Oxbridge Re (OXBR) Q2 2026 Earnings Call Transcript

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DATE

Thursday, Aug. 13, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• Chairman, President, and Chief Executive Officer - Jay Madhu
• Chief Financial Officer and Corporate Secretary - Wrendon Timothy

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TAKEAWAYS

• Net Income -- $176,000, representing $0.02 per basic and diluted share, driven by a decrease in loss and loss adjustment expenses during the quarter.
• Six-Month Net Income -- $198,000, or $0.02 per share, reflecting the absence of underwriting losses compared to a net loss of $2.01 million in the prior year period.
• Total Revenue -- $940,000, representing growth from $664,000 in the prior year quarter, supported by SurancePlus management fee income.
• Six-Month Total Revenue -- $1.56 million, compared to $1.36 million for the first half of the previous year.
• Net Premiums Earned -- $368,000, a decrease from $582,000 in the prior year period due to lower capital deployment and a lower weighted average rate on reinsurance contracts in force.
• Restricted Cash and Cash Equivalents -- $19.82 million as of June 30, 2026, an increase of $12.85 million from Dec. 31, 2025, reflecting premium deposits and the release of collateral from prior treaty years.
• Total Expenses -- $647,000, a decrease from $3.6 million in the prior year quarter, primarily due to the absence of underwriting losses and reduced professional fees.
• Six-Month Total Expenses -- $1.23 million, down from $4.18 million in the prior year period, reflecting lower overall compensation and zero underwriting losses.
• Loss Ratio -- 0%, a decrease from 394% in the prior year quarter, due to the recording of no underwriting losses compared to a full limit loss in the comparable period.
• Combined Ratio -- 175.8%, a decrease from 621% in the prior year quarter, reflecting the significant reduction in losses and operational costs.
• Acquisition Cost Ratio -- 12%, a marginal increase from 11% in the prior year quarter, due to reduced net premiums earned and premium adjustments.
• SurancePlus Cumulative Proceeds -- Over $16 million raised across multiple blockchain platforms since the launch of the reinsurance tokenization platform.
• Cumulative Deployed Capital -- Over $31 million backing tokenized reinsurance contracts as of the reporting date.
• Tokenized Securities Issued -- 1.27 million issued to date through the SurancePlus platform across four consecutive treaty years.
• EtaCat Re Return -- 29.3% for the 2025-2026 treaty year, exceeding the original target of 20%.
• ZetaCat Re Return -- 43.4% for the 2025-2026 treaty year, surpassing the original target of 42%.
• 2026-2027 Aggregate Proceeds -- $7.1 million raised through five private placements on the Solana blockchain.
• HCI Re 2026 Series A Target Return -- 224% for the 2026-2027 treaty year, assuming no underwriting losses occur.
• HCI Re 2026 Series B Target Return -- 122% for the 2026-2027 treaty year, contingent on zero underwriting losses.
• HCI Re 2026 Series C Target Return -- 17% for the 2026-2027 treaty year, assuming no loss adjustments.
• T20 and T42 Targets -- 20% and 42% respectively for the 2026-2027 treaty year, which management stated are currently on track.
• Net Investment and Other Income -- $71,000, compared to $93,000 in the prior year quarter.
• Expense Ratio -- 175.8%, down from 227% in the prior year quarter, primarily due to reduced professional fees.
• AI Infrastructure Team Experience -- Management assembled a team with experience originating 3 gigawatts of powered land opportunities and 2.9 gigawatts of deployed data center capacity.

SUMMARY

Management of Oxbridge Re Holdings Limited (NASDAQ:OXBR) reported a return to profitability for the quarter, driven primarily by the absence of underwriting losses and the expansion of its tokenized reinsurance platform. The company reported the successful launch of AI GridWorks, a subsidiary focused on developing and operating AI data center infrastructure, while SurancePlus continues to grow through third-party reinsurance partnerships with HCI Group and Fortex Re. The company reported a significant increase in restricted cash to $19.82 million, positioning the firm to advance its dual-platform strategy involving both insurance-linked digital securities and physical AI infrastructure development. CFO Wrendon Timothy stated that net income reached $176,000, a recovery from the net loss of $1.87 million recorded in the prior year quarter.

• Management indicated that AI GridWorks will target "nano data centers" with capacities between 10 megawatts and 100 megawatts, focusing on the Southeast United States.
• The company intends to leverage its existing tokenization infrastructure to offer investor access to AI infrastructure assets developed through AI GridWorks.
• CEO Jay Madhu noted that the company's AI data center leadership includes seven years of experience at Meta across five campuses.
• The SurancePlus platform issued approximately 1.27 million tokenized securities on the Solana blockchain, which management stated allows for KYC and AML processes in approximately three minutes.
• Management stated that AI GridWorks provides vertical integration optionality, allowing the company to sell entitled land and power assets or proceed with construction and operation.
• The company completed five tokenized reinsurance offerings for the 2026-2027 treaty year, including three third-party offerings originated outside of its own operations.

INDUSTRY GLOSSARY

• Blockchain: A decentralized digital ledger technology used by the company to issue and track tokenized reinsurance securities.
• Combined Ratio: A measure of underwriting profitability calculated by dividing the sum of incurred losses and expenses by earned premiums.
• Gigawatt (GW): A unit of power equal to one billion watts, used here to describe total data center capacity.
• Loss Ratio: The ratio of losses and loss adjustment expenses to premiums earned.
• Megawatt (MW): A unit of power equal to one million watts, used to measure data center power requirements.
• RWA (Real-World Assets): Tangible or financial assets that exist outside the blockchain but are tokenized for digital trading and ownership.
• Solana: A high-performance blockchain platform utilized by the company for its tokenized reinsurance offerings.
• Tokenization: The process of converting ownership rights in an asset into a digital token on a blockchain.

Full Conference Call Transcript

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. At this time, all participants will be in a listen-only mode. 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 27th, 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's 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 30th, 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 condition, 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. 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?

Jay 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 five tokenized reinsurance offerings on the Solana blockchain, raising $7.1 million in aggregated gross proceeds. These included our T20 and T42-2027 offering with a current targeted annual return of 26% and 32% respectively, assuming no underwriting losses. The five offerings also included three 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%, HCI Re 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 a development pipeline. We believe SurancePlus and AI GridWorks provide Oxbridge with two 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 31st of the following year. Net income for the quarter ended June 30th, 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 30th, 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 30th, 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 six months ended June 30th, 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 six months ended June 30th, 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 ending June 30th, 2026.

Again, SurancePlus management fee income, along with reduced professional fees and reduced overall compensation, contributed towards the improved result for the six months ended June 30th, 2026. Net premiums earned for the quarter ending June 30th, 2026 decreased to $368,000 from $582,000 for the quarter ending June 30th, 2025. The decrease is due to a lower weighted average rate on reinsurance contracts in force during the quarter, as well as the low amount of capital deployed into reinsurance contracts during the quarter when compared to the prior period. Net premiums earned for the six months ending June 30th, 2026 decreased to $924,000 from $1.1 million for the six months ending June 30th, 2025.

The decrease, again, is due to lower weighted average rate on reinsurance contracts in force during the six-month period, as well as the lower amount of capital deployed into reinsurance contracts during the six-month period when compared with the prior period. Net investment income and other income for the three and six months ended June 30th, 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 three and six months ending June 30th, 2026 amounted to $940,000 and $1.5 million compared to $664,000 and $1.3 million in the prior year comparable periods respectively.

For the quarter ended June 30th, 2026, total expenses, including policy acquisition costs and general admin expenses, decreased to $647,000 from $3.6 million for the quarter ended June 30th, 2025. The decrease is primarily due to no underwriting losses recognized for the quarter ended June 30th, 2026. Reduced professional fees and reduced overall compensation also contributed to the decrease for the quarter. For the six months ended June 30th, 2026, total expenses decreased to $1.2 million from $4.2 million for the six months ended June 30th, 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 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 loss and loss adjustment expenses incurred to premiums earned and measures underwriting profitability of our reinsurance business. The loss ratio decreased to 0% from 394% for the quarter ending June 30th, 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 three-month period ending June 30th, 2025.

The loss ratio also decreased to 0% from 194.8% for the six-month period ended June 30th, 2026 when compared with the prior comparative period. The decrease was due to no losses being recorded during the six-month period ended June 30th, 2026, again, whereas a full limit loss was recognized for one of our reinsurance contracts during the similar six-month period, June 30th, 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 30th, 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 30th, 2026 when compared to the prior year comparable period. The acquisition cost increased marginally to 11.4% from 11% for the six-month period ended June 30th, 2026 when compared with the prior comparable period. The increase in acquisition cost was due to reduced net premiums earned and marginal premium adjustments recognized during the six-month period ended June 30th, 2026 when compared with the prior year comparable period. Our expense ratio, which measures operating performance compared to policy acquisition costs and general admin expenses with net premiums earned.

For the quarter ended June 30th, 2026, the expense ratio decreased to 175.8% from 227% for the quarter ended June 30th, 2025. For the six months ended June 30th, 2026, the expense ratio decreased to 133.1% from 160.7% for the six-month period ended June 30th, 2025. The decrease in both periods are primarily due to reduced professional fees and reduced overall compensation during the quarter when compared with the prior year comparable periods. Our combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and the expense ratio. For the three months ended June 30th, 2026, the combined ratio decreased to 175.8% from 621% for the quarter ended June 30th, 2025.

The combined ratio also decreased to 133.1% from 355% for the six-month period ended June 30th, 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 six-month period ended June 30th, 2026 when compared with the prior comparable periods. 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 31st, 2025. The increase is a 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 six months ended June 30th, 2026.

Now I'd like to turn the call back over to Jay, who will wrap up before we take your questions. Jay?

Jay Madhu: Thank you, Wrendon. As Wrendon mentioned, we have $19.82 million in restricted cash and cash equivalents as of June 30th, 2026. Having said that, I would like to spend a few minutes looking ahead on expanding on how we see our two platforms developing. First, SurancePlus. Since launching our reinsurance tokenization platform, SurancePlus has completed offerings across four 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 supporting the 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 MW-100 MW, with an initial focus around 50 MW, 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 GW of powered land opportunities. On the infrastructure side, our leadership includes seven years of data center infrastructure experience at Meta across five data center campuses, representing 2.5 GW 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 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 two 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: Thank you, sir. At this time, we will be conducting a Q&A session. If you would like to ask a question, please press star and then one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and then two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. The first question we have is from Allen Klee of Maxim Group. Please go ahead.

Allen Klee: Hi, Jay and Wrendon. 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 what you're targeting, how you're thinking about where it makes sense to do this, and maybe the type of tenants and the type of, I don't know, the type of demand that it might be taking, and any thoughts on the financing of it? Thank you.

Jay Madhu: Wow, Allen. That's a lot to unpack over there with a small question. No, that's an absolutely perfect question, right? So our AI data centers, we're not targeting gigawatt centers. Frankly, at this time, that's a step too far. What we are targeting is the nano data centers, 10 MW-100 MW. 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'll also depend 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? Part of this is what kind of data center you're building. 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. 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.

Allen Klee: Okay, great. Best of luck. Thank you so much.

Jay Madhu: Thank you.

Operator: Ladies and gentlemen, I would just like to give a reminder. If you wish to ask a question, you may press star and then one. The next question we have is from Kent Engelke of Capitol Securities. Please go ahead.

Kent Engelke: Hey, Wrendon. Hey, Jay. How you all doing today? 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?

Jay Madhu: Yes. Absolutely, Kent. 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 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, we have a gentleman that's been with Meta for the last 7 and a half years. He's put together close to 3 GW of AI data centers. So every step of the way, we have options.

So hypothetically, as we go forward, talk about real estate. As we move forward, there is a tremendous amount of value creation in taking land and moving it into that next step where you have your entitlements that are put into place, and you also have your power letters. That creates a significant upside over there. At that point, we have two 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 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 where 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. 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. The flexibility comes from every single step that we've taken from the ground up, making sure that we have not over-committed or overpaid on any of these assets because we are controlling that value chain. Now, you asked about how does it play out with SurancePlus. I think it plays out beautifully in SurancePlus, right? Because data centers are, when you talk about RWAs, 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. There's huge opportunity for banks to come in over here and finance these things.

But in addition, we have through SurancePlus on our platform, people can come in with checks, with smaller size checks, where we can do AML and KYC in close to three 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 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: If I heard you correctly, you could use RWAs for part of the financing, the raising funds and stuff like that. That's how the individual could actually own part of the data center itself.

Jay Madhu: Absolutely. 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 with 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.

Jay Madhu: Bring them in.

Kent Engelke: Bring them in and let them share with some of the wealth. Absolutely.

Jay Madhu: Absolutely.

Kent Engelke: Okay, thank you.

Jay Madhu: Thank you, Kent.

Operator: Ladies and gentlemen, I would just like to give another reminder. If you wish to ask a question, you may press star and then one. We will pause for a moment to see if we have any further questions. At this time, this concludes our Q&A session. I would now like to turn the call back over to Mr. Madhu for his closing remarks.

Jay Madhu: Thank you for joining us on today's call. We appreciate everyone joining us today 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 in 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.

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