CalEthos, Inc. is a developer of large-scale infrastructure focused on master-planned, onsite-powered data center campuses in the Northwestern U.S. The company formed TerraVolt Infrastructure Inc. in May 2025, a wholly-owned subsidiary, to provide Physical Infrastructure-as-a-Service (PIaaS) integrating onsite power with construction-ready data center sites. The previous data center development project in Imperial County, California, was abandoned in July 2025 due to unmet timelines, additional environmental studies, community concerns, and regulatory delays, resulting in $4,581,000 of capitalized development costs being expensed. The company reported no revenues for the years ended December 31, 2025, and 2024. Net loss for 2025 was $6,498,000, an improvement from $12,590,000 in 2024, primarily due to lower financing costs and no loss on extinguishment of notes payable in 2025. Working capital deficit increased significantly to $2,800,000 in 2025 from $219,000 in 2024, driven by increases in convertible debentures, notes payable to related parties, and accounts payable. Cash and cash equivalents remained low at $287,000 at year-end 2025. Joel D. Stone was appointed Chairman and Chief Executive Officer on March 27, 2026, replacing Michael Campbell, who became Senior Vice President, Corporate Development due to health issues. The company faces substantial doubt about its ability to continue as a going concern due to recurring losses, negative operating cash flows, and an accumulated deficit of $38,368,000. Performance-based stock option milestones were modified in May 2025 to align with the new business model, specifically land acquisition for geothermal development, but their achievement is not yet probable.