Four Phases, One Live Today
Consistent with The Florida Sun's early stage, later phases are described directionally rather than with fixed site counts or dates. Management will size and time each phase based on capital availability, permitting timelines, and demand for turnkey systems.
Phase 0 Through Phase 3
Flagship Energized; Scaling to Full Capacity & Staggered Commencement
Flagship array (1.2 MW design capacity) energized in Gainesville, Florida in June 2026 and currently scaling toward full nameplate output. All four energy provision agreements are signed; SunBit Mining Corporation has commenced delivery (July 1, 2026), and Kasper Transactions, 9Core Compute, and DANI AI are scheduled to commence in August, September, and October 2026, respectively. A net billing interconnection arrangement remains in place with Clay Electric Cooperative for surplus export. The Florida Sun is funding this scale-up with a combination of SBA loan financing and the proceeds of this equity offering.
Turnkey Replication Package Finalized
Standardize the flagship's engineering, permitting, and interconnection design into a repeatable package that can be quoted and delivered to third-party buyers, unlocking the turnkey sales business line described in Financials.
Opportunistic Company-Owned Expansion
Pursue additional company-owned generation sites as capital allows, each targeting a multi-sector offtake mix similar to the flagship rather than a single customer.
Housing-Development-Anchored Sites
Design future sites to pair solar generation directly with adjacent residential housing developments as the primary offtake, replacing the net billing interconnection arrangement used at the flagship and connecting The Florida Sun's energy business to real estate value creation.
What Each Phase Needs, and What It Depends On
We have not attached specific dollar amounts or dates to Phases 1 through 3 because none has been committed yet; the table below is meant to show what each phase depends on, not to promise that dependency will be resolved on any particular schedule.
| Phase | Primary Capital Need | Key Dependency |
|---|---|---|
| Phase 0 (Current) | Working capital, interconnection hardening, and flagship scale-up to full capacity, funded by a combination of this offering and SBA loan financing | Successful staggered commencement of the three not-yet-live agreements and continued performance of SunBit Mining Corporation's live agreement |
| Phase 1 | Engineering and permitting labor to standardize the turnkey package | Completion of a full operating year of metered flagship performance data |
| Phase 2 | Site acquisition and construction capital for additional company-owned arrays | Availability of growth capital beyond this offering, likely a future raise |
| Phase 3 | Real estate partnership structuring and site-specific interconnection design | Identifying a housing development partner willing to anchor offtake |
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Named Risks, Phase by Phase
Each phase of this roadmap carries a distinct primary risk in addition to the related-party concentration and execution risks discussed throughout Risk & Rights. We think it is more useful to investors to name these risks phase by phase here than to leave them folded entirely into a single general risk section.
| Phase | Key Risk | Management's Mitigation Approach |
|---|---|---|
| Phase 0 (Current) | Concentration in four related-party customers and a single site | Transparent related-party disclosure and revenue-grade metering at each delivery point |
| Phase 1 | Turnkey package may not attract a paying buyer even once standardized | Sequencing turnkey marketing after a full operating year of metered flagship data |
| Phase 2 | Additional company-owned sites require growth capital this offering does not provide | Sizing Phase 2 to available capital rather than committing to a fixed number of sites in advance |
| Phase 3 | No housing developer partner may be willing to anchor offtake on the proposed terms | Treating Phase 3 as directional only until a site control agreement or letter of intent exists |
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What This Roadmap Does Not Assume
To keep expectations calibrated, this roadmap does not assume any of the four current related-party customers will renew or expand beyond the terms disclosed in Operations. It does not assume Florida Sun Farms will raise additional capital beyond this offering on any timeline, or at all. It does not assume a turnkey buyer, an unaffiliated customer, or a housing partner will be identified within any specific period, and it does not assume the solar incentives referenced in Financials remain available on current terms as the roadmap progresses.
Where Florida Solar Growth Meets Compute-Sector Demand
Florida has seen substantial utility-scale solar growth over the past decade, driven by favorable insolation, land availability, and state-level interest in diversifying generation sources. At the same time, power-intensive digital-infrastructure operators, including Bitcoin miners, blockchain transaction processors, distributed compute hosts, and AI training and inference providers, are increasingly seeking low-cost, quickly interconnected power rather than waiting years in traditional utility interconnection queues.
Florida Sun Farms is positioned at the intersection of these two trends: a Florida-based solar generator selling directly to compute-sector tenants under private energy provision agreements rather than through standard utility retail tariffs.
Florida has recently overtaken California in utility-scale solar capacity additions, driven by favorable land costs, strong solar insolation, and a large base of investor-owned and cooperative utilities pursuing solar procurement (CNBC, Aug. 2, 2025). Independent reporting has also found Florida leading the broader Southeast region in installed solar capacity (WUSF, Oct. 31, 2025).
At the same time, federal policy changes under the One Big Beautiful Bill Act have accelerated the phase-out of certain solar tax incentives, which several Florida utilities have cited in scaling back planned solar additions later in the decade. This is a dynamic that could affect the broader competitive landscape for new solar development in the state, including Florida Sun Farms' own future site plans.
Florida Sun Farms vs. the Typical Alternative
| Positioning Factor | Florida Sun Farms | Typical Alternative |
|---|---|---|
| Customer offtake rate | $0.04–$0.08/kWh contracted | $0.12–$0.19/kWh typical Florida commercial/cooperative retail rate |
| Interconnection timeline | Private site-level agreements, net billing-only utility touch point | Multi-year utility interconnection queues in many Florida territories |
| Design approach | Modular, turnkey-replicable 1.2 MW package | Bespoke, one-off installation engineering per site |
| Customer base today | Four signed agreements, currently all affiliated entities | Varies; many independent solar developers serve unaffiliated utility or corporate offtakers |
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We do not claim Florida Sun Farms is unique in pursuing behind-the-meter or private power-purchase arrangements with compute-sector tenants; several developers nationally are pursuing similar strategies as data center and mining power demand grows. What we believe differentiates The Florida Sun at this stage is the combination of a modular, resell-ready design and a founder team with direct operating experience inside one of its own customer's businesses (SunBit Mining Corporation), which shortens the feedback loop between generation design and tenant requirements. That same relationship is also the related-party concentration disclosed throughout this prospectus, and investors should weigh both sides of it.
A Specific Comparison Set
It is worth being specific about competitive positioning rather than describing it only in general terms. Florida Sun Farms does not compete directly with residential rooftop solar installers, whose customer relationship, financing structure, and system size are fundamentally different from a utility-scale behind-the-meter generator serving compute-sector tenants. It also does not, at this stage, compete directly with large investor-owned utility solar procurement, which typically involves multi-hundred-megawatt projects and long-dated power purchase agreements with utilities rather than direct site-level agreements with individual power-intensive tenants. The more relevant comparison set is the smaller population of independent power producers and behind-the-meter developers structuring private offtake arrangements directly with data center, mining, or compute tenants, a category where Florida Sun Farms' modular design and founder operating experience inside a customer's business are most directly relevant.
| Category | Relevance to Florida Sun Farms |
|---|---|
| Residential rooftop solar installers | Not a competitor: different customer, financing, and system-size profile |
| Large investor-owned utility solar procurement | Not a competitor at this stage: multi-hundred-MW scale, utility PPAs, not site-level tenant agreements |
| Independent power producers & behind-the-meter developers serving compute tenants | Most relevant comparison set: where Florida Sun Farms' modular design and operating experience are most directly applicable |
Weigh the Full Risk Picture
Every phase above carries execution risk beyond what's summarized here. See the complete risk register and shareholder rights detail next.
View Risk Factors & Shareholder Rights