Our business faces many risks. Before deciding whether to invest in our Common Stock, in addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which is incorporated herein by reference. If any of the risks or uncertainties described therein actually occurs, our business, financial condition, results of operations or cash flow could be materially and adversely affected. This could cause the trading price of our Common Stock to decline, resulting in a loss of all or part of your investment. The risks and uncertainties we have described are not the only ones facing our Company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business operations. There have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and our Quarterly Reports on Form 10-Q, except for the risk factor noted below. New York State’s temporary moratorium on certain data center permitting and potential future legislation, regulation and utility requirements could delay or increase the cost of our development plans. Our growth strategy depends in part on the timely development of our HPC data centers, including the Cayuga Site in Lansing, New York. In July 2026, New York Governor Kathy Hochul issued Executive Order No. 62 (the “NY Executive Order”), temporarily pausing certain discretionary permits and approvals for covered data center projects while the State evaluates their impacts and develops a broader regulatory framework. Based on our current development schedule and anticipated permitting requirements, we do not currently expect the temporary moratorium to materially affect the development timeline for the Cayuga Site. Nevertheless, the final regulatory framework, related legislation or similar requirements adopted in New York or elsewhere could delay permitting or development, require additional investments in generation, transmission, storage, environmental mitigation or community benefits, or otherwise increase project costs. These requirements could affect our ability to meet customer deployment schedules, compete in more favorable jurisdictions or achieve anticipated returns, any of which could materially and adversely affect our business, financial condition, results of operations and growth prospects. 72 Table of Contents