Hyperscale Data’s Preliminary Revenue Jumps 64% to About $40 Million in Third Quarter
Key Facts
Hyperscale Data said on October 15 that preliminary consolidated revenue was about $40 million in the quarter ended September 30, 2026, an increase of about 64% from $24.3 million in the third quarter of 2025. The company said the increase came from contributions across multiple activities, while lower bitcoin-mining revenue partly limited the impact of growth. This breakdown offers a view of the revenue sources that supported the quarterly result, but does not make comparisons across all activities like-for-like; the company attributed part of defense revenue to the re-consolidation of Gresham Worldwide’s results. It said the figure is a preliminary estimate reflecting management’s assessment and has not been audited or reviewed by its independent auditor.
Crane operations were among the largest reported activities by revenue, posting about $12.2 million in the third quarter, up about 26% from $9.7 million in the year-earlier period. Chief Executive William B. Horne said the company was seeing “continued growth in our crane business,” and said the operations contributed to the company’s portfolio of activities. That puts crane growth below the overall increase of about 64%, reflecting contributions from other sources to the rise in consolidated revenue. The statement gave no quantitative details on the scale of crane operations or the reasons for the increase during the quarter.
The defense business generated about $12.4 million in revenue, compared with $1.7 million in the third quarter of 2025. The company attributed the comparison to the re-inclusion of Gresham Worldwide’s results in the consolidated accounts, meaning the increase reflected a change in the scope of consolidation as well as business performance. This means the year-on-year defense comparison alone does not represent like-for-like operating growth between the periods. The defense figure was close to the $12.2 million in revenue from crane operations in the same quarter, according to the preliminary figures the company reported.
Revenue from lending and trading rose to about $4.7 million, from about $0.1 million in the year-earlier period. The company said this revenue included investment gains, interest and dividends, while Horne described results from lending and software-related activities as “stronger.” The company did not break out the contribution of each gains, interest or dividend item to the total. These activities were among those whose growth helped offset part of the impact of lower bitcoin-mining revenue during the quarter.
Other revenue was about $1.4 million, up about 57% from $0.9 million in the third quarter of 2025. The company said this item included contributions from software that supports the operation of blockchain networks, a contribution the chief executive cited among software-related activities. The statement did not separately specify software revenue from the rest of other revenue. Overall, the company said increases in crane, defense, lending and trading, and other revenue partly offset lower bitcoin-mining income, without specifying the amount of the decline.
The company said the revenue estimate is not a complete assessment of the quarter’s results, as financial close and review procedures are still underway, and actual results could differ materially from the preliminary figure. In a later update, it said the figures had not been reviewed by its independent auditor and remain subject to completion of the close and review procedures. In trading, GPUS closed at $0.1677 on November 13, according to EL7 daily data; this closing price came after the revenue announcement, and the statement did not establish a causal link between it and the quarterly results.
In an update issued on October 23, Hyperscale Data reaffirmed its preliminary 2027 outlook for revenue of between $300 million and $350 million and Adjusted EBITDA of between $60 million and $80 million. Horne said the operating outlook supported these targets, and that management was focused on delivering contracted capacity, securing development resources and achieving the milestones underpinning the outlook. These figures remain forward-looking management projections, not realized results. On October 28, the company said Phase I at its Michigan campus was expected to begin operations in December 2026, with the first 10 megawatts of critical computing capacity and revenue-generating activities starting at the same time. The services agreement provided for an initial deployment of 20 megawatts, with two five-year extension options and a right of first offer to add 32 megawatts if capacity is available, potentially bringing total deployment to 52 megawatts if the options are exercised. The company also said Alliance Cloud Services had engaged Newmark to identify potential lenders for long-term, non-dilutive financing for the Michigan project; it said this did not constitute a lending commitment or secured financing.