The filing rehashes Q1 2026 results already known since May 15, 2026, with no new hard guidance. The path to profitability depends on converting the 395 MW pipeline into contracted, cash-flowing assets. Monitor for binding lease agreements and construction starts on the MSP and DFW sites to validate the GP/LP development model.
Price Chart
Executive Summary
BlockchAIn Digital Infrastructure (AIB) released an investor presentation on May 19, 2026, detailing Q1 2026 results and a multi-year development pipeline. Revenue grew 9% YoY to $4.9M, but gross margin compressed to 12% (from 27%), and adjusted EBITDA swung negative to $(0.2)M from $0.8M. The presentation also outlines a ~395 MW pipeline and a GP/LP development model targeting $21.7B in stabilized EV, though these are based on illustrative forward-looking assumptions, not hard guidance.
Key Facts
- Q1 2026 revenue of $4.9M, +9% YoY ($4.5M in Q1 2025)
- Gross margin compressed to 12% from 27% YoY due to energy cost headwinds
- Adjusted EBITDA of $(0.2)M vs $0.8M in Q1 2025, a 119% decline
- Net loss of $(0.3)M in Q1 2026 vs net income of $0.5M in Q1 2025
- Operating cash flow $1.3M in Q1 2026 vs $0.4M in Q1 2025
- Cash on hand $1.3M vs $15K at Dec 31, 2025; stockholders' equity $27.2M
- ~40 MW live and cash-flowing, ~90 MW under development, ~395 MW pipeline
- $400M+ TCV LOI signed for build-to-suit capacity; 25 MW of signed non-binding LOIs
- Q1 2026 per-kWh energy cost rose ~22% to $0.056, implied spread compressed 53% to $0.008/kWh
- Zero traditional debt; $27.2M in stockholders' equity
Financial Impact
Q1 2026 revenue $4.9M (+9% YoY); gross profit $0.57M (-54% YoY); net loss $0.3M vs prior-year income of $0.5M; operating cash flow $1.3M.
Risk Factors
- Gross margin pressure from rising energy costs (implied spread compressed 53% YoY)
- Negative adjusted EBITDA and net loss in Q1 2026
- Forward-looking pipeline and GP/LP economics are illustrative, not contracted, requiring significant capital to execute
- Material weaknesses in internal controls identified post-business combination, per 10-Q language
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-058746 |
| Document: ea0291382-8k_blockchain.htm | 0001213900-26-058746 |
| Document: 0001213900-26-058746-index-headers.html | 0001213900-26-058746 |
| Document: 0001213900-26-058746-index.html | 0001213900-26-058746 |
| Document: 0001213900-26-058746.txt | 0001213900-26-058746 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $1.16 | awaiting T+60 | — | $0.8300 (−28.45%) |
Oct 7, 2026 19d ago | 8-K | $1.50 | awaiting T+60 | — | $0.8300 (−44.67%) |
Oct 1, 2026 25d ago | 8-K | $1.64 | awaiting T+60 | — | $0.8300 (−49.39%) |
Sep 30, 2026 26d ago | Press Release | $1.33 | awaiting T+60 | — | $0.8300 (−37.59%) |
Sep 10, 2026 6w ago | 8-K | $1.37 | awaiting T+60 | — | $0.8300 (+39.42%) |
Aug 19, 2026 9w ago | 8-K | $1.44 | awaiting T+60 | — | $0.8300 (+42.36%) |
Aug 14, 2026 10w ago | Press Release | $1.82 | awaiting T+60 | — | $0.8300 (+54.40%) |
Jun 29, 2026 17w ago | 8-K | $2.12 $1.46 | ▼ −31.13% | ▼ −34.70% | $0.8300 (−60.85%) |
Jun 18, 2026 18w ago | 8-K | $2.34 $1.30 | ▼ −44.44% | ▼ −46.19% | $0.8300 (−64.53%) |
Jun 9, 2026 19w ago | Press Release | $1.62 $1.26 | ▲ +22.22% | ▲ +28.80% | $0.8300 (+48.77%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers