Jet.AI Powers Forward with Canadian AI Data Center Ambitions, Securing Critical Energy and Land Rights

LAS VEGAS, NV – March 16, 2026 – Jet.AI Inc. (Nasdaq: JTAI) has taken a significant step in its ambitious pivot to becoming a major player in artificial intelligence infrastructure, announcing the completion of a crucial development phase for two massive hyperscale data center campuses in Canada.

In a joint announcement with its partner, Consensus Core Technologies Inc., the company confirmed that their joint venture, Convergence Compute LLC, has successfully completed its third set of milestones. These achievements center on securing the two most critical resources for any large-scale data center: power and land. The progress solidifies the foundation for what the companies envision as gigawatt-scale developments designed to meet the voracious energy and data demands of the AI revolution.

The announcement provides tangible evidence of progress for a company undergoing a profound strategic transformation, moving from its roots in aviation and software to what it hopes will be a future as a pure-play AI data center provider.

A Strategic Power Play for the AI Era

The milestones achieved are not mere administrative hurdles; they represent the de-risking of the projects' most fundamental dependencies. The developments are split between two distinct Canadian locales, each with a unique energy strategy tailored to its regional strengths.

For the Midwestern campus, located on a 385-acre site near Winnipeg, Manitoba, Convergence Compute has submitted a Transmission Power Load Study Application. This formal step initiates the process with grid operators to validate the feasibility of drawing the immense amount of electricity required for a hyperscale facility. More concretely, the joint venture has also secured a natural gas supply confirmation for up to six on-site turbines. This move points to a strategy of on-site power generation, ensuring a reliable and constant energy supply, which is paramount for AI workloads that run 24/7. The Manitoba site is strategically positioned on a principal long-haul natural gas pipeline and adjacent to major east-west fiber optic corridors, offering low-latency connectivity across North America.

Meanwhile, for the Maritime campus, the focus is on sustainable energy. Convergence Compute has executed a letter of intent to acquire power from existing hydroelectric sources and a proposed new wind farm. This aligns with a growing global trend among data center operators to power their energy-intensive facilities with renewable sources, appealing to environmentally conscious clients and investors. Alongside the power agreement, all of Consensus Core's rights to lease the project property have been formally assigned to the joint venture, securing land control for the future build-out.

This dual approach—securing reliable fossil fuels in one region while pursuing renewable power in another—highlights a pragmatic and diversified strategy to fuel its AI ambitions. It acknowledges the reality that the unprecedented energy needs of GPU-heavy data centers require a multifaceted power sourcing plan.

The Power of Partnership in a Capital-Intensive Pivot

These large-scale infrastructure projects are the centerpiece of Jet.AI's strategic pivot. The company, founded in 2018, is in the midst of shedding its legacy operations to focus entirely on the high-growth, high-cost world of AI data centers. This transformation is being executed primarily through the Convergence Compute joint venture with Vancouver-based Consensus Core.

The partnership is designed to leverage the distinct strengths of each company. Jet.AI, with its Nasdaq listing, brings access to capital markets, which is essential for funding such an undertaking. Consensus Core, an NVIDIA cloud service partner with a history of infrastructure development, contributes its deep expertise in real estate, power negotiations, and the physical construction and operation of data facilities. Wayne Lloyd, the CEO of Consensus Core, has a track record that includes spearheading Canada's first NVIDIA-powered GPU-as-a-Service project.

This model of collaboration is increasingly common in the hyperscale sector, where the complexity and capital requirements of building new capacity often exceed the capabilities of a single firm. By forming the joint venture, the partners can share risk and accelerate development, combining financial acumen with on-the-ground operational know-how.

A Complex Financial Picture Behind the Build-Out

While the operational progress in Canada paints a promising picture, it unfolds against a complex financial backdrop for Jet.AI. The company recently celebrated a significant milestone, reporting its first-ever annual net income for fiscal year 2025. It posted $4.6 million in net income, a dramatic turnaround from the $12.7 million loss reported in 2024. Furthermore, its balance sheet has strengthened, with cash reserves of approximately $13.7 million and no debt as of early March 2026.

However, a closer look at the financial statements reveals a more nuanced story. The positive net income was substantially driven by a $14.48 million unrealized gain on other investments, rather than from core operational profitability. In fact, top-line revenue declined from $14.02 million in 2024 to $9.18 million in 2025. This divergence between bottom-line profit and top-line revenue raises questions about the sustainability of its financial performance.

Some financial analyses have flagged potential concerns, with reports citing metrics like the Altman Z-Score, which placed the company in a "distress zone," suggesting a historical risk of financial difficulty despite the recent cash infusions. This complex financial narrative underscores the high-stakes nature of Jet.AI's pivot. The company is betting its future on the successful execution of these Canadian data centers, a venture that will require substantial future capital expenditure.

This transition is expected to culminate with the planned merger involving flyExclusive, Inc., anticipated to close by the end of April 2026. The transaction is designed to complete Jet.AI's transformation into a focused AI solutions and data center company. With these foundational milestones in Canada now complete, Jet.AI has laid the critical groundwork of land and power, setting the stage for the next, more capital-intensive phases of construction and the ultimate test of its bold new strategy.