Oxbridge Re Holdings Limited

Net income for the quarter ended June 30, 2026 was $176,000, or $0.02 basic and diluted EPS, versus a net loss of $1.87 million, or $0.25 per share, in Q2 2025. Net income for the six months ended June 30, 2026 was $198,000, or $0.02 per share, versus a net loss of $2.01 million, or $0.28 per share, a year earlier. Net premiums earned were $368,000 in Q2 versus $582,000 last year, and $924,000 for the first half versus $1.1 million last year. Total revenue was $940,000 for Q2 versus $664,000 last year, and $1.5 million for the six months versus $1.3 million last year. Total expenses fell to $647,000 in Q2 from $3.6 million, and to $1.2 million from $4.2 million for the first half. The loss ratio was 0% in both Q2 and the first half, down from 394% and 194.8%, respectively; the expense ratio was 175.8% in Q2 versus 227%, and 133.1% for the first half versus 160.7%. Restricted cash and cash equivalents were $19.82 million at June 30, 2026, up from $6.98 million at December 31, 2025. Management did not provide formal next-quarter or full-year financial guidance on the call.

Jay Madhu said the company is building two complementary growth platforms: SurancePlus and AI GridWorks. He emphasized that tokenized reinsurance continues to scale, noting that the platform has now completed offerings across four consecutive treaty years and that third-party reinsurance opportunities broaden the business beyond Oxbridge-originated deals. His tone was upbeat and strategic, focused on optionality, vertical integration, and using tokenization to expand access to real-world assets.

Wrendon Timothy’s remarks focused on improving profitability and the balance sheet. He said the quarter’s improvement came from no underwriting losses, SurancePlus management fee income, and lower professional fees and compensation, while restricted cash and cash equivalents increased by $12.85 million to $19.82 million. He also walked through the key operating ratios, highlighting the 0% loss ratio, a 175.8% expense ratio in Q2, and a 133.1% combined ratio for the first half.

Analysts pressed management on AI GridWorks strategy, site selection, tenant demand, and financing. Jay Madhu said the company is not pursuing gigawatt-scale campuses; instead it is targeting 10 MW-100 MW “nano” data centers in the U.S. Southeast, with flexibility on tenant type depending on the site and development stage. On financing and ownership, he said Oxbridge could use traditional bank funding and also use SurancePlus tokenization so smaller investors could own a piece of the data center or its revenue streams.