オックスブリッジ（OXBR）2026年第2四半期決算説明会：AI GridWorksの始動に伴い黒字復帰

Oxbridgeは、認識された引受損失がゼロであったこと、SurancePlusの手数料収入、および専門サービス費用や人件費の削減に支えられ、2026年第2四半期に黒字転換したと発表しました。また、同社はトークン化再保険プラットフォームを拡張し、AIデータセンターインフラ事業の推進に向けてAI GridWorksを立ち上げました。

要点

• 2026年第2四半期の純利益は17万6,000ドル（基本的および希薄化後1株あたり0.02ドル）となり、前年同期（2025年第2四半期）の187万ドルの純損失（1株あたり0.25ドル）から改善しました。
• 第2四半期の総収入は、既経過正味保険料が58万2,000ドルから36万8,000ドルへ減少したものの、66万4,000ドルから94万ドルへと増加しました。
• 2026年第2四半期には引受損失が計上されませんでした。損害率は394%から0%に低下し、合算比率は621%から175.8%へと改善しました。
• SurancePlusはSolana上で2026–2027年度契約向けのトークン化再保険案件5件の募集を完了し、総額710万ドルの資金を調達しました。
• 2025–2026年度のEtaCat ReおよびZetaCat Reの募集案件は、それぞれ年換算リターン29.3%および43.4%を達成し、当初目標の20%および42%を上回りました。
• OxbridgeはAI GridWorksを開始し、米国南東部において当初は50メガワット規模を中心に、10～100メガワット規模のAIデータセンタープロジェクトを対象としています。

主な財務実績

2026年6月30日までの6ヶ月間の純利益は19万8,000ドル（基本的および希薄化後1株あたり0.02ドル）となり、前年同期の201万ドルの純損失（1株あたり0.28ドル）から改善しました。6ヶ月間の収入は130万ドルから150万ドルに増加した一方、既経過正味保険料は111万ドルから92万4,000ドルに減少しました。総費用は420万ドルから120万ドルに減少しました。

2026年6月30日時点の拘束性現金および現金同等物は1,982万ドルに達し、2025年12月31日時点の698万ドルから1,285万ドル増加しました。経営陣はこの変動要因として、新規のトークン化有価証券への投資、2025–2026年度再保険協定からの担保解放、および保険料預託金を挙げています。

事業および業績ハイライト

SurancePlus トークン化再保険

SurancePlusは4年連続で再保険年度の案件募集を完了しています。同プラットフォームはこれまでに約127万のトークン化有価証券を発行し、複数のブロックチェーン全体で累計1,600万ドル以上の総資金を調達、トークン化再保険契約において3,100万ドルを超える運用資金を裏付けてきました。

2026–2027年度契約向けとして、同社はSolana上で5件の案件募集を完了し、総額710万ドルの資金を調達しました。これには、引受損失が発生しないという前提で、それぞれ年率20%および42%のリターンを目指すT20およびT42案件が含まれます。

3件の募集案件は、HCI GroupおよびFortex Reに関連する第三者から組成されたものです。HCI Re 2026のシリーズAは年率224%、シリーズBは122%、シリーズCは17%のリターンを目標としており、いずれも引受損失が発生しないことを前提としています。経営陣は、これらの追加案件について、SurancePlusがOxbridge自社の再保険事業の枠を超えて組成された実物資産をトークン化できることを示していると述べました。

AI GridWorks

AI GridWorksは、AIデータセンターおよび関連インフラの開発・所有・運営を目的に設立されました。経営陣によると、初期戦略では用地の確保、電力供給可能な土地の開発、ならびに10～100メガワット（初期は50メガワット中心）のプロジェクト推進に重点を置いています。

同社はギガワット規模の大型キャンパスではなく、米国南東部をターゲットにしています。同社のインフラチームは、戦略的不動産、電力インフラ、データセンター全般にわたる豊富な経験を有しており、3ギガワット近くのパワード・ランド案件への関与実績があります。また経営陣は、Metaのデータセンター5拠点および2.5ギガワットの導入実績をカバーするチームの経験にも言及しました。

Oxbridgeは、SurancePlusの機能を活用してAIインフラ資産の持分やそれに関連する収益ストリームを構造化・トークン化することを意図しています。経営陣はこれを、物理的なインフラ所有権と、実物資産に対する投資家の幅広いアクセス性を結び付ける手法として位置付けています。

リスクおよび注視点

• Oxbridgeが再保険契約への投入資本を減らし、加重平均料率も低下したため、既経過正味保険料が減少しました。
• 損害率は0%に低下したものの、第2四半期の事業費率および合算比率は175.8%にとどまり、6ヶ月間の合算比率は133.1%でした。
• 2026–2027年度のトークン化再保険案件の目標リターンは、引受損失が発生しないことを前提としています。過去の事例では、1件の限度額満額契約損失が業績に重大な影響を与え得ることが示されています。
• 経営陣によると、AIデータセンターのテナント需要は立地や開発される施設のタイプに依存します。
• AI GridWorksの成功には、用地選定、許認可取得、電力確保、建設、運営、資金調達の各段階における着実な実行が必要です。経営陣はいくつかの戦略的選択肢を提示しましたが、これらを完了済みのプロジェクトとして発表したわけではありません。

アナリスト質疑応答のハイライト

アナリストの関心は、AI GridWorksのプロジェクト規模、テナント戦略、資金調達、垂直統合に集まりました。経営陣は、ギガワット規模の施設を追及するのではなく10～100メガワットのセグメントで競合する計画であり、テナント選定は立地特性やプロジェクト設計に応じて決定すると述べました。

経営陣は価値創出の可能性としていくつかのポイントを挙げました。Oxbridgeは土地を確保し、許認可や電力受入枠を取得した上で、パワード・ランド資産自体を売却するか、建設を進めることができます。データセンターが開発された後は、独自のGPUを持ち込むテナントに個別のホールを賃貸することができ、Oxbridgeが他の部分を直接運営する可能性もあります。

資金調達について経営陣は、AI GridWorksが従来の銀行融資に加えて、SurancePlusを通じたトークン化実物資産構造の活用を模索できると説明しました。同社は、トークン化によって投資家が小口資金で参加できるようになると同時に、プラットフォームを通じてマネーロンダリング防止（AML）および本人確認（KYC）の手続きを完了できると考えています。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.

質疑応答

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.