SHARON AI: First Quarter 2026 Result Presentation (Sharon AI 1Q26 Earnings Call Presentation 15 MAY FINAL)
SHAZ
Published on 05/15/2026 at 04:47 pm EDT
First Ǫuarter 2026 Result Presentation
15th May, 2026
Agenda and Presenters
First Quarter 2026 Highlights
Introduction to Sharon AI
Industry Backdrop
Our Partnership Focused Approach
Customer Momentum
Outlook
Chairman, Co-Founder & CEO
CFO
First Quarter 2026 Highlights
venture project sale)
secure, high-performance AI infrastructure with all data processing remaining in the country
Who is Sharon AI?
Sharon AI is an Australian Neocloud operator, purpose-built to power the next generation of Artificial Intelligence and High Performance Computing
01
What we do?
Design and operate AI-native infrastructure optimised for
large-scale AI training, inference and high-performance computing - not general-purpose cloud
Deliver GPU-as-a-Service, AI Platform (PaaS) and
high-performance storage as a fully integrated AI ecosystem
Solutions are targeted at a broad range of customers - including enterprise, government and hyperscalers
02
Why we succeed?
Access to cutting-edge GPUs: Leading NVIDIA Cloud Partner in Australia, with access to B200, B300 GPUs and anticipated access to GB300 GPUs
AI-optimised performance: Purpose-built networking, storage and orchestration delivers higher utilisation and efficiency than traditional cloud
Hosted in Australia - a globally attractive jurisdiction: Australian-hosted, low-latency, secure infrastructure built to meet enterprise, government and
regulated-industry requirements
Capital-efficient scale: Deploys into tier-III / IV data centres rather than building from scratch, enabling rapid expansion and faster time-to-revenue
03
Proof points:
Demonstrated ability to deploy and operate AI superclusters at scale for sophisticated global customers
Enterprise customer momentum:
Canva
GMI Computing
ESDS Software Solutions
US$1.26BN
Global technology company with major Asia-pacific presence - US$G50M
100MW of data centre capacity
Global Reach: Instant Performance
UK
2G5ms
EU
2C5ms
KR
175ms
JP
175ms
US West
1C5ms
US East 225ms
UAE
140ms
HK
130ms
TW
155ms
SG
81ms
Auckland 35ms
Low-latency connectivity with seamless direct cloud on-ramps.
Global fiber connectivity provides for world-wide training and Asia-Pacific inference capabilities.
Latency time shown in milliseconds (ms).
Source - https://wondernetwork.com/pings/Sydney
What's Important to Succeed?
Access to GPUs, grid constrained high-density power, tightening data regulation, and capital requirements establish barriers to entry into Global Neocloud and GPUaaS markets
Securing timely access to
GPUs remains key
Manufacturing constraints and hyperscaler prioritisation reduces supply
Emerging providers must navigate long lead times and competition from larger
incumbents
NVIDIA Cloud Partner Program (NCP) membership serves as a key mitigant to GPU allocation headwinds for Sharon AI
Rapid growth in AI workloads is
reshaping data centre
infrastructure requirements
High-performance GPU
clusters demand a substantial
and reliable power supply
Sharon AI's relationships with data centre operators aligns demand for high-density compute with medium and long-term power planning
Countries increasingly
mandate that sensitive data
including customer information or AI model datasets remain within national borders
Providers must establish localised infrastructure, ensure secure data handling, and adapt to evolving regulatory frameworks, which raises
operational costs and slows international expansion
Entry into the Neocloud market
requires substantial capital investment and highly specialised talent
Capital investment could be
required across GPU
procurement, data centre construction, networking infrastructure, and maintenance operations
Specialised talent also essential, e.g. engineers specialising in HPC, distributed AI systems, and data centre
operations
Source: Frost and Sullivan.
Our Approach is to Partner With the Best in the World
Sharon AI works with global leaders in AI and digital infrastructure to ensure best practices and on time delivery of Sharon
AI's solutions
World Wide
Technology
NVIDIA is the designer and technology provider of the AI processors (GPUs) used by Sharon AI and is a key partner under NVIDIA's NCP program. NVIDIA also provides enablement support for deploying its enterprise-grade infrastructure
NEXTDC serves as the primary co-location data centre provider,
hosting Sharon AI's hardware infrastructure
Cisco provides AI-ready networking infrastructure, and will support the go-to-market strategy facilitating engagement with large-scale enterprise and government customers
WWT provides support for end-to-end procurement, assembly, delivery and installation of large-scale compute infrastructure
Lenovo provides access to hardware procurement and lifecycle services as part of the TruScale program
Illustrative Customer Contract Lifecycle
Sharon AI's primary commercial contracting framework is take or pay revenue model whereby customers pay monthly
Post contract GPU + network infrastructure life 2yrs+
New multi-year contract
and / or
On-demand consumption
04
Post contract lifestyle
Years 3-6
Useful economic life of GPU and network infrastructure expected to extend for 2 or more years beyond initial contract term
Option to:
Re-contract to same customer at lower rates;
Sell capacity on spot or on-demand market through GPU aggregator platforms; or
Redeployed through Sharon AI inference engine for token-based consumption
revenue for reserved capacity which ensures 100% utilisation once fully deployed, de-risking contracts
During contract GPU + network infrastructure life 3-5yrs
Contract signing
GPU + network Infrastructure purchase s installation
Al/HPC Cloud Operational
Initial customer prepayment PO submitted for GPU network infrastructure
Payment for GPU + network infrastructure at delivery
2-4wk installation
Revenue recognized monthly
Month 1
Month 3
Month 3-4
Month 5-30
Month 30-64
Initial deposit
GPU + network infrastructure delivery
Monthly payments
01
Contract signing and prepayment
Month 1
Customer provides initial prepayment at execution of term contract, which allows Sharon AI to submit purchase order for the specific GPU and
network infrastructure required to service the contract
02
Procurement and installation
Months 1-4
Hardware delivered within 2-3 months of contract signing. Final payment for the equipment made upon delivery, and infrastructure is then installed and configured
03
Operational phase
Months 5-64
Infrastructure is operational and Sharon AI generates monthly revenue for duration of contract term for reserved capacity on a take-or-pay basis ensuring 100% utilisation
Recent Customer Momentum
Customer: Canva - a high-growth design unicorn which is delivering AI-powered products
1
2
3
4
Customer: GMI Computing - an AI-native inference cloud provider
Customer: ESDS Software Solutions (signed US$1.26BN, five-year, take or pay agreement)
Recent Material Contract Wins
Customer: Global technology company with major Asia-pacific presence (signed US$950M, five-year contract)
Strong growth since January 2026, with significant contracts including Canva, GMI Computing, a US$1.26BN, five -year, take or pay agreement with ESDS Software Solutions; and a US$950M, five-year contract with a global technology company with major Asia-pacific presence
Texas Critical Data Centers - Divestment
The Sharon AI Board and Management Team have significant experience in US energy and infrastructure markets having cumulatively built and monetized over 300MW of energy infrastructure projects across Texas, Georgia and Pennsylvania in their prior roles.
Sharon AI recently divested its 50% holding in Texas Critical Data Centers LLC (TCDC) to its JV partner New Era Energy and Digital Inc (NASDAQ:NUAI) for ~US$74m. A material ROI was achieved.
Established Joint Venture with NUAI
Jan 2025
Key Lessons Learned
Non-binding
LOI with hyperscaler signed
Jun 2025
Purchased
235 acres outside Odessa, TX
Jul 2025
Future Development
Exclusivity signed signed with hyperscaler
Nov 2025
Purchased additional contiguous 205 acres
Nov 2025
Sale to NUAI for
~US$74M
Jan 2026
Power certainty and timeline are key elements for stakeholders
Customers are looking for timelines inside of
~3 years
Hyperscale-level customers are looking for hundreds of MWs, with some asking for >1GW
Powered Land sales are 'one-off'
Most inquiries are for powered shells
Sharon AI currently has multiple work streams to identify future sites for power land development (behind-the-meter and grid) over 2026
Material ROI outcomes are still feasible, with the right locations, relationships and stakeholders
Targeting 'hundreds of acres' to support 'hundreds of MWs of data center capacity'
Highly competitive space
Outlook
1
2
3
4
Outlook
Sharon AI expects ongoing growth in its core operations
Q&A
Condensed Statement of Operations - Three Months Ended 31 March 2026
Unaudited · US$ in thousands, except per share data · Prepared in accordance with U.S. GAAP
US$ in thousands
Q1 FY26
Q1 FY25
Variance
Var %
Revenue
$294
$325
(31)
(9.5%)
Cost of revenue
525
313
212
67.7%
Gross profit (loss)
(231)
12
(243)
(2,025%)
Share-based compensation
382
468
(86)
(18.37%)
Selling, general and administrative
4,015
1,007
3,008
298.7%
Other expenses
1,318
506
812
160.5%
Other income
(3,128)
(809)
(2,319)
(286.65%)
Loss from operations
(2,819)
(1,161)
(1,658)
(142.8%)
Change in fair value of digital assets
-
(328)
328
100.0%
Change in fair value of warrant liabilities
883
-
883
-
Change in fair value of NUAI shares
(1,509)
-
(1,509)
-
Change in fair value of convertible notes
(70,228)
-
(70,228)
-
Gain on sale of investment in TCDC
65,920
-
65,920
-
Interest income (expense), net
1,260
(12)
1,272
10600%
Loss before income taxes
(6,493)
(1,502)
(4,991)
(332.3%)
Income tax (expense) benefit
(13,519)
63
(13,582)
(21,558.7%)
Net loss
(20,011)
(1,439)
(18,572)
(1,290.6%)
Net loss attributable to non-controlling interest
(96)
(7)
(89)
(1,271.4%)
Net loss attributable to SharonAI Holdings
(19,916)
(1,433)
(18,483)
(1,289.8%)
Source: SharonAI Holdings, Inc. Form 10-Q for the period ended 31 March 2026 (filed 12 May 2026). n.m. = not meaningful.
Condensed Balance Sheet - As at 31 March 2026
Unaudited · US$ in thousands · Line items aligned to statutory chart of accounts
ASSETS
US$ in thousands
Mar 2026
Dec 2025
Movement
Current assets
Cash and cash equivalents
164,288
71,073
93,215
Trade and other receivables
5,043
750
4,293
Convertible notes receivable
51,014
-
51,014
Investment in NUAI shares
8,491
-
8,491
Convertible note proceeds receivable
-
15,171
(15,171)
Assets held for sale
1,165
1,135
30
Other current assets
688
288
400
Total current assets
230,690
88,417
142,272
Non-current assets
Property and equipment, net
14,803
15,208
(405)
Right-of-use assets, net
6,906
7,141
(234)
Equipment and lease prepayments
42,453
-
42,453
Certificates of deposit
990
915
74
Other long-term assets
-
3,414
(3,414)
Goodwill
18,044
18,044
-
TOTAL ASSETS
313,886
133,140
180,746
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
US$ in thousands
Mar 2026
Dec 2025
Movement
Current liabilities
Trade and other payables
20,981
3,433
17,548
Warrant liability
7
890
(883)
Note payable
6
2,255
(2,249)
Convertible notes
199,358
129,017
70,341
Finance lease liabilities, current
1,117
1,073
44
Other current liabilities
-
2,702
(2,702)
Total current liabilities
221,469
139,370
82,967
Non-current liabilities
Finance lease liabilities, non-current
3,786
3,918
(132)
TOTAL LIABILITIES
225,255
143,288
81,967
Stockholders' equity (deficit)
Common Stock - Class A & B
2
1
-
Additional paid-in capital
153,743
33,862
119,882
Accumulated deficit
(63,445)
(43,529)
(19,916)
Accumulated other comprehensive loss
(1,459)
(373)
(1,086)
Non-controlling interest
(210)
(109)
(101)
TOTAL EQUITY (DEFICIT)
88,631
(10,148)
98,779
TOTAL LIABILITIES AND EQUITY
313,886
133,140
180,734
Source: SharonAI Holdings, Inc. Form 10-Q for the period ended 31 March 2026. Captions aligned to the company's statutory (STAT) chart of accounts.
Adjusted EBITDA - Non-GAAP Analysis · 31 March 2026
Removes the impact of fair value remeasurements, foreign currency movements and other non-operating items
Q1 FY26 Adjusted EBITDA
$(2,209)k
Q1 FY25: $(142)k
Revenue
$294k
vs. $325k pcp
Operating loss
$(2,819)k
vs. $(1,161)k pcp
Reconciliation - US$ in thousands
Q1 FY26
Q1 FY25
Net loss
(20,011)
(1,439)
+ Income tax expense (benefit)
13,519
(63)
+ Net interest expense (income)
(1,260)
12
+ Depreciation
1,318
382
+ Amortization
-
275
EBITDA
(6,434)
(833)
+ Share-based compensation
382
468
- Gain on sale of investment in TCDC
(65,920)
-
+ Change in fair value of convertible notes
70,228
-
+ Change in fair value of NUAI shares
1,509
-
- Change in fair value of warrant liabilities
(883)
-
+ Change in fair value of digital assets
-
328
- Foreign currency gain
(1,091)
(105)
Adjusted EBITDA (Non-GAAP)
(2,209)
(142)
Adjusted EBITDA is a non-GAAP financial measure and is not a substitute for net
loss. Management uses Adjusted EBITDA to evaluate ongoing operating
performance by excluding non-cash, non-recurring or non-operating items: fair value remeasurements of convertible notes, warrant liabilities, equity investments and digital assets; gain on sale of investments; and foreign currency translation effects. See Slide 5 for the full reconciliation.
Source: SharonAI Holdings, Inc. Form 10-Q for the period ended 31 March 2026.
Reconciliation of Non-GAAP Adjustments - 31 March 2026
Detail of each fair value, foreign currency and non-recurring item removed in arriving at Adjusted EBITDA
Adjustment
Q1 FY26 (US$ '000)
Q1 FY25 (US$ '000)
Nature
Cash / Non-cash
10-Q line item
Change in fair value of convertible notes
70,228
-
Non-cash remeasurement
Non-cash
Non-operating income (expense), net
Gain on sale of investment in TCDC
(65,920)
-
Non-recurring divestment gain
Non-cash (mostly)
Non-operating income (expense), net
Foreign currency translation gain
(1,091)
(105)
Unrealised FX remeasurement
Non-cash
Other income
Change in fair value of NUAI shares
1,509
-
Mark-to-market on listed equity
Non-cash
Non-operating income (expense), net
Share-based compensation
382
468
Equity-settled employee awards
Non-cash
Operating expenses
Change in fair value of warrant liabilities
(883)
-
Mark-to-market on warrants
Non-cash
Non-operating income (expense), net
Change in fair value of digital assets
-
328
Mark-to-market on crypto holdings
Non-cash
Non-operating income (expense), net
Total non-GAAP adjustments
4,225
691
Walk: Net loss $(20,011)k + Tax/Interest/D&A $13,577k = EBITDA $(6,434)k + Non-GAAP adjustments $4,225k = Adj. EBITDA $(2,209)k
All amounts unaudited and in US dollars. Reconciliation prepared by management from the Consolidated Condensed Statement of Operations within the Form 10-Q. Tax/Interest/D&A comprises income tax expense $13,519k, net interest income
$(1,260)k, depreciation $1,318k and amortization $nil. Non-cash items have no impact on operating cash flows. Refer to Note 18 of the Form 10-Q for fair value methodology.
Please contact us for more information:
[email protected] sharon-ai
sharon ai
sharonai.com
Australia
Level 1, 32 Walker Street North Sydney NSW 2060
United States
745 5th Ave, Suite 500 New York, NY 10151
Sharon AI Investor Relations Enquiries: Ross Barrows
Head of Capital Strategy & Investor Relations
[email protected] IMS Investor Relations
+1 203.972.9200
Disclaimer
SharonAI Holdings Inc. published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 20:46 UTC.