New Era Energy & Digital Inc has reported over $4.2 million in losses from operations for the third quarter as it winds down assets toward becoming an integrated power and digital infrastructure company.
Revenue for July-September was around $160,000 “primarily reflecting remaining natural gas operations”, the company, recently rebranded from New Era Helium Inc, said in an online statement. For the first nine months of 2025, revenue totaled nearly $700,000, while operating losses landed at about $8.14 million.
“These results reflect the company’s development-stage investments in engineering, site preparation and the advancement of its digital infrastructure platform, as well as the ongoing wind-down of non-core production assets”, the Nasdaq-listed company said.
Chief executive E. Will Gray II said, “This quarter represents the first full financial period since our strategic transformation for New Era… The results you see today reflect a company in transition from a legacy helium and natural gas operator into a vertically integrated developer of AI-optimized digital infrastructure”.
“The investments we are making across engineering, land aggregation, site preparation and our Texas Critical Data Centers (TCDC) joint venture are intentional and necessary steps in building the physical foundation for the next wave of AI and high-performance computing”, the CEO said.
“Equally important, we have taken decisive action to strengthen our capital structure. Over the past year, we eliminated all convertible debt and terminated our equity purchase facility agreement, steps that were essential to preparing the company for more traditional, institutional forms of financing”, Gray added.
“Major AI data center developments are typically funded off balance sheet at the project level, often in partnership with infrastructure funds, hyperscalers and strategic investors. While some level of equity contribution from the parent company will be required, our objective is to ensure that the majority of development capital, particularly for powered shells and large-scale power systems, is raised at the asset level, minimizing dilution while maximizing long-term value”.
Announcing its rebranding August 12, New Era said, “In line with its strategic focus on power and compute infrastructure, the company is in discussions with various parties on how best to maximize its natural gas and helium assets”.
The company said then it “continues to execute the strategy it introduced with its Texas Critical Data Centers (TCDC) project focused on integrating behind-the-meter power (off-rid) and real estate (Powered Land) and digital infrastructure tailored for the rapidly expanding AI compute market”.
Recently TCDC contracted EYP Mission Critical Facilities, part of Ramboll Group A/S, for the engineering and design for its flagship power and artificial intelligence data center project. The project will rise on a 438-acre site in Ector County near Odessa, Texas.
“The scope encompasses comprehensive site engineering, facility design, powered shell structures and advanced electrical systems connecting to both on-site power islands, initially 400 MW of natural gas generation with potential expansion to one GW and the regional grid”, New Era said in a press release October 30.
“TCDC is integrating next-generation, high-density compute designs while targeting industry-leading efficiency metrics, including the lowest achievable Power Usage Effectiveness, to optimize sustainability and performance for AI workloads. This vertically integrated model comprised of both powered land and shells will support the development of a scalable, energy-resilient AI hub that offers hyperscale tenants flexible lease options and the ability to accelerate deployment timelines”.
New Era said September 24 it had completed the first-phase engineering for TCDC. “The phase one included the completion of environmental studies, all of which passed review, data center feasibility assessments, and load study results which TCDC intends to follow up with a large load interconnection application”, it said. “We believe, these milestones validate the constructability of the project and the pathway for intended power delivery beginning in early 2027”.
Earlier this month it said it had signed a land option purchase agreement for about 3,500 acres in Lea County, New Mexico, for a potential large-scale AI data center campus separate from TCDC. The campus is planned to have over two gigawatts of natural gas generation and more than five gigawatts of nuclear generation.
“Initial power delivery is expected in 2028”, New Era said November 6 about the new planned project.
To contact the author, email jov.onsat@rigzone.com
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