Vulcan Infrastructure & Power Inc. VIP
We are a developer and operator of datacenters and powered assets designed to support energy-intensive computing workloads. We currently build, maintain and operate datacenters focused on bitcoin mining, along with related power and electric infrastructure. We generate revenue from (1) datacenter hosting, (2) cryptocurrency self-mining, and (3) power and capacity sales. We are increasingly focused on leveraging our power generation assets, grid interconnection rights and datacenter development expertise to support artificial intelligence ("AI") and high-performance computing ("HPC") workloads, which we believe represent a significant long-term growth opportunity.
We own and operate a vertically integrated cryptocurrency datacenter and power generation facility in Torrey, New York (the "New York Facility"), which includes a natural gas power generation plant with approximately 106 megawatt ("MW") of nameplate capacity. We also own a 34-acre greenfield site in Columbus, Mississippi, which we expect will provide access to 40 MW of datacenter capacity by the first quarter of 2027. Additionally, we have 7.5 MW of datacenter capacity in North Dakota (the "North Dakota Facility") through a five-year lease, which provides us with energy access to support our cryptocurrency mining operations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $58.8M | $59.5M | $70.4M | $90.0M | $97.3M | $20.1M | — |
| SG&A | $12.5M | $17.3M | $26.2M | $35.2M | $24.0M | $5.6M | — |
| Operating income | -$3.8M | -$11.4M | -$16.9M | -$233.2M | $32.8M | -$2.6M | — |
| Interest expense | $4.0M | $7.1M | $12.7M | $21.6M | $3.7M | $600.0K | — |
| Pre-tax income | $4.8M | -$19.9M | -$29.0M | -$254.7M | $29.5M | -$3.3M | — |
| Income tax | $479.0K | $69.0K | $0 | $15.0M | $7.9M | $0 | — |
| Net income | $5.3M | -$19.8M | -$29.5M | -$271.1M | -$44.5M | -$3.3M | — |
| EPS, basic | 0.35 | -1.88 | -4.43 | -63.97 | -1.41 | — | — |
| EPS, diluted | 0.34 | -1.88 | -4.43 | -63.97 | -1.23 | — | — |
| Shares, diluted (wtd. avg.) | $15.3M | $10.5M | $6.7M | $4.2M | $36.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $19.6M | $8.6M | $13.3M | $15.2M | $82.6M | $5.1M | $11.8M |
| Short-term investments | — | — | — | $0 | $496.0K | $0 | — |
| Receivables | $2.0M | $1.5M | $358.0K | $2.7M | $237.0K | $390.0K | — |
| Total current assets | $34.8M | $26.8M | $24.4M | $33.1M | $100.6M | $7.8M | — |
| Property, plant and equipment | $15.7M | $30.3M | $45.1M | $130.4M | $216.0M | $56.6M | — |
| Goodwill | — | — | — | — | $3.1M | $0 | — |
| Other intangibles | — | — | — | — | $3.5M | $0 | — |
| Total assets | $53.6M | $64.9M | $71.2M | $163.8M | $341.3M | $64.6M | — |
| Accounts payable | $1.9M | $3.9M | $3.5M | $9.6M | $5.7M | $1.7M | — |
| Total current liabilities | $63.0M | $19.3M | $21.0M | $98.7M | $41.7M | $11.6M | — |
| Long-term debt | $43.1M | $68.1M | $68.7M | — | — | — | — |
| Total liabilities | $99.9M | $120.6M | $122.2M | $210.8M | $128.8M | $20.2M | — |
| Retained earnings | -$384.5M | -$389.7M | -$370.0M | -$340.5M | -$69.4M | -$24.9M | — |
| Total equity | -$46.3M | -$55.8M | -$51.0M | -$47.0M | $212.4M | $44.4M | $33.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15.0M | -$12.0M | -$12.2M | -$14.5M | $45.3M | $557.0K | — |
| Depreciation and amortisation | $11.8M | $13.5M | $13.6M | $35.1M | $8.5M | $4.6M | — |
| Stock-based compensation | $760.0K | $2.2M | $2.3M | $2.6M | $3.8M | $0 | — |
| Investing cash flow | $36.6M | -$3.9M | -$6.0M | -$121.4M | -$163.6M | -$10.6M | — |
| Financing cash flow | -$10.6M | $11.2M | $13.8M | $62.1M | $174.1M | $3.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001844971-26-000011.
Others in SIC 6199
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|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $220.26B | 21.2x | 6.4% |
| MSTR | Strategy Inc | $50.34B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $48.64B | 41.5x | 9.4% |
| SYF | Synchrony Financial | $26.00B | 8.6x | — |
| CRCL | Circle Internet Group, Inc. | $25.33B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $23.53B | 46.7x | 23.1% |
| IREN | IREN Ltd | $15.97B | — | 41.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $15.06B | 1.9x | 84.1% |