Predictive Oncology Inc.

For Q1 2026, Axe Compute reported revenue of $35,000 versus $110,000 in Q1 2025. Net loss was $7.7 million, or $0.36 per share, including $4.3 million in noncash losses on digital assets; excluding that mark-to-market impact, underlying operating loss was about $3.4 million. Total operating costs and expenses were $3.5 million versus $2.4 million a year ago, and general and administrative expense was $2.9 million, up about $1.1 million year over year. Cash and cash equivalents were $6.9 million at March 31, 2026, down from $10.8 million at December 31, 2025, while digital asset holdings were $20.2 million and digital asset receivable was $15.4 million. Looking ahead, management said the $260 million contract is a 36-month agreement with targeted deployment in Q3 2026 and expected revenue recognition of around $21 million per quarter once the cluster goes live.

Christopher Miglino framed Axe as a company that helps customers get AI compute on their terms, rather than forcing them into hyperscaler constraints around timing, location, and architecture. He emphasized the company’s two-track model: immediate-access inventory and larger dedicated build-outs, both intended to create owned infrastructure assets that can be redeployed after customer terms end. His tone was highly optimistic, stressing that the first large deal has already opened a “floodgate” of opportunities and that he expects the business to start showing through in the financials in the second and third quarters.

Jeremy Yaukey-Witter said Q1 reflected a transitional period with two segments and several noncash items, especially the $4.3 million digital-asset fair value loss that drove much of the $7.7 million net loss. He pointed to contract liabilities rising from $144,000 to $786,000, with about $650,000 tied to Compute Services, as evidence of customer prepayments and traction late in the quarter. He also noted cash used in operating activities of $3.7 million, cash and equivalents of $6.9 million, and digital asset holdings of $20.2 million plus a $15.4 million digital asset receivable tied to locked Aethir tokens vesting through December 2028.

There was no traditional analyst Q&A section in the transcript; the discussion was mainly management presentations. The main investor concerns addressed were why Q1 financials looked small versus the company’s narrative and how much of the loss was noncash, and management answered by separating digital-asset mark-to-market effects from underlying operating loss. Management also tried to clarify that the $4.3 billion pipeline is not committed revenue, but a set of qualified prospects, and that not all of it will close.