NTM’s $21 Million Sales Outlook Shows Potential for Growth – Quarterly Review Report

ALPHA-01 ensures customer demand, while ALPHA-02 and extended ROFRs create a virtual road from a base 504-GPU to a multi-cluster Blackwell environment.. ALPHA-01 is live for its first enterprise customer as of May 2026, with a Canadian cluster consisting of 504 NVIDIA B200 GPUs powered by 100% hydroelectric power. ALP also has a ROFR to expand the Canadian site to over 1,000 B200 GPUs under ALPHA-03. ALPHA-02 is under construction at Equinix’s AtNorth data center in Sweden and is expected to feature 576 NVIDIA B300 GPUs, which are also powered by 100% hydroelectric power, and are slated to go live in 3Q26. ALP also has a ROFR to expand the Swedish space to more than 1,000 B300 GPUs under ALPHA-04. The planned ALPHA-01 using the ALPHA-04 footprint is expected to support approximately $72 million in annual revenue, or $6 million per month, when fully operational. The roadmap makes sense because the existing 504-GPU cluster supports $16.1 million in contract annual revenue, while the company’s NTM sales outlook assumes a broad first revenue step and planned B300 shipments and ROFRs expansions in Canada and Sweden represent the next layers of monetization potential if customer demand is converted from pipelines.

GPU-backed financing is a cornerstone of ALP’s growth strategy, linking financing directly to Blackwell’s operational infrastructure rather than relying solely on enterprise-level financing.. On April 9, 2026, the company announced an AI hardware and financing agreement with Vertical Data valued at approximately $43 million, focused on shipments of the NVIDIA B300 GPU cluster and supported by Vertical Data’s GPUfinancing.com platform. The agreement expanded the companies’ existing collaboration and included hardware procurement, asset-backed financing, and mobile infrastructure services, allowing ALP to focus on private computing and decentralized AI applications while Vertical Data supports the data center layer. Later in April, ALP executed a binding term sheet for a $31.9 million secured loan backed by Dell B300 NVIDIA GPU supplies, with proceeds earmarked for the purchase and installation of AI infrastructure. The non-compensation structure is important because it binds the borrower to the financed GPU assets and the related construction collateral, rather than the ALP’s broader corporate asset base. For a more capital-intensive GPUaaS model, this creates a scalable capital structure by directing debt directly to the infrastructure being deployed. As of May 21, 2026, ALP disclosed GPU lease debt of $26.6 million and only $328,000 of TON’s consolidated debt, indicating that the company is increasingly matching infrastructure assets with specific asset financing to support capacity additions.

GAMEE adds another growth vector by attaching a consumer application layer at scale to the ALP infrastructure stack. ALP agreed to acquire a 60% controlling interest in GAMEE for a consideration of up to $11 million, made up of two years’ EBITDA earnings and valued GAMEE at an enterprise value of $18 million. The transaction is expected to close on May 31, 2026. GAMEE brings more than 119 million registered users, more than 10 billion game play sessions, and more than 61 million users within the Telegram ecosystem, creating an embedded audience for AI-powered gaming, gaming, and Telegram’s broader monetization. GAMEE’s 1Q26 performance supports the acquisition rationale, with estimated revenue of $926,000, up 56% year-over-year from $593,000, 5.57 million users, 88.5 million plays, 1.7 million MAUs, and 150,000 DAUs across all platforms. Full-year 2025 revenue is estimated at $3.54 million, representing a three-year CAGR of 112%, making the property a strategic fit given its user base and ALP’s computing infrastructure capabilities.

• The GAMEE function adds a distribution layer to ALP’s infrastructure strategy, creating a consumer-facing funnel that can complement customer adoption of enterprise GPUaaS.. For pure GPUaaS companies, customer acquisition often depends on business sales cycles, AI lab relationships, financial reliability, and proof of reliable compute delivery. GAMEE introduces a unique funnel with native Telegram engagement, gamified campaigns, and tokenized incentives that can support low-cost testing of AI agents and real-world asset deployments. In January, Gold Fest’s landmark $2 million ecosystem deal with nGRND and Flashy shows that GAMEE is already being used as a gamified distribution channel, while the WATCoin airdrop previously topped 4 million wallets in the TON ecosystem. This gives ALP a differentiated approach to integrating infrastructure, consumer engagement, and AI-enabled applications within the Telegram environment.

Additions to management and advice seem to be in line with the business needs to go to market for the new model. Tom Richer’s appointment to the advisory board adds more than 30 years of enterprise technology, infrastructure, multi-cloud, and AI experience, including senior roles at IBM, HP, Deloitte, and Wipro, as well as founding Intelagen, an exclusive AI specialist and dual NVIDIA and Google Premier Partner. This is important because the next phase of ALP will likely be driven by business transformation, with AI labs, regulated businesses, private customers, and government-related buyers requiring both reliable infrastructure and reliable access to market. The latest update also revealed plans to file for a US government contract aimed at 3Q26, which fits the broader and controlled computing issue and could expand the pipeline beyond AI research labs into the public sector or defense-related workloads.

The balance sheet is starting to reflect the AI ​​infrastructure pivot, with GPU infrastructure assets and asset-backed obligations now sitting alongside $10.2 million in cash.. As of May 21, 2026, ALP disclosed $10.2 million in cash and similar, $66.9 million in total assets, $26.6 million in GPU lease debt, and $328,000 in consolidated TON debt. The company’s balance sheet now includes logical commitments to GPU infrastructure, but the pairing of contracted customer demand with asset-backed financing provides a more visible framework for adding financing capacity while maintaining strategic flexibility.

The near-term setup is clear: ALPHA-01 anchors the revenue contract, while the 21 million NTM revenue outlook shows early growth potential from AI computing and GAMEE. Key milestones now include ALPHA-02 development progress, spending against a $21 million revenue base for the next 12 months, growing customer contracts, the closing of GAMEE, and building the US government contract business targeted for 3Q26. The disclosed qualifying pipeline of $200 million+ suggests that revenue inclusion is driven not only by demand, but GPU delivery, financing, customer onboarding, and operations within data center environments.

Peer ratings highlight the extent to which ALP is priced at a steep discount to AI infrastructure benchmarks despite NTM’s earnings outlook. Valuation analysis presented for illustrative purposes only and does not constitute a target price or a buy/sell/hold recommendation. While a full analysis is not possible at this stage as ALP has not yet reported the financial details of the newly formed AI computing business, we can assess the relative valuation based on the $21 million NTM sales outlook disclosed by the company.

• On that basis, ALP trades at 0.41x NTM sales, compared to CoreWeave at 3.67x, Nebius Group at 10.41x, IREN at 9.12x, Applied Digital at 24.21x, and a peer average of 11.85x. The discount is large even after accounting for ALP’s previous phase profile, small capital base, and pending distribution measures, especially since the company already has $16.1 million in annual contract cash, a live 504-GPU B200 cluster, an NTM revenue forecast of $21 million, and an appropriate pipeline of more than $200 million. We believe this creates a constructive relative valuation setup: as ALP demonstrates the use of ALPHA-01, develops ALPHA-02, and converts additional pipeline into contract revenue, the current 0.41x NTM sales multiple leaves room for the valuation gap versus AI infrastructure peers to narrow.