Datacenter penny stock to use mining building already in operation $GPUS

Datacenter penny stock to use mining building already in operation $GPUS The hyperscale trade is **power + land + cooling + a signed tenant**. Big money competitors: IREN / APLD / CORZ / WULF / CIFR. market cap **\~$26–32M** · EV **\~$136M** (debt) · TTM rev **\~$130M** · TTM loss **–$102M** **The pitch:** * Stopped Michigan BTC mining Sep 1 to clear the floor for an MSA with an unnamed “California neocloud.” * **20 MW** initial, option to **52 MW**. * Company math: \~**$1.2B** over 20 years on 20 MW; **>$3B** if the option is exercised. * Targeting \~**340 MW** at that site eventually (the 52 MW is \~20% of that dream). * they set a **$750M minimum sale price** for the Michigan campus and said it “could” be **$1.25B**. * Still mining in Montana; looking at +125 MW there. * Sold \~830 BTC (\~$53M) in 5 weeks to fund the conversion. * 2027 “guidance”: rev **$300–350M**, adj. EBITDA **$60–80M** (that is a press release, not a 10-K). **What to watch out for:** * Equity is a stub. **$141M debt vs $37M cash.** Working capital is negative. * Customer is **unnamed**. 20 MW is a pilot, not a hyperscaler campus. * They are **selling the asset**, not compounding it. $750M sale / 170M shares sounds like $4 — after debt, taxes, preferreds, and the fact nobody has signed a check. * Dilution machine. Volume 20–100M shares on down days. Classic AMEX washout. * Conglomerate junk still in the 10-K. This is not Equinix. Position size like a scratch-off if they indeed pull off the DC project