AIAI

First half 2026 combined revenue was ~$117.2 million with a combined net loss of ~$44.7 million. Results mix project seasonality in construction with early‑stage revenue from healthcare and crypto‑adjacent operations at Constellation. Exposure to token rewards and digital‑asset pricing materially lowers forecastability.

The direct‑listing structure and recent acquisitions mean only limited consolidated operating history. We expect high variability in quarterly earnings and free cash flow until at least 4–8 quarters of integrated reporting are available.