CalEthos, Inc. reported no revenue for the fiscal year ending December 31, 2025, maintaining the same status as the previous year. The company’s operating expenses totaled $1.055 million, a slight decrease from $1.063 million in 2024. Notably, payroll and related costs surged by 125.1% to $583,000, primarily due to the abandonment of a data center project in Imperial County, California. The company also recorded significant losses, including $4.594 million in abandoned development project costs, which contributed to a total other expense of $5.443 million, down from $11.527 million in 2024.
In terms of strategic developments, CalEthos formed a wholly-owned subsidiary, TerraVolt Infrastructure Inc., in May 2025. TerraVolt aims to provide sustainable, baseload power solutions for large-scale data center development, integrating onsite power generation with construction-ready sites. The company is currently focused on securing land-use and zoning approvals for its planned data center campus in the Northwestern U.S., with expectations to finalize these approvals by the end of 2026.
Operationally, CalEthos has three full-time employees, two of whom are executive officers. The company has not experienced any work stoppages and maintains good relations with its employees. The working capital deficit increased significantly from $219,000 in 2024 to $2.8 million in 2025, driven by rising convertible debentures and notes payable. The company ended the year with cash and cash equivalents of approximately $287,000, indicating a need for additional financing to support its business plan.
Looking ahead, CalEthos anticipates incurring substantial expenses to implement its business strategy, which will require significant financing. The company plans to raise funds through the issuance of common stock, preferred stock, or debt securities. However, there is no assurance that it will be able to secure the necessary capital on favorable terms, which could hinder its ability to execute its development plans and respond to competitive pressures. The data center industry is projected to experience significant growth, driven by increasing demand for infrastructure, particularly in the context of artificial intelligence, which CalEthos aims to capitalize on through its onsite-powered data center model.
About CalEthos, Inc.
CalEthos, Inc. is a data center infrastructure developer focused on creating large-scale, geothermal-powered data center campuses in California. The company plans to lease land, build facilities, and provide clean energy solutions for hyperscale and enterprise clients, emphasizing sustainability and energy efficiency. Its business model integrates onsite geothermal energy production with data center development, targeting high-growth digital services markets and leveraging regional renewable energy resources.
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