Keith

For transparency sake, I will be getting twitter blue here soon. I'm not happy, and I really don't care for the stupid blue check; however, I would like to provide more context per imagine when I conduct any analysis work moving forward to better detail key items.

Looking like a trend huh @ParrotCapital . I wonder which third party is now to blame. Seems to be the go to excuse by these companies. 😂

Would be great if our administration would just be honest for once. We are currently running at 99.81% capacity, with 1 idle plant being decommissioned due to age, and the other being converted to an import facility. We have a maximum of 34,000 Barrels per day of capacity, which accounts for downtime, and maintenance. Venezuela oil is dirty, heavy, and extremely hard to process. EIA data from our own administration utterly counters the White house claims. There are a handful of refineries equipped to handle Venezuela heavy crude. Those facilities have already been soaking up the glut. The latest EIA data shows the following. Marathon Galveston Bay is running 100% capacity at 631k / 631k with 30.9k BPD delayed due to lack of capacity. Valero is running at 100% capacity 385k / 385k with over 142.440k BPD delayed due to lack of capacity. Chevron Pascagoula is running at 100% 356k / 356k with 93.6k delayed due to capacity. PBF Chalmette is running 190k / 190k with 40k BPD delayed due to capacity. Citgo Corpus Christi is running 165k / 165k with 37k BPD delayed due to capacity. So even if we got the oil directly to the refineries that can process it, they have a backlog. The price we see today, won't shift due to this delivery. Americans consume over 20 million BPD of oil domestically. This is barely 3 days worth of oil, that won't even be refined till 2032 🤷‍♂️ Refinement metrics from: thinkingonenergy.com/supply/… EIA: eia.gov/dnav/pet/pet_pnp_cap…

When your contracted partner, for which you granted access to customer data and apparently retain said data is breached, you are just as responsible. If anything, you have a higher degree of responsibility. It's also cute, that instead of posting this to the main account with 7+ million followers, you made this blatantly poor announcement under your account with less than 400k. I'm sure it was just an accident right @ParrotCapital that Counbase opted to use their lowest followed account to publish this, while their main account has pretended it never happened. Which is a further security risk as customers who have been exposed may not even be aware.

Further major updates with @IonicDigital and their tenant @nscale that has massive potential impacts on the company which is likely why Sachem Head capital has rapidly transitioned to an activist position pushing for urgent control. Let's break this into 3 main sections: 1: Ionic digitals Equity terms 2: Nscale emergent crisis 3: What does this all mean? 1: Let's discuss some context. Barely two weeks ago Sachem Head Capital disclosed a non-activist stake of 9.99% in @IonicDigital after being an original funding group starting with 6.92% stake. Let's discuss some key aspects of the original funding that has @IonicDigital on the ropes and which has forced Sachem to act early. Part of this funding round include two major provisions in the terms many folks didn't discuss much including myself but have immediate and massive implications. Those two provisions are: Annual dividend & Redemption clause. See page 32 of Q2 2026 quarterly filing by @IonicDigital The preferred stock Dividend begins accruing a 12% annual interest on January 15th 2027 which are a quarterly cash payment. These payments non-firm locked in obligations; however, the board can skip payments if they cannot afford; however, they roll into the next quarter and are owed in full by end of the fiscal year. This amounts to roughly $49 million in Mezzanine Equity financing payments. The Redemption clause is just as important but far far more dangerous with Sachem moving to an activist stance. The parties under the Mezzanine Equity are entitled to a 150% automatic and non-voidable conversion of cash payment for their preferred stock value on June 26th 2028 unless a trigger event occurs earlier. There are two triggers, time and change of control. Time is clear; however, change of control has nuance. This could be a sale of the company, a merger, or a majority of the board changing over. If for example this is triggered by Sachem and Allies forcing a majority of the board to change, sale of the company, or merger in 2027 Sachem would see their initial investment go from $120 million to upto $187 million depending on accrued dividends. ---------------------------------- 2: This brings us to @nscale which just over the past two weeks has seen a major crisis unfolding that is getting worse day after day. Brief summary of events. March of 2026 Nscale raised $2 billion in private funding. By Spring of 2026 OpenAI pulled out of the Stargate project with NScale. In June 2026 Nscale reported a net loss of $1 billion on $140 million in revenue. In sept 2026 NScale filed their S-1 prospectus outlining $103 billion in contract backlog; however, just $2.6 billion was active/running with the remaining $100.4 billion being tied to unbuilt, energized, and frozen capacity. Nscales West Virginia (Monarch) campus is also substantially delayed. 460 MW of obligations owed to @AnthropicAI has been delayed due to Nscale not having financing for the buildout. Now in October 2026 @nscale has faced massive issues. The Flagship UK datacenter saw the majority of it's power delivery delayed from 2027 to no earlier than 2030 and beyond. This caused @Microsoft to pull their contract for 50MW of the 90MW of compute from NScale representing a devasting loss. Nscale is also facing delays from @IonicDigital which has been unable to even begin work on providing the additional 466 MW of agreed power to Ward County due to changes to ERCOT and PUCT laws and regulations. @IonicDigital has also not advised how they will fund the $600 - $800 million project in compliance with Texas rules under Senate bill 6 Section 37.0561(h) signed into law Sept 2026. Nscale has saw their IPO value transition from a lofty $30-$35 billion down to $16-$19 billion with a stagging 7-1 ratio on net losses to revenue. Based on these delays, I see a $2.2 - $5 billion near-term loss on revenue for nscale and thus far neither @IonicDigital nor @nscale have confirmed ward county is generating revenue from the AI compute. ---------------------------------------- 3: This brings us back to Sachem moving from a passive to activist stance. Sachem has over $120 million tied up on their original investment plus tens of millions more since @IonicDigital hit the market. Sachem knows ionic is contractually obligated to build the 466 MW upgrade for @nscale ; however, they also know that doing so drains liquidity Ionic cannot afford, delays payments on dividends worth 12% annually on Pref A shares. Sachem is also seeing the crisis for Nscale and hyperscalers in general. @IonicDigital cannot afford to lose Nscale and if Nscale can't complete the buildout and goes bankrupt or pulls from ward county ionic cannot afford to even maintain the site or complete upgrades that are valued at nearly $2 billion. Sachem is now likely going to attempt to secure near term dividend payments and also begin the process of forcing the redemption clause to get 150% of their Pref class A share value + Interest. In order for this to happen, Sachem needs to stop @IonicDigital from draining the accounts. Which we have seen @IonicDigital sell off just shy of 30% of their BTC HODL in 2 weeks. Going from nearly 3,000 BTC to 2,105 BTC today. Sachem, and likely the other investors need @IonicDigital to maintain nearly $600 million in liquid capital to pay out the 150% clause + the interest owed. As such, with Nscale suffering major financial and operation issues I am moving up the timeline I originally discussed. I would expect companies involved to push to secure their profits before nscale IPO's into a crash or is unable to pay due to major operational failures that are draining their fiscal ability to pay bills. I will continue to monitor events and advise as this develops. 10-Q: sec.gov/ix?doc=/Archives/edg… Nscale delays: techstrong.it/ai/nscales-35-…

Anyone saying they've not seen "a bill" for the new costs @IonicDigital will at this point be forced to pay due to solidifying regulations, has clearly not done their homework while spreading copium. I have though, and bring citations. 🤷‍♂️ xitter.gq/ChazzonKe/status/20919…

Just gonna say it. Anyone cheering on the public execution is supporting terrorists. Because you are giving this vile individual exactly what he wants and what our enemies want. A martyr, and along with that videos they'll doctor and use for generations to show how cruel, evil, and horrendous America is. Which honestly, they may not be wrong because we should be better than public executions. I have zero issues with putting this vile human into the ground; however, we don't need to stoop to the level of ISIS and other depraved organizations and nations to have justice served. We are America, we are not a terrorist state, we are not Iran, nor are we North Korea. Be fucking better, stop letting pathetic wannabe tough guys bring our nation down.

Johnson's career is dead after this Congress. He's taken every opportunity to abuse his power to run none stop interference to protect pedophiles and now war criminals running a illegal war. Instead of doing his job they run away and close the government. While blaming everyone except themselves. I can't fathom how after two years of watching this anybody can remotely consider this acceptable. Closing the government because you are going to lose a vote is disgusting I don't care what party you claim.

What a lovely "fuck you" this morning brought to me by @realDonaldTrump and his stupid war. It didn't even take a global pandemic shutting the entire world, just one persons ego and to *checks notes* breaks the all time record for my state in American history. 🎊

Funny how fast these clowns forget what happened in the real world and refuse to hold themselves and their party accountability while claiming just a year later it's a fabrication even with all the evidence and eventually admittence by the administration who handwaved it away. theatlantic.com/politics/arc…

It clearly shows that his party has a education deficit when apparently they can't grasp he's not saying they can sell or will be able to sell. He's reaffirming the same rights farmers and ranchers already have, which is to process "THEIR OWN FOOD". Words are hard for the illiterate. 🤷‍♂️

For all the folks claiming @IonicDigital got a good deal with @nscale even though I've shown countless times they got a deal of desperation let this sink in. Nscale is getting paid $16.3 million per MW/year whereas @IonicDigital is receiving $811k per MW/year. Roughly 4.97% of this deal. 🤦‍♂️ But please, tell me how wrong I am and how amazing the deal was when they are getting on average 50% below peers such as @Core_Scientific $1.44 million per MW/year, @CipherInc $1.48 million per MW/year, @TeraWulfInc $1.85 million per MW/year, @CipherInc $1.9 million per MW/year. Was the deal better than their failed BTC mining venture I warned about for *checks notes* 5 years. Yes. Did they basically get hosed by being at a crisis point and approaching collapse... absolutely!

When our government is so completely tone death and fails to realize they are perfectly describing America. What a world we live in with these clowns running our nation into the dirt.

⚠️ Long read, but detailed analysis of political and policy changes that may likely directly impact @IonicDigital and @CelsiusNetwork victims. See TLDR at bottom for summary. I find it rather ironic that in the past month @GregAbbott_TX is concerned about the cost of energy for Texans due to his own policies he implemented and endorsed. His own agencies in for example PUCT 58484 "Evaluation of transmission cost recovery" dated 5/4/26 which made proposals targeting an effective date of Dec 2026 for signing into law for CY27 almost line for line match what I and many many others before had been raising the alarm about. Let's outline the proposal and use @IonicDigital as the base case for my followers: 1: Fundamentally change the 4CP methodology into a 12CP or greater system. Effectively removing the transmission cost incentive for large flexible loads (The plan Ionic is on) An example using @IonicDigital. Using their energy usage and capacity this would add $5 -$10 million in lost transmission savings. With the Triple net lease @nscale would absorb this cost. But it's an unexpected expense. 2: 100% infrastructure funding. This will require @IonicDigital to fully fund the TNMP 345kv project which during the last financial report they claimed they are waiting on "3rd parties" to complete. Ionic was banking on the generous incentives that forced the citizens of Ward county to absorb 100% of the cost, while companies like @IonicDigital enjoyed the benefits. Depending on total length of the runs this would if signed cost @IonicDigital themselves as the property owner ~ $3.84 million per mile and upwards of $57.3 million for the substation expanses which they previously planned to offload those costs onto the tax paying residents of Ward county. ERCOT / PUCT filing "TMNP - Silverleaf and Cowpen 345/138kv Project" submitted Dec 2023 was established directly for @IonicDigital under their previous @CelsiusNetwork mining. The original cost estimate was $273.1 million to $299 million. Originally that cost would have been shouldered by ward county residents; however, under this rule @IonicDigital would be on the hook for 98.17% of the cost, as the project is for 713 MW of which 700MW was assigned for Ionic Digital. The problem is ERCOT in Jan & March 2026 reported substantial cost increases from 2023. Transformer cost are up 244% with cost expected to hit 313% in 2027 from the original estimates. Labor costs for specialized construction is up 62% and general laborer's are up 38%. Using ERCOT data, we can interpolate the previously $273.1 - $299 million project will stretch to $700 - $800 million of which, @IonicDigital will be potential liable for 98% of the total costs and they must pay first. 3: Pause and Audit for Interconnection: This is straight forward. Due to the pause and contract terms of the Triple net lease. The delay in approval and energization costs @IonicDigital $100,000 per day in lost mining / compute revenue. That is straight forward cost. 4: Resource and cooling mandates. While not a direct or immediate impact for @IonicDigital due to their Rebel, Stile(s) and Gardon city being air cooled they are safe from the water requirements; however, they will eventually be required to retrofit legacy sites to support energy generation mandates. 5: Repeal of tax incentives. This one hurts both @IonicDigital and @nscale if the changes go into effect. This affectively removers the exemption on equipment and most critically energy that will raise costs by 6.25% since ward county has historically used the state level without riders. At their current 234 MW capacity at Ward county, that adds $6.4 million per year of additional costs at the meter. 6: Community Protections: @IonicDigital and @nscale at the Ward County location are safe from this mandate pending. Benefit of being in the middle of nowhere. 7: Mandatory reporting: This requirement should it go into effect is a toss up if it'll fall under @IonicDigital being the owner & manager of the substation which all the energy will eventually pass through or if @nscale will take on this requirement since they'll have a direct monitoring of their usage/consumption. Annual cost to produce the report would be around $100,000 +/- a few thousand. ---------------------------------- ⚠️TLDR To summarize based on the latest recommendations that while not effective are being pushed for a Dec 2026 signing Ionic is looking at: Near term 1-3 years: $500-$800 million for Regional grid upgrades. A 1,983% -3,233% increase over their S-1 estimates as well as @IonicDigital continued estimates in the Q2 financial call to shareholders. Site Generation will add a further $20+ million Audits: $100,000 (@nscale may pick up this cost) ------------------------------------- Long term (10 year initial Triple Net lease): Removal of transmission savings: $50-$100 million annually in 4CP removal. This falls 100% on @nscale if it goes into effect. Repealing Tax Exemptions: $150+ million. This falls 100% on @nscale. Reporting Requirements: $1 million at $100k annual. Likely falls on @nscale. Total potential burden: $520 -$820 million in Immediate capital expenditure risk that lands on @IonicDigital and $200+ million in operating expenses spread over the duration of the 10-Tripple net Lease. -------------------------------------------- Pile of citations: PUCT Memorandum May 4 2026 for Project 58484 Transmission cost recovery: interchange.puc.texas.gov/Do… PUCT Project 58484 master interchange filing history: interchange.puc.texas.gov/Se… 2026 costs increasing: interchange.puc.texas.gov/Do… texaspolicy.com/the-explosio… ERCOT Dec 2023 project plan committee meeting: ercot.com/files/docs/2023/12… Nov 2023 ERCOT Project status update: ercot.com/files/docs/2023/11…

Didn't realize I was replying to a stupid bot posing as an "investor" till I ran the text thru numerous checkers. But I did spend time clearing up their blatant incorrect information and characterization. So enjoy I guess? Fuck I wasted to much of my night. 😂🤦‍♂️

And here we are. Net loss landed damn near perfectly within the range projected to the shock of nobody who's paid attention to @IonicDigital and does simple math. They also very predictably spent most of the later half of the update focused on their EBITDA whereas they spent less than 20 words explaining the net loss, no discussion on the 15 BTC reduction from the S1. They don't even anticipate being able to energize additional load till end of 2027 and they have a very vague interpretation of being eligible for the power even though they very very clearly do not remotely adhere to the new memorandums issued by Texas and freezing new energization authorizations. Final chuckle I got, was @IonicDigital claiming they can't predict their tax liability for FY26 which to me, screams that revenue predictions are substantially off and I'd wager potentially further delays than the Aug 2026 partial payment. Taxes ain't hard to budget for. The fact they can't is a red flag for me since they are on a fixed contract and that is like elementary level math unless things are fucked more than they admit. investors.ionicdigital.com/n…

While institutional investors (large $200k + trades) for @IonicDigital are selling and the retail fodder are gobbling it up without understanding they are being used as liquidity. 🤦‍♂️The big fish are enjoying selling into the small fry and high worth individuals today in the leadup to the financials releasing.

With @IonicDigital set to release their Q2 2026 financials tomorrow a major note of consideration. Shareholders and investors should pay careful attention to the cashflow statement to determine the real revenue ionic has earned thus far. Per ASC 842 a lease no matter if no payment or partial payments are received are still recorded in full on the income statement spread evenly over 12 months. I wager @IonicDigital will use a modified EBITDA to obfuscate the fact they didn't earn $196 million nor will they by the end of the fiscal year be even close, as they've loved to discuss on podcasts and in teasers. The reality will be a stark difference with Ionic receiving only the first partial payment in Aug 2026. The reality will be, Ionic will likely have lost $32-$38 million over the quarter, but use the non-GAAP measurement of EBITDA to go "look, this paper revenue that never exchanged hands shows we are profitable" when that is far from accurate. It's been wonderful to see that folks got a nice bump in their shares. We can see per public trading data that interest in the stock has decreased by 87% by volume which was already extremely low peaking at 3.5% and as of writing sitting at barely 0.61% of float. Research by the University of Florida published Feb 20 2026 show a clear pattern that IPO's (ALL classification of IPO's) that have a volume trading at this level struggle long-term for investors. Of course we are in the era of AI hype, but as a tech enthusiast and a business guy I look at the long-term. There are roughly $1.5 trillion in outstanding obligations due in the next couple years, whereas revenue across the entire sector is not even remotely at the level it needs to meet obligations. A contract that looks good on paper is only as valid as the parties ability to pay. I want to reiterate, I am happy and thrilled people got a better recovery. As without this pivot the company shares would have been worth single digits. But that does not mean this is a healthy or thriving operation based upon the available information, the AI outlook, and when taking a moment to truly do the math behind how much has been invested, how much in obligations the industry has committed to, and compare that against even the most optimal revenue forecasting. When 94% of a companies revenue relies on a single partner, a partner who is unprofitable and relying heavily on debt and fund raises that are getting harder and hard to achieve..it's not an investment I would buy into. site.warrington.ufl.edu/ritt…