Rankings Software, cloud & internet Hyperscale Data
Hyperscale Data
32
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−11
- Capital allocation−8
- Multiples vs own history−8
Strengths
- Insider buying+2
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 2
- Price
- 1.09 DKK
- Market value
- DKK 184m
- Cash runway
- 7 months
- Cash / debt
- 36.8 / 141.0m USD
- Dilution, 12 months
- +7,263%
Bull case
The Michigan campus reaches 52 MW of AI capacity with long-term tenants and is valued close to management's USD 750m; bitcoin rises, and the ACG spin-off unlocks value. Even after conversion of Series H, the common stock could then be 3–5x from a market cap of USD 28m.
Bear case
The AI project is delayed, the USD 141m debt must be refinanced on expensive terms, and Series H is converted at a low price, so common shareholders are heavily diluted again. Another reverse split and continued decline – the history (price −99.99% split-adjusted since 2021) shows the pattern.
Catalysts
- monthly from 2026Monthly status reports on the Michigan AI data centre and start-up of the first 20 MW under the master services agreementgradual nasdaq.com
- 2027Planned spin-off of ACG (Ault Capital Group) to shareholdersbinary stocktitan.net
- OngoingFurther Series H purchases from Ault & Company (up to USD 96m) – financing, but with dilution on conversiongradual marketscreener.com
Risk of going to zerohigh – negative working capital (−USD 88m), short-term debt of 99m, FCF −104m TTM, and a decade-long pattern of dilution and reverse splits.
Next financingOngoing via Ault preferred shares (right to USD 96m more) and preferred ATM. The company reports about USD 56m in bitcoin, cash and restricted funds (27/9-2026), but USD 99m of debt matures within 12 months, so refinancing or new preferred shares are necessary during 2027.
Warrants & convertiblesSeries H convertible preferred shares: Ault & Company has bought about USD 55m and has the right to a further USD 96m (conversion terms not examined). 13% Series D cumulative preferred shares with a preferred ATM of up to USD 35.4m (Feb. 2026). Common-stock ATM completed June 2026 after the sale of 137.6m shares.
Insiders, last 12 monthsMilton C. Ault III (chairman, >10% owner) bought common shares for approx. USD 5.05m on 29–30/9-2026; the CEO bought 100,000 shares at USD 0.168. Ault & Company has also bought Series H preferred shares for approx. USD 55m.
Largest ownersAult & Company and affiliates about 62% (incl. convertible preferred shares, 13D/A no. 19 of 15/9-2026). Institutions about 8%.
Circio check(1) Small market cap: yes – approx. DKK 184m. (2) Hot theme: yes – AI data centers and bitcoin. (3) Upcoming milestones: partial – Michigan start-up and spin-off, but without fixed dates. (4) Major partner: no – the AI customer under the master services agreement is not named in the sources read. (5) Funding for 2+ years: no – depends on Ault preferred shares. (6) Price near the bottom: yes – −93% in a year.
Why this asymmetrySmall market cap and a hot theme give lottery-ticket upside, and the insider purchase is genuine. But the common stock is last in line behind debt and several preferred classes controlled by the main shareholder, and the company's history of dilution and reverse splits is among the worst in the US market.
How the score is built
From 100 to 32, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.16 USD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −92%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−28 of −30
- −11MarginOperating margin was −65% TTM and −60% in Q2 2026; net loss was USD 102m TTM on revenue of 130m. The company has had negative operating margin every year since 2021 (−34% to −59%), and gross margin is only 26%.
- −5Quality of growthGrowth of approx. 57% in H1 2026 is primarily due to reconsolidation of Gresham Worldwide (defence) and an uneven fintech item (USD −2.3m in Q2 after +11.5 in Q1), not organic growth. The Energy and Sentinum segments are flat or declining.
- −4MoatA conglomerate of unrelated small businesses with no clear competitive advantage; the bitcoin mining in Michigan has been closed, and the AI data center has only a preliminary agreement for 20 MW, while large players are building GW capacity.
- −8Capital allocationHistorically massive value destruction: accumulated loss of USD 790m, the share count rose 7,263% in a year, and the split-adjusted price has fallen from over USD 1m (2021) to USD 0.16 after repeated reverse splits. At the same time 13% cumulative preference dividend is paid (USD 9.2m TTM).
Price
Today's multiples against the company's own history and its peers. · 1 finding−8 of −35
- −8Multiples vs own historyP/S 0.21 and P/B 0.18 look cheap (2021–2025: P/S 0.05–1.85; P/B 0.11–2.58), but the common stock stands behind USD 141m of debt and several preferred classes: EV/Sales is 1.02, fully in line with the history (0.9–2.2). No earnings or FCF to price on.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−28 of −35
- −8Debt and liquidityDebt of USD 141m, of which 99m short-term, against 36.8m in cash; working capital is −87.6m, current ratio 0.57, and Altman Z-score −3.6. FCF was −USD 104m TTM.
- −8Dilution (convertible preference shares and ATM)The ATM programme sold 137.6m shares at about USD 0.18 (USD 24.7m) before it was stopped in June 2026. The company is now financed via Series H convertible preferred shares to Ault & Company (USD 55m bought, right to a further 96m) and a preferred ATM of up to 35.4m – amounts several times larger than the market cap of USD 28m.
- −5Listing risk1:5 reverse split completed 25/8-2026 (the price was approx. USD 0.09 before), but the stock has since fallen to approx. USD 0.16 – a decline of over 60% after the split. NYSE American may delist at its discretion for a 'low price', so another reverse split is likely; otherwise OTC, which Nordnet does not trade.
- −4Governance and related partiesAult & Company owns about 62% and finances the company via preferred shares on its own terms; common shareholders rank behind both debt, the 13% Series D preferred and Series H. Management markets a 'possible value' of the Michigan campus of USD 750–1,250m without independent valuation.
- −3Execution of AI data centreThe Michigan project requires a capital reserve of approx. USD 120m – over four times the market cap – and only has an agreement for 20 MW (possible expansion to 52 MW). Financing depends on Ault preferred shares and the bitcoin holding.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Insider buyingChairman Milton Ault bought common shares for about USD 5.05m on 29–30/9-2026, and the CEO bought 100,000 shares at USD 0.168 – significant relative to a market cap of USD 28m.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3 – USA). Formerly Ault Alliance/BitNile/DPW Holdings, controlled by Milton 'Todd' Ault (Ault & Company about 62% incl. convertible preferred shares). Conglomerate (AI data centre in Michigan, defence/Gresham, energy, hotels, lending, bitcoin holdings); placed in 'Software, cloud & internet' as the closest category based on the AI data centre strategy. No stockanalysis forecast page (404 = no analysts). Going concern language in the 10-Q for Q2 2026 has not been verified. A post on moomoo claimed a 'regulatory concern' trading halt on NYSE American, but stockanalysis shows normal trading on 30/9-2026 (CNBC's 'GPUS'D' page is the old pre-split ticker); the claim has not been used. Quarterly burn (USD 16m) is estimated from FCF in H1 2026 (−27m) plus preferred dividends (about 9m annually). The terms of the Series H conversion have not been investigated.
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