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Vulcan Infrastructure & Power (VIP) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Vulcan Infrastructure & Power (VIP) Q2 2026 earnings results →
Q2 2026 Revenue down 74% year over year to $3.4M · 292¢ of every $1 of revenue lost · operating margin -284.8%
Vulcan Infrastructure & Power made $3.4M in Q2 2026 (-74% Y/Y): Cryptocurrency mining $1.7M, Power and capacity $1.3M, Datacenter hosting $390K. Operating margin -284.8%, net loss $9.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $3.4M in Q2 2026, down 74% year over year and down 84% from the previous quarter. Cryptocurrency mining was the largest line at 50% of revenue. Datacenter hosting lost $5.6M year over year (down 94%), 60% of the total change.
Operating costs exceeded revenue by $9.6M, an operating margin of -284.8%. Total costs fell 20% while revenue fell 74%. The fastest-growing cost line was SG&A (+26%). The quarter ended with a net loss of $9.9M, wider than the previous quarter's $4.6M loss.
Operating cash flow was −$4.3M. Non-cash charges added back $1.1M of depreciation and amortization and $403K of share-based compensation. Working capital and other items added $4.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $3.4M | -74% | -284.8% | −$9.9M | −$4.3M |
| Q1 2026 | 10-Q | May 15, 2026 | $20.8M | +8% | -21.8% | −$4.6M | −$11.4M |
| Q4 2025 | 10-K | Mar 31, 2026 | $11.5M | -23% | 14.7% | $3.0M | −$4.6M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $15.2M | +23% | 2.0% | $12.0M | $120K |
| Q2 2025 | 10-Q | Aug 13, 2025 | $12.9M | -2% | -26.4% | −$4.1M | −$4.8M |
| Q1 2025 | 10-Q | May 15, 2025 | $19.2M | -0.5% | -12.4% | −$5.6M | −$5.7M |
| Q4 2024 | 10-K | Mar 31, 2025 | $14.8M | -25% | -8.9% | −$3.9M | −$3.7M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Vulcan Infrastructure & Power
We are a developer and operator of datacenters and powered assets designed to support energy-intensive computing workloads. We currently build, maintain and operate datacenters focused on bitcoin mining, along with related power and electric infrastructure. We generate revenue from (1) datacenter hosting, (2) cryptocurrency self-mining, and (3) power and capacity sales. We are increasingly focused on leveraging our power generation assets, grid interconnection rights and datacenter development expertise to support artificial intelligence (“AI ” ) and high-performance computing (“HPC ” ) workloads, which we believe represent a significant long-term growth opportunity.
In its own words, from its 10-K, filed Mar 31, 2026.
Vulcan Infrastructure & Power against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -74% against the peers' median +17%. Operating margin: -284.8% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VIP Vulcan Infrastructure & Power | Q2 2026 | $3.4M | -74% | -284.8% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Vulcan Infrastructure & Power 10-Q on SEC EDGAR · CIK 1844971 · Finance Services
13F: who owns VIP and who is buying
More on VIP
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results