CalEthos Inc (GEDC) is a pre-revenue data center infrastructure development company that intends to build and lease construction-ready, off-grid powered sites for hyperscale and colocation data center operators. The intended revenue model centers on selling or leasing pre-permitted, utility-equipped building lots to large-scale technology and cloud service providers through a Physical Infrastructure-as-a-Service (PIaaS) platform operated by its wholly-owned subsidiary TerraVolt Infrastructure Inc., formed in May 2025. As a new entrant, CalEthos competes against established data center REITs and developers including Equinix, Digital Realty, CyrusOne, and Vantage Data Centers, as well as a newer class of behind-the-meter and off-grid infrastructure developers. The company reported zero revenue for fiscal years ended December 31, 2025 and December 31, 2024, generated negative operating cash flows in both periods, carried an accumulated deficit, and received a going concern qualification from auditor RBSM LLP in its 10-K filed March 31, 2026. CEO Joel D. Stone and CFO Dean S. Skupen signed the filing.

Revenue model

No revenue has been generated as of fiscal years ended December 31, 2025 and December 31, 2024. The intended model is sale or lease of construction-ready data center building sites with bundled onsite natural gas power, utilities, and fiber connectivity to hyperscalers, colocation providers, and data center developers under a PIaaS framework.

Products and services

TerraVolt Infrastructure Inc. (wholly-owned subsidiary, formed May 2025) is developing a PIaaS platform that combines pre-permitted, construction-ready building lots with behind-the-meter natural gas-powered baseload energy, utility connections, and fiber. Planned power infrastructure includes natural gas turbines, fuel cells, and Battery Energy Storage Systems (BESS) designed for 24/7 off-grid operation.

Customers and end markets

Target customers are hyperscalers, colocation providers, and data center developers requiring rapid power availability independent of utility grid interconnection. No customers had been secured as of the 10-K filed March 31, 2026.

Value-chain role

Upstream infrastructure developer and land developer. CalEthos positions itself at the site preparation and power provisioning stage, delivering turnkey powered land to data center operators rather than owning or operating data center facilities directly.

Geographic exposure

The 10-K references northwest U.S. natural gas pipeline access as a site characteristic and notes Texas as a power-advantaged region. No specific facility locations or completed campuses are confirmed in the filing excerpts.

Competitors

Equinix, Digital Realty, CyrusOne, Vantage Data Centers

Source: SEC 10-K, filed 2026-03-31

Industry: Real Estate Investment Trusts