Bitari Inc

FWP supplemental

Price $7.00 · 4,285,715 shares · Gross proceeds $30,000,000

Bitari Inc. is a Bitcoin mining hosting platform transitioning towards AI infrastructure, with three operational sites in Texas, Indiana, and a planned expansion in West Virginia. The company reported $2.99M in Q3 FY2026 revenue, with hosting services accounting for 88.3% of total revenue. Key developments include the Wheeler AI data center project (phased rollout by Feb 2027), a $1M deposit from Aleria under an exclusive negotiation agreement, and a shift toward AI compute hosting. Financial results show declining hosting revenue but growth in consulting services, alongside improved gross margins due to lower power costs.

S-1/A amended

Price $7.00 · 4,285,715 shares · Gross proceeds $34,500,006

Bitari Inc's current S-1/A filing shows Q1 2026 revenue of $2.99M (flat YoY) with improved gross margins due to lower power costs, despite reduced hosting rates. Nine-month revenue declined 2.5% to $8.37M amid customer capacity reductions from Bitcoin price volatility. The company emphasizes hosting capacity expansion, AI infrastructure development via Wheeler platform, and operational efficiency gains. Key risks include crypto market dependence, customer concentration, and AI transition execution. Underwriters include US Tiger Securities and International Elite Capital.

FWP supplemental

Price $7.00 · 4,285,715 shares · Gross proceeds $30,000,000

Bitari Inc. is a Bitcoin hosting platform with 60 MW capacity across three sites, focusing on expanding into AI infrastructure. The company reported $11.3M FY2025 revenue and $1.26M net income, with 98.5% uptime. Key initiatives include the Wheeler AI data center (30/60 MW phases) and partnerships with Ricloud AI and Aleria. The filing highlights growth strategies, including power optimization and AI compute hosting, while emphasizing risks related to development timelines and market volatility.

S-1/A amended

Price $7.00 · 4,285,715 shares · Gross proceeds $30,000,005

Bitari Inc's S-1/A filing highlights improved gross margins driven by cost reductions in labor and O&M through outsourcing, despite a decline in hosting revenue due to reduced mining activity and lower Bitcoin prices. Consulting services emerged as a new revenue stream, while other revenue fell sharply. Operating expenses rose significantly due to IPO-related costs, and net income declined year-over-year.

S-1 filed

Price $7.00 · 4,285,715 shares · Gross proceeds $30,000,005

Bitari Inc's S-1 filing shows revenue of $2.99 million for Q1 2026, a 1.1% increase from Q1 2025, driven by consulting services offsetting hosting revenue declines. Hosting revenue fell 6.8% due to reduced mining machine utilization amid Bitcoin price volatility. Gross profit rose 77.8% to $873,003, fueled by lower electricity costs and higher utilization rates. The company faces risks from market volatility, reliance on hosting revenue, and challenges in expanding capacity. Nine-month revenue declined 2.5% to $8.37 million, attributed to a major customer's contract expiration and reduced mining activity.

DRS/A amended

Bitari Inc's current DRS/A filing highlights a decline in hosting revenue, driven by reduced utilization and higher electricity costs. Gross profit fell 34.6% to $1.1 million due to increased power expenses, despite a cost-cutting agreement with a utility company. O&M services showed slight improvement, while consulting revenue began contributing marginally. The company faces ongoing risks from volatile energy costs and reliance on hosting services, which accounted for 92.4% of total revenue in fiscal 2025.

DRS/A amended

Bitari Inc's current filing highlights a significant decline in gross profit due to rising electricity costs and reduced hosting activity. Hosting revenue, which constitutes ~95% of total revenue, fell slightly, while O&M and other revenues dropped sharply. The company attributes the gross profit decline to higher facility costs, particularly electricity, with management noting these as temporary. Despite a shift to outsourced O&M services, margins remain under pressure. The filing also notes a strategic focus on attracting new customers to offset losses from a major client's contract expiration.

DRS/A amended

Bitari Inc's DRS/A filing reports mixed financial performance for Q3 2025 and FY2025, with revenue growth offset by declining gross margins and net losses. Hosting revenue remained dominant (94.7% of total revenue in Q3 2025) but faced pressure from a major customer's contract expiration, partially offset by new clients. Operating expenses surged 170.8% due to IPO preparation costs. The company highlights risks including customer concentration, cryptocurrency market volatility, and power supply reliability.

DRS filed

Bitari Inc's current DRS filing highlights its focus on expanding hosting capacity, leveraging technical expertise in data center operations, and managing risks tied to cryptocurrency market dynamics. The company reported a 4.7% revenue decline to $11.3M in FY2025, driven by reduced hosting revenue and lower utilization rates, though consulting services emerged as a new revenue stream. Key challenges include customer concentration, power supply reliability, and sensitivity to Bitcoin price fluctuations. Financial performance showed declining gross margins and net income, with increased operating expenses and interest income stability. The filing underscores the company's strategic emphasis on operational efficiency and diversification through consulting services.