Conferencia de resultados del T2 de 2026 de Oxbridge (OXBR): Vuelve la rentabilidad con el lanzamiento de AI GridWorks

Oxbridge informó un retorno a la rentabilidad en el segundo trimestre de 2026, respaldado por la ausencia de pérdidas técnicas reconocidas, ingresos por comisiones de gestión de SurancePlus y menores costes profesionales y de remuneración. La empresa también amplió su plataforma de reaseguros tokenizados y lanzó AI GridWorks para desarrollar infraestructura de centros de datos de IA.

Puntos clave

• El beneficio neto del segundo trimestre de 2026 fue de 176.000 dólares, o 0,02 dólares por acción básica y diluida, en comparación con una pérdida neta de 1,87 millones de dólares, o 0,25 dólares por acción, en el segundo trimestre de 2025.
• Los ingresos totales del segundo trimestre aumentaron a 940.000 dólares desde los 664.000 dólares, a pesar de que las primas netas devengadas disminuyeron a 368.000 dólares desde los 582.000 dólares.
• No se registraron pérdidas técnicas en el segundo trimestre de 2026. El ratio de siniestralidad cayó al 0% desde el 394%, mientras que el ratio combinado mejoró al 175,8% desde el 621%.
• SurancePlus cerró cinco ofertas de reaseguro tokenizado para el ejercicio de contrato 2026–2027 en Solana, recaudando 7,1 millones de dólares en ingresos brutos agregados.
• Las ofertas EtaCat Re y ZetaCat Re de 2025–2026 generaron rentabilidades anualizadas del 29,3% y del 43,4%, respectivamente, por encima de sus objetivos iniciales del 20% y del 42%.
• Oxbridge lanzó AI GridWorks, enfocado en proyectos de centros de datos de IA de entre 10 y 100 megavatios, con una atención inicial centrada en unos 50 megavatios en el sureste de Estados Unidos.

Resultados financieros clave

En los seis meses finalizados el 30 de junio de 2026, el beneficio neto fue de 198.000 dólares, o 0,02 dólares por acción básica y diluida, frente a una pérdida neta de 2,01 millones de dólares, o 0,28 dólares por acción, un año antes. Los ingresos del semestre aumentaron a 1,5 millones de dólares desde 1,3 millones de dólares, mientras que las primas netas devengadas cayeron a 924.000 dólares desde 1,11 millones de dólares. Los gastos totales disminuyeron a 1,2 millones de dólares desde 4,2 millones de dólares.

El efectivo y los equivalentes de efectivo restringidos alcanzaron los 19,82 millones de dólares al 30 de junio de 2026, lo que supone un aumento de 12,85 millones de dólares con respecto a los 6,98 millones de dólares al 31 de diciembre de 2025. La directiva atribuyó la variación a las inversiones en nuevos valores tokenizados, las garantías liberadas de los contratos de reaseguro de 2025–2026 y los depósitos de primas.

Rendimiento operativo y del negocio

Reaseguro tokenizado de SurancePlus

SurancePlus ha completado ofertas a lo largo de cuatro ejercicios de contrato consecutivos. La plataforma ha emitido aproximadamente 1,27 millones de valores tokenizados, ha recaudado más de 16 millones de dólares en ingresos brutos acumulados en múltiples cadenas de bloques y ha respaldado más de 31 millones de dólares de capital desplegado en contratos de reaseguro tokenizados.

Para el ejercicio de contrato 2026–2027, la empresa cerró cinco ofertas en Solana con unos ingresos brutos agregados de 7,1 millones de dólares. Estas incluyeron las ofertas T20 y T42, con rentabilidades anuales objetivo del 20% y del 42%, respectivamente, asumiendo la ausencia de pérdidas técnicas.

Tres ofertas provinieron de terceros vinculados a HCI Group y Fortex Re. HCI Re 2026 Serie A tiene como objetivo un rendimiento anual del 224%, la Serie B persigue el 122% y la Serie C el 17%, en cada caso asumiendo que no haya pérdidas técnicas. La directiva señaló que estas incorporaciones demuestran que SurancePlus puede tokenizar activos del mundo real originados fuera de las operaciones de reaseguro propias de Oxbridge.

AI GridWorks

AI GridWorks se creó para desarrollar, poseer y operar centros de datos de IA e infraestructura relacionada. La directiva afirmó que la estrategia inicial se centra en asegurar ubicaciones, desarrollar terrenos con acceso a energía y acometer proyectos de entre 10 y 100 megavatios, concentrándose inicialmente en unos 50 megavatios.

La empresa se orienta al sureste de Estados Unidos en lugar de desarrollar campus a escala de gigavatios. Su equipo de infraestructura aporta experiencia en el sector inmobiliario estratégico, infraestructura energética y centros de datos, incluida la participación en casi 3 gigavatios de oportunidades de terrenos con suministro eléctrico. La directiva también destacó la experiencia del equipo en cinco campus de centros de datos de Meta y 2,5 gigavatios de capacidad desplegada.

Oxbridge tiene la intención de aprovechar las capacidades de SurancePlus para estructurar y tokenizar participaciones en activos de infraestructura de IA y sus flujos de ingresos asociados. La dirección considera esto como una vía para combinar la propiedad de infraestructura física con un acceso más amplio de los inversores a los activos del mundo real.

Riesgos y aspectos a vigilar

• Las primas netas devengadas disminuyeron debido a que Oxbridge desplegó menos capital en contratos de reaseguro y obtuvo una tasa media ponderada inferior.
• A pesar de que los ratios de siniestralidad cayeron al 0%, el ratio de gastos y el ratio combinado del segundo trimestre se mantuvieron en el 175,8%; el ratio combinado del semestre fue del 133,1%.
• Las rentabilidades objetivo para las ofertas de reaseguro tokenizado de 2026–2027 asumen que no se registrarán pérdidas técnicas. Los periodos anteriores muestran que una sola pérdida a límite máximo en un contrato puede afectar sustancialmente a los resultados.
• La demanda de inquilinos de centros de datos de IA depende de la ubicación y del tipo de instalación desarrollada, según la directiva.
• AI GridWorks requiere una ejecución eficaz en la selección de emplazamientos, permisos, acceso a energía, construcción, operaciones y financiación. La directiva describió varias opciones estratégicas, pero no las presentó como proyectos finalizados.

Aspectos destacados de la sesión de preguntas y respuestas con analistas

Los analistas se centraron en la escala de los proyectos de AI GridWorks, la estrategia de inquilinos, la financiación y la integración vertical. La directiva señaló que Oxbridge prevé competir en el segmento de 10 a 100 megavatios en lugar de buscar instalaciones a escala de gigavatios, adaptando la selección de inquilinos a las características del emplazamiento y el diseño del proyecto.

La directiva describió diversos puntos potenciales de creación de valor. Oxbridge podría asegurar los terrenos, obtener las licencias y los compromisos de suministro eléctrico y, posteriormente, vender el activo de terreno acondicionado o bien acometer la construcción. Una vez desarrollado, un centro de datos podría alquilar salas individuales a inquilinos que aporten sus propias GPUs, mientras que Oxbridge podría operar de forma directa otras áreas.

En materia de financiación, la directiva indicó que AI GridWorks podría recurrir a la financiación bancaria tradicional en combinación con estructuras de activos del mundo real tokenizados a través de SurancePlus. La empresa considera que la tokenización podría permitir a los inversores participar con cuantías más reducidas completando los procedimientos de prevención de blanqueo de capitales y conoce a tu cliente (KYC) a través de la plataforma.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Good afternoon. Welcome to Oxbridge's Second Quarter 2026 Earnings Call. My name is Irene, and I will be your conference operator this afternoon. [Operator Instructions] Joining us for today's presentation is Oxbridge's Chairman, President and Chief Executive Officer, Jay Madhu; and Chief Financial Officer and Corporate Secretary, Wrendon Timothy. Following their remarks, we will open up the call for your questions.

I would like to remind everyone that this call will be available via telephone replay until August 27, 2026. Details for telephone replay are included in the press release issued today.

Now I would like to turn the call over to Wrendon Timothy, Chief Financial Officer of Oxbridge, who will provide the necessary cautions regarding the forward-looking statements that will be made by management during this call.

Wrendon Timothy

Thank you, operator. During today's call, there will be forward-looking statements made regarding future events, including Oxbridge future financial performance. These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995.

Words such as anticipates, estimates, expects, intends, plans, projects and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties.

A detailed discussion of these risks and uncertainties that could cause actual results and events to differ materially from forward-looking statements is included in the section entitled Risk Factors contained in our Form 10-K filed on March 30, 2026, with the Securities and Exchange Commission.

The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial conditions and the volatility of our earnings, which in turn can cause significant market price and trading volume fluctuations for our securities. Any forward-looking statements made on this conference call speaks only as of the date of this conference call.

And except as required by law, the company undertakes no obligation to update any forward-looking statements contained on this call or in any company presentation, even if the company's expectations or any related events, conditions or circumstances change.

Now I'd like to turn the call over to our Chairman, President and Chief Executive Officer, Jay Madhu. Jay?

Sanjay Madhu

Thank you, Wrendon, and welcome, everyone. Thank you for joining us today. Let me start by saying we are proud of the strong performance of our business and progress we are making on our long-term strategy.

During the second quarter and subsequent period, we continued to build on the growth of our tokenized reinsurance business, expanded the platform to include third-party opportunities and established a new AI infrastructure business focused on developing, owning and operating AI data centers and related infrastructure. Through SurancePlus, we have continued to build our track record on tokenized reinsurance. For the 2025, 2026 treaty year, our EtaCat Re and ZetaCat Re offerings targeted annual returns of 20% and 42%, respectively. We are pleased to report that these offerings exceeded their original targets, delivering annualized returns of 29.3% and 43.4%, respectively.

For the 2026 and 2027 treaty year, we successfully closed 5 tokenized reinsurance offerings on the Solana blockchain, raising $7.1 million in aggregated gross proceeds. These included a T20 and T42 offering with a current targeted annual return of 26% (sic) [ 20% ] and 32% (sic) [ 42% ], respectively, assuming no underwriting losses. The 5 offerings also included 3 third-party offerings associated with HCI Group, a leading Florida-based property and casualty insurance company and Fortex Re. HCI Re 2026 Series A targets an annual return of 242% (sic) [ 224%], HCI Re's 2026 Series B targets 122%, and HCI Re 2026 Series C targets 17% in each case, assuming no underwriting losses. This represents an important expansion of the SurancePlus platform beyond reinsurance originating through our own operations and demonstrates its ability to structure and tokenize reinsurance opportunities originated by third parties.

In parallel, we launched AI GridWorks, a newly formed Oxbridge subsidiary focused on developing, owning and operating AI data centers and related infrastructure. Since launching the initiative, we have moved quickly to assemble an experienced infrastructure team and advance our development pipeline. We believe SurancePlus and AI GridWorks provide Oxbridge with 2 distinct but complementary growth platforms, creating multiple avenues for long-term growth and shareholder value creation.

I will now turn the call over to Wrendon to take us through our financial results.

Wrendon Timothy

Thank you, Jay. I would like to remind you that our typical contract period is from June 1 to May 31 of the following year. Net income for the quarter ended June 30, 2026, was $176,000 or $0.02 basic and diluted income per share, compared to a net loss of $1.87 million or $0.25 basic and diluted loss per share for the quarter ended June 30, 2025. The increase in net income, decrease in net loss, is primarily due to a decrease in loss and loss adjustment expenses as there were no underwriting losses recorded for the period ended June 30, 2026. SurancePlus management fee income, along with reduced professional fees and overall compensation, contributed towards the net income results for the quarter.

Net income for the 6 months ended June 30, 2026, was $198,000 or $0.02 basic and diluted income per share compared to a net loss of $2.01 million or $0.28 per basic and diluted loss per share, for the 6 months ended June 30, 2025. The decrease in net loss is due primarily to a decrease in loss and loss adjustment expenses as there were no underwriting losses recorded for the period ended June 30, 2026. Again, SurancePlus management fee income, along with reduced professional fees and reduced overall compensation, contributed towards the improved result for the 6 months ended June 30, 2026.

Net premiums earned for the quarter ended June 30, 2026, decreased to $368,000 from $582,000 for the quarter ended June 30, 2025. The decrease is due to a lower weighted average rate on reinsurance contracts in force during the quarter as well as a lower amount of capital deployed into reinsurance contracts during the quarter when compared to the prior period.

Net premiums earned for the 6 months ended June 30, 2026 decreased to $924,000 from $1.11 million for the 6 months ended June 30, 2025. The decrease again is due to lower weighted average rate on reinsurance contracts in force during the 6-month period as well as a lower amount of capital deployed into reinsurance contracts during the 6-month period when compared with the prior period.

Our net investment income and other income for the 3 and 6 months ended June 30, 2026, decreased to $71,000 from $93,000 and $139,000 from $173,000, respectively, when compared with the prior comparable periods. Along with net premiums and management fee income, our total revenue for 3 and 6 months ended June 30, 2026, amounted to $940,000 and $1.5 million compared to $664,000 and $1.3 million in the prior year comparable period, respectively.

For the quarter ended June 30, 2026, total expenses, including policy acquisition costs and general and admin expenses, decreased to $647,000 from $3.6 million for the quarter ended June 30, 2025. The decrease is primarily due to no underwriting losses recognized for the quarter ended June 30, 2026. Reduced professional fees and reduced overall compensation also contributed to the decrease for the quarter.

For the 6 months ended June 30, 2026, total expenses decreased to $1.2 million from $4.2 million for the 6 months ended June 30, 2025. The decrease again is primarily due to no underwriting losses incurred and recognized for the period and reduced professional fees and reduced overall compensation also contributed towards the decrease.

As we have discussed before on our investor calls, we use various measures to analyze the growth and profitability of our business operations. For reinsurance business, we measure underwriting profitability by examining our loss ratio, acquisition ratio, expense ratio and combined ratio. The loss ratio is the ratio of losses and loss adjustment expenses incurred to premiums earned and measures the underwriting profitability of our reinsurance business. The loss ratio decreased to 0% from 394% for the quarter ended June 30, 2026, when compared with the comparable period. The decrease was due to no underwriting losses being recorded for the quarter, whereas a full limit loss was recognized for one of the reinsurance contracts during the 3-month period ended June 30, 2025.

The loss ratio also decreased to 0% from 194.8% for the 6-month period ended June 30, 2026, when compared with the prior comparative period. The decrease was due to no losses being recorded during the 6-month period ended June 30, 2026, again, whereas a full limit loss was recognized for one of our reinsurance contracts during the similar 6-month period ended June 30, 2025.

Our acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs and net premiums earned. The acquisition cost ratio increased marginally to 12% from 11% for the quarter ended June 30, 2026, when compared to the prior comparable period. The increase in acquisition cost ratio is due to reduced net premiums earned and marginal premium adjustments recognized during the quarter ended June 30, 2026, when compared to the prior year comparable period.

The acquisition costs increased marginally to 11.4% from 11% for the 6-month period ended June 30, 2026, when compared with the prior comparable period. Again, the increase in acquisition cost was due to reduced net premiums earned and marginal premium adjustments recognized during the 6-month period ended June 30, 2026, when compared with the prior year comparable period.

Our expense ratio, which measures operating performance, compares policy acquisition costs and general admin expenses with net premiums earned. For the quarter ended June 30, 2026, the expense ratio decreased to 175.8% from 227% for the quarter ended June 30, 2025.

For the 6 months ended June 30, 2026, the expense ratio decreased to 133.1% from 160.7% for the 6-month period ended June 30, 2025. The decrease in both periods are primarily due to reduced professional fees and reduced overall compensation during the quarter when compared to the prior year comparable period.

Our combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and the expense ratio. For the 3 months ended June 30, 2026, the combined ratio decreased to 175.8% from 621% for the quarter ended June 30, 2025. The combined ratio also decreased to 133.1% from 355% for the 6-month period ended June 30, 2025. The decreases are primarily due to decreased underwriting losses as well as reduced professional fees and reduced overall compensation during the quarter and the 6-month period ended June 30, 2026, when compared with the prior comparable period.

Now turning to the balance sheet. Restricted cash and cash equivalents increased by $12.85 million to $19.82 million from $6.98 million as of December 31, 2025. The increase is the net result of the investment in new tokenized securities, the release of collateral from the 2025, 2026 reinsurance treaty contracts and premium deposits made during the 6 months ended June 30, 2026.

Now I'd like to turn the call back over to Jay, who will wrap up before we take your questions. Jay?

Sanjay Madhu

Thank you, Wrendon. As Wrendon mentioned, we have $19.82 million in restricted cash and cash equivalents as of June 30, 2026. Having said that, I would like to spend a few minutes looking ahead and expanding on how we see our 2 platforms developing.

First, SurancePlus. Since launching our reinsurance tokenization platform, SurancePlus has completed offerings across 4 consecutive treaty years, issuing approximately 1.27 million tokenized securities, raising more than $16 million in cumulative gross proceeds across multiple blockchain platforms, backing over $31 million of deployed capital in tokenized reinsurance contracts.

The addition of third-party reinsurance opportunities represents an important evolution of the platform. It demonstrates that SurancePlus can extend beyond reinsurance originated through Oxbridge and provide the infrastructure to structure and tokenize real-world assets originated by third parties. We believe this expands the potential of SurancePlus as we continue to develop our real-world asset strategies or RWAs.

Turning to AI GridWorks. AI GridWorks builds upon the broader RWA, or real-world asset, strategy we have established through SurancePlus. While SurancePlus has demonstrated our ability to structure and tokenize real-world assets, AI GridWorks expands our strategy into the development and ownership of the underlying physical infrastructure supported -- supporting the growth and artificial growth of artificial intelligence, or AI.

Our strategy is focused on identifying and securing strategic sites, developing powered land, and developing, owning and operating data centers infrastructure. We are initially targeting projects ranging from 10 to 100 megawatts with an initial focus around 50 megawatts, while maintaining flexibility to pursue larger opportunities when appropriate. To support this initiative, we have assembled an experienced AI infrastructure team with deep expertise across strategic real estate, site development, and power infrastructure and data centers. Our AI data center team brings experience originating close to 3 gigawatts of powered land opportunities.

On the infrastructure side, our leadership includes 7 years of data center infrastructure experience at Meta across 5 data center campuses, representing 2.5 gigawatts of deployed capacity, together with the extensive mission-critical infrastructure development experience. AI GridWorks is being developed first and foremost as an AI infrastructure business focused on developing, owning and operating the underlying physical infrastructure.

As AI GridWorks develops these assets, we intend to leverage the real-world asset structure, or RWA structuring and tokenization cap -- sorry, capabilities deployed by SurancePlus to tokenize interest in AI infrastructure assets and associated revenue streams. This creates a cohesive strategy for Oxbridge, developing and owning real estate assets while leveraging our established financial structure to structure and provide investor assets or access to those assets through tokenization.

We believe SurancePlus and AI GridWorks represent 2 complementary growth platforms for Oxbridge, providing multiple avenues for long-term growth and shareholder value creation. We create optionality at every stage of the data center value chain. Or put another way, this is a flexible, vertically integrated strategy. Our focus continues to remain on disciplined execution and creating long-term shareholder value.

With that, we are ready to open the call for questions. Operator, please provide the appropriate instructions.

Operator

[Operator Instructions] The first question we have is from Allen Klee of Maxim Group.

Preguntas y respuestas

Allen Klee

Good to hear from you guys and great to see all the steps going forward. For your AI data center initiatives, can you talk a little strategically of kind of what you're targeting, how you're thinking about like where it makes sense to do this and maybe the type of tenants and the type of -- I don't know, the type of like demand that it might be taking and any thoughts on the financing of it?

Sanjay Madhu

Wow, Allen, that's a lot to unpack over there with a small question. No, that's -- no, that's an absolutely perfect question, right? So our AI data centers, we're targeting -- we're not targeting gigawatt centers, right? We're, frankly, that's -- at this time, that's a step too far. What we are targeting is the nano data centers, 10 to 100 megawatts. That way, we have an opportunity to play in a space where we are not competing with some of the juggernauts in the space. We're targeting the Southeast of the U.S. The type of tenant will depend on, a, the location. It will also depend on the -- on various number of things over here.

But in talking to some of the larger AEC type companies, what we're finding is there is a significant amount of demand, but the demand is also dependent a little bit strategically, right? As part of this is what kind of data center you're building. But what we are doing and the way we look at this is flexibility. As we take down opportunities or as we look at opportunities, and we're looking at opportunity from the ground up, we have options and optionality. And the flexibility of that options and optionality gives us a better view of the potential tenant as that tenant develops or as that data center develops.

Operator

The next question we have is from Kent Engelke of Capitol Securities.

Kent Engelke

It seems like you guys always have a lot on the table. I think it's great all the activity you all are doing. Jay, can you expand a little bit more about on the optionality aspect? That's really interesting on a lot of different levels, especially on the vertical integration. Can you expand a little bit more on that?

Sanjay Madhu

Yes. Absolutely, Kent. So the way we are viewing our business, it's just not a publicly traded story, right? The story is a publicly traded company with deep experience in the -- in that realm. But then we've also deepened our bench with the execution team, the execution of the strategy. We have folks with deep subject matter knowledge, not only on the real estate side because this is a real estate play as well, but then also on the infrastructure side.

The infrastructure side, I have a gentleman that's been with Meta for the last 7.5 years. He's put together close to 3 gigawatts of AI data centers. So every step of the way, we have options. So hypothetically, as we go forward, I talked about real estate, as we move forward, there is a tremendous amount of value creation in getting -- in taking land and moving it into that next step where you have your entitlements that are put into place and you also have power that's your power letters. That creates a significant upside over there.

At that point, we have 2 options. We have a potential of either, a, moving forward and going vertical with the building or we can sell the asset. The multiple from where we start and where we would sell it is significant. The amount of value creation is significant. And we're going to be looking at multiple of these opportunities at any given time and moving forward with multiple of these opportunities at any given time. You take that step -- you take that one step further when you go vertical with this and you have your data center, you can section off your data center into data center halls, at which point you can simply be a landlord or you have tenants that come in over here because you have everything put together.

They will bring in their GPUs and you're off to the races. So you can have data center halls and you can put that strategy and a portion of that building, you can decide whether you want to be an operator of this data center and put in your own GPUs. So all along the way, there is not only value creation, but there's flexibility and the flexibility comes from every single step that we've taken from the ground up, making sure that we have not overcommitted or overpaid on any of these assets because we are controlling that value chain.

Now think about -- you asked about how does it play out with the -- with SurancePlus. I think it plays out beautifully in SurancePlus, right, because data centers are -- when you talk about RWA, it's a real-world asset. People understand data centers from good or bad, they understand data centers. They talk about the pluses, they talk about the minuses. It's a hot topic. But part of this hot topic over here is most people don't have an opportunity to invest in data centers because the dollar amounts that are used for an investor to come in, banks would want or investment houses or companies would want folks to write pretty significant checks.

SurancePlus, our other subsidiary, can fill that void. So not only can we raise capital through the traditional methods. Banks are looking at data centers hot and heavy. It's something that banks have -- there's huge opportunity for banks to come in over here and finance these things. But in addition, we have through, SurancePlus and our platform, people can come in with checks, with smaller size checks where we can do AML and KYC in close to 3 minutes, and they can wire in their funds or tokens or whatever it is that they're going to be sending in and now have a piece of a data center. So multiple levers to deploy in -- not only in financing these opportunities, but also multiple levers to deploy and making sure that both our businesses are very complementary to doing what we're looking to get done as we move forward.

Kent Engelke

So if I heard you correctly, you could use RWAs for part of the financing and raising funds and stuff like that, that's how the individual could actually own part of the data center itself.

Sanjay Madhu

Absolutely, absolutely. And I think it also helps a little bit to the story. I'm not saying it's the end all be all, but it helps in the story about folks, the popular acronym now is NIMBY, not in my backyard. It might help with that rhetoric when people see that they actually own or have an opportunity to own that piece of real estate or that data center, and it's part of their thought process, their investment strategy, tokenization.

Kent Engelke

Bring them in and let them share with some of the wealth.

Sanjay Madhu

Absolutely. Absolutely.

Operator

[Operator Instructions] At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Madhu for his closing remarks.

Sanjay Madhu

Thank you for joining us on today's call. We appreciate everyone joining us today on our -- and your continued interest in Oxbridge. We are excited about the opportunities ahead and the potential we see across both SurancePlus and AI GridWorks. We believe we have established a strong foundation for the next phase of Oxbridge's growth. Our priorities are clear, and our focus remains on disciplined execution across both businesses and creating long-term shareholder value, options and optionality, real-world assets, SurancePlus and AI GridWorks. We look forward to updating you on our progress. Thank you again for your time today. Operator?

Operator

Before we conclude today's call, I would like to remind everyone that a recording of today's call will be available for replay via a link available in the Investors section of the company's website. Thank you for joining us today for our presentation. You may now disconnect.