# DarkHorse Technologies Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/DarkHorse Technologies Inc.).

## Overview

DarkHorse Technologies Inc. is a U.S.-based digital infrastructure company that operates power and data center assets for Bitcoin mining, third-party hosting, and emerging high-performance computing applications. Its facilities are concentrated in the U.S. Midwest and South, where it develops and operates capacity tied to compute-intensive workloads.

## Products & services

• Proprietary Bitcoin mining operations
• Third-party data center hosting services
• Co-mining hosting arrangements
• Power and data center infrastructure for AI/HPC workloads
• Site development and capacity expansion

- **Bitcoin mining** (70%) — Proprietary mining of Bitcoin using owned and operated computing fleet.
- **Hosting services** (20%) — Rack, power and infrastructure hosting for third-party compute customers.
- **AI and HPC infrastructure** (5%) — Power and data center capacity being evaluated for high-density computing workloads.
- **Data center infrastructure development** (5%) — Expansion and conversion of facilities to support compute and hosting use cases.

- Proprietary Bitcoin mining operations
- Third-party data center hosting services
- Co-mining hosting arrangements
- Power and data center infrastructure for AI/HPC workloads
- Site development and capacity expansion

## Customers

The company serves Bitcoin mining economics through its proprietary operations, while also providing hosting capacity to third parties under hosting agreements. It is evaluating AI and HPC customers that need reliable power, cooling, and high-density data center space, and it has also described a co-mining arrangement with Bitdeer across multiple sites. Customers are attracted by access to power capacity, specialized infrastructure, and operational flexibility rather than general-purpose data center space.

- **Proprietary Bitcoin mining** (primary) — The company effectively serves itself as the economic beneficiary of mined Bitcoin from its fleet and facilities.
- **Third-party hosting clients** (primary) — Customers that lease power, space, and operations support for their own mining or compute hardware.
- **Co-mining partner customers** (secondary) — Partners such as Bitdeer that use multi-site hosting arrangements for dedicated mining capacity.
- **AI and HPC operators** (emerging) — Potential users of converted facilities requiring high-density, power-rich infrastructure.

- Bitcoin network economics drive internal mining output
- Third-party hosting customers buy power and space
- Co-mining partners seek dedicated compute capacity
- AI/HPC users need dense power and cooling infrastructure
- Customers value site reliability and expandable capacity

## Geography

DarkHorse Technologies operates approximately 53 MW of power capacity across five data centers in Iowa, Kentucky, and Tennessee. It also has a development pipeline exceeding 100 MW, which extends its footprint beyond current operating sites and ties growth to power access in those states. Geography matters because the business depends on electricity availability, site conversion economics, and proximity to suitable industrial power markets.

- **Iowa** — Operating data center state; no revenue share disclosed
- **Kentucky** — Operating data center state; no revenue share disclosed
- **Tennessee** — Operating data center state; no revenue share disclosed

- Five operating data centers across Iowa, Kentucky, and Tennessee
- Approximately 53 MW of operating power capacity
- Over 100 MW of potential expansion opportunities
- U.S. Midwest and South sites matter for power access
- Geography shapes mining economics and hosting feasibility

## Strategy

The company is vertically integrating into self-owned and self-operated facilities so it can reduce dependence on third-party hosting and improve control over operating economics. It is also diversifying beyond Bitcoin mining by evaluating hosting and AI/HPC use cases at each site, while refreshing its fleet to improve efficiency and redeploy capital toward newer equipment. Expansion of the power base and conversion of sites for higher-value workloads are central to its longer-term strategy.

- **Self-owned infrastructure buildout** (medium-term) — Owning facilities improves control over power, cost structure, and deployment timing.
- **Fleet modernization** (short-term) — Newer-generation machines improve mining efficiency and can lower unit costs.
- **Revenue diversification** (medium-term) — Hosting and AI/HPC workloads can reduce reliance on proprietary mining output.
- **Site conversion for AI/HPC** (long-term) — Higher-density workloads may create more valuable uses for power capacity.

- Vertical integration into owned and operated facilities
- Refresh mining fleet to improve efficiency
- Expand hosting revenue alongside proprietary mining
- Evaluate AI and HPC use cases site by site
- Develop over 100 MW of expansion opportunities

## Risks

The business is exposed to substantial funding, execution, and technology risks because its growth model requires capital-intensive infrastructure buildout before revenue is fully secured. It also faces industry-specific risks from Bitcoin price and network changes, customer concentration, power availability, and rapid changes in AI/HPC requirements that can make facilities obsolete or underutilized. Competition for sites, equipment, financing, and qualified personnel is intense, which can limit execution.

- **Capital-intensive buildout without committed customers** [high] — Facilities may need major investment before contracts are signed.
- **Obsolescence of mining and data center equipment** [high] — Faster hardware cycles and changing density/cooling requirements can reduce asset usefulness.
- **Bitcoin price and network volatility** [high] — Mining revenue depends on Bitcoin economics and network conditions.
- **Power and site access constraints** [medium] — Operations depend on reliable, significant power capacity and suitable facilities.
- **Customer concentration and counterparty failure** [medium] — Hosting and co-mining contracts may be concentrated and can be renegotiated or terminated.

- Capital-intensive expansion may outpace secured contracts
- Bitcoin mining output is exposed to network and price volatility
- AI/HPC conversion risk: technology and specs may change quickly
- Competition for power, sites, and equipment is intense
- Customer concentration and counterparty risk can impact returns

## Accounting

Revenue recognition is operationally important because the company now earns from both proprietary Bitcoin mining and hosting services, which can have different timing and measurement drivers. Bitcoin holdings are carried at fair value on the balance sheet, so changes in cryptocurrency prices can move reported asset values and results. The company also uses equity-based compensation and asset sales to fund operations, making fair value judgments and transaction accounting relevant to period-to-period comparability.

- **Fair value of Bitcoin holdings** — Bitcoin carried at approximately fair value as of period-end
- **Revenue mix between mining and hosting** — Comparability across quarters
- **Asset dispositions and fleet replacement** — Operating results and asset base
- **Share-based consulting fees** — G&A and dilution

- Bitcoin holdings measured at fair value affect asset values
- Mining and hosting revenue may have different recognition patterns
- Equipment sales and replacements affect gain/loss timing
- Equity-based consulting fees create non-cash expense
- Quarterly comparisons are affected by fleet refresh cycles

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*Last updated: 2026-09-28T10:45:33.690201+00:00*