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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $20.1M | $97.3M | $90.0M | $70.4M | $59.5M | $58.8M |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$3.3M | -$44.5M | -$271.1M | -$29.5M | -$19.8M | $5.3M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Officer or director change Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote Item 5.07
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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