction costs are non-core transactions; however, these types of costs may occur in future periods. The Company has determined that all of the above non-recurring adjustments from operations are infrequent. Future transaction costs will depend on the Company executing additional transactions, which cannot be anticipated or estimated. The other costs identified were eliminated upon the consummation of the Business Combination.
About BlockchAIn
BlockchAIn is a developer and operator of digital infrastructure focused on AI hosting and high-performance computing workloads. The Company’s platform combines access to reliable, scalable power resources with modular infrastructure deployment designed to accelerate the development of next-generation compute capacity.
For more information, visit https://oneblockchain.ai.
Forward-Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "may," "could," "will," "should," "would," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "project" or "continue" or the negative of these terms or other comparable terminology and include, but are not limited to, statements regarding the anticipated benefits of the recently completed business combination with Signing Day Sports, Inc. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, including without limitation, the ability to integrate the respective businesses post-merger, obtain sufficient funding to maintain operations and develop additional services and offerings, market acceptance of the parties’ current products and services and planned offerings, competition from existing or new offerings that may emerge, impacts from strategic changes to the parties’ business on net sales, revenues, income from continuing operations, or other results of operations, the parties’ ability to attract new users and customers, the parties’ ability to retain or obtain intellectual property rights, the parties’ ability to adequately support future growth, the parties’ ability to comply with user data privacy laws and other current or anticipated legal requirements, the parties’ ability to attract and retain key personnel to manage their business effectively, and the risk that non-binding letters of intent may not result in definitive documentation. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026. These risks, uncertainties and other factors are, in some cases, beyond the parties’ control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if these underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. All subsequent written and oral forward-looking statements concerning BlockchAIn, or any of their affiliates, or other matters and attributable to BlockchAIn, any of their affiliates, or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
Phone: (949) 491-8235
AIB@mzgroup.us
www.mzgroup.us
|
BlockchAIn Digital Infrastructure, Inc. Consolidated Statements of Operations | ||||||||
| Three Months Ended March 31, |
||||||||
| 2026 | 2025 | |||||||
| Revenues (Note 5) | $ | 4,913,201 | $ | 4,499,641 | ||||
| Costs and operating expenses: | ||||||||
| Cost of revenues | 4,343,442 | 3,273,322 | ||||||
| Depreciation and amortization (Note 3) | 250,101 | 163,172 | ||||||
| Selling, general and administrative expenses (Note 4) | 596,984 | 636,723 | ||||||
| Total costs and operating expenses | 5,190,527 | 4,073,217 | ||||||
| (Loss) income from operations | (277,326 | ) | 426,424 | |||||
| Other income (expense) | ||||||||
| Gain on disposal of assets held for sale (Note 3) | - | 67,714 | ||||||
| Other income (expense) | 4,128 | (5,360 | ) | |||||
| Total other income | 4,128 | 62,354 | ||||||
| Net (loss) income attributable to common stockholders | $ | (273,198 | ) | $ | 488,778 | |||
| Basic and diluted net (loss) income per share (Note 9) | $ | (0.01 | ) | $ | 0.01 | |||
| Weighted average shares outstanding – basic and diluted (Note 9) | 37,646,133 | 37,646,133 | ||||||
|
BlockchAIn Digital Infrastructure, Inc. Consolidated Balance Sheets | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 1,251,712 | $ | 15,265 | ||||
| Accounts receivable | 20,706 | 7,720 | ||||||
| Due from related party, net (Note 12) | 1,130,879 | 2,144,506 | ||||||
| Loan receivable - related party (Note 12) | 1,083,460 | 1,083,460 | ||||||
| Prepaid expenses | 193,852 | - | ||||||
| Other current assets | - | 218,698 | ||||||
| Total current assets | 3,680,609 | 3,469,649 | ||||||
| Property and equipment, net (Note 3) | 8,622,532 | 8,865,019 | ||||||
| Intangible assets (Note 4) | 18,978,190 | - | ||||||
| Goodwill (Note 4) | 4,851,136 | 4,851,136 | ||||||
| Operating lease right-of-use assets, net (Note 6) | 82,511 | 81,712 | ||||||
| Other assets | 42,200 | - | ||||||
| Total assets | $ | 36,257,178 | $ | 17,267,516 | ||||
| Liabilities and stockholders’ equity: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 3,471,661 | $ | 3,304,012 | ||||
| Contract liabilities (Note 5) | 1,997,074 | 2,330,584 | ||||||
| Consideration payable, current portion (Note 3) | 1,166,001 | 1,166,001 | ||||||
| Operating lease liabilities, current portion (Note 6) | 86,240 | 81,712 | ||||||
| Other current liabilities | 1,970,295 | 1,845,760 | ||||||
| Total current liabilities | 8,691,271 | 8,728,069 | ||||||
| Consideration payable, net of current portion (Note 3) | 388,666 | 680,166 | ||||||
| Total liabilities | 9,079,937 | 9,408,235 | ||||||
| Commitments and contingencies (see Note 11) | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, $0.0001 par value; 100,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025 (Note 10) | - | - | ||||||
| Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 37,646,133 shares issued and outstanding as of March 31, 2026; no shares issued and outstanding as of December 31, 2025 (Note 10) | 3,765 | - | ||||||
| Additional paid in capital | 27,446,674 | - | ||||||
| Retained earnings (accumulated deficit) | (273,198 | ) | 7,859,281 | |||||
| Total stockholders’ equity | 27,177,241 | 7,859,281 | ||||||
| Total liabilities and stockholders’ equity | $ | 36,257,178 | $ | 17,267,516 | ||||
|
BlockchAIn Digital Infrastructure, Inc. Consolidated Statements of Cash Flows | ||||||||
| Three Months Ended March 31, |
||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | (273,198 | ) | $ | 488,778 | |||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 250,101 | 163,172 | ||||||
| Gain on disposal of assets held for sale (Note 3) | - | (67,714 | ) | |||||
| Non-cash advisory shares (Note 4) | 650,642 | - | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 1,010,187 | (1,075,292 | ) | |||||
| Prepaid and other current assets | 34,714 | 24,461 | ||||||
| Operating lease right of use assets | (799 | ) | - | |||||
| Accounts payable and accrued expenses | (191,041 | ) | 184,884 | |||||
| Contract liabilities | (334,936 | ) | 444,958 | |||||
| Lease liabilities | 4,528 | - | ||||||
| Other current liabilities | 124,535 | 247,623 | ||||||
| Net cash provided by operating activities | 1,274,733 | 410,870 | ||||||
| Cash flows from investing activities: | ||||||||
| Cash acquired in reverse merger (Note 4) | 253,214 | - | ||||||
| Proceeds from sale of assets held for sale (Note 3) | - | 132,000 | ||||||
| Net cash provided by investing activities | 253,214 | 132,000 | ||||||
| Cash flows from financing activities: | ||||||||
| Contributions | - | 296,085 | ||||||
| Distributions | - | (744,000 | ) | |||||
| Repayments of consideration payable | (291,500 | ) | - | |||||
| Net cash used in financing activities | (291,500 | ) | (447,915 | ) | ||||
| Net increase in cash | 1,236,447 | 94,955 | ||||||
| Cash, beginning of period | 15,265 | 131,107 | ||||||
| Cash, end of period | $ | 1,251,712 | $ | 226,062 | ||||
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