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FLEET DAY 1: 576 GPUS ▸ YR 5: 1,191 · GPU ARR: $18M → $37M · UTILIZATION TARGET: 90% · 5-YR OPERATING EBITDA: $118M · PRE-IPO: OPEN, CLOSES AUG 2026 · TSX-V TIER 1 LISTING: TARGET OCT 2026 · FLEET DAY 1: 576 GPUS ▸ YR 5: 1,191 · GPU ARR: $18M → $37M · UTILIZATION TARGET: 90% · 5-YR OPERATING EBITDA: $118M · PRE-IPO: OPEN, CLOSES AUG 2026 · TSX-V TIER 1 LISTING: TARGET OCT 2026 · FLEET DAY 1: 576 GPUS ▸ YR 5: 1,191 · GPU ARR: $18M → $37M · UTILIZATION TARGET: 90% · 5-YR OPERATING EBITDA: $118M · PRE-IPO: OPEN, CLOSES AUG 2026 · TSX-V TIER 1 LISTING: TARGET OCT 2026 · FLEET DAY 1: 576 GPUS ▸ YR 5: 1,191 · GPU ARR: $18M → $37M · UTILIZATION TARGET: 90% · 5-YR OPERATING EBITDA: $118M · PRE-IPO: OPEN, CLOSES AUG 2026 · TSX-V TIER 1 LISTING: TARGET OCT 2026 · FLEET DAY 1: 576 GPUS ▸ YR 5: 1,191 · GPU ARR: $18M → $37M · UTILIZATION TARGET: 90% · 5-YR OPERATING EBITDA: $118M · PRE-IPO: OPEN, CLOSES AUG 2026 · TSX-V TIER 1 LISTING: TARGET OCT 2026 · FLEET DAY 1: 576 GPUS ▸ YR 5: 1,191 · GPU ARR: $18M → $37M · UTILIZATION TARGET: 90% · 5-YR OPERATING EBITDA: $118M · PRE-IPO: OPEN, CLOSES AUG 2026 · TSX-V TIER 1 LISTING: TARGET OCT 2026 · FLEET DAY 1: 576 GPUS ▸ YR 5: 1,191 · GPU ARR: $18M → $37M · UTILIZATION TARGET: 90% · 5-YR OPERATING EBITDA: $118M · PRE-IPO: OPEN, CLOSES AUG 2026 · TSX-V TIER 1 LISTING: TARGET OCT 2026 · FLEET DAY 1: 576 GPUS ▸ YR 5: 1,191 · GPU ARR: $18M → $37M · UTILIZATION TARGET: 90% · 5-YR OPERATING EBITDA: $118M · PRE-IPO: OPEN, CLOSES AUG 2026 · TSX-V TIER 1 LISTING: TARGET OCT 2026 ·
03 / RETURNS

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All figures are management base-case projections, USD.

▸ PROJECTED UNLEVERED CASH FLOW ($M)
YR 1YR 2YR 3YR 4YR 5TOTAL
GPUS DEPLOYED5767581,0049841,191·
CONTRACTED REVENUE18.223.931.731.037.6142.3
INSTALLATION(0.50)(0.16)(0.22)(0.49)(0.34)(1.7)
COLO & POWER(2.5)(3.3)(4.4)(4.3)(5.3)(19.9)
OPEX(0.29)(0.38)(0.51)(0.50)(0.60)(2.28)
NET UNLEVERED CASH FLOW14.820.026.525.731.4118.4
RESIDUAL SALE··18.75.938.763.3
NUCF INCL. GPU SALES14.820.045.231.670.1181.8
BASE CASE ASSUMPTIONS: 90% UTILIZATION · NVIDIA B300 AT $4/HR · 40% RESIDUAL VALUE AT END OF 3-YEAR CONTRACTS · $47M TOTAL EQUITY · NO DEBT · CASH FLOW REINVESTED
$0M
5-YEAR RENTAL REVENUE
$0M
5-YEAR OPERATING EBITDA
$0M
GROWTH CAPITAL REINVESTED
$0M
CUMULATIVE CASH GENERATION
FIG.05 / SIGNAL++++
FIG.05 / SIGNALIMG-05
▸ COMPS

What the market pays for contracted compute.

Public markets already price contracted AI compute at large multiples of revenue. Motion enters the same market at a $55M post-money valuation.

CRWV
COREWEAVE
~9.6x
~$77B EV
APLD
APPLIED DIGITAL
~27x
~$14B EV
HUT
HUT 8
~43x
~$12.3B EV
CORZ
CORE SCIENTIFIC
~20x
~$9.4B EV
WULF
TERAWULF
~100x
~$14B EV

Peer data approximate, as of Q1 2026 reporting. Shown for market context, not as a prediction of Motion's valuation.

THE ROUND IS OPEN. IT CLOSES IN AUGUST.
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