# SharonAI Holdings Inc. (SHAZ)

> Source: Nexqual · https://nexqual.com/SHAZ · data as of 2026-10-29 17:55 UTC · cite as "Nexqual, SharonAI Holdings Inc. (SHAZ), nexqual.com/SHAZ" · informational, not investment advice.

## SHAZ major shareholder filing: Schedule 13D/A, Sep 17, 2026
Situational Awareness LP, SAF AI GP LP, Situational Awareness LLC filed a Schedule 13D/A on Sep 17, 2026, reporting up to 21.10% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> The reporting persons are filing this Schedule 13D pursuant to rule 13d-1(f) because the Fund's beneficial ownership of the Issuer's Class A Ordinary Common Stock ("Stock") exceeds 20% of that class effective as of August 27, 2026. The reporting persons have not, however, acquired any securities of the Issuer with the purpose or effect of changing or influencing control of the Issuer, or in connection with or as a participant in any transaction having that purpose or effect. The reporting persons acquired shares of the Stock for investment purposes based on their belief that the Stock, when purchased, was undervalued and represented an attractive investment opportunity. The reporting persons will routinely monitor the Issuer regarding a wide variety of factors that affect their investment considerations, including, current and anticipated future trading prices of the Stock and other securities, the Issuer's operations, assets, prospects, financial position, and business development, Issuer's management, Issuer-related competitive and strategic matters, general economic, financial market and industry conditions, and other investment considerations. Depending on their evaluation of various factors, the reporting persons may take such actions regarding their holdings of the Issuer's securities as they deem appropriate in light of circumstances existing from time to time. …

Source: https://www.sec.gov/Archives/edgar/data/2068385/000093583626000500/0000935836-26-000500-index.htm

**Price:** USD 26.28 (-7.69% today) · US market open, as of October 29, 2026 at 17:55 UTC; quotes may be delayed. Prev close 28.47 · day 25.7–28 · 52w 16.55–97.48 · market cap $941M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.9M, net income -$452M (-15447.7% margin), free cash flow $9.0M (SEC filings).
- 2 of 80 tracked superinvestors hold SHAZ (13F, Q2 2026): 2 new, 0 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (6 analysts), mean target USD 105 (range 80–124).
- Total return with dividends: 1Y -17.1% vs S&P 500 +12.8%; 5Y -14.6% vs S&P 500 +78.5%.
- Next earnings: 2026-11-05, EPS estimate USD -1.93, revenue estimate $27.0M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2024 | FY2025 | TTM |
|---|---|---|---|
| Revenue | $438K | $1.6M | $2.9M |
| Gross profit | -$282K | $101K | — |
| Operating income | -$4.0M | -$13.8M | -$31.4M |
| Net income | -$3.9M | -$39.6M | -$452M |
| EPS (diluted) | -$0.77 | -$4.04 | — |
| Free cash flow | -$5.2M | -$13.6M | $9.0M |
| Gross margin | -64.3% | 6.4% | — |
| Operating margin | -919.5% | -880.0% | -1071.7% |
| Net margin | -891.0% | -2529.2% | -15447.7% |
| Revenue growth | — | +257.4% | — |
| Cash + short-term investments | $4.4M | $71.1M | — |
| Total debt | — | $129M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 321.4x · P/FCF 105.1x · P/B 0.8x · FCF yield 0.95% · Earnings yield -48.06%

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold SHAZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 0.65% | $24.5M | New position |
| Stephen Mandel | Lone Pine Capital | 0.63% | $102M | New position |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 6 analysts; mean target USD 105 (low 80, high 124).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | Northland Capital Markets | Initiated | Outperform | $95 |
| 2026-08-07 | Cantor Fitzgerald | Target lowered | Overweight | $116 → $109 |
| 2026-07-09 | B. Riley Securities | Initiated | Buy | $124 |

## Total return (dividends reinvested)
|  | 1Y (from 2026-02-18) | 5Y (from 2026-02-16) |
|---|---|---|
| Total return | -17.1% | -14.6% |
| S&P 500 (SPY) | +12.8% | +78.5% |
| Per year | — | — |
| Volatility (annualized) | 123.7% | 135.0% |
| Max drawdown | -75.2% (Jun 2026→Oct 2026) | -75.2% (Jun 2026→Oct 2026) |

## Peers (Information Technology Services)
PONY (Pony AI Inc.) USD 4.87 -3.66% · CHRN (ChronoScale Holdings Corporatio) USD 16.61 -2.44% · CSQR (Csquare, Inc.) USD 15.19 -1.33% · DXC (DXC Technology Company) USD 15.63 -2.89% · KD (Kyndryl Holdings, Inc.) USD 13.73 -2.59% · PENG (Penguin Solutions, Inc.) USD 58.68 -3.49%

## More
Full page: https://nexqual.com/SHAZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SHAZ's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/2068385/000149315226014068/form10-k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Lenovo | "Lenovo has been a primary supplier of compute and storage equipment for us via" |
| Customer | GMI Cloud US | "January 2026, we signed its first major customer contract with lighthouse customer, Canva and industry participant GMI Cloud US Inc." |
| Partner | Cisco (CSCO) | "Through strategic partnerships with global technology leaders NVIDIA, NEXTDC Limited (‘NEXTDC'), Cisco" |
| Partner | NVIDIA (NVDA) | "Through strategic partnerships with global technology leaders NVIDIA, NEXTDC Limited (‘NEXTDC'), Cisco" |
| Partner | Texas Critical Data Centers | "We had previously formed a 50:50 joint venture, Texas Critical Data Center LLC (‘TCDC'), with New" |
| Partner | Texas Critical Data Center | "We had previously formed a 50:50 joint venture, Texas Critical Data Center LLC (‘TCDC'), with New" |
| Partner | NEXTDC | "We partner with leading colocation and data center providers (for example NEXTDC, GreenSquare and DigiCo) to gain access to power, space," |
| Partner | Digital Alpha Advisors | "Digital Alpha Advisors LLC, which has a strategic collaboration agreement with Cisco, invested in us via the unsecured convertible" |
| Partner | Megaport | "October 2025, we agreed to a collaboration with Megaport under a reseller arrangement to enhance its go-to-market strategy." |

Other companies that name SHAZ in their own reports (relationship from SHAZ's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | New ERA Energy & Digital, Inc. (NUAI) | 10-K 2026-03-12 | "Liability Company Agreement (the "LLC Agreement") with SharonAI for the creation of TCDC as a joint venture of the Company" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.93 | $-0.81 | −$1.13 | $27.0M | 2 |
| Next quarter (ends 2026-12-31) | $-6.20 | $-0.58 | −$5.62 | $89.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $-16.38 | $-3.90 | −$12.48 | $118.6M | 1 |
| Next fiscal year (ends 2027-12-31) | $-7.93 | $-2.94 | −$4.99 | $1.54B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±27.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 134.4% | ±27.3% |
| 2026-12-18 | 50 | 123.8% | ±37.0% |
| 2027-01-15 | 78 | 123.5% | ±45.5% |
| 2027-02-19 | 113 | 122.5% | ±53.7% |
| 2027-03-19 | 141 | 119.5% | ±58.3% |
| 2027-05-21 | 204 | 119.7% | ±68.5% |
| 2027-06-17 | 231 | 114.6% | ±69.4% |
| 2027-09-17 | 323 | 119.0% | ±86.0% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.27 | −$0.29 | Beat +6.9% | — |
| — | Quarter ended Mar 31, 2026 | −$1.12 | −$0.75 | Miss −49.3% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-01 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Regulation FD disclosure — “On September 28, 2026, SAI AU No. 1 Pty Ltd and SAI AU No. 3 Pty Ltd (together, the " Borrowers "), each an Australian proprietary limited company and an indirect wholly owned subsidiary of SharonAI Holdings Inc. (the " Company "), entered into a syndicated facility agreement (the " Facility Agreement ") with the lenders party thereto (the " Lenders "), Global Loan Agency Services Australia Specialist Activities Pty Limited, as agent (the " Agent "), and Global Loan Agency Services Australia Nominees Pty Ltd, as…” | https://www.sec.gov/Archives/edgar/data/2068385/000149315226045368/0001493152-26-045368-index.htm |
| 2026-09-24 | 8-K | Auditor changed — “On September 20, 2026, following approval by the Audit Committee (the "Committee") of the Board of Directors of SharonAI Holdings Inc. (the "Company"), the Company informed HoganTaylor LLP ("HoganTaylor") that they will not be continuing as the Company's independent registered public accounting firm. The Company thanks HoganTaylor for their services and valued contributions. Also, on and effective as of September 23, 2026, the Committee approved the engagement of Ernst & Young ("EY") as the Company's go-forward…” | https://www.sec.gov/Archives/edgar/data/2068385/000149315226044154/0001493152-26-044154-index.htm |
| 2026-09-23 | 8-K/A | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/2068385/000149315226043864/0001493152-26-043864-index.htm |
| 2026-09-23 | 8-K | Auditor changed — “On September 23, 2026, SharonAI Holdings Inc. (the "Company") issued a press release. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed…” | https://www.sec.gov/Archives/edgar/data/2068385/000149315226043802/0001493152-26-043802-index.htm |
| 2026-09-17 | Schedule 13D/A | Situational Awareness LP, SAF AI GP LP: 21.1% of shares, 5%+ holder that may seek to influence the company (amended) — “The reporting persons are filing this Schedule 13D pursuant to rule 13d-1(f) because the Fund's beneficial ownership of the Issuer's Class A Ordinary Common Stock ("Stock") exceeds 20% of that class effective as of August 27, 2026. The reporting persons have not, however,…” | https://www.sec.gov/Archives/edgar/data/2068385/000093583626000500/0000935836-26-000500-index.htm |
| 2026-09-11 | 8-K | Entered a material agreement; Director or executive officer change, or pay arrangement — “On September 8, 2026, SharonAI Holdings Inc. (the "Company") and its wholly-owned, indirect subsidiary, SharonAI Pty Ltd (ACN 645 215 194) ("SharonAI Australia"), entered into a Deed of Release (the "Deed of Release") with Andrew Leece, a co-founder of the Company and its former Chief Operating Officer. Mr. Leece was previously employed as Chief Operating Officer pursuant to an executive employment contract dated April 30, 2026 (the "Leece Employment Agreement"), the entry into which was previously reported on a…” | https://www.sec.gov/Archives/edgar/data/2068385/000149315226042434/0001493152-26-042434-index.htm |
| 2026-09-04 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/2068385/000149315226041450/0001493152-26-041450-index.htm |
| 2026-08-28 | Schedule 13D | Situational Awareness LP, SAF AI GP LP: 21.1% of shares, 5%+ holder that may seek to influence the company — “The reporting persons are filing this Schedule 13D pursuant to rule 13d-1(f) because the Fund's beneficial ownership of the Issuer's Class A Ordinary Common Stock ("Stock") exceeds 20% of that class effective as of August 27, 2026. The reporting persons have not, however,…” | https://www.sec.gov/Archives/edgar/data/2068385/000093583626000468/0000935836-26-000468-index.htm |
| 2026-08-28 | 8-K | Director or executive officer change, or pay arrangement; Shareholder vote results — “At the Annual Meeting (as defined below) of SharonAI Holdings Inc. (the "Company"), stockholders approved the Second Amendment to the Company's 2025 Omnibus Equity Incentive Plan (the "Plan") to (i) increase the number of shares of Class A Ordinary Common Stock available for issuance under the Plan by 1,200,000 shares and (ii) provide that the number of shares of Class A Ordinary Common Stock available for issuance under the Plan will automatically increase on the first day of each calendar year beginning with…” | https://www.sec.gov/Archives/edgar/data/2068385/000149315226040627/0001493152-26-040627-index.htm |
| 2026-08-27 | 8-K | Entered a material agreement; Director or executive officer change, or pay arrangement; Regulation FD disclosure — “Appointment of Chief Operating Officer On August 27, 2026, SharonAI Holdings Inc. (the " Company ") announced that its Board of Directors (the " Board ") appointed David Burns, age 60, as Chief Operating Officer of the Company, effective as of September 7, 2026 (the " Effective Date "). Mr. Burns will succeed Andrew Leece, who is transitioning into the role of Head of Strategic Partnerships in order to provide founder-level sponsorship across the Company's most important customer, data center and strategic…” | https://www.sec.gov/Archives/edgar/data/2068385/000149315226040426/0001493152-26-040426-index.htm |
| 2026-08-26 | 8-K | Entered a material agreement | https://www.sec.gov/Archives/edgar/data/2068385/000149315226040152/0001493152-26-040152-index.htm |
| 2026-08-20 | S-1/A | Registration of new shares | https://www.sec.gov/Archives/edgar/data/2068385/000149315226039475/0001493152-26-039475-index.htm |
| 2026-08-20 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/2068385/000149315226039364/0001493152-26-039364-index.htm |
| 2026-08-18 | S-1/A | Registration of new shares | https://www.sec.gov/Archives/edgar/data/2068385/000149315226039014/0001493152-26-039014-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.