Hyperscale Data ( (GPUS) ) has released a notification of late filing.
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Hyperscale Data, Inc. has filed a Form 12b-25 indicating a delay in submitting its Form 10-K (Yearly Report) for the fiscal year ended December 31, 2025. The late filing relates specifically to the company’s annual report covering that period.
The company says the preparation, distribution, and review of all information required in the Form 10-K (Yearly Report) have made timely filing impracticable without causing undue hardship and expense. No specific internal control problems or auditor disputes are mentioned, but the workload and complexity of the annual close appear to be the main reasons.
Hyperscale Data, Inc. expects to file the delayed Form 10-K (Yearly Report) within the standard 15-day extension window allowed under SEC rules. Investors should anticipate that the report will be submitted on or before this extended deadline rather than at the original due date.
Preliminary figures show total 2025 revenue of about $102 million versus $107 million in 2024, a roughly 4% decline. The company also expects a higher net loss from continuing operations, at about $66 million in 2025 compared with $62 million in 2024.
Crypto asset mining revenue fell sharply by about 30% to $21 million, mainly because of the April 2024 Bitcoin halving and increased network difficulty, even though average Bitcoin prices were higher. Energy and infrastructure revenue dipped around 4% to $45 million, while hotel and real estate revenue rose 5% to $19 million on better occupancy and room rates.
TurnOnGreen revenue climbed about 47% to $7 million, reflecting stronger defense and commercial demand, and newly reconsolidated Gresham contributed about $3 million in revenue in 2025 with no comparable revenue in 2024. Operating loss widened to roughly $62 million from $57 million amid higher general, administrative, selling, and marketing expenses and the absence of certain 2024 gains.
Results were also influenced by non-cash and non-recurring items, including an $8 million charge from changes in the fair value of crypto assets and a $3 million loss on extinguishment of debt. Offsetting factors included a $3 million gain related to embedded derivative liabilities and a $12 million gain from deconsolidating a subsidiary.
Management stresses that all 2025 numbers are preliminary and subject to change until the financial statements are finalized, and investors should treat them as forward-looking and potentially revised. The company affirms that all other required SEC reports over the past 12 months have been filed on time, signaling ongoing base-level compliance.
The notification is signed on behalf of Hyperscale Data, Inc. by Chief Financial Officer Kenneth S. Cragun on March 31, 2026. His signature confirms the company’s intent to complete the Form 10-K (Yearly Report) promptly and bring its annual reporting fully up to date.
The most recent analyst rating on (GPUS) stock is a Hold with a $0.19 price target. To see the full list of analyst forecasts on Hyperscale Data stock, see the GPUS Stock Forecast page.
Spark’s Take on GPUS Stock
According to Spark, TipRanks’ AI Analyst, GPUS is a Neutral.
The score is primarily constrained by weak financial performance (deep losses, revenue decline, high leverage, and negative cash flow). Technicals also reflect a weak longer-term trend, while valuation signals are limited due to negative earnings and no common dividend yield data. Corporate events provide some governance and strategic positives but are not enough to outweigh the fundamental risk.
To see Spark’s full report on GPUS stock, click here.
More about Hyperscale Data
Average Trading Volume: 36,483,350
Technical Sentiment Signal: Strong Sell
Current Market Cap: $53.87M
See more data about GPUS stock on TipRanks’ Stock Analysis page.