New Era Energy & Digital, Inc.

The company did not provide revenue, EPS, or gross margin figures in the call transcript. At June 30, New Era reported $84.8 million of cash, cash equivalents, and restricted cash, and $270 million remained undrawn on the Macquarie facility, which is an up to $290 million project facility with a 3-year maturity. Management said cash was up versus the prior reported balance, mainly because of the exercise of cash-paid $2 struck warrants during Q2. For guidance, management said Phase 1 timing is still targeted for 4Q 2027, construction-related grading should begin in the coming weeks, and project capital will be raised at the asset level after lease execution with a target of roughly 80% debt.

Charlie Nelson framed the quarter as one of de-risking the project by focusing on what the company controls: permits, land, and site work. He emphasized that the site was designed from the start around behind-the-meter power, closed-loop cooling, reclaimed water, and community engagement, and said those choices align with Texas’ new oversight direction rather than reacting to it. His tone was confident and execution-focused, repeatedly stressing that the team is now built to deliver a project of this scale.

Ted Warner highlighted liquidity and funding flexibility, noting $84.8 million of cash, cash equivalents, and restricted cash at June 30 and $270 million remaining undrawn on the Macquarie facility. He said the company’s current cash position plus that facility more than covers expected TCDC Phase 1 equity contribution, and that current cash covers multiple years of burn at the present rate. He also reiterated that the parent will not fund multi-billion-dollar CAPEX at the corporate level; instead, project capital is expected to be raised at the asset level after lease execution, with roughly 80% debt targeted at the JV level.

Analysts focused heavily on the PPA process, with management saying it is substantially in final form and largely a contracting/approval exercise now. Questions also centered on timing and capital intensity: management reiterated that Phase 1 is still aimed for 4Q 2027, and said there are no major long-lead CAPEX items expected before a lease because key items have already been procured by partners. On strategy, management said the site has interest from multiple major tenants, and that future growth could include both inference sites of about 100 megawatts and below and larger greenfield projects, which they view as New Era-led opportunities.