New Era Energy & Digital, Inc.

What they do

The company develops data center campuses with integrated power, land, and connectivity, targeting accelerated speed-to-power for AI hyperscalers. It is focused on the Permian Basin, beginning with its flagship TCDC project in Ector County, Texas. Legacy natural gas operations were de-emphasized in the second half of 2025.

Revenue drivers

• Data center campus development (TCDC) — Flagship 438-acre campus designed for over 1 GW of compute capacity; initial phase revenue expected from build-to-suit leases or power sales, but no contracts disclosed yet.
• Legacy natural gas operations — Historical revenue from natural gas sales; 2025 revenue was $885,400, up from $532,780 in 2024, but strategic pivot means this stream is being wound down or repositioned.
• Financing arrangements — Non-operating income from the Macquarie facility's multiple on invested capital premium, which is fully earned upon execution, may contribute to net income but is not core revenue.

Recent performance

For fiscal year 2025, revenue was $885,400, up from $532,780 in 2024, but net loss widened to $29.6M from $13.8M, with diluted EPS of -$1.04. Operating cash flow was -$11.7M in 2025, worsening from -$5.3M in 2024. Quarterly revenue was volatile: $514,587 in March 2026, $36,497 in June 2026, indicating uneven revenue recognition. The company had $69.8M cash, $174.7M total assets, and $138.6M equity as of June 30, 2026.

Strategy

The company aims to aggregate and entitle 'Powered Land' and develop 'Powered Shells' and build-to-suit assets for hyperscalers. It plans to execute through partnerships in engineering, construction, and power generation to deliver speed-to-power. The Macquarie term loan facility of up to $290M is intended to fund TCDC development, with projected power delivery beginning as early as end of 2027. Legacy gas operations are de-emphasized in favor of digital infrastructure.

Risks

• Financing availability — Only $20M of the Macquarie facility is committed; $30M, $40M, and $200M tranches are at Macquarie's discretion, subject to conditions precedent.
• Revenue uncertainty — Quarterly revenue dropped to $36,497 in June 2026 from $514,587 in March 2026, indicating unstable or project-dependent revenue streams.
• Financial statement reliability — The company disclosed on July 30, 2026 that previously issued financial statements are not reliable, potentially affecting investor confidence and compliance.
• Execution risk on TCDC — The flagship project is early-stage with projected power delivery by end of 2027, facing construction, permitting, and offtake risks.

Outlook

Management expects to deliver power at TCDC beginning as early as end of 2027, with phased development designed to support over 1 GW. The company is actively pursuing hyperscaler tenants and partner arrangements. The Macquarie facility is central to funding development, but the company must meet conditions for discretionary tranches.