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Like a natural gas exploration company, but for helium.

A resource company, but instead of oil or gas, they're drilling for helium.

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• Helium Exploration: Identifying and assessing underground reservoirs for potential helium resources.
• Helium Production: Extracting and processing raw helium from discovered reservoirs for commercial distribution.

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New Era Energy & Digital (NUAI) - Major Customers

New Era Helium Inc. (trading under the symbol NUAI, formerly New Era Energy & Digital Inc.) is a helium exploration and production company. As such, it sells its product primarily to other companies (Business-to-Business, or B2B) rather than directly to individuals.

Given the company's current stage, which is focused on the exploration, acquisition, and development of helium production properties, specific major customer names and long-term contracts for significant production volumes are not publicly disclosed. However, typical major customers for a helium producer in this industry would include:

• Major Industrial Gas Companies: These large corporations specialize in the production, processing, distribution, and sale of industrial gases, including helium. They purchase bulk helium from producers, purify and liquefy it, and then supply it to a vast array of end-users across various industries. Examples of such companies include:
  • Linde plc (NYSE: LIN)
  • Air Products and Chemicals, Inc. (NYSE: APD)
  • Air Liquide (traded on Euronext Paris: AI.PA; ADR available OTCQX: AIQUY)
• Large Industrial End-Users: Certain industries require significant volumes of helium directly for their operations and may enter into direct supply agreements with producers. These include sectors such as:
  • Semiconductor manufacturing (for cooling and inert atmospheres)
  • Manufacturers of MRI scanners and other medical imaging equipment (for superconducting magnets)
  • Aerospace and defense contractors (for purging, pressurizing, and in rocketry)
  • Major research institutions and laboratories

As New Era Helium Inc. advances its production capabilities, it would aim to establish supply agreements with one or more of these types of customers.

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Will Gray Chief Executive Officer

Will Gray is a founding partner and the current Chief Executive Officer of New Era Energy & Digital, Inc., which was previously known as New Era Helium, Inc.. He has extensive C-Level experience in the Oil & Gas sector, having served as Executive Vice President of Resaca Exploitation (a Torch portfolio company), Chairman and Chief Executive Officer of Cross Border Resources, Chief Executive Officer of Dala Petroleum, and President of WS Oil and Gas. Since 2005, Mr. Gray has directly operated more than 950 wells across New Mexico, Texas, and Oklahoma.

Ted Warner Chief Financial Officer

Ted Warner was appointed Chief Financial Officer of New Era Energy & Digital, Inc. on March 16, 2026. He brings nearly 20 years of experience in energy, power, and digital infrastructure capital markets, including roles in investment banking and executive leadership. Most recently, Mr. Warner led Northland Capital Markets' Energy, Power and Digital Infrastructure practice, where since 2023, Northland structured and managed over $7 billion in financing solutions for large-scale data center development. He also participated in billions of dollars of additional financing and advisory transactions related to high-performance computing (HPC) infrastructure. Earlier in his career, he focused on capital markets and advisory work in the traditional energy sector and served as Chief Financial Officer of a private equity-backed, multi-basin oilfield services company in Dallas, Texas.

Charles Nelson President & Chief Operating Officer

Charles Nelson assumed the role of President and Chief Operating Officer effective January 28, 2026. He has a background in developing and commercializing energy transition technologies, overseeing over $1 billion in infrastructure projects, including the largest sustainable jet fuel offtake deal. Mr. Nelson has also generated billions in value by aligning capital providers, corporates, and tech founders, while driving operational excellence within portfolio companies. He served on the company's board since December 2024, transitioning from an independent director to an executive director in July 2025, and has been actively involved in the company's shift towards digital infrastructure.

Michael J. Rugen Head of Accounting

Michael J. Rugen, a CPA, brings 40 years of experience in executive, accounting, and finance roles, primarily within exploration and production (E&P) and oilfield services companies. He previously served as the Chief Financial Officer of Riley Exploration Permian, Inc., a NYSE American-listed oil and gas company, and as CFO and Interim CEO of its predecessor, Tengasco, Inc..

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The key risks for New Era Energy & Digital (symbol: NUAI) primarily revolve around its financial viability, ongoing legal challenges, and the significant hurdles in executing its strategic pivot to AI data centers.

1. Financial Instability and Going Concern

New Era Energy & Digital faces severe financial instability, characterized by repeated public equity raises, persistent negative cash flow, and a noted lack of private funding. The company's liquidity condition has raised substantial doubt about its ability to continue as a going concern through the twelve months following the issuance date of its September 30, 2025, financial statements. With small and unstable revenues and low cash reserves during a capital expenditure phase, the company is expected to need to raise more capital. Furthermore, debt repayment has strained cash flows, contributing to ongoing liquidity concerns with negative free cash flow.

2. Legal and Regulatory Challenges and Management Credibility

The company is embroiled in legal troubles, including a lawsuit filed by the State of New Mexico against New Era, its CEO, and related entities. This lawsuit alleges the operation of a fraudulent oil-and-gas scheme that shifted environmental cleanup costs to the state. Such legal challenges erode confidence in management and future prospects. Additionally, short-seller reports have accused the company of prioritizing stock promotion over core operations, claiming that its CEO has a history of failed penny-stock ventures. There are also allegations that the company lacks necessary permits and guaranteed financing to execute its AI data center strategy. Potential securities class action investigations are also underway.

3. Execution Risk of AI Data Center Pivot

New Era Energy & Digital recently pivoted from helium extraction to AI data centers, but faces significant operational risks in this new domain. The company is described as a "pre-revenue company" in its data center business, with strong revenue growth not expected until 2028. There are claims that the company lacks the gas production capacity to support its announced plans for AI data centers and that its aging wells can only produce a fraction of what would be required. Allegations also suggest a lack of data center engineering expertise and that promised facilities are on undeveloped land. The ambition to penetrate new markets for its digital infrastructure also confronts regulatory headwinds, requiring significant adaptability to international frameworks and environmental mandates.

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New Era Energy & Digital (NASDAQ: NUAI), formerly known as New Era Helium Inc., has strategically pivoted its business focus from helium exploration and production to become a developer and operator of next-generation digital infrastructure and integrated power assets. This transformation, effective August 2025, positions the company to capitalize on the surging demand for energy-intensive computing, particularly in artificial intelligence (AI) and high-performance computing (HPC) workloads.

The key drivers of future revenue growth for New Era Energy & Digital over the next 2-3 years are expected to include:

1. Development and Expansion of AI/HPC Data Center Campuses: A primary growth driver is the company's flagship Texas Critical Data Centers (TCDC) project. New Era Energy & Digital is developing a scalable, up to one-gigawatt (GW) AI and HPC campus in Ector County, Texas, to provide turnkey solutions for hyperscale, enterprise, and edge operators. Revenue is expected from the deployment and operation of powered land and powered shell data center facilities designed to meet the growing demands of AI and HPC workloads.

2. Strategic Partnerships and Collaborations: The company is leveraging strategic partnerships, such as its co-development of the TCDC hyperscale data center with Primary Digital Infrastructure, to accelerate deployment, manage capital expenditures, and secure key tenants. Additionally, a 450 MW behind-the-meter generation plan at TCDC with Thunderhead Energy and TURBINE-X Energy highlights efforts to strengthen integrated power positioning. These collaborations are anticipated to drive revenue through shared project successes and expanded market reach.

3. Monetization of Integrated Power Assets: New Era Energy & Digital controls significant acreage in Southeast New Mexico with natural gas and helium reserves. While pivoting from traditional helium and natural gas operations, these natural gas reserves are crucial for powering the company's data center infrastructure through advanced natural gas power generation, offering energy resilience and operational efficiency. This integrated approach, with a vision to evolve towards renewable alternatives, provides a unique value proposition for clients and represents a revenue opportunity by offering cost-effective and reliable power solutions.

4. Expansion into New Digital Infrastructure Markets: Beyond the Texas project, the company is exploring expansion into new digital infrastructure markets, including the development of a multi-gigawatt AI campus in New Mexico. This geographical expansion, leveraging existing land holdings in the Permian Basin, is expected to open new revenue streams by addressing additional demand for digital infrastructure.

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Share Issuance

• In October 2025, New Era Energy & Digital terminated an equity purchase facility agreement and withdrew a preliminary proxy statement to increase authorized shares from 250 million to 3 billion, stating it was sufficiently capitalized and did not expect to sell additional shares under the facility.
• New Era Energy & Digital registered 8,560,000 shares of common stock for resale by a single selling stockholder in February 2026, which are issuable upon the exercise of a Second Tranche Warrant.
• As of Q3 2025, New Era Energy & Digital had 53 million shares outstanding, representing an increase of 105.7% from the prior quarter.

Inbound Investments

• In October 2025, the company entered into a secured promissory note with an individual shareholder and an affiliated entity, which provided a loan secured by real property in Texas.

Outbound Investments

• New Era Energy & Digital entered into a binding term sheet on December 19, 2025, to acquire the remaining 50% interest in Texas Critical Data Centers (TCDC) from Sharon AI for $70 million, structured as a combination of cash, equity, and a senior secured convertible promissory note.

Capital Expenditures

• New Era Energy & Digital invested $489K in capital expenditures in Q3 2025, which was a 290.8% increase from the prior quarter, primarily funding long-term assets and infrastructure.
• Capital expenditures of $1.7M in Q3 2025 significantly consumed operating cash flow, reflecting heavy capital investment.
• In November and December 2025, New Era expanded its Texas Critical Data Centers (TCDC) campus by acquiring an additional 203 contiguous acres in Ector County, bringing the total campus size to 438 acres.