KiNRG, Inc.

What they do

Following the April 1, 2026 acquisition of 100% of TRINITY Group Construction, Inc., KiNRG's primary operation is commercial construction and infrastructure services conducted through TRINITY. TRINITY has previously constructed or construction-managed over 2.5 million square feet of data centers and is currently constructing or managing over 500,000 square feet in three states and Egypt. Separately, the company designs and is preparing to construct HydroThermal Reactors (HTRs) that use non-toxic natural elements to generate electricity, including a smaller modular version aimed at data centers requiring 24/7/365 base load power.

Revenue drivers

• TRINITY construction services — Commercial construction and infrastructure services, primarily data center construction and construction management, is the company's primary operation following the April 2026 acquisition. This segment produced all of the $369.2M revenue reported for the three months ended June 30, 2026.
• Data center projects — TRINITY builds data centers for data center developers; management states it has built or managed over 2.5 million square feet of data centers and is currently working on over 500,000 square feet across three states and Egypt. No separate revenue figure for this work is disclosed.
• Small modular HTR for AI data centers — A smaller modular HydroThermal Reactor is being developed to supply a constant 24/7/365 base load to AI data centers. It is projected to produce 150 MW to 200 MW when connected to a data center; the company has not yet commenced construction or produced electricity from any HTR.
• Large HTR and green hydrogen — The large HTR, estimated to cost $2.2 billion with a 36-month build, is positioned to support the green hydrogen market, potentially paired with a hydrogen production facility estimated at approximately $1.4 billion that would be developed by others. No revenue has been generated from this line.

Recent performance

For the three months ended June 30, 2026, KiNRG reported revenue of $369,170,248 and contract costs of $347,054,830. Selling, general and administrative expenses were $4,978,788, consisting primarily of payroll and related costs of $3,730,919, professional fees of $410,959, travel and auto costs of $235,127, consulting fees of $145,753, insurance of $121,437, rent and facilities of $87,449, and director compensation of $25,000. Interest expense was $3,637,941 against interest income of $268,216, and the company realized an income tax benefit of $2,504,851. Management states that comparisons between current and prior periods are not meaningful due to the TRINITY acquisition. Annual net losses were $1.3M in 2024 and $2.7M in 2025, with operating cash flow of negative $897,448 in 2024 and negative $698,542 in 2025.

Strategy

The combined business plan is to deliver data centers to developers along with the energy to serve their tenants, independent of the grid, with TRINITY constructing both the data centers and the HTRs in-house. TRINITY plans to continue constructing data centers for the foreseeable future while the combined companies pursue joint data center/HTR projects. KiNRG intends to pursue project financing to fund HTR construction, which management expects to be contingent on long-term power purchase agreements with customers for each project; if equity is needed, the company would seek project-level equity investors and may pursue investment tax credits or production tax credits. Management redesigned the large HTR into a smaller modular unit intended for the data center market, requiring less than half the concrete, a quarter of the generating capacity, and one third of the water of the large HTR, with a 12-to-15 month construction timeline versus 36 months for the large unit.

Risks

• No HTR construction or electricity production — The company states it is an early development stage entity that has not commenced construction of its downdraft towers or produced electricity, and has generated no revenue from the HTR business to date.
• Project financing dependent on off-take agreements — HTR construction is intended to be funded through project financing expected to be contingent on long-term power purchase agreements, and there is no assurance financing will be available on acceptable terms or at all.
• Data center adoption of the HTR is unproven — The company explicitly states there can be no assurance that the data center market will adopt its smaller HTR solution.
• Related-party acquisition and concentration — TRINITY was acquired from Millard L. Wallen, its CEO and sole owner, who is also President of KiNRG and has served in that capacity for over three years, and TRINITY has hosted KiNRG at its headquarters for over four years.

Outlook

Management's stated plan is to continue TRINITY's data center construction work while pursuing joint data center/HTR projects that combine data center delivery with grid-independent power. The company intends to pursue project financing for both the smaller modular HTR and the large HTR, with financing expected to depend on securing long-term off-take agreements. The smaller HTR targets 150 MW to 200 MW of 24/7/365 power when connected to a data center, with construction estimated at 12 to 15 months and a cost of less than $1.5 billion. Management cautions that full operational status could be delayed by local inspections, interconnection testing, or unforeseen commissioning issues, potentially adding several months in some cases.