Datacentrex Swings to $1.3M Adjusted EBITDA, Invests $30M in Eagle LNG

Datacentrex, Inc. (Nasdaq: DTCX) reported third-quarter 2026 results on November 10, swinging to approximately $1.3 million in positive Adjusted EBITDA from a $1.3 million loss in the prior quarter. Revenue fell 29% year over year to roughly $1.7 million. The company also closed a $30 million investment in Eagle LNG and ended September with $27.5 million cash and $1.7 million in digital assets.

Context — Why the Eagle LNG Deal Changes the Story

Datacentrex is a digital asset miner that has been diversifying into energy and space-launch infrastructure. The $30 million investment in ELNG Equity LLC, Eagle LNG's holding company, represents a 10.5% equity interest and was completed on August 28. An affiliate of The Energy & Minerals Group invested an additional $10 million at the same per-unit value.

The company's own framing is that the deal complements its mining operations by adding exposure to established energy infrastructure. Eagle has produced more than 300 million gallons of LNG since 2018 and completed more than 750 marine bunkering operations without incident, according to the company. Its supply agreements carry terms of 10 years or longer with take-or-pay provisions.

The catalyst chain is straightforward. Datacentrex's mining revenue is settled in digital assets, not cash, so the company's reported profitability is heavily influenced by digital asset price swings. In Q3 2026, net realized and unrealized gains on digital assets contributed approximately $2.2 million to the result. Without that, the quarter would have been negative at the Adjusted EBITDA line.

The Eagle LNG investment gives Datacentrex a stake in a business with contracted cash flows, which the company said it believes can create long-term stockholder value. The investment is carried at $30 million under the ASC 321 measurement alternative, with no impairment or observable price adjustment recognized during the quarter. Eagle LNG's operating results are not consolidated into Datacentrex's results.

Data — What the Numbers Show

Revenue fell to approximately $1.7 million from approximately $2.4 million a year earlier. Gross profit collapsed to roughly $80,000, a 4.6% margin, from approximately $1.5 million and a 59.2% margin in the prior-year period. The company attributed the decline to lower revenue and higher direct production costs for the larger deployed fleet.

Metric	Q3 2026	Q3 2025
Revenue	~$1.7M	~$2.4M
Gross margin	4.6%	59.2%
Operating expenses	~$4.9M	~$3.1M
Adjusted EBITDA	~$1.3M	~$770K
Net loss	~$2.6M	~$1.5M

Total operating expenses rose to approximately $4.9 million from approximately $3.1 million. That included approximately $3.3 million of depreciation and amortization, $669,000 of stock-based compensation and $936,000 of general and administrative expenses. GAAP net loss was approximately $2.6 million, or $(0.06) per basic and diluted share.

Net Cash Burn was approximately $867,000, compared with net cash generation of approximately $411,000 in the prior-year period. The company ended September with approximately $29.3 million in cash and digital assets combined, no outstanding debt, and stockholders' equity of approximately $72.6 million. Net cash used in operating activities was $7,516,521 for the nine months ended September 30, 2026.

Analysis — What It Means for Markets and Sectors

The market impact here is concentrated in two areas: digital asset mining equities and small-cap energy infrastructure. For mining peers, Datacentrex's results illustrate a structural issue — when revenue is settled in digital assets, reported profitability becomes a function of mark-to-market gains rather than operating cash generation. The $2.2 million digital asset gain was the difference between a positive and negative Adjusted EBITDA quarter.

The Eagle LNG stake introduces a different exposure. LNG suppliers serving marine, utility and space propulsion customers sit in a capital-intensive sector where long-term take-or-pay contracts provide revenue visibility. Datacentrex's 10.5% position is non-controlling, and Eagle LNG's results are not consolidated, so Datacentrex shareholders get exposure to Eagle's earnings only through equity-method or measurement-alternative accounting, not through reported revenue.

A limitation worth noting: Eagle LNG's existing production constraints limit its ability to meet additional marine and Caribbean demand. The company said added capacity, including a permitted Jacksonville export facility in development, could support growth, subject to financing and execution. That is a conditional, not a certainty.

On positioning, the company holds no debt and approximately $29.3 million in liquid assets, which it said gives it flexibility to support mining operations and pursue opportunities. The mining fleet expansion, which began energizing after quarter-end, targets an increase in online Scrypt hashrate from approximately 43.2 TH/s to 52.2 TH/s and deployed power capacity from approximately 12.2 MW to 14 MW, without additional hardware-acquisition expenditures.

Outlook — What to Watch Next

The immediate catalyst is the mining fleet expansion. Installation and energization of more than 500 additional ElphaPex DG2 Scrypt ASIC miners began on October 14. Upon full energization, the company expects an approximately 21% increase in online hashrate. The company did not disclose the expected completion date for full energization.

The second catalyst is Eagle LNG's capacity expansion. The permitted Jacksonville export facility is in development, and the company said added capacity could support growth subject to financing and execution. No timeline was provided.

The third is digital asset prices. With mining revenue settled in digital assets, the company's reported profitability remains sensitive to Dogecoin, Litecoin and Bitcoin prices. The company noted these have historically been subject to rapid reversal. No specific price levels were disclosed.

Frequently Asked Questions

What does the Eagle LNG investment mean for Datacentrex shareholders?

Datacentrex acquired a 10.5% equity interest in Eagle LNG's holding company for $30 million. Eagle LNG's operating results are not consolidated into Datacentrex's financial statements, so shareholders do not get direct exposure to Eagle's revenue or earnings. The investment is carried at $30 million under the ASC 321 measurement alternative, with no impairment or observable price adjustment recognized during the quarter. Any future value change would flow through Datacentrex's income statement or equity, depending on the accounting treatment.

Why did Datacentrex's gross margin fall to 4.6% from 59.2%?

The company attributed the decline to lower revenue and higher direct production costs for the larger deployed fleet. Revenue fell 29% year over year to approximately $1.7 million, while cost of revenue rose to approximately $1.7 million from approximately $1.0 million. The combination compressed gross profit to roughly $80,000. The company did not provide a breakdown of how much of the cost increase was due to fleet expansion versus other factors.

What is Datacentrex's financial position heading into 2027?

The company ended September 30, 2026 with approximately $27.5 million in cash and cash equivalents, $1.7 million in digital assets, and no outstanding debt. Stockholders' equity was approximately $72.6 million. Net Cash Burn was approximately $867,000 for the quarter. The company said this position gives it flexibility to support mining operations and pursue opportunities it believes can create long-term stockholder value. It did not provide formal guidance for 2027.

Bottom Line

Datacentrex's Q3 profit relied on $2.2 million in digital asset gains, masking a 29% revenue decline and a 4.6% gross margin.

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