BluSky AI, Inc. (formerly Inception Mining, Inc.) reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company recorded a net loss of $11.1 million for the three months ended September 30, 2025, compared to a loss of $279,946 during the same period in 2024. For the nine-month period, the net loss increased to $12.5 million from $1.04 million in the prior year. The substantial increase in losses is attributed to higher operating expenses, which rose to $2.19 million for the nine months, up from $370,461 in the previous year, primarily due to increased general and administrative costs.
In terms of assets, BluSky AI reported total assets of $2.99 million as of September 30, 2025, a significant increase from $531,000 at the end of 2024. This growth was driven by the addition of cash and cash equivalents amounting to $1.3 million and a solar power asset valued at $1.29 million. The company’s liabilities also increased, totaling $3.53 million, slightly up from $3.35 million at the end of 2024. The increase in liabilities was primarily due to higher accounts payable and accrued liabilities, which reached $1.8 million.
Strategically, BluSky AI has undergone a transformation, shifting its focus from mining to providing AI-driven data center solutions. This pivot includes the launch of a modular data center model and GPU-as-a-Service (GPUaaS) offerings, aimed at meeting the growing demand for high-performance computing in artificial intelligence and machine learning applications. The company’s rebranding to BluSky AI in March 2025 reflects this new direction, positioning it as a next-generation infrastructure provider.
Operationally, the company has seen a significant increase in its common stock, with shares outstanding rising to approximately 24.96 million as of September 30, 2025, compared to 2.66 million at the end of 2024. This increase is indicative of the company's efforts to raise capital and support its new business model. However, the company also reported a working capital deficit of $1.92 million, raising concerns about its ability to continue as a going concern without additional funding.
Looking ahead, BluSky AI's management is focused on developing profitable operations and securing additional funding sources to address its liquidity challenges. The company acknowledges the uncertainty surrounding its ability to continue as a going concern over the next year, emphasizing the need for strategic changes to achieve financial stability. The ongoing transformation into an AI-focused enterprise is expected to play a crucial role in shaping the company's future performance and market position.
About BLUSKY AI INC.
BluSky AI Inc. specializes in modular data center solutions tailored for artificial intelligence and high-performance computing. Focused on rapid deployment, scalability, and environmental sustainability, it leverages existing power infrastructure and renewable energy sources. Serving AI companies, government, and enterprise clients, it offers leasing, infrastructure management, and strategic partnerships to address the growing demand for secure, energy-efficient AI compute capacity.
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