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CalEthos Inc (GEDC0.00%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing a geothermal-powered data center campus in Imperial County, California. The project includes a 315-acre site with plans for additional adjacent land for geothermal power production.
CalEthos has been working with local government and various partners to develop the site, which will support up to three million square feet of data center facilities powered by geothermal energy.
The company is offering various leasing options for hyperscale and data center development companies, including powered land leases, powered shell leases, and build-to-suit leases.
CalEthos reported a net loss of $12,590,000 for the year ended December 31, 2024, compared to a net loss of $4,630,000 in the previous year. The loss is primarily attributed to financing costs and losses on debt extinguishment.
Operating expenses for the year were $1,407,000, down from $3,465,000 in the prior year. The decrease is mainly due to lower equity-based compensation expenses.
The company has raised funds through the issuance of convertible debentures and notes payable, with net proceeds of $2,305,000 used to support its data center development.
CalEthos plans to complete its land-use plan and obtain necessary approvals by the end of 2025 or early 2026, with construction expected to begin by mid-2026.
The company acknowledges the need for substantial financing to complete the data center project and is exploring various funding options.
CalEthos has identified potential sites in other states for future data center developments, focusing on areas with geothermal resources and internet connectivity.
Management highlights the competitive landscape in the data center industry, noting the advantages of its location and access to geothermal energy as key differentiators.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CalEthos Inc annual 10-K report dated April 2, 2025. To report an error, please email earnings@qz.com.