New ERA Energy & Digital, Inc.

Development-stage SPAC-origin company mid-pivot from helium to AI data centers with no operating history.

Strengths

• High current ratio (1.57) and reported revenue growth off a tiny base
• Topical AI/data-center strategy in a power-advantaged region

Risks

• No tenant contracts or operating history in the new business; net margin -33x, cash runway ~0.4 quarters
• Large capital needs, $50M convertible note due June 2026, New Mexico litigation and going-concern profile

Notable findings

• RestatementInvestor Waiver On February 1, 2026, the Company entered into an Amended and Restated Consent and Waiver (the “Amended Waiver”) with ATW AI Infrastructure LLC (the “Investor”) pursuant to which the 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -3341.5%)
• Cash burnNegative free cash flow (-13.4M)
• Chronic dilutionShare count +114%/yr over 1y (dilution)